Mumbai, Maharashtra, India
JBF Industries Limited, the Rs 2,000 crores leading manufacturer of Polyester Chips and Polyester Yarn announced its results for the quarter ending December 31, 2007. JBF Industries is engaged in the manufacture of polyester chips and partially oriented yarn. JBF is an industry leader in polyester chips in India and the third largest POY manufacturer in India.
-- JBF Industries posted growth of 19.74 % QoQ for the same quarter
-- Net profit in Q3 FY 07 -08 is Rs 30.33 crores. An Increase of 29.78 % QoQ
-- EBIDTA margin stood at Rs.69.73 crores. An increase of 36.08% QoQ
-- Basic EPS for the quarter was Rs 5.04 an increase of 9.56 % QoQ
-- JBF - RAK plant commenced production. 2nd to be completed by March 2008
Highlights of the Quarter
Acquisition
The company signed a Memorandum of Understanding (MOU) for acquisition of Microsynth Fabrics (India) Ltd. The Rs 100 crore company situated at Silvassa is near to JBF's existing plants and has a capacity of over 1500 tonnes per month running at near 100% capacity. The acquisition will be done through internal accruals. With this the Company will add capacities for high value specialty yarn. This acquisition would facilitate further expansion of the Company's portfolio. This acquisition will synergies productivity and enhances JBF's existing economies of scale. Microsynth's core competency lies in producing 'Specialty Yarn'.
Funding
Global private equity major CVCI to invest 125 million dollars in JBF Global Pte Ltd, a wholly owned subsidiary JBF Industries Ltd. These funds are meant to be used for international operations of the Company, for expansions and acquisitions. Out of the above mentioned 125 million, 75 million have been already invested.
Q3 results
In Q3 FY 07-08, JBF registered Net turnover of Rs.496.28 crores as against Rs.414.67 crores in corresponding quarter previous year .An increase of 19.67%. The net profit in the same period increased from Rs.23.37 crores to Rs.30.33 crores for the Q3 2007-08. As against the previous year same quarter net profit increased by 29.78%. The plant capacities continued to work on nearly full capacity.
EBIDTA for the quarter is Rs.69.73 crores as compared to same quarter previous year of Rs.51.24 crores, an increase of 36.08%. Basic EPS (not annualized) for the third quarter of 2007- 2008 was Rs.5.04 compared to Rs.4.60 for the previous year same quarter. In the quarter ended December 2007, the PBT was Rs.47.76 crores as against Rs.32.43 crores in the same period in the previous year. An increase of 47.40%.
Exports for the quarter ended December 2007 was Rs.58.05 crores as against Rs.49.02 crores in the same period for the year 2006-2007.An increase of 18.42%
Operational Highlights
-- JBF Industries had undertaken expansion of its capacities for its polyester chips and its POY capacity. The Q3 FY 08 capacities for POY were 37,500 MT and for Polyester chips were 83,720 MT
-- The company has set up a PET bottle grade and polyester films manufacturing facility in RAK, UAE, where JBF holds a 60% stake. The unit will have a capacity of 216,000 TPA of bottle grade chips and 108,000 TPA of polyester films. The chips plant got commenced on July'07, while the polyester film plant will commence operation by last quarter of 2007- 2008.
-- The UAE operation attracts tax benefits, low raw material cost, lower fuel cost and the absence of customs duty
To view the Unaudited Financial Results click the link below:
Unaudited Financial Results
Source: JBF Industries Ltd. (Business Wire India)
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