Captain Polyplast Ltd - Q3FY24 & 9MFY24 - Earnings Update

Captain Polyplast Ltd., one of the leading companies in the micro irrigation industry, in its board meeting held today, has approved the unaudited standalone and consolidated Financial Results of the Company for the quarter Ended on 31 December 2023.

Highlights of Consolidated Financial Performance

- Revenue from Operations increased 15% from INR 7,162.6 Lakhs in Q3FY23 to INR 8,260.0 Lakhs in Q3FY24 led by strong demand for micro irrigation systems.

- EBITDA increased by 191% from INR 303.5 Lakhs in Q3FY23 to INR 882.5 Lakhs in Q3FY24.

- EBITDA margin expanded 645 BPS YoY to 10.7% driven by decrease in key raw materials costs and volume led growth

- PAT jumped 83% YoY from INR 270.4 lakhs in Q3FY23 to INR 495.6 Lakhs in Q3FY24

Commenting on the financial performance for the quarter, Mr. Ramesh Khichadia, Chairman and Managing Director said, "We are glad to announce strong performance of the company during Q3 FY2024 in terms of healthy revenue growth and improvement in margins. Our revenue grew by 15% YoY to INR 8,260 lakhs which is the highest quarterly revenue in company's history. This growth was driven by strong demand for micro irrigation systems from major states that we are operating in.

During the quarter, our EBITDA margin expanded by 645 bps YoY to 10.7%. The price of key raw materials such as HDPE, LLDPE and PVC resin have declined compared to the high levels seen in same period last year. Along with positive impact of benign raw material prices, volume led growth has resulted in better absorption of fixed costs. Thus, we have seen very good growth of 191% in EBITDA for this quarter.

Going forward, we expect the demand scenario to remain healthy as budget allocation under PMKSY from center and state governments are substantial. The raw material prices may increase somewhat in coming months, but we are confident that the impact on margins can be controlled given good volume led growth."

Shares of Captain Polyplast Ltd was last trading in BSE at Rs. 50.40 as compared to the previous close of Rs. 51.89. The total number of shares traded during the day was 138747 in over 575 trades.

The stock hit an intraday high of Rs. 52.00 and intraday low of 49.83. The net turnover during the day was Rs. 7086722.00.

Source : Equity Bulls

Keywords

CaptainPolyplast INE536P01021 Q3FY24 9MFY24 ResultUpdate