Other income fell 6.45% to Rs 1.45 crore. Provision for interest fell 58.62% to Rs 0.48 crore.

Provision for depreciation down 3.97% to Rs 3.87 crore. Profit before tax grew 119.39% to Rs 16.41 crore. Provision for tax was expense of Rs 4.3 crore, compared to Rs 2.52 crore. Effective tax rate was 26.20% compared to 33.69%. Profit after tax rose 144.15% to Rs 12.11 crore.

Commenting on the performance, Shri S. N. Kabra, Chairman & Managing Director said, "We are pleased to share our continued progress, as reflected in our strong growth in margins and profitability during these challenging times. Profitability of the company is on rise which demonstrate that the strategic steps taken by the company in past several years to have financial strength , to chage its product mix and move to more value added products and effective cost rationalization exercises at all level are yielding positive results.

Huge volatility in polymer prices was experienced during Q3 and most of the part in Q4. Polymer prices hit multiyear high due to shortages issues. Similarly other input prices too escalated. The freight cost in export segment continued to be at all time high. Company in initial phase decided to partially absorb price increase and gradually passed it on to the customers. Due to timely action initiated we had successfully minimized the impact of aforesaid issues.

FY 20-21 begin with challenge of strict lockdown. The economy started improving post Q2. However towards the year and unanticipated strong 2nd wave of pandemic again gripped with local lockdown by respective states/UTs. For going forward till vaccination drive is completed, expecting such sudden disruptions wil be normal in future. We are confident that ' this phase too shall pass and we will emerge into better tomorrow"

The company is confident of its growth trajectory in time to come as it has several products in pipeline, eyeing new geographies/ new customers supported by consistent strong financial ratios.

Performance for year ended Mar'21

Net sales (including other operating income) of Plastiblends India has declined 4.71% to Rs 577.33 crore. Operating profit margin has jumped from 11.13% to 11.88%, leading to 1.68% rise in operating profit to Rs 68.58 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 70.80% to 68.37%. Purchase of finished goods cost fell from 0.07% to 0.01%. Employee cost increased from 5.00% to 5.51%. Other expenses rose from 13.15% to 14.05%. Cost of Sales rose from 69.50% to 69.94%. Inventories cost rose from 1.37% to 1.56%.

Other income up 33.97% to Rs 3.51 crore. Provision for interest up 104.05% to Rs 3.02 crore. Loan funds declined from Rs 40.36 crore as of 31 March 2020 to Rs 31.91 crore as of 31 March 2021. Inventories rose to Rs 123.98 crore as of 31 March 2021 from Rs 98.59 crore as of 31 March 2020. Sundry debtors were lower at Rs 95.38 crore as of 31 March 2021 compared to Rs 101.12 crore as of 31 March 2020. Cash and bank balance rose to Rs 2.90 crore as of 31 March 2021 from Rs 1.23 crore as of 31 March 2020. Investments rose to Rs 21.96 crore as of 31 March 2021 from Rs 3.90 crore as of 31 March 2020.

During the previous year the company has received interest assistance of Rs 3.84 crore under the scheme "Scheme for assistance for plastic industry" of Gujarat government towards borrowing for investment in Palsana plant which was netted off in fiance cost. The remaining assistance of Rs 1.16 crore which was to be received in FY22 is not yet received.

Due to lockdown/ covid impact the eligible export incentive to be received from DGFT by way of advance license/MEIS incentive was reduced by Rs 3 crore in FY21

Provision for depreciation down 6.92% to Rs 15.87 crore. Fixed assets increased to Rs 188.21 crore as of 31 March 2021 from Rs 182.74 crore as of 31 March 2020. Intangible assets increased from Rs 0.13 crore to Rs 0.16 crore.

Profit before tax grew 3.22% to Rs 53.20 crore. Provision for tax was expense of Rs 15.85 crore, compared to Rs 14.36 crore. Effective tax rate was 29.79% compared to 27.86%.

Profit after tax rose 0.46% to Rs 37.35 crore.

The Board of Directors has recommended dividend of Rs 4.00 per share compared to Rs 3.75 per share in FY20

Promoters' stake was 63.98% as of 31 March 2021 compared to 63.65% as of 31 March 2020.

The scrip is currently trading around Rs 257 on the BSE