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Himatsingka Seide slumps on poor Q4 results

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Himatsingka Seide lost 7.53% to Rs 58.30 at 11:48 IST on BSE, after consolidated net profit dropped 48.6% to Rs 11.53 crore on 25.1% rise in total income to Rs 498.73 crore in Q4 March 2014 over Q4 March 2013.

The result was announced after market hours on Thursday, 15 May 2014.

Meanwhile, the BSE Sensex was up 849.36 points, or 3.55%, to 24,754.96

On BSE, so far 24,440 shares were traded in the counter as against an average daily volume of 34,737 shares in the past one quarter.

The stock hit a high of Rs 63 and a low of Rs 56 so far during the day. The stock had hit a 52-week high of Rs 66 on 8 January 2014 and a 52-week low of Rs 25.90 on 7 August 2013.

 

The small-cap textile manufacturer has an equity capital of Rs 49.23 crore. Face value per share is Rs 5.

Himatsingka Seide's consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) (including other income) grew by 7.4% to Rs 41.17 crore in Q4 March 2014 over Q4 March 2013.

Himatsingka Seide's consolidated net profit rose 10.5% to Rs 63.34 crore on 19.5% rise in total income to Rs 2032.87 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).

Consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) (including other income) rose 22.7% to Rs 204.76 crore in FY 2014 over FY 2013.

Manufacturing revenues represented by the drapery/upholstery and bedding divisions grew by 37.7% to Rs 983.68 crore in FY 2014 over FY 2013. Branded revenues for the group crossed Rs 600 crore and stood at Rs 636 crore in FY 2014. The Group owns and licenses a suite of 8 brands globally.

The company is projecting to continue its growth momentum going into FY 2015 and is looking at growing consolidated revenues by 12 - 15% for FY 2015, Himatsingka Seide said in a statement.

We continue to see consistent growth in Revenues and operating profits going forward. We feel confident of maintaining our growth trajectory and enhancing profitability across our manufacturing and distribution divisions, the company said in a press release.

Himatsingka Seide's Board of Directors at its meeting held on Thursday, 15 May 2014, has recommended a dividend of Rs 1.50 per share for the year ended 31 March 2014.

The Himatsingka Group is a vertically integrated home textile major with a global footprint. The Group focuses on the manufacture, retail and distribution of Home Textile products. On the manufacturing front, the Group operates amongst the largest capacities in the world for upholstery fabrics, drapery fabrics and bed linen products.

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First Published: May 16 2014 | 12:01 PM IST

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