On the back of stellar Q1 results, shares of Apcotex Industries rose 6% towards the day’s close on July 27
Net Profit jumps 54% for this leading producer of synthetic rubber as sales are up by 65%.
Atul Choksey led company, Apcotex Industries posted its financial results for the first quarter of FY2023 on July 27. The shares quickly rallied on the back of robust Q1 performance from the levels of Rs 544 to Rs 575, touching an intra-day high of Rs 581.50.
The company recorded income from operations at Rs 306.5 crore in Q1FY23 which is an increase of 65.47% YoY, on a QoQ basis the revenue was also up by 10.47%. The EBIDTA of the company increased 65.58% on YoY and by 7.35% on QoQ and stood at Rs 48.55 crore.
The company reported PAT of Rs 33.56 crore as against Rs 21.87 crore a year ago, which is an increase of 53.47%. Sequentially, PAT grew by 8.6%.
However, EBITDA margins were flat on a YoY basis but sequentially they contracted by 46 bps and stood at 15.84%. PAT margins shrunk by 85 bps at 10.95%. The margins are impacted on account of inflationary pressure on raw material costs.
Apcotex Industries has consistently given strong performance quarter after quarter. Not surprisingly, the shares of the company have given market-defying returns gaining 51.60% YTD while the benchmark index Sensex has lost 5.68%, whereas BSE Smallcap has shed 11.09%.
Apcotex Industries is a part of the 'APCO' group of companies headed by Atul Choksey, Chairman of Apcotex Industries and former Managing Director of Asian Paints. It is one of the leading producers of Synthetic Rubber (NBR & HSR) and Synthetic Latex (Nitrile, VP latex, XSB & Acrylic latex) in India.
The company's customer base includes companies like ITC, JK Paper, Pidilite Industries, MRF, SRF, Century Enka, BILT, Paragon, Ajanta, Footwear, Relaxo, Jayshree Polymers, and others.
At the closing bell, Apcotex Industries finished at Rs 575 with a gain of 5.86%.
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