Better carbon black prices, higher insulator volumes help Indian Rayon - Views on News from Equitymaster

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  • Jan 29, 2000 - Better carbon black prices, higher insulator volumes help Indian Rayon

Better carbon black prices, higher insulator volumes help Indian Rayon

Jan 29, 2000

The above results are not comparable since the last quarter included the cement operations as well. When the cement operations were demerged debt of Rs. 43.70 bn was opportioned to Grasim as cement related debt. This has led to reduction in interest cost. Similarly the company has taken over the garment division of Madura Coats and this would form a part of the company's revenues in the fourth quarter. Also the company is to take a hit of Rs. 3 bn due to closure of the sea water magnesia business in the fourth quarter. As far the existing businesses are concerned, the sales of viscose filament yarn are down 4.8% to 3,549 tonnes from the second quarter and those of carbon black are down 3.2% to 24, 694 tonnes. It is only the insulator sales which have grown 45% to 6,535 tonnes during the third quarter. During the quarter the company also bought back 11.3% of the shares at a price of Rs.85 which has brought down the equity to Rs 598.8 m.

(Rs m) 3QFY2000 3QFY1999
Net Sales 2,523 4,219
Other Income 93 247
Total Expenditure 2,149 3,494
Interest 151 396
Depreciation 150 290
Profit before Tax 166 286
Tax - 15
Profit after Tax/(Loss) 166 271
Net profit margin (%) 6.6% 6.4%

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