Bhansali Engineering Polymers Ltd's standalone revenue for Q2FY19 came in at Rs349.98cr, up by 41% yoy. The operating profit for the quarter came in at Rs27.54cr (including forex loss of Rs11cr due included in other expenses), indicating a decline of 27.2% yoy. The EBITDA margin contracted significantly by ~738ps yoy to 7.9% in Q2FY19. The net profit after tax came in at Rs16.89cr for Q2FY19, down 32.7% yoy.
• The revenue for the quarter was up ~41% significantly driven by higher volumes post recommencement of the factory premises located at Satnoor, Madhya Pradesh on June 1, 2018. The plant was shut down for the major portion of Q1FY19 due to break out of fire.
• The gross margin declined significantly by ~775bps to 20.3% in Q2FY19 on account of rising input costs due to rupee depreciation given that it majorly imports raw materials.
• EBITDA declined 27.2% owing to decline in the gross margin and comparatively higher other expenses on forex losses worth Rs11cr in Q2FY19.
• The depreciation charge increased 15.8% yoy to Rs1.79cr in Q2FY19. However, the company has reduced its finance cost significantly by ~95% yoy to ~Rs0.14cr in Q2FY19.
• The effective tax rate for H1FY19 stood at ~35% as against ~34% in the corresponding period of the previous year.
Bhansali Engineering Polymers Ltd is currently trading at Rs. 100.80, down by 25.2 points or 20% from its previous closing of Rs. 126 on the BSE.
The scrip opened at Rs. 106 and has touched a high and low of Rs. 108.85 and Rs. 100.80 respectively. So far 16,95,947 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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