Press release from Business Wire India
Source: Astral Polytechnik Limited
Monday, October 25, 2010 08:22 PM IST (02:52 PM GMT)
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Astral Poly Technik Delivers Robust Topline and EBITA Growth of 46 % and 47% Respectively in Q-2 , Board Declares Interim Dividend of 10%
Ahmedabad, Gujarat, India, Monday, October 25, 2010 -- (Business Wire India) -- Astral Poly Technik Ltd. Leaders in manufacturing of CPVC pipes & fitting announced the financial results for the Quarter ended on 30th September , 2010.
Overview of Q2 FY 2010 v/s Q2 FY 2009
. Company's sales from operations has increased by 46%, to Rs.99.60 Crore for the FY 2010 (Q-2) as against Rs. 68.12 Crore in FY 2009 (Q-2).
. EBITA has increased by 47% to Rs. 13.72 Crore FY 2010 (Q-2) as against Rs. 9.32 Crore in FY 2009 (Q-2).
. PBT has increased by 26% to Rs. 8.95 Crore for FY 2010 (Q-2) as against Rs. 7.09 Crore in FY 2009 (Q-2).
. Cash Profit has increased by 30% to Rs. 10.01 Crore for FY 2010 (Q-2) as against Rs. 7.72 Crore in FY 2009 (Q-2).
. Profit After Tax (PAT) has increased by 21% to Rs. 6.82 Crore for FY 2010 (Q-2) as against Rs. 5.63 Crore in FY 2009 (Q-2).
. The Company has delivered an Earning Per Share (EPS) of Rs. 3.03 for the current quarter. (Before Split the EPS worked out to Rs.6.06 as company has split the face value of its shares from Rs.10 to Rs.5 in the month of Sep-2010)
As usual company has been able to maintain its growth momentum and delivered a topline growth of 46% during the quarter and also improved in the EBITA margin to 13.77% as compared to the last quarter (12.79%). Similarly quarter on quarter sales growth of 40% has been achieved . The growth in the first half in our industry is always slow compared to the second half. But company is able to maintain its average growth of 40% CAGR which company has been maintaining since last Six Years. Company is very bullish about the second half because of the seasonality and introduction of new products recently and will be in position to deliver a better growth
During the quarter company has utilized its capacity to the tune of 6,618 MT against the same quarter last year 4,570 MT which shows a growth of 45% , Further the capacity utilization during the first half of the last year was 7592 MT against that current year first half 11471 MT and the company is presently having capacity of 30,867 MT. This shows that company has worked at 85% utilization of capacity in second quarter.
Looking to the robust improvement in the demand in the sector in which we are and further introduction of New products by Astral recently we foresee a very good demand in the second half and considering the 85% capacity utilization in a slower first half we are planning to increase the capacity to 45000 MT by December-2010. The orders of machineries are placed and delivery is expected in November & December-2010.
Since the company is growing at appx. 40% CAGR since last 6 years and trend is maintained in the current quarter, company is quite confident of not only maintaining a similar growth but also improving the same in the current year. The construction demand is increasing day by day and after a good monsoon company is quite confident that the growth momentum will continue in the coming quarters.
Inspite of rupee depreciation against USD, the EBITA margin is improved in the current quarter by 100 bps because company has done the upward price revision of its products from August-2010. As explained earlier the new products of the company are getting established in Indian Market in a phased manner and we are expecting a sizeable sales in coming quarters from this segment .
We are very happy to announce that ASTRAL has received the most awaited ISI certification of its CPVC pipes which will give good boost to our CPVC products in Government Segment , Rural India & Retail Market . We are happy to announce that Astral is the only company in India which has both the certifications viz. NSF & ISI for its CPVC products.
During the quarter rupee was moving between 46 to 47 levels against US Dollar because of which the company has incurred a loss of Rs.1.36 Crores on its forex loan liability paid during the quarter. But now rupee has appreciated a lot to the level of Rs.44.50 which will help in payment of unpaid forex liabilities in the coming quarter.
Further the Company has already commercially launched in first quarter lower sizes of underground Chambers and Manholes and in the current quarter the company has launched higher sizes of underground Chambers and Manholes in the Indian Market.
As a part of backward integration Astral has bought 85% stake in ADVANCED ADHESIVES PVT. LTD . The subsidiary company will manufacture Solvent Cement in India.
To view the Quarterly results, please click on the link given below:
Quarterly financial results
Mr. Hiranand Savlani,Chief Financial Officer, Astral Polytechnik Limited, +91-079-30112100, email@example.com
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