Other income increased 6% to Rs 5.4 crore compared to Rs 5.1 crore. Interest cost was Rs 56 lakh compared to Rs 60 lakh. Depreciation was up 21% to Rs 3.44 crore. PBT was down 38% to Rs 21.49 crore.

Provision for taxation fell 50% to Rs 5.88 crore after which PAT stood at Rs 15.61 crore against Rs 22.67 crore. Further considering share of profit of JV and associate Net profit fell 31% to Rs 17.41 crore.

The impact of the government imposed nation-wide lock down due to the Covid-19 pandemic was temporary as requisite approvals had been obtained by the Parent Company during the end of April 2020 through May 2020 to resume its manufacturing operations across its plants. As a result of this lock down / restrictions, production in the Parent Company's plants could not be carried out till such approvals were obtained and consequently impacted sales and other operations. The current economic environment could temporarily result in a lower demand in FY'21 vis-a-vis FY'20. The Parent Company has gradually ramped up its production from May/June 2020 and in view of the management, a steady increase in operational levels is expected.

Consolidated Performance for the year ended Mar20

In FY20, sales fell 4% to Rs 1316.57 crore. OPM rose 90 basis points to 10.5% which saw OP rise 4% to Rs 138.04 crore.

Other income rose 3% to Rs 21.58 crore and interest cost decreased 4% to Rs 2.36 crore. As deprecation grew 19% to Rs 12.49 crore, PBT went up 3% to Rs 144.77 crore.

Provision for taxation fell 25% to Rs 39.32 crore after which PAT stood at Rs 105.45 crore against Rs 88.6 crore. Further considering share of profit of JV and associate Net profit rose 22% to Rs 121.12 crore

The scrip is currently trading at Rs 5087