BWI: Ester Industries Limited - Summary of Financial Performance for FY 2008-09

Press release from Business Wire India
Source: Ester Industries Limited
Monday, April 27, 2009 04:42 PM IST (11:12 AM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Chemicals, Financial Analyst, Stock exchanges; Technology
Release no: 19790
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Ester Industries Limited - Summary of Financial Performance for FY 2008-09
Impressive Performance in the Year 2008-09

New Delhi, Delhi, India, Monday, April 27, 2009 -- (Business Wire India) -- Ester Industries Limited, India's leading manufacturer of Polyester Films and Engineering Plastics, today announced its audited results for the year ended 31st March 2009.

Highlights

-- Net Sales increased by 16.7% to Rs. 372.41 crores from Rs. 319.18 crores reported in the last year

-- The Earnings Before Interest, Depreciation & Tax (EBIDTA) in the year increased 80.3% to Rs. 71.14 crores from Rs. 39.45 crores

-- The Profit after Tax (PAT) has increased by 233.8% in the year to Rs. 33.43 crores from Rs. 10.02 crores reported in the last year

-- EPS for the year is at Rs. 6.02 as compared to Rs. 1.80 during the year ended 31st March 2008

The company continues to focus on Value Added Niche products and cost reduction. Value Added Niche products fetch higher realization and margin. Company has recently started burning Bio-mass (Rice Husk) instead of Furnace Oil for heating the Thermic Fluid. With Rice Husk available in abundance at cheaper rates in Uttarakhand, it will not only enable Ester Industries to reduce cost but also likely to entitle it to earn carbon credits. The company has been saving on Power & Fuel cost by switching to different fuels / sources from time to time.

Mr. Arvind Singhania, Chairman & Managing Director, Ester Industries Limited, stated that the Company expects to earn about Rs. 10 million a year by selling the carbon credits accruing as a result of this initiative".

Commenting on the performance during the year ended 31st March 2009, Mr. Arvind Singhania, Chairman & Managing Director, Ester Industries Limited, said "Our focus on production of Value Added Niche products in the last two years and enhancing capacity in future would enable us to achieve the desired objective of being a strong and vibrant company in the sphere we operate. Polyester Film prices firmed up because there was no capacity addition in the last few years while the demand continued to increase. On top of that Ester took a series of cost-cutting measures which had positive impact on margins.

Capacity enhancement in Engineering Plastics business in October 2007 and increased volume of production / sales during 2008-09 resulted in improved performance for the business. The management expects good performance on sustained basis from Engineering Plastics business.

About Ester Industries:

Ester Industries Limited is a public limited company incorporated in 1985 promoted by the Singhania family. The company is one of India's low cost leading producers of Polyester Films and Engineering Plastics having a track record of continually developing new and innovative products for customers across the globe. Ester Industries has state-of-the-art manufacturing facilities in khatima in Uttarakhand with the capacity of 40,000 TPA of Polyester Chips, 30,000 TPA of Polyester Film and 3600 TPA of Engineering Plastics. The company currently exports more than 35% of its production of Polyester Films with sales and distribution network in more than 50 countries across the world resulting in strong customer relationship.

To view the Press Release with tables, please click on the link given below:

Ester Industries FY 2008-09 Results
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