Mold-Tek Packaging Limited — Interim / Quarterly Report 2019

Nov 9, 2018

Packaging limited (Formerly known as Moldtek Plastics Ltd.)

9th November, 2018

To,	To,
The Manager,	The Manager,
Department of Corporate Services,	National Stock Exchange of India Limited,
BSE Ltd.,	Exchange Plaza, Bandra Kurla Complex,
Phiroze Jeejeebhoy Towers,	Bandra (E),•
Dalal Street, Fort,	Mumbai-400051.
Mumbai-400001.	Ref: MOLDTKPAC-EQ
Scrip Code: 533080

Dear Sir,

Sub: Outcome of Board Meeting dated 9th November, 2018

Perfonnallce Hihlihts of 02 011 02 (Standalone)

• ~EPS for the quarter increased by 2.69 °It,
• ~Net Profit for the quarter increased by 2.69 %
• ~Net Sales for the quarter increased by 27 %
• ~EBIDTA up by 19.55 %

We wish to inform that Board of Directors at its meeting held on Friday, 9th November, 2018, from 11 a.m. till I: 1o pM inter-alia;

• a) Approved the un-audited Standalone and Consolidated financial results of the company for the quarter and half year ended on 30th September, 2018. (Attached herewith)
• b) Took note of Limited review report as issued by statutory auditors. (Attached herewith)

Kindly take the above informa tion on record. Thanking you,

FOR MOLD-TEK PACKAGING LIMITED

/'---~~ (J.LAKSHMANA RAO) Chairman & Managing Director DIN: 00649702

MOLO-TEK PACKAGING LIMITED

Registered OffICe: Piol NO.700, 8-2-293/82/A/700

Road NO.36. Jubllu HIUS, Hyderabad - 500033,Telangana (IN L21022TG1997PlC0265<11

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER & HALF YEAR ENDED 30TH SEPTEMBER 20]8

				fin lakhs e)Ccept for EPS
SINo	Particulars		Quarter Ended			Half Year Ended
		30-Sep·2018	3D·Jun-20i8	30-Sep-2017	30-Sep-2018	30-Sep-2017	Year Ended31·Mar·2018
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
I	Income
	al Revenue from operations (Refer Note 2)	982804	9901.39	7741.80	19729.43	17449.16	35029.19
	b) Other Income	55.69	47.15	25.83	102.84	65.1 4	105.06
	Total Income	9883.73	9948.54	7761.63	19832.27	17514.30	35134.25
2	EKpenses
	al Cost of materials consumed	6160.38	6042.78	4403.83	12203.16	9789.42	20528.53
	b) (InCfeasel/decrease in slocks of finished goods and work·in·progress	IJl9.06)	113.99)	137.59	1133.05)	167.05)	1329.98)
	c) Excise Duty			19.54		1083.30	1083.30
	d) Employee Benefits Expense	1011.59	967.91	828.84	1979.50	1652.03	3438.17
	e) finance Costs	157.41	150.02	BO.28	307.43	176.75	411.10
	f) Depreciation and amortization expense	345.19	336.69	288.68	681.88	560.61	1184.39
	g) Other Expenses	1060.75	1094.27	897.27	2155.02	1904.83	3961.77
	Total Expenses	8616. 26	8577.68	6656.03	17193.94	15099.89	30277.28
,	Profit before Exceptional Items and TaxI1.2)	1267.47	1170.86	1111.60	2638.11	2414.41	4856.97
4	---Exceptional items
5	Profit before TaxI3-4)	1267.47	1170.86	1111.60	2638.33	2414.41	4856.97
6	Ta x Expense
	a) Current Tax	362.43	470.46	338.51	832.89	789.48	1392.49
	b) Deferred Tax	67.60	12.01)	142.41)	65.59	4.92	295.36
7	--Profit for the period 15-(6)	-837.44	902.41	815.50	1739.85	1620.01	3169.12
8	Other Comprehensive Income Inet of tax)
	a) Items that will not be reclassified to Profit or lOSS,-il Remeasurement of Defined employee benefits	11.80)	11.80)		13.60)	15.86)
	ii) fair Value Changes on equity instruments	20.11	1160.91)	12 93)1482	(140.80)	135.99)	17·19)193.16)
9	'-Total Comprehensive Income for the period 17+8)	855.75	739.70	827.39	1595.45	1578.16	3068.71
	10 Paid up Equity Share Capital	1384.55	1384.55	1384.55	1384.55	1384.55	1384.55
	II Earnings per share IFace value of f51lNot Annualised)
	• Basic	3.02	3.26	2.95	6.28	5.85	11.44
	• Diluted	3.02	3.26	2.95	6.28	5.85	11.44

Notes.

The above results for the quarter and half year ended 30 September 2018 were reviewed by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 9 November 2018.

2 According to the requirements of SEBI (listing Obligations and Disclosure requirements) Regulations, 2015, revenue for the quarter ended 30 June 2017 was reported inclusive of excise duty. Consequent to the introduction of Goods and Service Tax ("GST") with effect from 1 July 2017 which replaces excise duty and other input taxes, the revenue for the quarter and half year ended 30 September 2018, 30 June 2018 & 31 March 2018 and year ended 31 March 2018 is reported net of GST.

3 The Company has only one operating segment as per the requirements of Ind AS 108 "Operating Segments".

4 The statement is as per Regulation 33 of the SEBI (listing Obligations and Disclosure requirements) Regulations, 2015.

5 Comparative figures have been regrouped/reclassified to conform to the current period's/year's presentation.

J.lakshmana Rao Chairman & Managing Director DIN: 00649702

Hyderabad 9 November, 2018

MOLD-TEK PACKAGING LIMITED

Registered Office: Plot No.700, Door No.8-2-293/82/A/700 Road No.36. JubileeHiUs, Hvderabad, Telangana.- 500 033 ClN No: l21022TG1997PlC026542

STANDALONE STATEMENT OF ASSETS & LIABILITIES:

		~ Inlakhs
Particulars	As at 30.09.2018	As at 31.03.2018
	(Unaudited)	(Audited)
I. A5SfT5
1. NON·CURRENT ASSETS
(a) Property, plant and equipment	11765.83	11417.71
(b) Capital work·in-progress	3371.81	1473.11
(e) Investment properties	5.42	S.49
(d) Intangible assets	29.77	28.79
Ie) Intangible assets under development	14.01	14.01
(f) Financial assets
(;) Investments	1893.47	2034.26
(iiI Other financial assets	334.20	17.96
(g) Other non-current assets	838.41	689.35
	18252.92	15680.68
2. CURRENT ASSETS
(a) Inventories	4524.55	5048.30
(b) Financial assets
(i) Trade receivables	7817.39	8240.80
(ii) Cash and cash equivalents	11.57	15.86
(iii) Bank balances other than cash and cash equivalents	72.61	78.41
(iv) Loans	25.74	245.03
(v) Other financial assets	264.00	295.39
(c) Current tax assets(net)	37.67	65.34
(d) Other current assets	340.13	577.46
	13093.66	14566.59
TOTAL ASSm	31346.58	30247.27
II. EQUITY AND LIABILITIES
1. EQUITY
(a) Equity share capital	1384.55	1384.55
(b) Other equity	16949.60	16689.47
	18334.15	18074.02
2. NON·CURRENT LIABILITIES
(a) Financial liabilities
Borrowings	502.07	197.16
(b) Provisions	233.64	200.95
(c) Deferred tax liabilities (net)	1102.89	1039.23
(d) Other non-current liabilities	25.90	34.65
	1864.50	1471.99
3. CURRENT LIABILITIES
(a) Financial liabilities
(i) Borrowings	7167.57	7708.35
(ii) Trade payables
OIl dues to micro enterprises and small enterprises	58.31	77.14
b) dues to others	2050.40	1930.16
(iii) Other financialliabitities	891.57	740.96
(bl Other current liabilities	227.90	188.00
Ic) Provisions	718.74	28.82
Id) Current tax liabilities	33.44	27.83
	11147.93	10701.26

Chairman & Managing Director DIN: 00649702

MOLD-TEK PACKAGING LIMITED

Rea!nered Office: Plot No.700, 8-2·293/82/A/700

ROld No.36. Jubilee H!i!s. Hyderebad - SOOOl3,Telllng!!nl. CIN: ll1022TG1997PlCC26S42

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER & HALF YEAR ENDED 30TH SEPTEMBER 2018

							~ In lakhs except for EPS
51 No	Particulars	JO-Sep-2018	Quarter Ended30-Jun-2018	30·Sep·2017	Half Year Ended30.Sep-2018	30-Sep-1017	Year Ended31-Mar-2018
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1	Income
	a) Revenue from operations (Refer Note 2)	10049.04	10228.39	7924.98	20277.43	17779.97	35766.88
	b) Other Income	50.86	43.03	25.83	93,89	64.35	95.93
	Total Income	10099.90	10271.42	7950.81	20371.32	17844.32	35862.81
2	Expenses
	a} Cost of materials consumed	6275.04	6236.70	4524.08	12511.74	10006.66	20961.73
	bl (Increasel/decrease in stocks of finished goods and work-inprogress	(134.95)	(30.84)	118.46	('65.79)	(1 08.73)	(372.09)
	c) EKcise Duty		-	19.54		1083.30	1083.30
	d) Employee benefits expense	1086.11	1035.62	882.48	2121.73	1752.16	3642.24
	e) Finance costs	173.57	163.34	92.45	336.91	200.91	463.27
	f) Depreciation and amortization expense	381.45	373.18	321.30	754.63	624.74	1315.11
	g) Other expenses	1163.17	1204.68	986.08	2367.85	2069.88	4297.73
	Total elCpenses	8944.39	8982.68	6944.39	17927.07	15628.92	31391.29
3	-Profit before elCceptional items and talC (1-2)	1155.51	1288.74	1006.42	2444.25	2215.40	4471.52
4	Exceptional items	(-				-
5	---profit before Tax 13-4)	1155.51	1288.74	1006.42	2444.25	2215.40	4411.52
6	TaK Expense	(-
	aj Current tax	362.43	470.46	338.51	832.89	789.48	1392.49
	bj Deferred taK	67.60	(2.0')	(42.41)	65.59	4.92	295.36
7	Profit for the period 15-6)	725.48	820.29	110.32	1545.17	1421.00	2783.67
8	Other Comprehensive Income Inet of tax)	(-
	ajltems that will not be reclassified to Profit or loss
	i) Remeasuremenl of Defined employee benefits	(1.80)	(1.80)	(2.93)	(3 .60)	(5.86)	(7.19)
	ii) Fair Value Changes on equity instruments	20.11	('60.90)	14.82	{140.79)	(35.99)	(93.16)
	b) Items that will be reclassified to profit or loss
	i) Exchange differences in translating the financial	11.01	16.07	6.03	27.08	8.19	(4 .08)
	statements of a foreign operation	1-			1428.46	1381.34	2619.24
9	Total Comprehensive Income for the period (7+8)- (-	754.80	673.66	728.24
	Profit for the period attributable to:	725.48	820.29	110.32	1545.77	1421.00	2783.67
	Owners of the parent				-
	Non-controlling interests
	Total comprehensive income for the period attributable to:	754.80	673.66	728.24	1428.46	1387.34	2679.24
	Owners of the parent
	Non·controlling int erests		1384.55		1384.55	1384.55	1384.55
	10 Paid up Equity Share Capital	1384.55		1384.55
	11 Earnings per share IFace value of f"5) (Not Annualised)- Basic	2.62	2.96	2.57	5.58	5.13	10.05
	- Diluted	2.62	2.96	2.57	5.58	5.13	10.05

Notes:

1 The above results for the quarter and half year ended 30 September 2018 were reviewed by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 9 November 2018.

2 According to the requirements of SEBI (listing Obligations and Disclosure requirements) Regulations, 2015, revenue for the quarter ended 30 June 2017 was reported Inclusive of excise duty. Consequent to the introduction of Goods and Service Tax ("GST") with effect from 1 July 2017 which replaces eKcise duty and othPr input taxes, the revenue for the quarter and half year ended 30 September 2018, 30 June 2018 & 31 March 2018 and year ended 31 March 2018 is reported net of GST.

3 The above results include results of wholly owned subsidiary, Mold-Tek Packaging FlE, UAE.

4 The Group has only one reportable segment as per the requirements of Ind AS 108 "Operating Segments".

5 The Group has consolidated financial results based on Ind AS 110 "Consolidated Financial Statements".

6 The statement is as per Regulation 33 of the SEBI (listing Obligations and Disclosure requirements) Regulations, 2015.

7 Comparative figures have been regrouped/reclassified to conform to the current period's/year's presentation.

llakshmana Rao Chairman & Managing Director DIN: 00649702

Hyderabad 9 November, 2018

MOLD-TEK PACKAGING LIMITED

Registered Office: Plot No.700, Door No.S-Z-293/821Aj700 Road No.36. JublleeHllIs, Hyderabad, Tetangana.- SOO 033 ClN No: l21022TG1997PlC026542

CONSOLIDATED STATEMENT OF ASSETS & LIABILITIES:

		flnlakhs
Particulars	As at 30.09.2018	As at 31.03.2018
	(Unaudited)	(Audited)
I. ASSETS
1. NON-CURRENT ASSETS
(a) Property, plant and equipment	13554.95	13242.79
(b) Capital work-in-progress	3371.81	1475.94
(e) Investment properties	5.4230.23	5.4929.27
(d) Intangible assets(e) Intangible assets under development	14.01	14.01
(f) Financial assets
(i) Investments	890.27	1031.06
(ii) Other financial assets	18.18	17.96
(g) Other non-current assets	912.50	740.98
	18797.37	16557.50
2. CURRENT ASSETS
(a) Inventories	4860.54	5232.41
(b) Financial assets
(i) Trade receivables	7969.29	8447.93
(ii) Cash and cash equivalents	13.23	18.64
(iii) Bank balances other t han cash and cash equivalents	72.61	78.41
(iv) loans	33.14	14.46
(v) Other financial asset s	234.68	270.57
(c) Curren t tax asset s(net)	37.67	65.34
(d) Other current asset s	422.25	696.05
	13643.41	14823.81
TOTAL ASSETS	32440.78	31381.31
II. EQUITY AND LIABILITIES
1. EQUITY
{al Equity Share Capital	1384.55	1384.55
(bl Other Equity	16087.94	15994.80
	17472.49	17379.35
2. NON-CURRENT LIABILITIES
(a) Financial liabilities
Borrowings	1064.18	823.09
(b) Provisions	233.64	200.95
(e) Deferred Tax liabilities (Net)	1102.89	1039.23
(d) Other non-current liabilities	25.90	34.65
	2426.61	2097.92
3. CURRENT LIABILITIES
(a) Financial liabilities
(i) Borrowings	82'17.69	8633.19
Iii) Trade Payables
a) dues to micro enterprises and small enterprises	58.31	77.14
b) dues to others	2101.45	1942.83
(iii) Other financial liabilities	1184.15	1001.75
Ib) Other Current liabilities	227.90	192.48
Ie) Provisions	718.74	28.82
Id) Current tax liabilities	33.44	27.83
	12541.68	11904.04
TOTAL EQUITY AND LIABILITIES	32440.78	31381.31
	for MOlO-TEK	~PACKAGING LIMITED
		J.lakshmana Rao

for MOlO-TEK PACKAGING LIMITED

J.lakshmana Rao Chairman & Managing Director DIN: 00649702

Hyderabad 9 November, 2018

M. ANANDAM & CO., CHARTERED ACCOUNTANTS

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS

To

The Board of Directors of Mold-Tek Packaging Limited

We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of Mold-Tek Packaging Limited ("the Company"), for the quarter and half year ended 30'h September, 2018 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by the Circular No. CIR/CFD/FAC/62/2016 dated 5th July, 2016. This statement which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review.

We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, Review of Interim Financiallnfarmatian performed by' the Independent Auditor of the Entity issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the statements are free of material misstatements. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated 5th July, 2016, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For M.Anandam & Co., Chartered Accountants (Firm Regn.No.OO0125S)

.v ·4~

. B.V.5uresh Kumar Partner M.No:212187

Place: Hyderabad Date: 09.11.2018

M. ANANDAM & CO.,

CHARTERED ACCOUNTANTS

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS

To The Board of Directors of Mold-Tek Packaging Limited

We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Mold-Tek Packaging Limited ("Holding Company") and its wholly owned subsidiary Mold-Tek Packaging FZE together referred to as "the Group"), for the quarter and half year ended 30th September, 2018 ("the Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated 5 th July, 2016.

This Statement which is the responsibility of the Holding Company's Management and approved by the Board of Directors has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on these financial statements based on our review.

We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Finonciollnformotion performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the statements are free of material misstatements. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

We did not review the interim financial results and other financial information, in respect of wholly owned subsidiary company, whose interim financial results / information reflects total assets of RS.2892.24 Lakhs as at September 30, 2018 and total revenues of Rs.284.76 Lakhs and Rs.640.75 Lakhs for the quarter ended and period ended on that date. These interim financial results and other financial information have

M .Anandam & CO' I Chartered Accountants

been reviewed by the other auditor whose report has been furnished to us by the Management. Our conclusion, in so far as it relates to the affairs of such subsidiary is based solely on the report of other auditor. Our conclusion is not modified in respect of this matter.

Based on our review conducted as above and based on the consideration of the report of other auditor referred in paragraph above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited consolidated financial results prepared in accordance with recognition and measurement principles laid down in the applicable Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated 5th July, 2016, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For M.Anandam & Co., Chartered Accountants (Firm Regn.No.000125S)

~... .JJ.f"--> •• • r

B.V.Suresh Kumar Partner M.No:212187

Place: Hyderabad Date: 09.11.2018

MOLD-TEK Packaging Limited (Formerly known as Moldtek Plastics Ltd.)

Press Release

09th September, 2018

MOLDTEK PACKAGING LIMITED-FINANCIAL RESULTS

SEPTEMBER QUARTER (Q2) of 2018-19

Strong profitable revenue growth of 27.27% for the Quarter

NPAT increases by 2.69%; EPS increases by 2.69%

Standalone Performance Highlights Q2 on Q2

• $\triangleright$ Net Sales for the quarter increases by 27.27%
• $\triangleright$ EBIDTA up by 19.55%
• $\triangleright$ EPS for the quarter increases by 2.69%
• $\triangleright$ Net Profit for the quarter increases by 2.69%

Standalone Performance Highlights H1 on H1

• $\triangleright$ Net Sales for the quarter increases by 20.55%
• $\triangleright$ EBIDTA up by 15.10%
• $\triangleright$ EPS for the quarter increases by 7.42%
• $\geq$ Net Profit for the quarter increases by 7.42%

Consolidated Performance Highlights H1 on H1

• $\triangleright$ Net Sales for the quarter increases by 21.45%
• $\geq$ EBIDTA up by 16.27%
• $\triangleright$ EPS for the quarter increases by 8.78%
• $\triangleright$ Net Profit for the quarter increases by 8.78%

Consolidated Performance Highlights Q2 on Q2

• $\triangleright$ Net Sales for the quarter increases by 27.12%
• $\triangleright$ EBIDTA up by 20.45%
• $\triangleright$ EPS for the quarter increases by 2.13%
• $\triangleright$ Net Profit for the quarter increases by 2.13%

During the reporting period Company has reported

Hyderabad, November 09th, 2018: Mold-tek Packaging Limited is the leader in manufacturing injection moulded rigid plastic packaging containers (BSE Code: 533080). Mold-tek has been

Corporate Office : Plot #700, Road No. 36, Jubilee Hills, Hyderabad - 500 033, Telangana, INDIA. Phone: +91-40-40300300, Fax: +91-40-40300328, E-mai l: ir@moldtekindia.com Website: www.moldtekgroup.com CIN No: L21022TG1997PLC026542

IOLD-TEK Packaging Limited (Formerly known as Moldtek Plastics Ltd.)

the innovator and torch bearer in introducing many world class packaging products in India for Lubes, Paints, Food and FMCG products.

Mold-tek is the first Company in India to introduce recently "In-Mold Labeling (IML)" concept for decorating plastic containers using ROBOTS. IML enables photographic quality decoration with complete hygienic and hands free production of containers suitable for food and FMCG products. Mold-Tek is the only packaging Company in the world to design and manufacture in house ROBOTS for the IML decoration.

Commenting on future prospects:

Square Q-Packs & New Products:

Mr. J. Lakshmana Rao, Chairman and managing director, said that Our Q-Packs of 5,15 and 17 liters packs are getting huge demand and sales picked up considerably from Ghee & Edible Oil segments. From December 2018 Company will launch a new set of retail packs for Ghee and spices and other food products in the range of 50ml to 1000 ml packs. New enquiries from major MNCs in Food and FMCG are also under development which may add to sales from the 4th quarter of this Financial Year. Company opened sales office in North in Gurgaon expand the client base. The Ice Cream Packs launched last season were well received in the market and new major clients are being added and capacity also being enhanced to meet the increasing demands this year.

First Orders of APIL are being executed at Mysore:

Construction activities almost completed at Mysore plant for Asian Paints Ltd and orders received and Invoicing is starting with effect from 10.11.2018. 70% of Construction at Vizag plant completed and production may start from January, 2019.

The above developments will keep up the growth prospects for the Company in the coming quarters.

RAK Unit has bagged order from new customers like Novasolum specialty Chemicals LLC, Magnum Lubricants, and Gulf Oil Middle East etc and order from other new clients; sales are expected to grow above BEP in coming quarters. However the traction from Paint and Dairy industry is below expectation. And the company is planning shift some more capacity to India for better over all utilization.

J Lakshmana Rao Chairman and Managing Director

DIN: 00649702