Polyplex Corporation Ltd Reports 9% Fall in Q4 Profit and Revenue
Polyplex Corporation Ltd, an Indian manufacturer of polyester film, has reported a 9% decline in its fourth-quarter profit and revenue. According to an exchange filing, the company’s profit for the fourth quarter ended March has fallen 93.34% to Rs. 20.3 crore, while its revenue is down 11.6% at Rs. 1,667.1 crore.
Polyplex Corporation’s Financial Performance
Polyplex Corporation Ltd’s net profit for the year ended March 2019 was Rs. 475 crore, a decrease of 2.9% compared to the previous financial year. Similarly, its revenue for the year also declined by 4.8% to Rs. 7,678 crore. The company’s Board of Directors has proposed a dividend of Rs. 12 per share for the financial year ended March 2019.
Reasons for the Decline in Profit and Revenue
Polyplex Corporation Ltd attributes the decline in its financial performance to several reasons, including a slowdown in the global economy, an increase in raw material prices and foreign exchange fluctuations. Moreover, a slowdown in the Chinese economy and the ongoing trade tensions between the US and China have also had an impact on the company’s business.
Polyplex Corporation’s Expansion Plans
Polyplex Corporation Ltd has outlined several expansion plans to boost its business in the long-term. The company plans to set up a new polyester film line with an annual capacity of 30,000 metric tonnes in Turkey. It also plans to expand its existing facilities in the US, India and Turkey. In addition, Polyplex Corporation is exploring strategic partnerships and joint ventures to further expand its business.
Polyplex Corporation’s Sustainability Initiatives
Polyplex Corporation Ltd is committed to sustainable development and has implemented several initiatives that focus on reducing its carbon footprint, conserving resources and improving its efficiency. The company has invested in renewable energy sources such as wind and solar power to reduce its reliance on non-renewable energy sources. It has also implemented energy conservation measures in its manufacturing processes, such as the use of heat recovery systems and energy-efficient lighting. Polyplex Corporation has also focused on reducing its water usage by implementing water conservation measures and recycling wastewater.
Conclusion
Polyplex Corporation Ltd has reported a decline in its financial performance for the fourth quarter ended March 2019, due to several factors such as the global economic slowdown, raw material price increases and foreign exchange fluctuations. The company has outlined several expansion plans to boost its business, such as setting up a new polyester film line in Turkey, expanding its existing facilities and exploring strategic partnerships and joint ventures. Furthermore, Polyplex Corporation is committed to sustainable development and has implemented several initiatives to reduce its carbon footprint, conserve resources and improve its efficiency.
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