Innovative Tech Pack Reports ₹131.83 Crore Profit in Q1, Revenue Dips
Innovative Tech Pack Limited, a plastic packaging manufacturer, announced Q1 financial results with a profit of ₹131.83 crore, recovering from a Q4 loss but slightly below Q1 of the previous year. Revenue from operations decreased to ₹3,258.25 crore. The company faces challenges including pending bonus payments, legal proceedings, and issues with MSME creditor payments. Despite these, Managing Director K. Satish Rao expressed resilience in returning to profitability.
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Innovative Tech Pack Limited , a manufacturer of plastic bottles, jars, and caps, has announced its financial results for the first quarter. The company reported a profit of ₹131.83 crore, marking a significant turnaround from the previous quarter's loss but slightly lower than the same period last year.
Financial Highlights
- Profit: ₹131.83 crore in Q1, compared to a loss of ₹329.32 crore in Q4 and a profit of ₹151.10 crore in Q1 of the previous year
- Revenue from Operations: ₹3,258.25 crore, down from ₹3,357.43 crore in Q4 and ₹3,412.10 crore in Q1 of the previous year
- Total Income: ₹3,269.69 crore, compared to ₹3,400.55 crore in the previous quarter
Key Financial Metrics
| Particulars (₹ in Crore) | Q1 | Q4 | Q1 (Previous Year) |
|---|---|---|---|
| Revenue from Operations | 3,258.25 | 3,357.43 | 3,412.10 |
| Total Income | 3,269.69 | 3,400.55 | 3,420.21 |
| Total Expenses | 3,137.86 | 3,729.87 | 3,269.11 |
| Profit Before Tax | 131.83 | -329.32 | 151.10 |
| Earnings Per Share (₹) | 0.59 | -1.47 | 0.67 |
Operational Insights
The company's Board of Directors approved these unaudited standalone financial results at a recent meeting. Despite the profit, Innovative Tech Pack faces several operational challenges:
- Pending Bonus Payments: The company has yet to pay ₹24.61 crore in bonuses from previous financial years.
- Legal Proceedings: A case against Maharashtra Bio Fertilizers India Private Limited for ₹169 crore is ongoing in the National Company Law Tribunal (NCLT).
- Cash Wage Payments: The company paid ₹10.75 crore in cash wages to contract workers, citing worker requests.
- Internal Audit: No internal audit was conducted for the quarter.
- MSME Creditor Payments: The company has not paid interest on amounts due to MSME creditors for more than 45 days, as per agreed payment terms.
Management Commentary
K. Satish Rao, Managing Director of Innovative Tech Pack Limited, stated in the financial report, "The company has shown resilience by returning to profitability this quarter. However, we acknowledge the challenges ahead and are working diligently to address operational issues and improve our financial position."
The company maintains its focus on manufacturing plastic packaging solutions and continues to operate as a single reportable segment under Indian Accounting Standard (Ind AS) 108.
Investors and stakeholders can find more detailed information on the company's website and in the financial results section of www.bseindia.com .
Historical Stock Returns for Innovative Tech Pack
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.62% | +1.46% | -1.62% | +6.61% | -38.59% | +80.24% |
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