Plastiblends India has reported 1.54% rise in net profit to Rs 6.71 crore despite a 6.47% fall in revenue from operations to Rs 184.37 crore in Q3 FY24 as compared with Q3 FY24.
While the companys EBITDA improved by 1.23% YoY to Rs 13.42 crore, EBITDA margin expanded by 55 basis points YoY to 7.28% during the period under review.
Profit before tax in Q3 FY25 stood at Rs 9.24 crore, up by 2.53% from Rs 9.24 crore in Q3 FY24.
The company stated that the slowdown in demand especially in urban area coupled with cutback by Government in CAPEX /infrastructure spending after National & a few state elections in 2024 is impacting majority of industries.
During the quarter, despite continuous softness in demand, the margin improved as the company is strategically moving towards more margin accretive products, capturing additional market share, enhancing operational efficiency and prudent financial discipline.
The company continues to remains net cash surplus by investing approximately Rs 27 crore in mutual fund. The board of Plastiblends has approved a proposal to expand the companys engineering plastic division at Palsana, Surat, Gujarat.
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S. N. Kabra, chairman & managing director, said: In Q3, there were many silver lining in terms of new innovative products development, regaining the market share in export market etc.
Plastiblends India is into manufacturing of masterbatches, which finds applications in various plastic processing industries such as flexible packaging (FMCG, package and fast food, etc.), consumer durable (electronic appliances, furniture, toys, luggage, house ware etc.), health care, agriculture, irrigation, piping, textiles, telecom, infrastructure etc.
The scrip shed 0.94% to currently trade at Rs 237 on the BSE.
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