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Axis Securities Report
Apcotex Industries Ltd.'s Q2 FY23 results missed our estimates on all fronts as company struggles from weakening demand for nitrile rubber as gloves demand declined globally.
Revenues came in at Rs 283 crore up 16% YoY but down 7% QoQ on account of an decrease in realisation. The company reported an Ebitda of Rs 45 crore (our estimate: Rs 49 crore), up 44% YoY reporting Ebitda margin of 16% (our estimate: 16%). Profit after tax stood at Rs 31 crore (our estimate: Rs 35 crore).
During the quarter, Apcotex sees several headwinds as demand for gloves declines to lowest levels, company's imports subsitute for 40-45% of its products, as logistics costs declines to historical normal company loses its advantageous position.
Apcotex has been operating at full capacity since the last quarter, the drop in topline came from decrease in realisations in the current quarter.
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