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2.
3.
Polyester Industry Growth in India The Enablers Polyester Polymer Operating Rates
Adequate availability of Raw Materials (i.e. PTA & MEG)
Source: PCI
Source : PCI
5
Source : PCI
6
3% 4% 43% 16%
93%
Source : Tecoya
2,942
2,902
2,888
2,926
Cotton & Cotton & polyester polyester constitute constitute more than more than 90% of total 90% of total fibre fibre consumption consumption in the in the country country
2,500
2,000
1,500
1,352
1,433
1,511
1,000
500
1997-98
1998-99
1999-2000
2000-01
2001-02
2002-03
2003-04
1997-98 29 71
2001-02 33 67
2002-03 34 66
2003-04 36 64
9
9
10
Will result in reduced production of polyester Opportunity for margin improvement in future
Expansion plan on target to meet the demand opportunities post Jan, 2005
35 15
300
15 15 120 0 20 140
300
260
290
Total Cap.
PSF
POY
FDY
CHIPS
13
1685 355
MT / Head
400 380 360 340 320
1246
240
Existing
Number
17
17
Project Funding
Amount
(Mn. Rs.)
IKB & DEG Indian Banks Internal Accruals Total Polyester Project
18
18
EPS to enhance since equity base remains constant DE Ratio continues to be favorable
0.25
19
19
IRSL invested to Starpet (USA) 24% stake Indopet (Thailand) acquires Starpet Indopet also setting-up new project in Lithuania (EU state) with capacity of 210,000 tpa to manufacture bottle grade PET resin Indopet to emerge as one of the largest global PET producers IRSL holding of Starpet swapped with ordinary shares of Indopet IRSL holding in Indopet - 8.46% This offers IRSL an opportunity to participate in PET business on a global scale
20
20
1H 2004-05 1167.36 879.66 6.20 599.62 16.34 115.98 731.94 153.92 17%
1H 2003-04 1148.30 885.15 9.92 642.03 17.14 102.09 761.26 133.81 15%
% Change
Other Income Consumption of RM, etc. Staff Cost Other Expenditure Total Expenditure Operating EBDITA
Operating EBDITA %
22 Note : ( ) = unfavourable
22
1H 2004-05
(22.95) 130.97 21.82 109.15 49.52 59.63 2.74 24.22 32.67 3.71%
1H 2003-04
22.71 156.52 28.83 127.69 49.16 78.53 5.99 25.36 47.18 5.33%
Variance
(45.66) (25.55) 7.01 (18.54) (0.36) (18.90) 3.25 1.14 (14.51)
% Change
- MAT - Deferred Tax Profit After Tax PAT Percentage Note : ( ) = unfavourable
Q1 2004-05 558.20 416.64 3.37 278.54 7.65 56.06 342.25 77.76 19%
Q2 2004-05 609.16 463.02 2.83 321.08 8.69 59.92 389.69 76.16 16%
Q2 2003-04 672.99 516.77 4.05 351.77 9.19 57.39 418.35 102.47 20%
% Change
Other Income Consumption of RM, etc. Staff Cost Other Expenditure Total Expenditure Operating EBDITA
Operating EBDITA %
24 Note : ( ) = unfavourable
24
Q2 2004-05
7.00 83.16 9.84 73.32 25.03 48.29 2.18 20.15 25.96 5.61%
Q2 2003-04
8.07 110.54 11.43 99.11 24.60 74.51 5.68 25.24 43.59 8.44%
% Variance Change Q2 vs Q2
H1 : 2003-04
14%
29%
32%
17%
16%
15%
14%
1H FY04
1H FY05
27
30 28
125 100 75 50
114.4
24
21.82
22 20
1H FY 04 Loan Repayment
1H FY 05 Interest Cost
28
28
Rs. Cr.
150
26
Interim Dividend
10%
29
29