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Sales zoom while net profit slides at JBF Inds in Q2 FY'14
Dec '13
During second quarter of FY 2013-14, gross sales on a standalone basis of JBF Industries Ltd, one of leading Indian players in the polyester value chain products, has increased 30% to Rs. 1378 Cr as compared to Rs. 1063 Cr a year ago. 
The operating profit has increased 46% from Rs. 88 Cr to Rs.129 Cr on a YoY basis. In the same period, operating profit margin has improved 200 basis points from 8.32% to 10.3%, despite rise in imported raw material prices.
Net profit has substantially reduced to Rs. 5.49 Cr (Q2 FY14) as against Rs. 27.95 Cr (Q2 FY13) on account of rise in interest cost and foreign exchange and derivative losses.   
On YoY basis, the gross interest cost (including on forex transactions) has increased from Rs. 40 Cr to Rs. 56 Cr while the foreign exchange and derivative losses amount has also increased significantly from Rs. 17.78 Cr to Rs. 64.35 Cr following volatility in currency market. 
Consequently, the net profit margin has reduced from 2.63% to 0.44% during second quarter of FY 14.
Set up in 1982, JBF Industries Ltd is one of leading players of polyester value chain products in domestic and exports market. It derives the major chunk of revenue from PET chips (60%) and polyester yarns (30%) and rest from BOPET films. 
The company has three manufacturing facilities in India and one in UAE. It is in process of setting up PTA plant at Mangalore, PET plant in Belgium and BOPET plant in Bahrain. 

Fibre2fashion News Desk - India

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