Galaxy Surfactants (GALAXYSURF) Q4 02/03 earnings summary

Executive summary

• FY 2002-03 sales were Rs 12,969.51 lakh and PBT Rs 1,212.48 lakh; prior-year figures cover 9 months, limiting direct comparison.

• Export sales, including deemed exports, reached Rs 3,308 lakh; expansion at Taloja targets rising international demand.

Financial highlights

• Net profit after tax was Rs 978.87 lakh vs Rs 708.69 lakh; PBT was Rs 1,212.48 lakh vs Rs 760.69 lakh.

• Gross profit before interest and depreciation was Rs 2,582.11 lakh; interest and finance charges were Rs 747.52 lakh and depreciation Rs 622.11 lakh.

• Total equity dividend was 35%: 10% interim paid and 25% final proposed; preference dividend of 12% was recommended.

Outlook and guidance

• Taloja 100% EOU, with project cost Rs 4,400 lakh, was scheduled to begin commercial production in Q1 FY 2004-05.

• International demand was described as manifold, while capacity constraints limited supply to global customers; future sales were expected to skew more toward exports.

• Outlook cited a diverse product portfolio and efficiency initiatives as support against adverse market trends and modest domestic conditions.