Kanpur Plastipack net sales rose 15% to Rs 81.58 crore in Q2FY'19 compared to corresponding previous year period while net profit of the company rose 27% to Rs 5.24 crore.
Operating margins of the company rose 60 bps to 9.5% leading to 22% rise in operating profits to Rs 7.77 crore. Cost of raw material consumed as a percentage of net sales (net of stock adjustment) fell 830 bps to 47.6%, other expenses decreased 160 bps to 19.1%, purchase of stock in trade rose 1110 bps to 15.4% while employee benefit expenses decreased 120 bps to 8.9%.
Other income rose 41% to Rs 2.75 crore. PBDIT increased 27% to Rs 10.52 crore.
Interest cost was Rs 2.27 crore compared to Rs 1.41 crore in the corresponding previous year quarter.
Depreciation rose 38% to Rs 1.56 crore. PBT as a result rose 16% to Rs 6.68 crore. Considering 700 bps fall in effective tax rate to 21.6% net profit rose 27% to Rs 5.24 crore.
Half year ended Performance
For half year ended September 2018 Hindustan Tin works top-line rose 15% to Rs 152.78 crore compared to corresponding previous year period while net profit of the company rose 48% to Rs 9.36 crore.
Operating margins of the company fell 100 bps to 9.3% leading to 3% increase in operating profits to Rs 14.13 crore. Cost of raw material consumed as a percentage of net sales (net of stock adjustment) fell 290 bps to 51.4%, other expenses fell 410 bps to 19.8%, purchase of stock in trade rose 740 bps to 10.4% while employee benefit expenses increased 60 bps to 9.5%.
Other income rose 174% to Rs 4.69 crore. PBDIT increased 22% to Rs 18.82 crore.
Interest cost was Rs 3.68 crore compared to Rs 3.77 crore in the corresponding previous year quarter.
Depreciation rose 25% to Rs 2.69 crore. PBT as a result rose 32% to Rs 12.45 crore. Considering 820 bps fall in effective tax rate to 24.8% net profit rose 48% to Rs 9.36 crore.
The scrip is currently trading at Rs 116
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