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Fineotex chemical net sales rose 21% to Rs 35.68 crore in Q2FY'18 compared to corresponding previous year period while net profit of the company increased 108% to Rs 8.81 crore.
Operating margins of the company was down 410 bps to 18.8% leading 1% decrease in operating profits to Rs 6.71 crore. Cost of material consumed as a percentage of net sales (net of stock adjustment) fell 30 bps to 50.3%. Purchase of stock in trade was up 520 bps to 12.8%. Employee benefit expenses increased 80 bps to 4.6%. Other expenses fell 80 bps to 14.3%.
Other income was Rs 4.54 crore compared to Rs 0.38 crore. PBDIT decreased 58% to Rs 11.25 crore.
Interest cost was up 36% to Rs 0.16 crore. PBDT increased 58% to Rs 11.09 crore.
Depreciation fell 7% to Rs 0.16 crore. PBT as a result rose 60% to Rs 10.93 crore. Considering 710 bps fall in effective tax rate to 17% PAT rose 108% to Rs 8.81 crore.
Performance for nine months ended December 2017
In 9MFY'18 net sales rose 15% to Rs 100.89 crore compared to corresponding previous year period while net profit of the company rose 33% to Rs 20.3 crore.
Operating margins of the company fell 130 bps to 21.3% leading 9% growth in operating profits to Rs 21.5 crore.
Other income rose 35% to Rs 7.49 crore. PBDIT increased 14% to Rs 28.99 crore.
Interest cost was up 35% to Rs 0.4 crore. PBDT improved 14% to Rs 28.59 crore
Depreciation rose 5% to Rs 0.47 crore. PBT as a result rose 14% to Rs 28.12 crore.
Considering 390 bps fall in effective tax rate to 24.5% net profit rose 33% to Rs 20.3 crore.
The scrip is currently trading at Rs 70
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