Sudarshan Chemical Industries Ltd's revenue for Q1FY19 came in at Rs342.6cr, up by 14.3% yoy. The operating profit for Q1FY19 increased by 24.9% yoy to Rs54.91cr. The EBITDA margin increased by ~136bps yoy to 16.0% in Q1FY19. The adjusted net profit for the quarter stood at ~Rs24.7cr, up by 12.3% yoy. The revenue missed the street estimate of Rs393cr by 13%. However, the adjusted net profit was in-line with estimates.
• The rise in revenue was majorly driven by higher volumes during the quarter.
• Gross profit margin of the company declined by ~234bps on account of likely input cost inflation and change in product mix.
• The EBITDA margin expansion was on account of higher operating leverage and stable other expenses. Employee benefits expense increased 19.6% yoy to Rs23.8cr in Q1FY19.
• Effective tax rate of the company increased 37.0% in Q1FY19 vs. 33.6% in Q1FY18. This led to a lower-than-expected increase in the net profit of the company as compared with the rise in EBITDA.
• The finance cost declined 33.2% yoy to Rs3.8cr in Q1FY19.
• Exceptional gain of Rs89.23cr during the quarter (adjusted for costs directly related to the transaction) was from divestment of the company’s holding in its wholly owned subsidiary, Prescient Color Limited.
Sudarshan Chemical Industries Ltd is currently trading at Rs. 485, up by 4 points or 0.83% from its previous closing of Rs. 481 on the BSE.
The scrip opened at Rs. 485.45 and has touched a high and low of Rs. 509.05 and Rs. 479.55, respectively. So far, 2,97,271 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 100 DMA.
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