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Prakash Industries Ltd announce Q3FY19 results

Posted On: 2019-01-16 18:15:16

During Q3FY2019, the Company has achieved Net Sales of Rs.1026 Crores and EBITDA of Rs.206 Crores, reflecting growth of 41 % and 35% respectively over the corresponding quarter of the last financial year. After providing for interest, depreciation and tax, the Net Profit of the Company for Q3FY2019 has grown by 40% to Rs.141 Crores as against Rs.101 Crores in Q3FY2018. The increase in the profitability is due to higher production volumes and operational efficiencies.

During nine months ended December 2018, the Company has achieved Net Sales of Rs.2962 Crores and EBITDA of Rs.639 Crores, reflecting growth of 46% and 66% respectively over the corresponding period of the last financial year. After providing for interest, depreciation and tax, the Net Profit of the Company for nine months ended December 2018 has jumped by 89% to Rs.439 Crores as against Rs.232 Crores in the corresponding period of the last financial year.


- 41 % Growth in Net Sales

The Company's quarterly Net Sales has crossed more than Rs. 1000 crores for the first time ever, registering growth of 41 % as against corresponding quarter of the last financial year. Further, the quarterly sales volume at 2,57,484 tonnes has also registered growth of 22% as against corresponding quarter of the last financial year. This was achieved due to higher capacity utilisation and operational efficiencies on account of modernization and enhancement initiatives undertaken by the company.

Steel & Power Division

- 6th Sponge Iron Kiln with 1 SMW WHRB

The company is completing its 5th Sponge Iron Rotary Kiln project by the end of current quarter, adding capacity of 0.20 Million tonnes alongwith 15 MW Waste Heat Power co-generation. This will further improve the operational efficiencies and profitability of the company.

Captive Iron Ore Mine

The company had received Stage-I approval for diversion of Revenue Forest Land from Ministry of Environment, Forest & Climate Change for its Sirkaguttu Iron Ore Mine in Odisha. The company is awaiting final clearances from the competent authorities and expect the mining operation to commence in the current quarter.

PVC Pipes Division

During nine months ended December 2018, the sales volume of PVC Pipes business registered a growth of 12% as against corresponding period of the last financial year.

Demerger of PVC Pipes Division

The hearing of the scheme of arrangement between Prakash Industries Limited and Prakash Pipes Limited (demerger scheme of PVC pipes undertaking) was listed on 10th January 2019 before Hon'ble National Company Law Tribunal, Chandigarh. After the hearing, the order has been reserved by the Hon'ble bench and will be pronounced in a few days. The company expects the Demerger to be effective shortly.

Shares of PRAKASH INDUSTRIES LTD. was last trading in BSE at Rs.96.2 as compared to the previous close of Rs. 96.8. The total number of shares traded during the day was 112019 in over 1174 trades.

The stock hit an intraday high of Rs. 97.4 and intraday low of 94.2. The net turnover during the day was Rs. 10759701.

Source: Equity Bulls

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