Other income fell 66% to Rs 16 lakh and interest cost grew 15% to Rs 23.88 crore. As depreciation grew 22% to Rs 44.15 crore, PBT went down 22% to Rs 44.15 crore.

Tax fell 16% to Rs 11.22 crore (tax incidence grew from 24% to 25%) after which PAT went down 24% to Rs 32.92 crore.

Minority interest grew 6% to Rs 1.33 crore after which net profit went down 25% to Rs 31.60 crore.

Six months results

For the six months, it registered a 14% rise in consolidated sales to Rs 1608.96 crore. OPM fell 80 bps to 14.2% which saw OP rise 8% to Rs 228.02 crore.

Other income fell 23% to Rs 64 lakh and interest cost grew 11 to Rs 46.58 crore. As depreciation grew 21% to Rs 78.98 crore, PBT went down 1% to Rs 103.10 crore.

Tax grew 7% to Rs 26.15 crore (tax incidence grew from 23% to 25%) after which PAT went down 4% to Rs 76.95 crore.

Minority interest grew 12% to Rs 2.06 crroe after which net profit went down 4% to Rs 74.89 crore.

FY 2018 consolidated results

For FY 2018, consolidated sales grew 13% to Rs 3102.74 crore. OPM improved from 14.7% to 15.2% which saw OP rise 17% to Rs 473.07 crore.

PBT went up 25% to Rs 250.43 crore.

Net profit went up 23% to Rs 180.37 crore.

Consolidated segment performance

During the quarter Polymer Products grew 14% to Rs 579.78 crore and contributed 70% of the total revenue. PBIT fell 13% to Rs 47.11 crore and accounted for 69% of total

During the quarter Composite Products grew 14% to Rs 247.71 crore and contributed 30% of the total revenue. PBIT fell 9% to Rs 20.76 crore and accounted for 31% of total

For the six month, Polymer Products grew 14% to Rs 1134.94 crore and contributed 71% of the total revenue. PBIT grew 1% to Rs 105.40 crore and accounted for 71% of total

For the six month, Composite Products grew 15% to Rs 474.03 crore and contributed 29% of the total revenue. PBIT grew 29% to Rs 43.64 crore and accounted for 29% of total

Valuation

The stock trades at Rs 120.