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Standalone net sales (including other operating income) of DDev Plastiks Industries for the quarter ended Mar 2024 has declined 10.49% to Rs 597.26 crore. Operating profit margin has jumped from 9.97% to 14.04%, leading to 26.02% rise in operating profit to Rs 83.84 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 80.89% to 73.87%. Employee cost increased from 1.45% to 1.70%. Other expenses rose from 7.68% to 10.22%. Other income fell 10.66% to Rs 7.96 crore. PBIDT rose 21.69% to Rs 91.8 crore. Provision for interest fell 34.53% to Rs 5.12 crore. Loan funds rose to Rs 66.27 crore as of 31 March 2024 from Rs 56.17 crore as of 31 March 2023. Inventories declined from Rs 217.73 crore as of 31 March 2023 to Rs 205.29 crore as of 31 March 2024. Sundry debtors were higher at Rs 398.19 crore as of 31 March 2024 compared to Rs 363.11 crore as of 31 March 2023. Cash and bank balance rose to Rs 76.78 crore as of 31 March 2024 from Rs 6.96 crore as of 31 March 2023. PBDT rose 28.19% to Rs 86.68 crore. Provision for depreciation rose 39.37% to Rs 4.39 crore. Fixed assets increased to Rs 234.01 crore as of 31 March 2024 from Rs 225.92 crore as of 31 March 2023. Intangible assets declined from Rs 0.08 crore to Rs 0.06 crore. Profit before tax grew 27.64% to Rs 82.29 crore. Provision for tax was expense of Rs 20.76 crore, compared to Rs 16.18 crore. Effective tax rate was 25.23% compared to 25.10%. Profit after tax rose 27.42% to Rs 61.53 crore. Full year results analysis
Net sales (including other operating income) of DDev Plastiks Industries has declined 2.90% to Rs 2,431.24 crore. Operating profit margin has jumped from 6.39% to 10.62%, leading to 61.47% rise in operating profit to Rs 258.23 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 85.79% to 80.45%. Employee cost increased from 1.41% to 1.60%. Other expenses rose from 6.39% to 7.33%. Other income fell 8.18% to Rs 23.68 crore. PBIDT rose 51.80% to Rs 281.91 crore. Provision for interest fell 30.66% to Rs 23.05 crore. Loan funds rose to Rs 66.27 crore as of 31 March 2024 from Rs 56.17 crore as of 31 March 2023. Inventories declined from Rs 217.73 crore as of 31 March 2023 to Rs 205.29 crore as of 31 March 2024. Sundry debtors were higher at Rs 398.19 crore as of 31 March 2024 compared to Rs 363.11 crore as of 31 March 2023. Cash and bank balance rose to Rs 76.78 crore as of 31 March 2024 from Rs 6.96 crore as of 31 March 2023. PBDT rose 69.78% to Rs 258.86 crore. Provision for depreciation rose 17.36% to Rs 14.2 crore. Fixed assets increased to Rs 234.01 crore as of 31 March 2024 from Rs 225.92 crore as of 31 March 2023. Intangible assets declined from Rs 0.08 crore to Rs 0.06 crore. Profit before tax grew 74.30% to Rs 244.66 crore. Provision for tax was expense of Rs 62.99 crore, compared to Rs 36.27 crore. Effective tax rate was 25.75% compared to 25.84%. Profit after tax rose 74.51% to Rs 181.67 crore. Equity capital increased from Rs 9.41 crore as of 31 March 2023 to Rs 10.35 crore as of 31 March 2024. Per share face Value remained same at Rs 1.00. Promoters’ stake was 74.98% as of 31 March 2024 ,compared to 74.84% as of 31 March 2023 . Cash flow from operating activities decreased to Rs 116.20 crore for year ended March 2024 from Rs 145.13 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 23.01 crore, compared to Rs 28.62 crore during the year ended March 2023.
Management Comments :
Commenting on the Performance, Narrindra Suranna, Chairman and ManagingDirector said:
I am excited to share another exceptional fiscal of strong performance. We achieved a remarkable 52% EBITDA growth yoy expanding the margin to 12% in FY24; this has been the first year post the de-merger we were able to record a doubledigit EBITDA Margin and aim to sustain it in the coming years as well. In the current fiscal Net profit (PAT) grew substantially by 75% to Rs182cr, solidifying our strong financial performance.
As we move forward, we remain committed to leveraging our operational strengths, fostering innovation, and strengthening our market presence and creating superior Stakeholder value .
| DDev Plastiks Industries : Standalone Results | | Quarter ended | Year ended |
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| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
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| Net Sales (including other operating income) | 597.26 | 667.23 | -10.49 | 2,431.24 | 2,503.75 | -2.90 | | OPM (%) | 14.04 | 9.97 | 407 bps | 10.62 | 6.39 | 423 bps | | OP | 83.84 | 66.53 | 26.02 | 258.23 | 159.92 | 61.47 | | Other Inc. | 7.96 | 8.91 | -10.66 | 23.68 | 25.79 | -8.18 | | PBIDT | 91.80 | 75.44 | 21.69 | 281.91 | 185.71 | 51.80 | | Interest | 5.12 | 7.82 | -34.53 | 23.05 | 33.24 | -30.66 | | PBDT | 86.68 | 67.62 | 28.19 | 258.86 | 152.47 | 69.78 | | Depreciation | 4.39 | 3.15 | 39.37 | 14.2 | 12.1 | 17.36 | | PBT | 82.29 | 64.47 | 27.64 | 244.66 | 140.37 | 74.30 | | PBT before EO | 82.29 | 64.47 | 27.64 | 244.66 | 140.37 | 74.30 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 82.29 | 64.47 | 27.64 | 244.66 | 140.37 | 74.30 | | Taxation | 20.76 | 16.18 | 28.31 | 62.99 | 36.27 | 73.67 | | PAT | 61.53 | 48.29 | 27.42 | 181.67 | 104.1 | 74.51 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 61.53 | 48.29 | 27.42 | 181.67 | 104.1 | 74.51 | | EPS (Rs)* | 5.95 | 4.67 | 27.42 | 17.56 | 10.06 | 74.51 | | | * EPS is on current equity of Rs 10.35 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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