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Analyst Meet / AGM
29-Jan-21
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Conference Call
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Apcotex Industries
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Expects healthy growth rate in FY22
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Apcotex Industries held a conference call on 29th January 2021 to discuss the results for the quarter ended Dec'20 and way forward. Mr. Abhiraj Choksey- Managing Director and Mr. Anand V Kumashi- Company Secretary of the company addressed the call.
Highlights of the Concall
- The company has been able to achieve highest ever quarterly revenue of Rs 164 crore. In the terms of volumes, also it has achieved highest ever quarterly volumes sales including exports.
- Higher margins during the quarter were mainly due to higher pent up demand and lower raw material prices during the quarter.
- The company has capex plan of Rs 130-140 crore from October 1, 2020 to December 31, 2021. XNBR Latex for Gloves at capex of Rs 100 crore and de-bottlenecking at Taloja Plant with capex of Rs 15 crore are the major projects.
- The company has completed the detailed design for XNBR Latex for Gloves and is working on implementation plan, subject to permissions and expects commissioning during Q3 of FY 21-22.
- The de-bottlenecking at Taloja plant shall increase Latex manufacturing capacity by 15-20%.
- In the terms of Korea sunset review, Directorate General of Trade Remedies (DGTR) has recommended extending duty for another 5 years on November 24, 2020. The company is awaiting for the notification from the Department of Revenue, Ministry of Finance but previous anti dumping duty from Korea has lapsed on December 3, 2020.
- Apcotex has filed a fresh petition against Russia, China, Japan and EU. Public hearing is completed and awaiting final findings from DGTR.
- The company in general aims to generate RoCE of 20-25%.
- Around 80-85% of the company's sale is from Indian market and balance 15-16% is exports.
- The company has fairly high market share in each of the different industries it caters to.
- The company expects a healthy growth rate in FY22
- Capacity utilizations during the quarter was around 90-5%.
- The company expects sales of around Rs 300-350 crore from gloves at full utilisation of Phase 1 capacity. It expects gloves industry to do extremely well for the next 3-4 years. The company also expects strong margins for gloves.
- Currently around 8-10% of revenues is coming from gloves.
- The company has put on hold its NBR expansion projects. It is awaiting to get better picture of the Covid situation and finance ministry notification for anti dumping duty before taking the final call.
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