PTC Industries (539006) Q4 99/00 earnings summary

Executive summary

• FY2000 net profit rose 5% YoY to Rs. 272.84 lakh despite disruption at Lucknow Plant 1 in H1; higher sales and a second-half recovery helped offset the production shortfall.

• Export sales were Rs. 1,393.36 lakh; the Mehsana project began implementation, and ERP was introduced across production processes.

Financial highlights

• Net sales were Rs. 2,234.46 lakh vs. Rs. 2,218.97 lakh in FY1999; exports were Rs. 1,393.36 lakh and domestic sales, net of taxes and duties, were Rs. 841.10 lakh.

• Profit before tax was Rs. 321.34 lakh vs. Rs. 300.80 lakh; net profit was Rs. 272.84 lakh vs. Rs. 259.45 lakh.

• Proposed dividend was 10% on equity capital; the stated payout, including dividend tax, was Rs. 51.13 lakh vs. Rs. 46.52 lakh paid in the prior year.

Outlook and guidance

• Mehsana phase 1, part 1, costing Rs. 4 crore and adding 900 MT annual capacity, was expected to reach trial production in Dec 2000; part 2 was planned at Rs. 5 crore for a further 900 MT.

• Phase 2 was scheduled for June 2001, with ultimate planned capacity of ~3,900 MT annually; exports were targeted to rise from ~60% to 75% of turnover over two years.

• Rs. 3 crore of modernization and equipment-balancing expenditure was planned across the existing three plants in FY2001.