Friday, May 20, 2011

BWI: Astral Poly Technik Maintains Consistency of 40% Growth in Q-4 Results, EBITA has increased by 175 bps compared to Q-3 and Board has declared 12.5% Final Dividend

Press release from Business Wire India
Source: Astral Polytechnik Limited
Friday, May 20, 2011 06:38 PM IST (01:08 PM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Construction, Financial Analyst, Real estate, Stock exchanges
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Astral Poly Technik Maintains Consistency of 40% Growth in Q-4 Results, EBITA has increased by 175 bps compared to Q-3 and Board has declared 12.5% Final Dividend


Ahmedabad, Gujarat, India, Friday, May 20, 2011 -- (Business Wire India) -- Astral Poly Technik Ltd., leaders in manufacturing of CPVC pipes & fittings announced the financial results for the Quarter ended on 31st March , 2011.

Overview of Q4 FY 2010-11 v/s Q4 FY 2009-10

-- Company's sales from operations increased by 39%, to Rs.141.69 Crore for the FY 2010-11 (Q-4) as against Rs. 102.09 Crore in FY 2009 -10(Q-4). (On a full year basis Sales has increased by 42%)

-- EBITA has increased by 39% to Rs. 19.38 Crore for FY 2010-11 (Q-4) as against Rs. 13.90 Crore in FY 2009-10 (Q-4). (On full year basis EBITA has increased by 26%)

-- PBT has increased by 16% to Rs. 16.33 Crore for FY 2010-11 (Q-4) as against Rs. 14.09 Crore in FY 2009-10 (Q-4). (On a full year basis PBT has increased by 25 %)

-- Cash Profit has increased by 13% to Rs. 15.87 Crore for FY 2010-11 (Q-4) as against Rs. 14.03 Crore in FY 2009-10 (Q-4). (On a full year basis Cash Profit has increased by 21 %)

-- Profit After Tax (PAT) has increased by 11% to Rs. 13.02 Crore for FY 2010-11(Q-4) as against Rs. 11.73 Crore in FY 2009-10 (Q-4). (On a full year basis PAT has increased by 20%)

-- The Company has delivered an Earning Per Share (EPS) of Rs. 5.79 for the current quarter (On Rs.5 Paid up Shares). (On a full year basis company has delivered an EPS of Rs.14.95 an increase of 20%)

As usual, the company has been able to maintain its growth momentum and delivered a topline growth of 39% during the quarter. Similar growth was maintained in EBITA also. During the current quarter EBITA has increased to 13.68% compared to the last quarter (Q-3) 11.93% an increase of 175 bps and the main reason for the upward movement was improvement in realization on the new products .

During the current quarter though Interest cost has come down substantially inspite of huge increase in capacity and increase in the business volumes, because of the lower other income (Forex Gain) during the current quarter compared to the similar quarter last year the PBT (Profit Before Tax) has increased by 16% . The Net Profit has also increased by 11% because of higher tax provisioning during the current quarter compared to last year same quarter.

On a full year basis company is able to maintain its 40% + CAGR topline growth which company is maintaining since last seven years . Similarly company is able to deliver Profit Before Tax Growth growth of 25% compared to last year and Net Profit Growth of 20% .

During the year under review company has increased its production capacity from 30,867 M.T. to 48,432 M.T. (An increase of 57% ). To complete the said expansion company has incurred capital expenditure of Rs. 26.78 Crores. The most of the capex is funded by Internal Accruals . The Debt Equity Ratio of the company has reduced from 0.31 :1 for the F.Y. 2009-10 to 0.27 :1 for F.Y. 2010-11

During the quarter, the company has utilized its capacity to the tune of 9,961 M.T. as against the last Year same quarter 6,251 M.T. which shows a growth of 59%. On a full year basis company was able to utilize 28,289 M.T. as against the last year 19,411 M.T. which shows a growth of 46%. During the last quarter company has utilized its enhanced capacity to the tune of 82.3% (Total Capacity as on closing of Q-4 was 48,432 M.T. and last quarter utilization 9,961 M.T.).

During the quarter company was able to generate other income to the tune of Rs. 131.64 Lacs from Foreign Exchange Gain as company has accounted for all its unrealized gain of earlier quarters. This is the normal practice of the company to account the forex gain/loss on its unpaid borrowing at the year end only.

During the year under review through an efficient management company was able to controlled its working capital cycle and due to that we could achieve a reasonable reduction of Inventory & Debtors level compared to the growth of business.

To view the Quarterly results, please click on the link given below:
Quarterly financial results

http://www.astralcpvc.com/LinkFile/AstralAuditedFinRes_1011.pdf


CONTACT DETAILS
Mr. Hiranand Savlani, Chief Financial Officer, Astral Polytechnik Limited, +91 (79) 30112100, hiranand@astralcpvc.com

KEYWORDS
CONSUMER, ECONOMY, BANKING, BUSINESS SERVICES, CONSTRUCTION, Financial Analyst, REAL ESTATE, STOCK EXCHANGES

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