Century Ply builds up
Century Plyboards has spiked up over 8% today, currently at Rs.27.75, with an intra day high at Rs.28.20. Its 52-week high is at Rs.50.
The stock has spurted up on the back of the good numbers it posted for Q3FY14. This Kolkatta based company, which sells ply under the brand name of Centuryply, has posted a net profit at Rs.20 crore v/s a net loss of Rs.8 crore in Q3FY13. This turnaround was despite the net sales falling from Rs.304 crore to Rs.276 crore. Thus more than operational efficiency, it is the forex gain of Rs.7 crore which came to the rescue. The 33% drop in finance cost also helped boost the bottomline.
If one looks QoQ, the performance has been lackluster with net profit slipping 18%. For the 9M period (April to December 2013), profit rose four fold to Rs 38 crore. The company had ended FY13 with a net profit at Rs.53 crore and with just one more quarter to go, it will manage to end FY14 on a higher note. Its reserves as at 31st Dec’14 stood at Rs.226 crore.