Himadri Speciality Chemical Ltd's standalone revenue for the quarter came in at Rs601.8cr, up by 28.6% yoy. The operating profit for the quarter increased by 26.5% yoy to Rs129.8cr. However, the EBITDA margin declined by ~36bps yoy to 21.6% in Q2FY19. The adjusted net profit after tax stood at ~Rs74.1cr, up by 44.8% yoy.
• The significant rise in revenue is a combination of increase in volumes and improved product mix. Gross margin for the quarter remained stable yoy at 32.9% in Q2FY19 (32.7% in Q2FY18).
• EBITDA margin witnessed a marginal decline by ~36bps despite higher volumes, on account of likely pressure in energy cost due to volatile crude oil prices and forex impact during the quarter. The other expenses increased by 41.5% yoy to Rs55.1cr in Q2FY19. This includes forex loss of ~Rs12.1cr during the quarter.
• Finance cost decreased by 15.8% yoy to Rs17.5cr during the quarter. The total borrowing of the company came down to Rs537.7cr as on September 30, 2018 vs. Rs595.4cr as on March 31, 2018. The debt-equity ratio as on September 30, 2018 stood at 0.38x.
• The effective tax rate of the company for the quarter stood at ~30% vs. ~32% in Q2FY18. This contributed towards higher net profit of the company.
• The board approved proposal for raising Rs1,000cr by way of issue of eligible securities, subject to shareholders and other authorities’ approval.
Himadri Speciality Chemical Ltd is currently trading at Rs. 140.40, down by 1.5 points or 1.06% from its previous closing of Rs. 141.90 on the BSE.
The scrip opened at Rs. 143.90 and has touched a high and low of Rs. 143.90 and Rs. 135 respectively. So far 11,91,412 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 200 DMA.
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