Poddar Pigments

Awaiting recovery in textile industry

Nov 06, 2020 09:11 IST capital market

Poddar Pigments (PPL) is a pioneer in India for fiber-grade Masterbatches. The company has a unique distinction of being the first company in India to manufacture Masterbatches for dope dyeing of Polypropylene, Nylon & Polyester Multifilament Yarn/ Fibers.  

The company manufactures color & additive Masterbatches for the dope dyeing of man-made fibres (MMF), various plastic applications and engineering plastics & compounds. These are essential products required for textile and plastic products. 

The outbreak of Covid-19 pandemic and consequent lockdown has impacted the regular business operations.

Quarter results 

In Sep20 quarter net sales fell37% to Rs 60.55 crore. OPM improved120 basis points to 8.8% which saw OP fell 27% to Rs 5.34 crore.  

Other income fell16% to Rs 70lakh and interest expense stood at Rs 8 lakh against interest expense of Rs 6 lakh. After providing for depreciation (Rs 53 lakh against Rs 74 lakh) PBT fell26% to Rs 5.44 crore.  

As taxation fell23% to Rs 1.51crore (tax incidence rosefrom 26.7% to 27.7%), PAT fell27% to Rs 3.93 crore.

H1FY21 performance 

In H1FY 21, net sales fell 50% to Rs 96.65 crore. OPM fell40 basis points to 6.9% which saw OP fell52% to Rs 6.7 crore.  

Other income rose70% to Rs 2.29 crore and interest cost fell from Rs 16 lakh to Rs 15 lakh. After providing for depreciation, (Rs 1.06 crore against Rs 1.46 crore) PBT fell44% to Rs 7.8 crore.  

As taxation fell39% to Rs 2.25 crore (tax incidence rose from 26.8% to 28.8%), PAT fell45% to Rs 5.55 crore. 

The scrip trades at Rs 177

Poddar Pigments: Results

 

2009 (3) 1909 (3) Var. (%) 2009 (6) 1909 (6) Var. (%) 2003 (12) 1903 (12) Var. (%)
Sales 60.55 95.39 -37 96.65 192.29 -50 356.67 357.09 0
OPM (%) 8.8 7.6 6.9 7.3 7.7 6.4
OP 5.34 7.27 -27 6.70 14.11 -52 27.64 22.82 21
Other inc. 0.70 0.83 -16 2.29 1.35 70 4.40 4.38 1
PBIDT 6.04 8.10 -25 9.00 15.45 -42 32.04 27.20 18
Interest 0.08 0.06 24 0.15 0.16 -6 0.30 0.47 -35
PBDT 5.97 8.04 -26 8.85 15.30 -42 31.74 26.73 19
Dep. 0.53 0.74 -28 1.06 1.46 -28 2.93 3.12 -6
PBT 5.44 7.30 -26 7.80 13.84 -44 28.82 23.61 22
Total Tax 1.51 1.95 -23 2.25 3.71 -39 7.02 7.07 -1
PAT 3.93 5.36 -27 5.55 10.13 -45 21.80 16.54 32
Prior year tax 0.00 0.00 0.00 0.54
Net Profit 3.93 5.36 -27 5.55 10.13 -45 21.26 16.54 29
EPS (Rs) * # # # # 20.5 15.6
*Annualised on current equity of Rs 10.61 crore; Face value of Rs 10 each
EO: Extraordinary items
EPS is adjusted for EO and relevant tax
Figures in crore,
Source: Capitaline Databases

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