Mold-Tek Packaging slumped 9.68% to Rs 959.05 after the company reported 16% fall in net profit to Rs 16.31 crore on a 15% decline in revenue to Rs 154.83 crore in Q3 FY23 over Q2 FY23.
As compared with Q3 FY22, the company's net profit and revenue are lower by 2.10% and 3%, respectively.
EBITDA was Rs 28.84 crore in Q3 FY23, down 9% YoY and down 16% QoQ. EBITDA margin stood at 18.58% in Q3 FY23, down 121 bps YoY and down 15 bps QoQ.
Profit before tax in Q3 FY23 stood at Rs 20.57 crore, down 7% YoY and down 21% YoY.
Mold-Tek Packaging said that overall, on a 9-month basis, lithe Lube-Pack business continued to grow at ahead on its high-volume growth trajectory 39.04% and Food and FMCG-pack business recorded 35.62% volume growth however Paint-pack business registered a drop in volume.
During the Q3 Paint-pail volumes shrunk by 10% which has dipped the growth to around 3% only (Paint Pails constitute 50% share of the company sales). Lessor capacity utilization and new projects implementation affected margins in Q3. This resulted in short term stress on the margin.
The revenues from new projects are expected to flow from next financial year. The Paint and Lubes volumes should start picking up from Q4 as the busy season starts from January onwards.
The company has planned for Rs 127 crore capex and spent Rs 79 crore and balance of Rs 48 crore to be spent in the next few months on Sultanpur-Pharma, Daman-Unit-2 for Food & FMCG, Printing Expansion, Toolroom Expansion, Panipat Plant for Aditya Birla Group and Cheyyur Plant for Aditya Birla Group.
Moldtek Packaging is involved in manufacturing injection moulded decorative packaging containers, mainly pails (cylindrical containers) for paint, lube, food and other products. The company has manufacturing facilities at multiple locations in India, with combined capacity of 45,000 MTPA.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
