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For the quarter ended Mar'20, Apcotex Industries registered 24% fall in sales to Rs 115.63 crore. OPM decreased to 6.8% compared to 9.2% which saw OP fell 43% to Rs 7.89 crore. Other income was Rs 1.25 crore compared to Rs 3.05 crore and interest cost rose 12% to Rs 40 lakh. As depreciation grew 17% to Rs 3.56 crore, PBT fell 62% to Rs 5.19 crore. Tax expense was Rs 2.65 crore compared to tax credit of Rs 4.47 crore, after which PAT decreased 86% to Rs 2.54 crore compared to Rs 18.09 crore. Further considering PPA, Net profit fell 80% to Rs 3.07 crore.
India and other global markets have experienced significant disruption due to the Covid-19 pandemic. Considering the area of operation of the company, currently management believes that it will not have a significant impact on the company and its going concern in the long run. However, the company does estimate some impact on its performance in the short to medium term. In order to mitigate the said risk, company is focusing on controlling costs, pushing new geographies and re-aligning its product portfolio to suit the requirements in the current scenario. The company is closely monitoring Covid-19 related developments, its operations, liquidity and capital resources to mitigate the overall impact of this unprecedented situation.
FY'20 results
In FY'20, it registered 21% fall in sales to Rs 495.98 crore. OPM fell 410 basis points to 6.7% which saw OP fell 51% to Rs 33.38 crore.
Other income fell 23% to Rs 5.93 crore and interest cost went down 27% to Rs 1.31 crore. After providing for depreciation (up 14% to Rs 13.4 crore), PBT fell 60% to Rs 24.6 crore. Provision for tax fell 31% to Rs 8.5 crore after which PAT went down 67% to Rs 16.1 crore. Further considering PPA, Net profit fell 64% to Rs 16.63 crore.
The stock trades at Rs 95.
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