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Results
31-May-23
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Analysis
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Tega Industries
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Solid performance
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Tega Industries consolidated net sales increased 36.67% to Rs 396.41 crore
in Q4FY23 compared to Q4FY22. Sales of
consumable segment has gone up 24% to Rs 360.03 crore (accounting for 91% of
total sales). Sales of equipment segment
was Rs 36.76 crore (accounting for 9% of total sales).
Pursuant to an order pronounced by the Hon`ble National Company Law
Tribunal, Kolkata Bench ("Hon`ble NCLT") on 24 February 2023, the
company through its wholly-owned subsidiary, Tega Equipments Private Limited
("TEPL"), completed the acquisition of McNally Sayaji Engineering
Limited ("MSEL") under the Corporate Insolvency Resolution Process
("CIRP") of the Insolvency and Bankruptcy Code 2016. Vide the same
order, Hon`ble NCLT of Kolkata also approved the merger of TEPL with MSEL and consequently
MSEL has become a direct wholly-owned subsidiary of the Company. The
acquisition had been given effect to in the consolidated financial results.
Equipment business represents the operations of a subsidiary company - McNally
Sayaji Engineering Limited acquired during the quarter ended 31 March 2023
Profit before interest, tax and other unallocable items (PBIT) rose 49% to
Rs 103 crore. PBIT of consumable segment
rose 38% to Rs 95.48 crore (accounting for 93% of total PBIT). PBIT of equipment segment stood at Rs 7.52
crore (accounting for 7% of total PBIT).
PBIT margin of consumable segment rose from 23.8% to 26.5%. PBIT margin of equipment segment was
20.5%. Overall PBIT margin rose from
23.8% to 26%.
Operating profit margin has jumped from 23.77% to 25.94%, leading to 49.16%
rise in operating profit to Rs 102.83 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 40.35% to 43.27%.
Employee cost decreased from 13.23% to 10.86%. Other expenses fell from 21.36% to 19.41%.
Other income fell 46.46% to Rs 6.65 crore.
PBIDT rose 34.56% to Rs 109.48 crore.
Provision for interest fell 57.97% to Rs 3.19 crore.
PBDT rose 44.08% to Rs 106.29 crore.
Provision for depreciation rose 32.38% to Rs 12.06 crore.
Profit before tax grew 45.73% to Rs 94.23 crore. Share of profit/loss was 77.63% higher at Rs
1.35 crore. Provision for tax was
expense of Rs 18.32 crore, compared to Rs 16.54 crore. Effective tax rate was 19.17% compared to
25.28%.
Minority interest was nil in both the periods. Net profit attributable to owners of the
company increased 58.06% to Rs 77.26 crore.
Equity capital increased from Rs 66.29 crore as of 31 March 2022 to Rs
66.35 crore as of 31 March 2023. Per
share face Value remained same at Rs 10.00.
Promoters’ stake was 79.10% as of 31 March 2023 ,compared to 79.17% as of
31 March 2022 .
Full year results
analysis
Net sales (including other operating income) of Tega Industries has
increased 27.55% to Rs 1213.97 crore. Sales
of consumable segment has gone up 24% to Rs 1177.59 crore (accounting for 97%
of total sales). Sales of equipment
segment was Rs 36.76 crore (accounting for 3% of total sales).
Profit before interest, tax and other unallocable items (PBIT) rose 48% to
Rs 270.59 crore. PBIT of consumable
segment rose 44% to Rs 263.07 crore (accounting for 97% of total PBIT). PBIT of equipment segment stood at Rs 7.52
crore (accounting for 3% of total PBIT).
PBIT margin of consumable segment rose from 19.2% to 22.3%. PBIT margin of equipment segment was
20.5%. Overall PBIT margin rose from
19.2% to 22.3%.
Operating profit margin has jumped from 19.21% to 22.28%, leading to 47.89%
rise in operating profit to Rs 270.42 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 42.36% to 43.53%.
Employee cost decreased from 15.05% to 13.39%. Other expenses fell from 23.39% to
20.84%.
Other income fell 14.55% to Rs 20.68 crore.
PBIDT rose 40.59% to Rs 291.1 crore.
Provision for interest rose 11.85% to Rs 18.12 crore. Loan funds rose to Rs 360.87 crore as of 31
March 2023 from Rs 245.17 crore as of 31 March 2022. Inventories rose to Rs 289.59 crore as of 31
March 2023 from Rs 252.14 crore as of 31 March 2022. Sundry debtors were higher at Rs 403.13 crore
as of 31 March 2023 compared to Rs 276.52 crore as of 31 March 2022. Cash and bank balance rose to Rs 49.30 crore
as of 31 March 2023 from Rs 40.20 crore as of 31 March 2022. Investments rose to Rs 216.87 crore as of 31
March 2023 from Rs 198.53 crore as of 31 March 2022 .
PBDT rose 43.03% to Rs 272.98 crore.
Provision for depreciation rose 6.46% to Rs 41.2 crore. Fixed assets increased to Rs 494.04 crore as
of 31 March 2023 from Rs 243.98 crore as of 31 March 2022. Intangible assets increased from Rs 64.49
crore to Rs 66.18 crore.
Profit before tax grew 52.34% to Rs 231.78 crore. Share of profit/loss was 53.19% higher at Rs
4.32 crore. Provision for tax was
expense of Rs 52.07 crore, compared to Rs 38.07 crore. Effective tax rate was 22.05% compared to
24.57%.
Minority interest was nil in both the periods. Net profit attributable to owners of the
company increased 57.43% to Rs 184.03 crore.
Equity capital increased from Rs 66.29 crore as of 31 March 2022 to Rs
66.35 crore as of 31 March 2023. Per
share face Value remained same at Rs 10.00.
Promoters’ stake was 79.10% as of 31 March 2023 ,compared to 79.17% as of
31 March 2022. .
The scrip is currently trading at Rs 899
Tega Industries : Consolidated
Results
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Particulars
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2303 (03)
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2203 (03)
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Var.(%)
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2303 (12)
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2203 (12)
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Var.(%)
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Net Sales
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396.41
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290.05
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37
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1213.97
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951.76
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28
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OPM (%)
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25.9
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23.8
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22.3
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19.2
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OP
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102.83
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68.94
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49
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270.42
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182.85
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48
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Other Inc.
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6.65
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12.42
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-46
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20.68
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24.2
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-15
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PBIDT
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109.48
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81.36
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35
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291.1
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207.05
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41
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Interest
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3.19
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7.59
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-58
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18.12
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16.2
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12
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PBDT
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106.29
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73.77
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44
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272.98
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190.85
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43
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Depreciation
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12.06
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9.11
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32
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41.2
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38.7
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6
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PBT
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94.23
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64.66
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46
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231.78
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152.15
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52
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Share of Profit/(Loss) from Associates
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1.35
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0.76
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78
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4.32
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2.82
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53
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PBT before EO
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95.58
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65.42
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46
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236.1
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154.97
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52
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EO Income
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0
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0
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0
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0
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PBT after EO
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95.58
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65.42
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236.1
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154.97
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Taxation
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18.32
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16.54
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11
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52.07
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38.07
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37
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PAT
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77.26
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48.88
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58
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184.03
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116.9
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57
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Minority Interest (MI)
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0
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0
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0
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0
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Net profit
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77.26
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48.88
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58
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184.03
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116.9
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57
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EPS (Rs)*
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#
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#
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27.7
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17.6
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Notes
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* EPS is on current equity of Rs 66.29 crore, Face value of Rs
10, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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Tega Industries : Consolidated
Segment Results
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% of (Total)
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2303 (03)
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2203 (03)
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Var.(%)
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% of (Total)
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2303 (12)
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2203 (12)
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Var.(%)
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Sales
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Consumables
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91
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360.03
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290.05
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24
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97
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1177.59
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951.76
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24
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Equipments
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9
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36.76
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0.00
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3
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36.76
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0.00
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Total Reported Sales
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100
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396.79
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290.05
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37
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100
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1214.35
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951.76
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28
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Less: Inter segment revenues
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0.38
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0.00
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-
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0.38
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0.00
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-
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Net Sales
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396.41
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261.89
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51
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1213.97
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951.76
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28
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PBIT
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Consumables
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93
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95.48
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68.95
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38
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97
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263.07
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182.86
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44
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Equipments
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7
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7.52
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0.00
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28
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3
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7.52
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0.00
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28
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Total PBIT
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100
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103.00
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68.95
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49
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100
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270.59
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182.86
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48
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Less : Interest
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3.19
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7.59
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-58
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18.12
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16.20
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12
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Add: Other un-allcoable
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-4.24
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4.06
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-16.38
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-11.68
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40
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PBT
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95.58
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65.42
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46
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236.10
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154.97
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52
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