Anil Jain, Managing Director of the company addressed the call

Highlights of the call:

For the quarter consolidated gross sales stood at Rs 658 crore against Rs 574 crore.

Net consolidated sales stood at Rs 621 crore against Rs 525 crore.

OP stood at Rs 91 crore against Rs 79 crore.

PAT stood at Rs 32 crore against Rs 24 crore

In FY 2014 consolidated gross sales stood at Rs 2368crore against Rs 1956 crore, up 25%. Net consolidated sales stood at Rs 2192 crore against Rs 1803 crore, up 21%.

Packaging segment accounted for 64% of total sales, Life style accounted for 9%, Auto for 8%, infra related for 17% and rest came from others.

OP stood at Rs 314 crore against Rs 297 crore.

PAT stood at Rs 95 crore against Rs 103 crore, down 8%

Cash profit was up 7% due to higher depreciation. Depreciation was higher due to capacity expenditure taken in last few years.

Consolidated OPM was impacted due to increase in raw material consumption from 65.24% to 67.48%.

OPM also has been in check due to the company's capacity increase in countries like china, Saharjah, Thailand, Egypt, Bahrain, Malaysia, Indonesia, china etc

For the quarter Volume growth for India was 14% and overseas business was 43%.

For the full year Volume growth for Indian business was 7% and overseas business was 34%

International business capacity utlitisation was 50-55%.

Borrowing stood at Rs 860 crore against Rs 824 crore.

Borrowings total net of cash stood at Rs 791 crore against Rs 771 crore.

Working capacity cycle increased from 82 days to 86days in FY 2014.

In march 2014 quarter Capex was Rs 132 crore because the company completed one capacity project in North India.

Now the capex cycle is over. In FY 2014 capex was high because the company did capex which was of carry forward project. In FY 2015 the company will have less than Rs 100 crore capex.

Tax in FY 2015 will be higher at 24% because exemption in three tax exempt units is going.

Outlook

With the strong new government in place it is expected that lots of stuck projects will take off and many of which will be related to the infrastructure sector especially water supply. Thus the company is expected to be direct beneficiary of this.

The company expects overall sales growth of 15% in FY 2015. Indian business is expected to grow 10% in FY 2015 and overseas sales are expected to grow 22-25%. If the new government goes ahead with the previously stuck projects immediately, Indian business has capacity to grow higher in FY 2015.

Previous government had blocked Reliance Industries' LPG distribution project. Now with the new government, RIL is expected to get a go ahead for its business and this would create very god demand from Reliance for composite cylinders.