Market Trends

Indian Acrylic better days are here again

Indian Acrylics established in 1989 is the largest producer of Dry Spun Acrylic fibre in India with capacity of 40,000 MT .With products like Staple Fibre, Acrylic Tow and Acrylic Tops its the largest exporter of Acrylic Fibre and is rcipient of Arch of Europe award at Frankfurt Festival in 2002. ISO 9001-2000 quality accredited plant is stuated at Distt. Sangur Punjab.

For Indian Acrylics better days are here again as exports are once again picking up, and demand for its products is rising in the domestic market as well. This is happening as cotton prices are going up and acrylic fibre is a good substitute for quality cotton.Results are nothing to write home about as the bottom line continues to be in the RED.However there are good indications from its peers like Pasupati Acrylons and Vardhman Polytex that turnaround is around the corner.With economic capacities and being the largest  Indian Acrylics should be on revival path sooner than expected.

Results of its peers and Indian Acrylics are given below:

 

Scrip Code : 500456    Company Name : Pasupati Acrylon Ltd
Type UnAudited Audited UnAudited UnAudited UnAudited
Date Begin 01 Apr 07 01 Jan 07 01 Oct 06 01 Jul 06 01 Apr 06
Date End 30 Jun 07 31 Mar 07 31 Dec 06 30 Sep 06 30 Jun 06
Description Value(Rs. million)
Gross Sales 1070.9 665.6 870.6 781.5
Excise Duty -75.8 -44.9 -58.9 -47.9
Net Sales 720.6 995.1 620.7 811.7 733.6
Other Income 28.6 28.5 28 9.7 12.4
Total Income 749.2 1023.6 648.7 821.4 746
Expenditure -679 -994.9 -623.6 -766.7 -724.7
Operating Profit 70.2 28.7 25.1 54.7 21.3
Interest -20.2 -20.3 -19.8 -22 -20.2
Gross Profit 50 8.4 5.3 32.7 1.1
Depreciation -26.6 -26.7 -26.6 -26.5 -26.5
Profit before Tax 23.4 -18.3 -21.3 6.2 -25.4
Tax -0.5 -0.6 -0.7 -0.4 -0.4
Profit after Tax 22.9 -18.9 -22 5.8 -25.8
Extraordinary Items 9.5
Net Profit 22.9 -9.4 -22 5.8 -25.8
Equity Capital 711.4 711.4 711.4 711.4 711.4
EPS 0.32 -0.27 -0.31 0.08 -0.36
Nos. of Shares – Non Promoters 30417096 30417096 30417096 30417546 30417546
Percent of Shares – Non Promoters 42.76 42.76 42.76 42.76 42.76
Result Type Q Q Q Q Q
  Notes Notes Notes Notes Notes
Scrip Code : 514175    Company Name : Vardhman Polytex Ltd
Type UnAudited Audited UnAudited UnAudited UnAudited
Date Begin 01 Apr 07 01 Jan 07 01 Oct 06 01 Jul 06 01 Apr 06
Date End 30 Jun 07 31 Mar 07 31 Dec 06 30 Sep 06 30 Jun 06
Description Value(Rs. million)
Net Sales 859.69 1085.34 950.9 983.5 830.9
Other Income 16.5 33.95 12.9 9.9 5.3
Total Income 876.19 1119.29 963.8 993.4 836.2
Expenditure -748.62 -976.87 -818.1 -841.1 -693.5
Operating Profit 127.57 142.42 145.7 152.3 142.7
Interest -47.86 -45.55 -20 -35.8 -27.6
Gross Profit 79.71 96.87 125.7 116.5 115.1
Depreciation -57.42 -65.61 -63.7 -56.6 -55.9
Profit before Tax 22.29 31.26 62 59.9 59.2
Tax -2.2 -23.83 -14.3 -12.8 -21
Profit after Tax 20.09 7.43 47.7 47.1 38.2
Net Profit 20.09 7.43 47.7 47.1 38.2
Equity Capital 106.57 106.55 106.5 106.5 106.5
EPS 1.89 0.7 4.48 4.42 3.6
Nos. of Shares – Non Promoters 4780938 4780938 4780938 4977109 4982474
Percent of Shares – Non Promoters 45.01 45.01 45.01 46.85 46.9
Result Type Q Q Q Q Q
  Notes Notes Notes Notes Notes
Scrip Code : 514165    Company Name : Indian Acrylics Ltd
Type UnAudited UnAudited UnAudited UnAudited UnAudited
Date Begin 01 Apr 07 01 Jan 07 01 Oct 06 01 Jul 06 01 Apr 06
Date End 30 Jun 07 31 Mar 07 31 Dec 06 30 Sep 06 30 Jun 06
Description Value(Rs. million)
Net Sales 747.3 1318.5 997 830.4 990.4
Other Income 8.5 81.3 4.9 2.9 5.7
Total Income 755.8 1399.8 1001.9 833.3 996.1
Expenditure -768.7 -1333.3 -961 -750.2 -942.1
Operating Profit -12.9 66.5 40.9 83.1 54
Interest -59.4 -77.4 -47.5 -49.8 -48.8
Gross Profit -72.3 -10.9 -6.6 33.3 5.2
Depreciation -37.5 -38.6 -37.5 -37.5 -37.5
Profit before Tax -109.8 -49.5 -44.1 -4.2 -32.3
Tax 2.2
Profit after Tax -107.6 -49.5 -44.1 -4.2 -32.3
Prior Period Items 1.3 -1.1 0.6
Net Profit -107.6 -48.2 -44.1 -5.3 -31.7
Equity Capital 1253.2 1253.2 1253.2 1253.2 1253.2
Reserves 6.9
Forex earnings/Exports 155.1 216.5 287 125.6 194.1
EPS -0.38
Result Type Q Q Q Q Q
  Notes Notes Notes Notes Notes

                       ( Results reproduced from BSEINDIA)Buy at CMP of Rs. 3.95 is recommended with 2 years HOLD to see  a price of Rs. 15

This report has been prepared solely for information purposes and the information contained herein may not be deemed to be an investment advice. Such information is impersonal and not tailored to the investment needs of any specific person. The information contained herein is not a complete analysis of every material fact representing any company, industry or security. The views expressed may change. While the information contained herein has been obtained from sources believed to be reliable, no responsibility (or liability) is accepted for the accuracy of its contents. Investors are advised to satisfy themselves before making any investments and should consult with and rely upon their own advisors whether and how to use such information in making any investment decision. Neither the author nor his firm accepts any liability arising out of use of the above information/ article

 

 

 

Note : 1. The results displayed here are as furnished by

Standard

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