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Results
14-Jul-24
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Analysis
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Plastiblends India
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Improved performance
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Net sales
(including other operating income) of Plastiblends India has increased 8.13% to
Rs 211.58 crore. Domestic markets
witnessed low double digit volume growth. There was subdued demand for plastic
and polymer in Q1. After urban markets, now rural markets are showing signs of
revival, driven by increased consumer spending and heightened business activity.
Export markets have witnessed remarkably high double digit volume growth.
To meet the
increase in demand of Black Masterbatch, the company had augmented black
capacity in last financial year which is getting utilized at optimum level. The
company is contemplating augmentation of further capacity in black as well as
other families.
The company
is currently exploring additional solar capacity on rooftop as well as ground
mounted up to 6000 KWP (existing rooftop solar capacity is 1420 KWP).
Operating
profit margin has jumped from 6.71% to 7.71%, leading to 24.30% rise in
operating profit to Rs 16.32 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
75.51% to 74.56%. Employee cost increased from 4.82% to 4.95%. Other expenses
fell from 12.88% to 12.77%.
Other
income up 81.20% to Rs 2.41 crore. PBIDT
rose 29.53% to Rs 18.73 crore. Provision
for interest up 280% to Rs 0.38 crore.
PBDT rose
27.79% to Rs 18.35 crore. Provision for
depreciation down 3.61% to Rs 3.74 crore.
Profit
before tax grew 39.41% to Rs 14.61 crore.
Provision for tax was expense of Rs 3.76 crore, compared to Rs 2.83
crore. Effective tax rate was 25.74%
compared to 27.00%.
Profit
after tax rose 41.83% to Rs 10.85 crore.
Promoters’
stake was 64.38% as of 30 June 2024 ,compared to 63.37% as of 30 June 2023.
Commenting on the performance, Shri S.
N. Kabra, Chairman & Managing Director said, “Good growth momentum was observed
in Q1. The trend is expected to continue going forward”.
“The
strategic initiative undertaken for capturing the additional market share,
enhancing operational efficiency and prudent financial disciplinary strategy
have played a pivotal role improving the margins.”
“The
general elections outcome have ensured policy continuity, promising continued
support and growth opportunities for the plastic/masterbatch sector.”
“Government
initiatives like "Make in India", “Atmanirbhar Bharat”, “Vocal for
Local”, "Smart City Plan" and “Har Ghar Jal (Jal Jeevan Mission)”
etc. are impelling growth to the India`s
masterbatch industry.”
“Company is
committed to create long-term value for its stakeholders and is confident in
its ability to handle external challenges and grow sustainably”
Full year results analysis
Net sales
(including other operating income) of Plastiblends India has increased 4.38% to
Rs 802.16 crore. Operating profit margin
has jumped from 6.48% to 6.80%, leading to 9.49% rise in operating profit to Rs
54.56 crore. Raw material cost as a % of
total sales (net of stock adjustments) decreased from 77.03% to 75.59%. Employee cost increased from 4.76% to
4.84%. Other expenses rose from 11.68%
to 12.76%.
Other
income up 57.01% to Rs 8.18 crore. PBIDT
rose 13.99% to Rs 62.74 crore. Provision
for interest fell 44.81% to Rs 1.17 crore.
Loan funds declined from Rs 8.71 crore as of 31 March 2023 to Rs 7.81
crore as of 31 March 2024. Inventories
rose to Rs 125.70 crore as of 31 March 2024 from Rs 121.63 crore as of 31 March
2023. Sundry debtors were lower at Rs
87.99 crore as of 31 March 2024 compared to Rs 91.12 crore as of 31 March
2023. Cash and bank balance rose to Rs 3.07
crore as of 31 March 2024 from Rs 2.50 crore as of 31 March 2023. Investments rose to Rs 70.68 crore as of 31
March 2024 from Rs 67.22 crore as of 31 March 2023 .
PBDT rose
16.35% to Rs 61.57 crore. Provision for
depreciation down 6.27% to Rs 15.4 crore.
Fixed assets declined from Rs 180.80 crore as of 31 March 2023 to Rs
176.94 crore as of 31 March 2024.
Intangible assets declined from Rs 0.13 crore to Rs 0.11 crore.
Profit
before tax grew 26.53% to Rs 46.17 crore.
Provision for tax was expense of Rs 11.64 crore, compared to Rs 9.64
crore. Effective tax rate was 25.21%
compared to 26.42%.
Profit
after tax rose 28.60% to Rs 34.53 crore.
Promoters’
stake was 64.38% as of 31 March 2024 ,compared to 63.37% as of 31 March 2023
.
Cash flow
from operating activities decreased to Rs 38.06 crore for year ended March 2024
from Rs 72.31 crore for year ended March 2023.
Cash flow used in acquiring fixed assets during the year ended March
2024 stood at Rs 12.30 crore, compared to Rs 8.13 crore during the year ended
March 2023.
The stock
trades at Rs 315
Plastiblends India : Standalone
Results
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Particulars
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2406
(03)
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2306
(03)
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Var.(%)
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2403
(12)
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2303
(12)
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Var.(%)
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Net Sales
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211.58
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195.67
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8
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802.16
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768.52
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4
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OPM (%)
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7.7
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6.7
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6.8
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6.5
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OP
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16.32
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13.13
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24
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54.56
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49.83
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9
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Other Inc.
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2.41
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1.33
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81
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8.18
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5.21
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57
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PBIDT
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18.73
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14.46
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30
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62.74
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55.04
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14
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Interest
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0.38
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0.1
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280
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1.17
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2.12
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-45
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PBDT
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18.35
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14.36
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28
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61.57
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52.92
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16
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Depreciation
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3.74
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3.88
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-4
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15.4
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16.43
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-6
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PBT
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14.61
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10.48
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39
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46.17
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36.49
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27
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PBT before
EO
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14.61
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10.48
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39
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46.17
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36.49
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27
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EO Income
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0
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0
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0
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0
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-
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PBT after
EO
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14.61
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10.48
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39
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46.17
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36.49
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27
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Taxation
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3.76
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2.83
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33
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11.64
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9.64
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21
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PAT
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10.85
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7.65
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42
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34.53
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26.85
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29
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EPS (Rs)*
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#
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#
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13.3
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10.3
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Notes
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* EPS is on
current equity of Rs 12.99 crore, Face value of Rs 5, Excluding extraordinary
items.
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# EPS is
not annualised
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bps : Basis
points
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EO :
Extraordinary items
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Figures in
Rs crore
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Source:
Capitaline Corporate Database
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