Bhansali Engineering Polymers (BEPL) lost 8.77% to Rs 162.90 after the company posted a 44.4% decline in consolidated net profit to Rs 75.71 crore on a 17% fall in revenue from operations to Rs 341.52 crore in Q3 FY22 over Q3 FY21.
Consolidated profit before tax slumped 44.6% to Rs 101.42 crore in Q3 FY22 from Rs 183.26 crore registered in Q3 FY21. Total expenses spiked by 7% to Rs 246.34 crore in Q3 FY22 over Q3 FY21.Furthermore, the company said its brownfield ABS expansion project at its existing plants at Abu Road (Rajasthan) & Satnoor (Madhya Pradesh) is moving at slow pace on account of the ongoing Covid-19 pandemic and international travel restrictions. The company anticipates the current situation to improve in the next few months. Even if the existing situation improves by end on March 2022, the company said it will be in a position to implement the project by December 2024.
ABS is a highly-functional engineering plastic. It is highly processable and can be manufactured in various colors. It is popular for its durability and impact resistance feature and finds its way in various applications including home appliances, automotives, electronics and electricals etc. with wide range of colours and shades.
Meanwhile, the company announced a second interim dividend of Re 1 per share for the financial year ended 2021-22. The company has fixed 28 January as the record date for the payment of dividend.
BEPL is the the lowest cost producer of ABS in India. Its customers include leading companies dealing in automobiles, home appliances, electronics, health care & kitchenware.
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