The company has strangely decided to give, in the published Q2FY17 results, a comparison of Q1FY17 and not YoY of Q2FY16. But when you see the numbers it is understandable as to why.

YoY, the net profit for the quarter is down 38% at Rs.6 crore on a 49% drop in total income at Rs.120 crore. EBITDA is down 46% at Rs.11. crore and margins are the only thing that have bettered – up from 8.9% to 9.6%.

On the other hand, look at the QoQ picture – income is up 2.5%, EBITDA is up 15% and net profit has risen 71%. Naturally, the company wants to present only the QoQ picture.

The company’s debt is at Rs.77 crore ad cash is small at Rs.4 crore. Equity is at Rs.9.50 crore. The company’s H1FY17 net profit at Rs.9.24 crore holds promise of it most certainly surpassing FY16 net profit of Rs.10.12 crore.

Pudumjee Paper Products is a part of the newly restructured group where the paper unit has been spun off into a separate unit and was listed as a new entity. It has an installed capacity of 60,000 tonnes. Promoters hold 66.89% stake as at 30th Sept 2016.