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Rajoo Engineers Limited reports Q2, H1 FY19 results

Posted On: 2018-11-07 15:16:04

Rajoo Engineers Limited (BSE: 522257), among leading plastic extrusion machine manufacturers in India, with over 30 years of "excellence in extrusion" in the industry, announced its unaudited results for the quarter and half year ended 30th September 2018. These financials are as per the IND AS accounting guidelines.

Performance Highlights - For the quarter ended 30th September 2018

- Revenue for the quarter was Rs. 24.73 crore in Q2 FY19, as against Rs. 26.80 crore in Q2 FY18, a YoY decline of 7.73%. The domestic sales have been affected as the delivery of machines have been put on hold by clients for some time on account of the poor sentiment due to the plastic ban in India.

- EBITDA was at Rs. 2.35 crore in Q2 FY19 as against Rs. 3.93 crore in Q2 FY18, decline of 40.21% YoY, mainly on account of lower sales, due to single use plastic ban in India ? EBIDTA margin was at 9.51% - decline of 517 bps YoY, the raw material cost has gone up mainly on account of rupee depreciation

- Profit After Tax was Rs. 0.90 crore in Q2 FY19 compared to Rs. 2.18 crore in Q2 FY18, YoY decline of 58.61%. The decline was on account of lower sales, and increase in debt & interest cost (investment in advanced technological machining centers)

- EPS was at Rs. 0.15

Performance Highlights - For the half year ended 30th September 2018

- Revenue was at Rs. 54.62 crore in H1 FY19, as against Rs. 39.40 crore in H1 FY18, a YoY growth of 38.62%. This growth was driven by a healthy order book position in the last year led to increase in sales in the first half of FY19

- EBITDA was at Rs. 4.73 crore in H1 FY19 as against Rs. 5.40 crore in H1 FY18, decline of 12.32% YoY, on account of increase in raw material expenses

- Profit After Tax was Rs. 1.67 crore in H1 FY19 compared to Rs. 2.81 crore in H1 FY18, YoY decline of 40.68% The Interest costs increased YoY on account of investment in advanced technological machines that have been funded by mix of internal accruals and debt, leading to higher debt & finance costs. There has been an impact of increase in working capital (especially increase in inventory)

- EPS was at Rs. 0.27

Commenting on the recent development, R. N. Doshi, Chairman and Managing Director, Rajoo Engineers Limited said: "For the quarter ended 30th September 2018, we delivered revenue Rs. 24.7 cr along with EBITDA of Rs. 2.4 cr and PAT of Rs. 90 lakhs. The domestic sales have been affected in this quarter due to poor sentiment arising from the ban on single use plastic in India. However our technological advancement is now offering our product to process biodegradable material and enable customer to fight with the current market challenges.

Our Company while continuing its focus on sustainable packaging solutions in collaboration with producers of flexible packaging and brand owners, has also enhanced its portfolio by adding extrusion lines to produce plastic materials catering to other growing sectors of agriculture, infrastructure, bulk-packaging and transportation. On other hand, the focus towards exports in yet unexplored regions continues and will slowly start to bear fruits. We are happy to share that we have bought advanced technology machining centres that will fuel our growth in the coming years.

We continue to focus on improving our operational efficiencies, technical innovation and development. We are well poised to capitalize on the increase in industry opportunities over a long term, despite challenges in domestic market of plastic ban currently affecting the entire industry. I would like to thank the entire team of 'Rajoo' for their untiring efforts, hard work, sincerity and dedication. Also, I would like to thank our valued Shareholders, whose support and faith in our Company has given us the determination and ambition to set and achieve higher benchmarks".

Shares of RAJOO ENGINEERS LTD. was last trading in BSE at Rs.30.55 as compared to the previous close of Rs. 29.1. The total number of shares traded during the day was 161452 in over 287 trades.

The stock hit an intraday high of Rs. 30.55 and intraday low of 28.55. The net turnover during the day was Rs. 4915327.


Source: Equity Bulls

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