Quarter Performance

The total operating income grew by 16% to Rs 286.76 crore in March 2012 quarter. However hike across expenses led to whopping 310 bps crash in OPM to 19.4%. Thus the operating profit was flat at Rs 55.52 crore from Rs 55.55 crore in March 2011 quarter. Raw material cost, as % to sales net stock adjusted, grew by 10 bps to 56%. Also the other expenditure grew by 130 bps to 16%. Further the staff cost grew by 90 bps to 9%.

The PBT fell by 2% to Rs 52.64 crore on higher depreciation cost and lower other income. The other income fell by 15% to Rs 1.46 crore while depreciation cost grew by 16% to Rs 4.31 crore. Also it incurred interest expense of Rs 0.04 crore against interest income of Rs 0.09 crore in March 2011 quarter. The saving grace was crash in effective tax rate by substantial 990 bps that led to 13% growth in net profit to Rs 39.01 crore.

Annual Performance

In FY 12, the operating income grew by 17% to Rs 1045.64 crore. Fall in raw material costs moderated the decline in OPM to 140 bps to 21%. Thus the operating profit grew by 10% to Rs 219.93 crore. Raw material costs, as % to sales net stock adjusted, crashed by whopping 110 bps to 55%. Also the other expenditure grew by 120 bps to 15% while staff cost rose by 110 bps to 9%.

The PBT improved by 13%to Rs 216.23 crore on impressive other income growth. The other income grew by whopping 125% to Rs 12.06 crore. Also the depreciation cost grew only by 8% to Rs 15.64 crore while the interest cost fell by 42% to Rs 0.12 crore. The net profit settled with 20% growth to Rs 153.40 crore on whopping 440 bps crash in effective tax rate.

• The company has recommended a dividend of Rs 5 per share, i.e. 100% for the year ended March 31, 2012.
• The promoters' shareholding stood unchanged at 75% for the quarter ended March 2012. None of the shares' held by promoters are pledged.

The scrip is trading at Rs 1640 on BSE.