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Prakash Industries Ltd Q1 FY18-19 net profit soars to Rs. 168.68 crores

Posted On: 2018-07-10 23:24:02

Prakash Industries Ltd. has reported financial results for the period ended June 30, 2018.

The company has reported net sales of Rs.987.06 crores during the 3 months period ended June 30, 2018 as compared to Rs.723.62 crores during the 3 months period ended June 30, 2017.

The company has posted net profit of Rs.168.68 crores for the 3 months period ended June 30, 2018 as against Rs.59.41 crores for the 3 months period ended June 30, 2017.

The company has reported EPS of Rs.9.43 for the 3 months period ended June 30, 2018 as compared to Rs.3.96 for the 3 months period ended June 30, 2017.

FinancialsQ1 FY18-19Q1 FY17-18% Change
Total Income₹ 987.06 crs₹ 723.62 crsUp Tick 36.41%
Net Profit₹ 168.68 crs₹ 59.41 crsUp Tick 183.93%
EPS₹ 9.43₹ 3.96Up Tick 138.13%

The Company has achieved a Net Sales of Rs. 985 crores and EBIDTA of Rs. 242 crores, reflecting growth of 51 % and 122% respectively over the corresponding quarter of the last financial year. After providing for interest, depreciation and tax, the Net Profit of the Company is Rs. 168 crores as against Rs. 59 crores in Q1FY18. The growth in the profitability is on the back of better sales realisation, higher volumes and major cost savings through operational efficiencies.

The Company has achieved highest ever quarterly sales volume of around 2.4 lac tonnes in Q1 FY2019, registering growth of around 26% as against corresponding quarter of the last financial year. This was achieved as a result of better capacity utilization supported by steady supply of raw materials from coal linkages and long term supply agreements of high grade iron ore from Odisha.

The company has received Stage-I approval for diversion of Revenue Forest Land from Ministry of Environment, Forest & Climate Change for its Sirkaguttu Iron Ore Mine. The company is now proceeding with other required clearances, and steps are being taken to operate the mine by next month.

The Flexible Packaging plant has been successfully commissioned to manufacture high performance barrier films and laminates that find application in packaging of food, beverages, oil, personal care and pharmaceutical products.

The Company is in the process of Demerging its PVC Pipes & Fittings business. The Flexible Packaging business will also form part of the resulting company. The Shareholders, Secured Creditors and Unsecured Creditors of the Company have given their co nsent to the scheme at their respective meetings convened on 2nd June, 2018. Further required approvals to the scheme are in due process.

Source: Equity Bulls

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