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Posted on : Nov 14, 2018

Highlights for the Quarter

  • Gravita expands production capacity of its plant situated at Chittoor, Andhra Pradesh.

Gravita India Limited today announced its results for the Second Quarter ended 30th September 2018.

Operational Performance

Gravita India has 11 recycling plants across the world. The revenue for the Second Quarter ending September rose by 30% to 292.72 crores rupees.

Financial Performance

Revenue from operations during the quarter was Rs. (Q2FY2018),292.72 crores (Q2FY2019) v/s Rs. 224.67 crores an increase of approx 30% y-o-y primarily due to higher production.

During the half year ended September 30th, 2018 Gravita’s Revenue rose by 40.25% to 597.67 crores corresponding from Rs. 426.14 crores half year ended September 30th, 2017.

For H1FY2019, the company at the consolidated level reported EBITDA and Profit After Tax (PAT) of Rs.36.92 crores and Rs. 17.55 crores respectively v/s EBITDA of Rs. 44.65 crores and PAT of Rs. 24.11 crores respectively in H1 FY2018.

During the quarter LME prices were on downward trend and company was holding opening inventory for its manufacturing cycle of approximately 15 days, therefore, inventories of higher cost is accounted for in cost of goods sold. The company is re-assessing its hedging strategy looking into the dynamic markets.

The hiring of professionals for each SBU for expansion of business and targeted revenue for next 2-3 years increased the manpower cost for the period. In addition to that, the performance appraisals for FY 2018-19 and performance incentive for retention of manpower also increased the manpower cost.

During the quarter, the Company has hedged pre-shipment credit in foreign currency (PCFC) with certain highly probable transactions and opted to follow hedge accounting. Accordingly, the exchange difference of Rs 0.89 Crores (net of deferred tax of Rs. 0.48 Crores) on the effective portion has been accounted for in other comprehensive income. Amount of exchange difference will be reclassified to the income statement as and when the highly probable transactions are executed and recorded in the income statement.

See the Financial Results

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