Prima Plas­tics Lim­ited

Dalal Street Investment Journal - - COVER STORY -

Prima Plas­tics Lim­ited man­u­fac­tures plas­tic moulded ar­ti­cles, in­clud­ing de­sign­ing and man­u­fac­tur­ing plas­tic moulded fur­ni­ture such as chairs, baby chairs, din­ing ta­bles, stools and tea-poys in a range of colours. The com­pany majorly op­er­ates in the plas­tic moulded fur­ni­ture. How­ever, it has a strong pres­ence in the alu­minium com­pos­ite panel as well. Prima Plas­tics’ man­u­fac­tur­ing units are lo­cated at Da­man and Ker­ala. Th­ese units meet the strong ex­port de­mand in the mar­kets of United States, Africa and the Mid­dle East. On the do­mes­tic front, the com­pany mar­kets its prod­ucts in Coim­bat­ore, Delhi, Hubli, Jammu, Jaipur, Kan­pur, Ro­htak, Bhi­wandi, On­gole, Te­lan­gana, Vapi and Zi­rakpur. The com­pany's clien­tele in­clude ho­tels, restau­rants as well as house­holds for swim­ming pools and gar­dens in both do­mes­tic and in­ter­na­tional mar­kets.

On the fi­nan­cial front, Prima Plas­tics Lim­ited posted 10.01 per cent drop in its rev­enue to ₹26.53 crore in the fourth quar­ter of FY2017 as com­pared to the same quar­ter in the pre­vi­ous fis­cal. The PBIDT of the com­pany fell 13.90 per cent to ₹2.97 crore in Q4FY17 on a year-on-year ba­sis. The com­pany’s profit after tax dropped 25.59 per cent to ₹3.02 crore in Q4FY17 as against ₹4.05 crore in Q4FY16.

On an an­nual front, the com­pany’s rev­enue dropped 6.26 per cent to ₹95.69 crore in FY17 as against ₹102.08 crore in FY16. The com­pany’s PBIDT fell 15.12 per cent to ₹8.70 crore in FY17 on a yearly ba­sis. How­ever, the com­pany’s profit after tax rose 1.35 per cent to ₹9.76 crore in FY17 on a year-on-year ba­sis. The com­pany’s TTM PE stood at 28.37x, as against in­dus­try PE of 27.57x, while the com­pany’s peers, Hin­dus­tan Ad­he­sive main­tained a TTM PE of 16.72x and Mitsu Chem Plast PE of 14.99x.

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