The net sales for Q1 CY12 has inclined by 5% to Rs 209.59 crore. OPM has decreased by 40 basis points to 11.4% due to rise in staff and other expenditure. The net profit has decreased by 11% to Rs 12.91 crore due to fall in margin & other income and rise in depreciation & tax rate.
Company Performance
For quarter ended March 2012
The net sales has inclined by 5% to Rs 209.59 crore. OPM has decreased by 40 basis points to 11.4% due to rise in staff cost by 90 basis points to 8.08% and other expenditure by 150 basis points to 11.8% of adjusted net sales. However, there was fall raw material cost by 220 basis points to 68.5% of adjusted net sales. Due to decreased margin, the operating profit has inclined by just 2% to Rs 23.82 crore.
Other income has decreased by 19% to Rs 2.17 crore. Depreciation has inclined by 9% to Rs 8.45 crore. There was a forex gain of Rs 0.17 crore. As a result, PBT has decreased by 7% to 17.71 crore due to fall in margin, other income and rise in depreciation.
Tax outgo has increased by 6% to Rs 4.8 crore due to rise in tax rate from 23.6% to 27.1%. As a result, the net profit has decreased by 11% to Rs 12.91 crore.
For the calendar year 2011
The net sales has increased by 13% to Rs 805.6 crore. OPM has increased by 60 basis points to 11.1% due to fall in overall expenditure. Due to increased margin, the operating profit has inclined by 19% to Rs 89.14 crore.
Other income has increased by 201% to Rs 5.38 crore. Depreciation has declined by 1% to Rs 32.05 crore. There was a forex gain of Rs 0.58 crore. As a result, PBT before EO has increased by 35% to Rs 65.46 crore.
Tax outgo has decreased by 5% to Rs 12.81 crore due to fall in tax rate from 23% to 20.5%. The current tax for the year is net of reversal of excess provision for earlier year of Rs 0.64 crore The net profit before EO (net of tax) was up by 10% to Rs 49.65 crore. The EO income (net of taxes) which is due to insurance claim stood at Rs 2.94 crore. The net profit after EO (net of tax) has increased by 9% to Rs 52.59 crore due to rise in margin and other income.
Other Developments
Expansion at Rudrapur has been completed during the quarter & balance equipments have gone into commercial production in Q1-2012.
Valuation
The scrip was trading at Rs 64.6 on BSE.
The promoters hold 63.7% stake in the company.
Paper Products: Results
| 1203(03) | 1103(03) | Var. (%) | 1112(12) | 1012(12) | Var. (%) |
| Sales | 209.59 | 199.57 | 5 | 805.6 | 710.54 | 13 |
| OPM (%) | 11.4 | 11.7 | | 11.1 | 10.5 | |
| OP | 23.82 | 23.38 | 2 | 89.14 | 74.67 | 19 |
| Other Income | 2.17 | 2.68 | -19 | 5.38 | 1.79 | 201 |
| PBIDT | 25.99 | 26.06 | 0 | 94.52 | 76.46 | 24 |
| Interest (Net) | 0.00 | 0.00 | | 0.59 | 0.59 | 0 |
| PBDT | 25.99 | 26.06 | 0 | 93.93 | 75.87 | 24 |
| Depreciation | 8.45 | 7.72 | 9 | 32.05 | 32.40 | -1 |
| PBT before forex gain/loss | 17.54 | 18.34 | -4 | 61.88 | 43.47 | 42 |
| Foreign Exchange gain/loss | 0.17 | 0.69 | -75 | 0.58 | 2.80 | -79 |
| PBT before EO | 17.71 | 19.03 | -7 | 62.46 | 46.27 | 35 |
| EO | 0.00 | 0.00 | | 0.00 | 12.28 | |
| PBT after EO | 17.71 | 19.03 | -7 | 62.46 | 58.55 | 7 |
| Tax | 4.80 | 4.51 | 6 | 12.81 | 13.48 | -5 |
| PAT before EO (net of tax) | 12.91 | 14.52 | -11 | 49.65 | 45.07 | 10 |
| EO (net of tax expenses) | 0.00 | 0.00 | | 2.94 | 3.05 | -4 |
| PAT | 12.91 | 14.52 | -11 | 52.59 | 48.12 | 9 |
| EPS * | 8.2 | 9.3 | | 7.9 | 5.7 | |
* Annualised on current equity of Rs 12.54 crore.
Face Value: Rs 2 each
Var. (%) exceeding 999 has been truncated to 999
LP: Loss to Profit PL: Profit to Loss
EO: Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database |