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Results - Analysis
Slower revenue growth
Plastiblends India
29-Apr-2025, 07:45
Net sales (including other operating income) of Plastiblends India has increased 0.13% to Rs 199.16 crore. Operating profit margin has declined from 7.93% to 7.25%, leading to 8.49% decline in operating profit to Rs 14.44 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 72.66% to 69.90%. Purchase of finished goods cost rose from 1.13% to 3.11%. Employee cost increased from 5.02% to 5.68%. Other expenses rose from 12.99% to 13.69%. Other income up 8.07% to Rs 2.41 crore. PBIDT fell 6.44% to Rs 16.85 crore. Provision for interest fell 15.15% to Rs 0.28 crore. Loan funds declined from Rs 7.81 crore as of 31 March 2024 to Rs 4.79 crore as of 31 March 2025. Inventories rose to Rs 139.23 crore as of 31 March 2025 from Rs 125.70 crore as of 31 March 2024. Sundry debtors were higher at Rs 111.29 crore as of 31 March 2025 compared to Rs 87.99 crore as of 31 March 2024. Cash and bank balance rose to Rs 5.55 crore as of 31 March 2025 from Rs 3.07 crore as of 31 March 2024. Investments declined from Rs 70.68 crore as of 31 March 2024 to Rs 56.44 crore as of 31 March 2025. PBDT fell 6.28% to Rs 16.57 crore. Provision for depreciation rose 0.26% to Rs 3.79 crore. Fixed assets declined from Rs 176.94 crore as of 31 March 2024 to Rs 172.89 crore as of 31 March 2025. Intangible assets declined from Rs 0.11 crore to Rs 0.09 crore. Profit before tax down 8.06% to Rs 12.78 crore. Provision for tax was expense of Rs 3.21 crore, compared to Rs 3.16 crore. Effective tax rate was 25.12% compared to 22.73%. Profit after tax fell 10.89% to Rs 9.57 crore. Equity capital stood at Rs 12.99 crore as of 31 March 2025 to Rs 12.99 crore as of 31 March 2024. Per share face Value remained same at Rs 5.00. Promoters' stake was 63.07% as of 31 March 2025 ,compared to 64.38% as of 31 March 2024 . Commenting on the performance, Shri S. N. Kabra, Chairman & Managing Director said, 'While the economic landscape has been challenging, it has also underscored the need for innovation and adaptability.' 'At Plastiblends India Limited, we are committed to overcoming these challenges by delivering sustainable and customized masterbatch solutions that align with evolving market demands.' 'As the global economy navigates uncertainties, your company remains focused on leveraging its expertise to address industry challenges and contribute to the growth of the manufacturing sector. The company is also prioritizing sustainability, aligning with global efforts to reduce environmental impact and enhance production efficiency.' 'Company is dedicated to creating long-term value for its stakeholders and remains confident in its ability to navigate external challenges while driving sustainable growth.'
The stock trades at Rs 196
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Net sales (including other operating income) of Plastiblends India has increased 0.13% to Rs 199.16 crore. Operating profit margin has declined from 7.93% to 7.25%, leading to 8.49% decline in operating profit to Rs 14.44 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 72.66% to 69.90%. Purchase of finished goods cost rose from 1.13% to 3.11%. Employee cost increased from 5.02% to 5.68%. Other expenses rose from 12.99% to 13.69%. Other income up 8.07% to Rs 2.41 crore. PBIDT fell 6.44% to Rs 16.85 crore. Provision for interest fell 15.15% to Rs 0.28 crore. Loan funds declined from Rs 7.81 crore as of 31 March 2024 to Rs 4.79 crore as of 31 March 2025. Inventories rose to Rs 139.23 crore as of 31 March 2025 from Rs 125.70 crore as of 31 March 2024. Sundry debtors were higher at Rs 111.29 crore as of 31 March 2025 compared to Rs 87.99 crore as of 31 March 2024. Cash and bank balance rose to Rs 5.55 crore as of 31 March 2025 from Rs 3.07 crore as of 31 March 2024. Investments declined from Rs 70.68 crore as of 31 March 2024 to Rs 56.44 crore as of 31 March 2025. PBDT fell 6.28% to Rs 16.57 crore. Provision for depreciation rose 0.26% to Rs 3.79 crore. Fixed assets declined from Rs 176.94 crore as of 31 March 2024 to Rs 172.89 crore as of 31 March 2025. Intangible assets declined from Rs 0.11 crore to Rs 0.09 crore. Profit before tax down 8.06% to Rs 12.78 crore. Provision for tax was expense of Rs 3.21 crore, compared to Rs 3.16 crore. Effective tax rate was 25.12% compared to 22.73%. Profit after tax fell 10.89% to Rs 9.57 crore. Equity capital stood at Rs 12.99 crore as of 31 March 2025 to Rs 12.99 crore as of 31 March 2024. Per share face Value remained same at Rs 5.00. Promoters' stake was 63.07% as of 31 March 2025 ,compared to 64.38% as of 31 March 2024 . Commenting on the performance, Shri S. N. Kabra, Chairman & Managing Director said, 'While the economic landscape has been challenging, it has also underscored the need for innovation and adaptability.' 'At Plastiblends India Limited, we are committed to overcoming these challenges by delivering sustainable and customized masterbatch solutions that align with evolving market demands.' 'As the global economy navigates uncertainties, your company remains focused on leveraging its expertise to address industry challenges and contribute to the growth of the manufacturing sector. The company is also prioritizing sustainability, aligning with global efforts to reduce environmental impact and enhance production efficiency.' 'Company is dedicated to creating long-term value for its stakeholders and remains confident in its ability to navigate external challenges while driving sustainable growth.'
Full year results analysis
Net sales (including other operating income) of Plastiblends India has declined 2.71% to Rs 780.45 crore. Operating profit margin has declined from 6.80% to 6.66%, leading to 4.73% decline in operating profit to Rs 51.98 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 74.78% to 73.58%. Purchase of finished goods cost rose from 0.81% to 0.97%. Employee cost increased from 4.84% to 5.42%. Other expenses rose from 12.76% to 13.37%. Other income up 15.28% to Rs 9.43 crore. PBIDT fell 2.12% to Rs 61.41 crore. Provision for interest up 8.55% to Rs 1.27 crore. Loan funds declined from Rs 7.81 crore as of 31 March 2024 to Rs 4.79 crore as of 31 March 2025. Inventories rose to Rs 139.23 crore as of 31 March 2025 from Rs 125.70 crore as of 31 March 2024. Sundry debtors were higher at Rs 111.29 crore as of 31 March 2025 compared to Rs 87.99 crore as of 31 March 2024. Cash and bank balance rose to Rs 5.55 crore as of 31 March 2025 from Rs 3.07 crore as of 31 March 2024. Investments declined from Rs 70.68 crore as of 31 March 2024 to Rs 56.44 crore as of 31 March 2025. PBDT fell 2.32% to Rs 60.14 crore. Provision for depreciation down 1.17% to Rs 15.22 crore. Fixed assets declined from Rs 176.94 crore as of 31 March 2024 to Rs 172.89 crore as of 31 March 2025. Intangible assets declined from Rs 0.11 crore to Rs 0.09 crore. Profit before tax down 2.71% to Rs 44.92 crore. Provision for tax was expense of Rs 11.48 crore, compared to Rs 11.64 crore. Effective tax rate was 25.56% compared to 25.21%. Profit after tax fell 3.16% to Rs 33.44 crore. Equity capital stood at Rs 12.99 crore as of 31 March 2025 to Rs 12.99 crore as of 31 March 2024. Per share face Value remained same at Rs 5.00. Promoters' stake was 63.07% as of 31 March 2025 ,compared to 64.38% as of 31 March 2024 . Cash flow from operating activities decreased to Rs 8.86 crore for year ended March 2025 from Rs 38.06 crore for year ended March 2024. Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 11.40 crore, compared to Rs 12.30 crore during the year ended March 2024.Other Highlights
The Board of Directors has recommended dividend of Rs. 2.50 per share i.e., 50% (Previous year Rs. 4.25 per share i.e., 85%), with an objective to conserve liquidity to finance CAPEX plans and to face the uncertainties and other challenges posed by tariff wars and other geopolitical developments. The economy is currently navigating significant external challenges, including heightened global trade tensions and ongoing weakness in domestic consumption, both of which are affecting overall performance and impacted India's GDP growth as well. Ongoing global trade tension, particularly those stemming from recent US tariff policies, have placed additional pressure on the market. The company has implemented a series of strategic initiatives designed to strengthen market position and ensure sustainable growth, with a particular focus on improving profitability in the future. The combination of slower revenue growth and rising operational costs has contributed to margin compression. However it remain confident that these challenges are temporary and largely attributable to external factors. The company has managed its working capital efficiently and remains net cash surplus, having invested approximately Rs. 32.28 crore in mutual funds.The stock trades at Rs 196
| Plastiblends India : Standalone Results | ||||||
| Particulars | 2503 (03) | 2403 (03) | Var.(%) | 2503 (12) | 2403 (12) | Var.(%) |
| Net Sales | 199.16 | 198.91 | 0 | 780.45 | 802.16 | 4 |
| OPM (%) | 7.3 | 7.9 | 6.7 | 6.8 | ||
| OP | 14.44 | 15.78 | -8 | 51.98 | 54.56 | 9 |
| Other Inc. | 2.41 | 2.23 | 8 | 9.43 | 8.18 | 57 |
| PBIDT | 16.85 | 18.01 | -6 | 61.41 | 62.74 | 14 |
| Interest | 0.28 | 0.33 | -15 | 1.27 | 1.17 | -45 |
| PBDT | 16.57 | 17.68 | -6 | 60.14 | 61.57 | 16 |
| Depreciation | 3.79 | 3.78 | 0 | 15.22 | 15.4 | -6 |
| PBT | 12.78 | 13.9 | -8 | 44.92 | 46.17 | 27 |
| PBT before EO | 12.78 | 13.9 | -8 | 44.92 | 46.17 | 27 |
| EO Income | 0 | 0 | 0 | 0 | - | |
| PBT after EO | 12.78 | 13.9 | -8 | 44.92 | 46.17 | 27 |
| Taxation | 3.21 | 3.16 | 2 | 11.48 | 11.64 | 21 |
| PAT | 9.57 | 10.74 | -11 | 33.44 | 34.53 | 29 |
| EPS (Rs)* | # | # | 12.9 | 13.3 | ||
| Notes | ||||||
| * EPS is on current equity of Rs 12.99 crore, Face value of Rs 5, Excluding extraordinary items. | ||||||
| # EPS is not annualised | ||||||
| bps : Basis points | ||||||
| EO : Extraordinary items | ||||||
| Figures in Rs crore | ||||||
| Source: Capitaline Corporate Database | ||||||
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