Other income grew 12% to Rs 21 lakh and interest cost grew 18% to Rs 24.65 crore. As depreciation fell 14% to Rs 28.73 crore, PBT went up 17% to Rs 72.71 crore.

Based on past experience and review of realistic useful life of Plant and Machineries including moulds, , working of depreciation has been changed w.e.f. 1st October, 2018 resulting in lesser depreciation of Rs 3.42 crore, in Q3 and up to nine months.

Tax rose 21% to Rs 16.97 crore (tax incidence stayed at 23%) after which PAT went up 16% to Rs 55.74 crore.

Minority interest grew 16% to Rs 1.58 crore after which net profit went up 16% to Rs 54.16 crore.

Nine months results

For the nine months, it registered a 15% rise in consolidated sales to Rs 2481.68 crore. OPM fell 90 bps to 14.3% which saw OP rise 8% to Rs 353.89 crore.

Other income fell 17% to Rs 85 lakh and interest cost grew 13% to Rs 71.23 crore. As depreciation grew 9% to Rs 107.71 crore, PBT went up 5% to Rs 175.81 crore.

Based on past experience and review of realistic useful life of Plant and Machineries including moulds, , working of depreciation has been changed w.e.f. 1st October, 2013 resulting lesser depreciation of Rs 3.42 crore, in Q3 and up nine months.

Tax grew 12% to Rs 43.12 crore (tax incidence grew from 23% to 25%) after which PAT went up 3% to Rs 132.69 crore.

Minority interest grew 14% to Rs 3.63 crroe after which net profit went up 3% to Rs 129.06 crore.

Consolidated segment performance

During the quarter Polymer Products grew 16% to Rs 610.57 crore and contributed 70% of the total revenue. PBIT grew 16% to Rs 67.82 crore and accounted for 70% of total

During the quarter Composite Products grew 15% to Rs 262.15 crore and contributed 30% of the total revenue. PBIT grew 19% to Rs 29.33 crore and accounted for 30% of total

For the nine month, Polymer Products grew 15% to Rs 1745.51 crore and contributed 70% of the total revenue. PBIT grew 7% to Rs 173.22 crore and accounted for 70% of total

For the nine month, Composite Products grew 15% to Rs 736.17 crore and accounted for 30% of the total revenue. PBIT grew 10% to Rs 72.97 crore and accounted for 30% of total

During the quarter the company:

Completed Greenfield manufacturing project for manufacturing of IBC Bottle in Chicago, USA and commenced commercials sales which received overwhelming response

Project of greenfield manufacturing facility tor manufacturing of packaging products is under process of completion at Malua, near Bangaluru, India

Launched new range of next generation Matting products i.e. duro Gel and Duro Comfort and receiving encouraging response.

The Board has approved withdrawal of setting up new production facility tor manufacturing of steel drums at Hamriyah Free Zone, Sharjah, UAE for considering other opportunities in value added products.

Valuation

The stock trades at Rs 87.