-
To, Corporate Relationship Department,
BSE Limited, P.J Towers, Dalal Street, Fort, Mumbai- 400 001
Company Code- 540824
11th February, 2020
To, National Stock Exchange of India Ltd. Exchange Plaza, C-1,
Block- G, Bandra- Mumbai- 400 051
Company Code- ASTRON
Subject: Outcome of the Board Meeting held on Tuesday, 11th
February, 2020.
Dear Sir/ Madam,
This is to inform you that the Board of Directors of the Company
at its Meeting held on Tuesday, 11th February, 2020 has inter alia,
considerfollowings:
1. On the recommendation of the Audit Committee, Board of
Directors has approved Un-audited
Standalone and Consolidated Financial Results for the Quarter
ended on 31st December, 2019 and
the Limited review Certificate on Un-audited Standalone and
Consolidated Financial Results for the
Quarter ended on 31st December, 2019. The copies of the same are
enclosed herewith.
2. Approved Re-appointment of Ms. Chaitali Parikh as (DIN:
07189130) (Registration No:
06AAABI0159A1ZC Independent Director's Data Bank) as Woman
Independent Director of the
Company for second term for the period of five years, subject to
approval of members in Annual General Meeting to be held in
calendar year of 2020.
The Board Meeting was commenced at 11:30 a.m. and concluded at
1.00 p.m.
Kindly take on your records.
Thanking You, Yours Faithfully, For, Astron Paper & Board
Mill Limited
~~c~r & Compliance Officer ~ "'"" 'fl>, .,,..C'I ~~
?ots~ :?o,s~ --We are 2nd recipient of
FSC Certificate of India in our Trade
A UNIT UNDER MOU OF 5th VIBRANT GUJARAT GLOBAL INVESTORS SUMMITS
2011
-
S.W. SJ{}IJ{ elJISSOCijiPES
Chartered Accountants
S.N. Shah B.Com., LL.B., F.C.A., DISA(ICA) Firoj G. Bodla B.Com
, F.C.A. Priyam S. Shah B. Com., F.C.A. Palak K. Patel B. Com.,
F.C.A. Kaivan R. Parekh B. Com., F.C.A. Gaurav R. Sharma B.Com.,
A.C.A. Bhoomi Patel B. Com., A.C.A. Deepika Saragoi B. Com.,
A.C.A.
"SAPAN HOUSE", 10-B Government Servant Co-Operative Society,
Opp. Municipal Market,
e.G. Road, Ahmedabad - 380 009 Phone: 079-40098280
Independent Auditor's Review Report On Quarterly Unaudited
Standalone Financial Results and Year to Date Financial Results of
Astron Paper & Board Mill Limited Pursuant to the Regulation 33
of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (as amended)
Review Report to, The Board of Directors of, Astron Paper &
Board Mill Limited Ahmedabad
1. We have reviewed the accompanying Statement of Unaudited
Standalone Financial
Results of Astron Paper & Board Mill Limited ("the
Company"), for the quarter ended on
31st December, 2019 ("the Statement") and year to date results
from 1st April, 2019 to 31st
December, 2019, attached herewith, being submitted by the
company pursuant to the
requirement of Regulation 33 of the SEBI (Listing Obligations
and Disclosure
Requirements) Regulations, 2015 (as amended), including relevant
circulars issued by
the SEBI from time to time.
2. This Statement is the responsibility of the Company's
Management and is approved
by the Board of Directors, has been prepared in accordance with
the recognition and
measurement principles laid down in Indian Accounting Standard
34, Interim
Financial Reporting ('Ind AS 34'), prescribed under Section 133
of the Companies Act,
2013 ('the Act') read with relevant rules issued thereunder and
other accounting
principles generally accepted in India. Our responsibility is
~ff)(~""'~""""'·"" -:::-~
on the Statement based on our review. 0
-
3. We conducted our review of the Statement in accordance with
the Standard on Review
Engagements (SRE) 2410, "Review of Interim Financial Information
Performed by the
Independent Auditor of the Entity" issued by the Institute of
Chartered Accountants of
India (the ICAI). This standard requires that we plan and
perform the review to obtain
moderate assurance as to whether the Statement is free of
material misstatement. A
review of interim financial information consists of making
inquiries, primarily of persons
responsible for financial and accounting matters applying
analytical and other review
procedures to financial data and thus provides less assurance
than an audit. A review is
substantially less in scope than an audit conducted in
accordance with the Standards on
Auditing specified under section 143(10) of the Act, and
consequently, does not enable
us to obtain assurance that we would become aware of all
significant matters that might
be identified in an audit. Accordingly, we do not express an
audit opinion.
We also performed procedures in accordance with the circular
issued by the SEBI under
Regulation 33(8) of the SEBI (Listing Obligations and Disclosure
Requirements)
Regulations, 2015, as amended, to the extent applicable.
4. Based on our review conducted as above, nothing has come to
our attention that causes
us to believe that the accompanying Statement of Unaudited
Financial Results, prepared
in accordance with the recognition and measurement principles
laid down in the
applicable Indian Accounting Standards (Ind-AS) specified under
section 133 of the
Companies Act, 2013, read with applicable rules issued
thereunder and other
recognized accounting practices and policies has not disclosed
the information required
to be disclosed in terms of regulation 33 of the SEBI (Listing
Obligations and Disclosure
Requirements) Regulations, 2015, as amended including the manner
in which it is to
be disclosed, or that it contains any material misstatement.
-
~--------~
I Astron Paper & Board M111 Limited
§ i.PE ~&~r.~ .. t~ i
l C!N : L21090GJ2010PLC063428 Reg. Offi ce: D- 702, Seventh
Floor, Ganesh Meridian, Opp . High Court, S.G Highway, Ahmedabad-
380060.
Stat€ment of Standalone Unaudited Financial Results for the
Quarter Ended 31st December, 2019 . (Amount in l ac)
i-· Quarter Ended Nine M onth Ended Year Ended
Particulars 31 Dec 20191 30 Sep 20191 31 Dec 2018 31 Dec 2019]
31 Dec 2018 31 Mar 2019
Unaudited ! Unaudit ed ! Unaudited Unaudited! Unaudited
Audited
INCOM E
I Revenue From Operat ions 9,075.38 8,519.09 9,906.60 25,865.03
28,111.03 37,394.89
II Other Income 0.06 32.40 13.15 47.41 39.97 63 .11
Ill Total Revenue {1+11) 9,075.44 8,551.49 9,919.75 25,912.44
28,151.00 37,458.00
IV EXPENSES
a) Cost of Material Consumed 5,160.44 4,886.54 5,333.29
15,022.95 15,225.39 20,556.82
b) Purchase of Stock In Trade - 0.97 592.26 6.49 1,578.04
1,581.19 c) Change in inventories of f inished goods, work in
progress 192.96 -171.84 -57.47 -82.56 96.13 30.58 d) Employee
benefit expenses 371.33 426.42 349.60 1,103.31 952.85 1,282.20 e)
Finance cost 205.85 215.44 290.51 619.16 728.48 976.84 f)
Depreciation and Amortisation Exp 189.51 132.59 132.58 452.18
330.40 .506.84
g) Other Expenses 2,723.66 2,567.16 2,286.45 7,372.63 6,352.84
:8,880.71 Total Expenses 8,843.75 8,057.28 8,927.22 24,494.16
25,264.13 33,815:18
v Profit before exceptional and extra ordinary items and Tax(
III-IV) 231.69 494.21 992.53 1,418.28 2,886.87 3,642.82 · VI
F::ceptionai/Extra Ordinary Items - - - - -VII Profit Before Tax
(V-VI) 231.69 494.21 .992.53 1,418.28 2,886;87 3,642.82
' V III Tax Expense
a) Current Tax -49.93 -100.58 -228.44 -305 .62 -643 .85 -861.41
b) MAT Credit 21.02 6.28 58.59 27.30 -21.77 -
c) Deferred Tax -36.42 -117.95 -129.92 -155.81 -197.28
-318.28
IX Profit For The Period (VII-VIII) 166.36 281.96 692.76 984.15
2,023.97 2,463.13
X Other Comprehensive Income
a) Items that will not be reclassified to profit or loss - - - -
- 1.54 i
Income Tax related to above - - - - - -0.44 b) Items that wi ll
be reclassified to profit or loss - - - - - -
Income Tax related to above - - - - - -
' Tota l Other Comprehensive income for the period( net of tax)
- - - - - 1.10
Xl Net Profit after other comprehensive income for the Period
(IX+X) 166.36 281.96 692.76 984.15 2,023.97 2,464.23 · XII Paid Up
Equity Capital (Face Value of Rs 10 each) 4,650.00 4,650.00
4,650.00 4,650.00 4,650.00 4,650.00 • XIII Other Equity excluding
revaluation reserve 10,412.56 XIV Earning Per Equity Share
i) Basic EPS 0.36 0.61 1.49 2.12 4.35 5.30 ii) Diluted EPS 0.36
0.61 1.49 2.12 4.35 5.30 {See accompanying not es to financial
result)
>NOTES:
1. Jl'he .above Results have been reviewd by the Audit Committee
and approved by the Board of Directors of the Company at its
Meeting held on 11th February, .2020. The 'Statutory auditors have
carried out a Limited Review of the aforesaid results.
2. This Statement has been prepared in accordance with the
Companies (Indian Accounting Standards) Rules,2015 (lnd As),
prescribed under section 133 of the Companies Act, 2013, and other
recognized accounting practices and policies to the extent
applicable.
3. The figures have been regrouped /reclassified, wherever
nece·ssary.
4. The Disclosure is as per Regulation 33 of SEBI (Listing
Obligations & Discloser Requirements) Regulations, 2015. 5. The
Company is operating in single segment, so above results are fo r
single segment only.
Date: 11th Feb 2020 . Place: Ahmedabad
,o,, A'''"" •••• , & "Wu Ltd . Sh,; Kl 'it Potel )j5J 4-r
Chairman & ~g Director (DIN: 03353684)
-
S.N. SJf)f:J{ e:l )fSSOCI}lfJ!ES
Chartered Accountants
S.N. Shah B.Com., LL . B . , F.C.A., DISA(ICA) Firoj G. Bodla
B.Com , F.C.A. Priyam S. Shah B. Com., F.C.A. Palak K. Patel B.
Com., F.C.A. Kaivan R. Parekh B. Com., F.C.A. Gaurav R. Sharma
B.Com., A.C.A. Bhoomi Patel B. Com., A.C.A. Deepika Saragoi B.
Com., A.C.A.
"SAPAN HOUSE", 10-B Government Servant Co-Operative Society,
Opp. Municipal Market,
e.G. Road, Ahmedabad - 380 009
Independent Auditor's Review Report On Quarterly Unaudited
Consolidated Financial Results and Year to Date Financial Results
of Astron Paper & Board Mill Limited Pursuant to the Regulation
33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (as amended)
Review Report to, The Board of Directors of, Astron Paper &
Board Mill Limited Ahmedabad
1. We have reviewed the accompanying Statement of Unaudited
Consolidated Financial
Results of Astron Paper & Board Mill Limited ("the Holding
Company") and its
subsidiary Balaram Papers Private Limited (together referred to
as "Group"), for the
quarter ended 31st December, 2019 ("the Statement") and
consolidated year to date
results from 1st April, 2019 to 31st December, 2019, attached
herewith being submitted
by the Holding company pursuant to the requirement of Regulation
33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations,
2015 (as amended),
including relevant circulars issued by the SEBI from time to
time.
2. This Statement, which is the responsibility of the Holding
Company's Management
and approved by the Board of Directors of the Holding Company,
has been prepared
in accordance with the recognition and measurement principles
laid down in Indian
Accounting Standard 34, Interim Financial Reporting ('Ind AS
34'), prescribed under
Section 133 of the Companies Act, 2013 ('the Act'), as amended,
read with relevant
rules issued thereunder and other accounting principles
generally accepte :::l:" rril'iifl:~ .-~'Q soC' .
Our responsibility is to express a conclusion on the Statement
based on .,'? review. ~
"' * (I)
-
3. We conducted our review of the Statement in accordance with
the Standard on Review
Engagements (SRE) 2410, "Review of Interim Financial Information
Performed by the
Independent Auditor of the Entity" issued by the Institute of
Chartered Accountants of
India (the ICAI). This standard requires that we plan and
perform the review to obtain
moderate assurance as to whether the Statement is free of
material misstatement. A
review of interim financial information consists of making
inquiries, primarily of persons
responsible for financial and accounting matters and applying
analytical and other
review procedures to financial data and thus provides less
assurance than an audit. A
review is substantially less in scope than an audit conducted in
accordance with the
Standards on Auditing specified under section 143(10) of the Act
and consequently, does
not enable us to obtain assurance that we would become aware of
all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
We also performed procedures in accordance with the Circular
issued by the Securities
and Exchange Board of India under Regulation 33(8) of the SEBI
(Listing Obligations and
Disclosure Requirements) Regulations, 2015 as amended, to the
extent applicable.
4. The statement includes result of Balaram Papers Private
Limited being subsidiary of the
Holding Company reviewed by us.
5. Based on our review conducted and procedures performed as
stated in paragraph 3
above, nothing has come to our attention that causes us to
believe that the
accompanying Statement of Unaudited Financial Results, prepared
in accordance with
the recognition and measurement principles laid down in the
applicable Indian
Accounting Standards (Ind-AS) specified under section 133 of the
Companies Act 2013,
read with applicable rules issued thereunder and other
recognized accounting practices
and policies has not disclosed the information required to be
disclosed in terms of
regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements)
Regulations, 2015 (as amended) including the manner in which it
is to be disclosed, or
that it contains any material misstatement.
-
..-----"---Astron Paper & Board Mill limited § as: -~ f,_
CIN: L21090GJ2010PLC063428
Reg. Office: D- 702, Seventh Floor, Ga nesh Meridi an, Opp. High
Court, PAPER~. 9GA>l0 MIL i..
S.G Highway, Ahmedabad- 380060. Statement of Consolidated
Unaudited Financial Results for the Quarter Ended 31st December,
2019.
f-~-(Amount in Lac)
Quarter Ended Nine Month Ended Year Ended
Particulars 31Dec 20191 30Sep 2019 1 31 Dec2018 31 Dec 2019 1 31
Dec 2018 31 M ar 2019
Unaudited ! Unaudited! u 'naudited Una.uditedJ Unaudited
Audited
INCOME
i Revenue From Operations 9,100.27 8,504.86 9,909.89 25,875.69
28,114.32 37,398.13 II Other Income 1.23 5.06 13.16 21.24 39.98
147.39 Ill Tota l Revenue (1+11) 9,101.50 8,509.92 9,923.05
25,896.93 28,154.30 37.,545.52 IV EXPENSES
a) Cost of Material Consumed 5,330.57 4,982.95 5,442.09
15,402.02 15,389.33 . 20,804.60
b) Purchase of Stock In Trade - 0.97 592.26 6.49 1,578.04
1,581.19 c) Change in inventories of f inished goods, work in
progress 192.96 -171.84 -57.48 -82.56 96.13 30.58 d) Employee
benefit expenses 449.90 489.95 408.15 1,298.38 1,070.45 1,472.02 e)
Finance cost 240.97 259.46 328.89 721.42 793.43 1,089.18
f) Depreciation and Amortisation Exp 208.21 155.56 146.89 508.08
353.51 544.66 g) Other Expenses 2,553.28 2,312.18 2,016.98 6,730.62
5,907.17 8,143.67 Tota I Expenses 8,975.89 '8,029.23 8,877.78
24,584.45 25,188.()6 33,665.90
v Profit before exceptional and extra ordinary items and Tax{
III-IV) 125.61 480.69 1,045.27 1,312.48 2,966.24 3)179.62 VI
Exceptional/Extra Ordinary Items - - - - -VII Profit Before Tax
(V-VI) 125.61 480.69 1,045.27 1,312.48 2,966.24 3,'879.62 VIII Tax
Expense
a) Current Tax -27.07 -103.58 -230.92 -282.82 -£52.06 -841.61 b)
MAT Credit 48.99 36.48 6.00 85.47 12.86 71.83 c) Deferred Tax 59.99
-60.89 -71 .86 -56.35 -146.54 -269.04
IX Profit For The Period (VII-VIII) 207.52 352.70 748.49
1,058.78 2,180.50 2,840.80
· X Other Comprehensive Income ! a) Items that will not be
reclassified to profit or loss - - - - - -
Income Tax related to above - - - - - -b) Items that will be
reclassified to profit or loss - - - - - 1.54
Income Tax related to above - - - - - -0.45 Total Other
Comprehensive inwme for the period{ net of tax) - - - - - 1.09
XI Net Profit after other comprehensive income for the Period
{IX+ X) 207.52 352.70 748.49 1,058.78 2,180.50 2,841.89 XII Paid Up
Equity Capital (Face Value of Rs 10 each) 4,650.00 4,650.00
4,650.00 4,650.00 4,650.00 4,650.00 XIII Other Equity excluding
revaluation reserve 10,625.86 XIV Earning Per Equity Share
i) Basic EPS 0.45 0.76 1.61 2.28 4.69 6.11 ii) Diluted EPS 0.45
0.76 1.61 2.28 4.69 6.11 (See accompanying notes to financial
result)
NOT·ES:
1. The .above Results have been reviewd by the Audit Committee
and approved by the Board of Directors of the Company at its
Meeting held .on 11th Feruary, 2020. The statutory auditors have
carried out a Limited ReView of the aforesaid results.
2. This 'Statement has been prepared in accordance with the
Companies (Indian Accounting Standards) Rules,2015 {lnd As),
prescribed under section 133 of the Companies Act,
2.013, :anu other recognized accounting practices and policies
to the extent applicable.
3. The figures have been regrouped /reclassified, wherever
necessary.
4: The Disclosure is as per Regulation 33 of SEBI {Listing
Obligations & Discloser Requirements) Regulations, 2015.
5. The Company is operating in single segment, so above results
are for single segment only.
Date: 11th Feb 2020 Place: Ahmedabad
For, Astron Pape)WrBoard ill Ltd.
{Ci & Shri Kirit Pate~ v \ { Chairman & Managing
Director (DIN: 03353684)
-
Astron board, raw maThe pla
Astron’is used FMCG,paper a& Boarincludin
Please
Q3 FY1 Revenuand forrobust,in the p
Q3 & 9M
Paper & Bused in th
aterial instant is situa
’s Kraft paby its cust
, Pharmaceand GSM rard has invng import s
find below
19-20 VOLU
ue:For the3r 9M FY20 for the 9Mprevious ye
E
ASTRO
BS
M FY19-20
Board Mill he packaginead of trad
ated near M
per being ptomers to coeuticals, Aange mainl
vested a lotsubstitute p
the highlig
UMES DRI
3 months e0 at Rs.25
M FY20 volear. Overal
Excellin
ON PAPERAhm
SE Code : 5
0 Result Up
Ltd is oneng industryditional usaMundraport
pre-approvonvert into
Auto, E-Comly from 80 t of effort products.
ghts of the
IVE GROW
ending Dec8.76 crorelumes werell growth co
g with I
R & BOARDedabad, Gu540824, NS
pdate Press
e of the largy. Since inage of woodt giving it lo
ved by clieno cartons fommerce etcGSM to 35on develop
Q3FY2019
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c.2019 Conwere decl
e higher byould have b
Innovat
D MILL LIMujarat SE : ASTRO
s Release- 1
gest manufnception wad thus promocational a
nts for papeor varied lac. Current 0 GSM witping new i
9-20 financi
nsolidated lined by 7.y 13.20% ovbeen higher
ion
MITED
ON
11thFebruar
facturers oaste paper
moting the edvantage.
er quality aarge corpora
product poth 16 to 40 in the Kra
ial perform
Revenues 96% YoY. ver the corr, but was
ry, 2020
of Kraft paphas been
eco-friendly
and specifiates in sectortfolio HigBF. Astron
aft paper s
mance and r
at Rs.91.0Demand r
rrespondingimpacted b
per and used as y world.
ications, tors like gh RCT n Paper segment
results:
0crores, remains g period by lower
-
Average Realizations for Kraft paper by almost 16.50% in last
six months,which declinedin line with the fall in Raw Material
waste paper in global market. Capacity Utilisation: The Company
operated at 103420 MT in 9 months of FY20 comparative production in
previous year 9 months were at 90830 MT, being 59.23% capacity
utilisation in the 9M of FY20 of its installed capacity of kraft
paper of 174,600 MT per annum.And Growth in volume by 13.86%. And
Company expects to remain overall utilization at 85% for FY
1920.
Exports: Demand from overseas is strong, especially for the new
paper products being developed to cater to the export market. In
3rd quarter exports (including merchant export) accounted for
25.52% of total sales volume of Q3 and In the 9M FY20, exports
(including merchant export) accounted for 16.24% of total sales
volume near to our target of 20%. Demand from the export market
remains strong and should see an increase in contribution to total
revenues going forward.
EBIDTA: The EBIDTA for the 9M FY20 at Rs.25.42crores was down
by38.19% YoY.The reduction in average realisations in Kraft paper
led to an impact on margins, given thelong inventory cycle of
imported raw material which has been booked at at high prices and
also no reduction in cost of power & fuel. But we would also
like to inform that from mid of Dec-2019 price has started
improving.
Key Financial Ratios for 9MFY20 & FY19 Particulars 9M FY
2019-20 FY 2018-19 EBITDA Margin % 9.74% 14.69% Net Profit Margin %
2.28% 7.57% Interest Coverage Ratio x 2.83 4.56 Both EBITDA and Net
profit margin reduced due to impact ofcontinuous reduction in
selling pricein global market and there is also reduction in waste
paper price but entire impact of reduction in raw material not
reflected in same quarter due to long inventory cycle and also
another major cost of power and fuel has also no reduction compare
to selling price and the same has resulted in reduction of interest
coverage ratio with compare to FY 1819.
Management Comments Commenting on the results Mr.Kirit Patel,
Chairman and Managing Director said “We are happy to share with you
that our company recently entered into a strategic partnership with
Shandong Zhongui Supply Chain Management Co, China. This agreement
is for a period of three years during which ABC Paper will
transfer
-
Technology and technical knowledge. We are confident of gaining
immensely from this tie-up both in terms of Improving plant
operating efficiency &increasing our exports to China. We have
over the last two years been increasing our manufacturing capacity,
currently standing at 174600 mtpa through expansion and also
acquisitions. The demand for Kraft paper both in India and export
market is strong, with global move to reduce the use of plastics.
We remain confident of the prospects for strong growth and improved
profitability in the period ahead because in last two quarters our
margin has been reduced due to continuous reduction in selling
price by almost 16.50% compare to 1st Quarter of FY20 and which is
due to global impact and also longinventory cycle in our case and
so it is for short term and from mid of December price has
improved. I thank the entire team of for their constant efforts. I
would also like to thank all our stakeholders and our valued
shareholders, who have reposed faith in our Company and supported
us in our growth journey.”
For more details please visit: www.astronpaper.com
For any Investor Relations query please contact:
Uttam Patel, Company Secretary, Email
Contact:[email protected]
Shahina Mukadam, Investor Relations, Email
Contact:[email protected] Disclaimer : Certain statements in
this document may be forward-looking, these are subject to certain
risks and uncertainties like regulatory changes, local political or
economic developments, and many other factors that could cause our
actual results to differ materially from those contemplated by the
relevant forward-looking statements. Further, past performance is
not necessarily indicative of future results. Given these risks,
uncertainties and other risk factors, viewers are cautioned not to
place undue reliance on these forward-looking statements. Astron
Paper & Board Mill Limited will not be in any way responsible
for any action taken based on such statements and undertakes no
obligation to publicly update these forward-looking statements to
reflect subsequent events.