Press release from Business Wire India
Source: Ester Industries Limited
Monday, January 19, 2009 03:58 PM IST (10:28 AM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Chemicals, Financial Analyst, Stock exchanges; Technology
Release no: 18992
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Ester Industries Limited - Summary of Financial Performance for Q3/9 Months, FY 2008-09
Impressive Performance in Q3/9 Months
New Delhi, Delhi, India, Monday, January 19, 2009 -- (Business Wire India) -- Ester Industries Limited, India's leading manufacturer of Polyester Films and Engineering Plastics, today announced its reviewed results for Quarter & 9 months ended December 31, 2008.
Highlights
-- Net Sales increased by 7 % to Rs. 84.62 crores from Rs. 79.02 crores reported in the corresponding quarter last year. For the 9 months ended it increased by 24 % to Rs. 291.38 crores
-- The Earnings Before Interest, Depreciation & Tax (EBIDTA) in the present quarter increased 48% to Rs. 14.44 Crores from Rs. 9.74 Crores while it increased by 64% to Rs. 50.57 Crores in the 9 months ended December 2008
-- The Profit after Tax (PAT) has increased by 92% in the present quarter to Rs. 5.09 Crores from Rs. 2.65 Crores reported in the quarter ended December 2007. For the 9 months period it stood at Rs. 22.63 Crores registering an increase of 211%
-- EPS for the quarter ended December 2008 is at Rs. 0.92 while for the 9 months ended December 2008 it is Rs. 4.08
The company continues to focus on cost reduction. It has recently started burning Rice Husk instead of Furnace Oil for heating the Thermic Fluid. With Rice Husk available in abundance at cheaper rates in Uttarakhand, it will not only enable Ester Industries to reduce cost but also likely to entitle it to earn carbon credits. The company has been saving on Power & Fuel cost by switching to different fuels / sources from time to time.
Mr. Arvind Singhania, Chairman & Managing Director, Ester Industries Limited, stated that the Company expects to earn about Rs. 10 million a year by selling the carbon credits accruing as a result of this initiative".
Commenting on the performance for the period ended December 2008, Mr. Arvind Singhania, Chairman & Managing Director, Ester Industries Limited, said "Our focus on production of Value Added Niche products in the last few quarters and enhancing capacity in future would enable us to achieve the desired objective of being a strong and vibrant company in the sphere we operate. Polyester Film prices firmed up because there was no capacity addition in the last few years while the demand continued to increase. On top of that Ester took a series of cost-cutting measures which had positive impact on margins.
About Ester Industries:
Ester Industries Limited is a public limited company incorporated in 1985 promoted by the Singhania family. The company is one of India's low cost leading producers of Polyester Films and Engineering Plastics having a track record of continually developing new and innovative products for customers across the globe. Ester Industries has state-of-the-art manufacturing facilities in khatima in Uttarakhand with the capacity of 36,000 TPA of Polyester Chips, 30,000 TPA of Polyester Film and 3600 TPA of Engineering Plastics. The company currently exports more than 35% of its production of Polyester Films with sales and distribution network in more than 50 countries across the world resulting in strong customer relationship.
To view the press release with tables, please click on the link given below:
Ester Industries Limited Q3/9 Months Results
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http://www.BusinessWireIndia.com/attachments/Ester - Q3 Result - Press Release.doc
Ester - Q3 Result - Press Release.doc
CONTACT DETAILS
Vikas Mahajan, Mutual Public Relations Ltd., +91 9953619912, vikas@mutualpr.com
Amit Arora, Mutual Public Relations Ltd., +91 9811154140, amit@mutualpr.com
KEYWORDS
CONSUMER, ECONOMY, BANKING, BUSINESS SERVICES, CHEMICALS, Financial Analyst, STOCK EXCHANGES, TECHNOLOGY
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