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Apcotex Industries reported 4% growth in net sales for Q1 FY'14 YoY. OPM was more or less flat resulting in 3% growth in OP. There was an other income of Rs 1.03 crore for June'13 quarter as compared to forex loss of Rs 0.81 crore for June'12 quarter. Both interest costs and depreciation costs were higher by 46% and 92% respectively, thus restricting PBT growth to 23%. Finally lower income tax largely due to deferred tax credit, resulted in a 62% increase YoY in PAT to Rs 3.88 crore for June'13 quarter.
Performance for the quarter ended June'13
Net sales for the quarter ended June'13 of Apcotex industries was up by 4% to Rs 74.73 crore. Raw material costs as a % to net sales net of stock adjustment, was down by about 50 bps to 76.5% and employee costs as a % to net sales net of stock adjustment, was down by 30 bps to 3.9%. Other expenditure costs as a % to net sales net of stock adjustment, was higher by 210 bps to 12.2%. Thus overall OPM was flat at 8.1%, resulting in a 3% growth in OP to Rs 6.02 crore.
The other income for June'13 quarter stood at Rs 1.03 crore as compared to a loss of Rs 0.81 crore for June'12 quarter. The interest cost was up by 46% to Rs 1.01 crore, and depreciation was up by 92% to Rs 1.42 crore, thus restricting the PBT growth to 23% to Rs 4.62 crore. There was a prior period expenditure of Rs 6 lakh for June'13 quarter as compared to prior Nil for June'12 quarter.
After providing for total tax of Rs 0.68 crore, down by 50% YoY due to higher deferred tax credit, the PAT for the June'13 quarter was up by 62% to Rs 3.88 crore.
Performance for year ended Mar'2013
Net sales for the year ending Mar'13 for Apcotex Industries stood at Rs 273.40 crore, up by 7% y.o.y. OPM was up by 20 bps to 8.6% resulting in 9% growth in OP to Rs 23.54 crore. There was a loss of about Rs 1 lakh as compared to other income of Rs 2.24 crore, which was largely due to forex loss, came in due to heightened volatility in Q1 FY'13.
This has resulted 1% fall in PBIDT to Rs 23.53 crore. The interest costs was down by 36% to Rs 2.35 crore and depreciation was up by 11% to Rs 3.11 crore. This has resulted in 4% growth in PBT to Rs 18.07 crore. There was Prior Period Item of Rs 1.04 crore for Mar'11 as compared to Rs 0.02 crore for Mar'12. After paying total tax of Rs 5.24 crore, up by 8%, the company reported PAT of Rs 12.81 crore, up by 12% YoY.
Other developments
The Board has fixed 17th Aug'13 as record date for stock split in the ratio of 2 equity shares of Rs 5 each for every 1equity share of Rs 10 each
The promoter shareholding is around 57.77% and none of them are pledged.
Share price trades at Rs 211.
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