Poddar Pigments

Sales down 5%, OP up 54%

Feb 06, 2021 06:02 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.

Quarter results 

In Dec20 quarter net sales fell 5% to Rs 83.13 crore. OPM improved 470 basis points to 12.2% which saw OP rose 54% to Rs 10.13 crore.  

Other income fell 8% to Rs 1.26 crore and interest expense stood at Rs 5 lakh against interest expense of Rs 7 lakh. After providing for depreciation (Rs 54 lakh against Rs 72 lakh) PBT rose 50% to Rs 10.8 crore.  

As taxation rose 49% to Rs 2.99 crore (tax incidence fell from 27.9% to 27.7%), PAT fell 27.7% to Rs 7.81 crore.

9MFY21 performance 

In 9MFY 21, net sales fell 36% to Rs 179.78 crore. OPM rose 200 basis points to 9.4% which saw OP fell 19% to Rs 16.83 crore.  

Other income rose 31% to Rs 3.55 crore and interest cost fell from Rs 22 lakh to Rs 20 lakh. After providing for depreciation, (Rs 1.59 crore against Rs 2.18 crore) PBT fell 12% to Rs 18.59 crore.  

As taxation fell 8% to Rs 5.24 crore (tax incidence rose from 27.2% to 28.2%), PAT fell 13% to Rs 13.36 crore. 

The scrip trades at Rs 187

Poddar Pigments: Results

 

2012 (3) 1912 (3) Var. (%) 2012 (9) 1912 (9) Var. (%) 2003 (12) 1903 (12) Var. (%)
Sales 83.13 87.48 -5 179.78 279.77 -36 356.67 357.09 0
OPM (%) 12.2 7.5 9.4 7.4 7.7 6.4
OP 10.13 6.60 54 16.83 20.70 -19 27.64 22.82 21
Other inc. 1.26 1.37 -8 3.55 2.72 31 4.40 4.38 1
PBIDT 11.38 7.97 43 20.38 23.42 -13 32.04 27.20 18
Interest 0.05 0.07 -23 0.20 0.22 -11 0.30 0.47 -35
PBDT 11.33 7.90 43 20.18 23.20 -13 31.74 26.73 19
Dep. 0.54 0.72 -26 1.59 2.18 -27 2.93 3.12 -6
PBT 10.80 7.18 50 18.59 21.01 -12 28.82 23.61 22
Total Tax 2.99 2.01 49 5.24 5.71 -8 7.02 7.07 -1
PAT 7.81 5.17 51 13.36 15.30 -13 21.80 16.54 32
Prior year tax 0.00 0.00 0.00 0.54
Net Profit 7.81 5.17 51 13.36 15.30 -13 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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