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Prakash Industries Ltd announces Q4, FY19 results

Posted On: 2019-05-22 14:20:49

During FY2019, Prakash Industries Ltd has achieved Net Sales of Rs. 3588 Crores and EBITDA of Rs. 794 Crores, reflecting growth of 22% and 33% respectively over the last financial year. After providing for interest, depreciation and tax, the Net Profit of the Company for FY2019 has increased by 39% to Rs. 535 Crores as against Rs. 384 Crores in last financial year. The increase in the profitability is due to higher capacity utilisation, operational efficiencies and better sales realisation. Keeping in view the strong financial results for FY2019, the Board of Directors of the Company have recommended dividend of Rs. 1.20 per Equity Share of Rs. 10 each.

During Q4FY2019, the Company has achieved Net Sales of Rs. 885 Crores and EBITDA of Rs. 185 Crores. After providing for interest, depreciation and tax, the Net Profit of the Company for Q4FY2019 was Rs. 124 Crores.

Note: In view of the Demerger of PVC Pipes undertaking with effect from 1st April, 2018(the appointed date), the figures of FY2019 and Q4FY2019 are exclusive of figures of PVC Pipes undertaking and the figures of FY2018 are inclusive of figures of PVC Pipes undertaking. Hence these figures are not comparable.

The Company achieved its highest ever steel production and sales volumes in FY 2019. The Company registered record production of 9.7 lac tonnes of Steel Billets during FY2019 as a result of installation of new furnaces and modernization of some of the exiting furnaces in the Steel Melting Shop (SMS). The Steel division also recorded highest ever sales volume of 9.4 lac tonnes during the year registering growth of 20% over last financial year.

The Company has modernized its 4th Rolling Mill at Raipur, Chhattisgarh in Q4FY2019, to increase the production of value added products i.e. Wire Rods. This will significantly improve the revenues and profitability of the company.

The 5th Sponge Iron Rotary Kiln having capacity of 2 lac tonnes and 15 MW Waste Heat Power co-generation project is complete and the commercial production is likely to commence from the end of July, 2019. This will lead to further integration of steel operations and result in cost savings, thereby improving the operating margins of the company.

The Company's captive Iron Ore Mine in Odisha has now largely received all statutory approvals and the Company is making all out efforts to operationalize the same very soon. This will significantly reduce the procurement cost of a major raw material.

Shares of PRAKASH INDUSTRIES LTD. was last trading in BSE at Rs.71 as compared to the previous close of Rs. 66.15. The total number of shares traded during the day was 41085 in over 541 trades.

The stock hit an intraday high of Rs. 71.8 and intraday low of 67.25. The net turnover during the day was Rs. 2869997.


Source: Equity Bulls

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