Capitaline

Analyst Meet / AGM 19-Aug-11

Conference Call

Ganesh Polytex

The total capex will be completed by end of Q1FY13

Ganesh Polytex has come out with financial results for the quarter ended June 11 and conducted concall to discuss financial results and prospects of the company. Shyam S Sharma – Chairman and Managing Director, Gopal Agarwal – CFO addressed the call
Highlights of the call are:

The company has reported robust set of results for the quarter ended June 11 with 78% jump in the topline at Rs 84.46 crore and 75% increase in the PAT at Rs 4.98 crore. EBIDTA margins slipped to 12.5% against 13.4% in the corresponding previous year.
Export revenues stood at Rs 23.91% reporting an increase of 24% in quarter under review. The exports constituted 28% of sales. The management expects % of exports to sales to be in range of 28-30% in FY12.
Raw material prices have declined on q-o-q basis but remained higher on y-o-y basis. The company plans to use working capital more effectively so as to protect its margins and interest cost.
Average capacity utilization has slipped to 65% against 70% in the corresponding previous year.
The company has witnessed slackness in demand in the quarter ended June 11.
Debt stood at Rs 72 crore of which long term debt was Rs 36 crore at end of June 11.
The company has planned for Capex of Rs 125 crore for capacity expansions. It is expanding its recycling capacity by 14000 MT and 25000 spindles for yarn spinning. The total Capex will be completed by end of Q1FY13.

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