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Axis Securities Report
Apcotex Industries Ltd. Q1 FY23 results beat our estimates on all fronts. The revenues came in at Rs 306 crore, up 64% YoY and 10.5% QoQ on account of increase in realisation.
Company reported Ebitda of Rs 48.5 crore (our estimate: Rs 47 crore), up 61% YoY and 7% QoQ. The company reported an Ebitda margin of 17% (our estimate: 16%) on account of inventory gains.
Profit after tax stood at Rs 33.6 crore (our estimate: Rs 33 crore). During the quarter, Apcotex reported the highest-ever quarterly top-line.
Company has been operating at full capacities since last quarter and therefore the growth came from increase in realisation. The company expects both new plants (Taloja and Valia) to the commissioned by Q2 FY23 and expects to ramp up their utilisation in two-three quarters. Although the quarter was strong company is witnessing 10-15% drop in Nitrile Latex prices which will affect coming quarter.
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