Styrenix Performance Materials Ltd
Add to watch list to get report alerts
BSE Code:
506222
NSE Code:
INEOSSTYRO
Business Profile
Business Profile
Lanxess ABS is a manufacturer of acrylonitrile butadiene styrene (ABS) polymer and styrene acrylonitrile (SAN) polymer in India. The company was incorporated as ABS Plastics in India on Dec. 7, 1973 and got its current name on April, 2005. The company is a 51% subsidiary of Lanxess India, which is 100% subsidiary of LANXESS AG Germany.
Lanxess ABS Absolac is plastic resin produced from acrylonitrile, butadiene and styrene. A widely used intermediary product, applications include home appliances, automobiles, consumer durables, business machines, ..etc.. Absolan is a polymerized plastic resin, which is produced from styrene and acrylonitrile. It has applications in lightings, stationery, novelties, refrigerators, cosmetic packing, and other industries.
The company has a manufacturing plant in Nandesari, Moxi which manufactures ABS with an annual production of 60,000 TPA to be increased to 80,000 TPA by 2007-2008 and further to 100,000 TPA. The Katol plant, which produces absolan plastic resin, has an installed capacity of 65,000 TPA. Besides these, the company has 11 storage tanks at Kandla port with 13,200 KL capacity. Lanxess ABS also set up a state-of-the-art research and application development cell at Moxi near Vadodara equipped with a pilot plant, modern analytical and testing equipments. The company`s products are used as raw materials in many households, automotive, electronic and telecom sectors. Some clients include Samsung, LG, Videocon, BPL, Ford, Hero Honda, Cello, Lexi and Bajaj.
The registered office of the Target Company is located at 6th Floor, ABS Towers, Old Padra Road, Vadodara-390007, Gujarat.
Financials
LANXESS ABS registered a 46.25% growth in net profit to Rs 107.48 million for the quarter ended June 2007 from a profit of Rs 73.49 million for the quarter ended June 2006.
Net sales rose 23.06% to Rs 1,408.13 million for the quarter ended June 2007 from Rs 1,144.30 million for the quarter ended June 2006.
Total income rose 22.75% to Rs 1,425.7 million for the quarter ended June 2007 from Rs 1,161.46 million for the quarter ended June 2006.
The earnings per share (EPS) of the company stood at Rs 6.11 for the quarter ended June 2007.
Future Plans
The company, in order to cater the increase in demand, has embarked upon capacity expansion of ABS. The company set a short term target of capacity expansion of ABS to 80,000 TPA from the current 60,000 tpa. Although over the period of next two years, the company wants its output to be 100,000 TPA which it intends to achieve by additional investment in machinery and de-bottlenecking in the existing plants.