Arrow Coated Products: Results Update

At the initial scanning, the recent standalone quarterly result may look like almost ordinary with a (Quarter on previous year Quarter) net profits increase by a nominal 17%

(1.97 Cr from 1.68 Cr), although having a better sales increase of 33% (5.85 Cr from 4.39 Cr).

But the most important factor I am seeing after this result is the revenue increase from patent income (standalone). Below is given the company disclosed patent income in previous quarters.

Previous Quarters Income from assigning of Patent marketing Rights:

Qtr	Jun 12	Sep 12	Dec 12	Jun 13	Sep 13	Dec 13	Jun 14	Sep 14
Rs (Lakh)	43.45	43.38	43.85	129.88	278.44	150.68	239.29	436.34

Qtr to previous Qtr Growth in patent revenues                                 : 82 %

Qtr to Qtr (yearly basis) Growth in patent revenues                       : 57 %

Both these figures are very impressive. If the company can generate growth in patent revenue at this pace, going forward (both in standalone and consolidated), it won’t be a distant dream for us to see the trading terminals showing ACP in four digits!