• Sales declined by 1% but excellent operating performance – EBIDTA grew 286%: Sales declined by 1% YoY to Rs 43.43 crore for quarter ended December 2012. Also, margins expended by 2120 bps YoY to 28.6% on the back of sharp fall in staff cost (900 bps YoY) and other expenses (1260 bps YoY) as percentage to sales and net of stock adjustments. Eventually, Operating profit jumped by 288% YoY to Rs 12.41 crore. After the sharp 280% growth in other income to Rs 2.62 crore (includes forex gain of Rs 1.81 crore), EBIDTA grew by 286% YoY to Rs 15.03 crore.

• Lower interest cost, depreciation and tax rate – PAT jumped by 789%: The interest cost lowered by 33% YoY to Rs 0.14 crore. Also, the Depreciation was down by 12% YoY to Rs 1.90 crore. Consequently, PBT was up by 755% YoY to Rs 12.99 crore. Thanks to the fall in effective tax rate by 290 bps YoY to 26.1% PAT was up by 289% YoY to Rs 9.60 crore.

Nine Months Performance:

Net sales grew by 2% YoY to Rs 123.81 crore for the nine months ended December 2012. Notably, margins expanded by 1580 bps YoY to 25.9% and accordingly operating profit jump by 162% YoY to Rs 32.09 crore. After the sharp 70% growth in other income to Rs 3.53 crore, PBIDT grew by 149% YoY to Rs 35.62 crore. Further, with the 42% fall in interest cost to Rs 0.49 crore coupled with 16% fall in depreciation to Rs 5.28 crore, PBT was up by 315% YoY to Rs 29.85 crore. Thanks to the sharp fall in effective tax rate by 820 bps YoY to 17.8% PAT grew by sharp 360% YoY to Rs 24.53 crore.

Other information:

• The scrip was up by 3.42% to Rs 132.95 at BSE, India on 18^th February 2013.
• The Company has declared an interim dividend of 50% to the shareholders. The record date for this purpose would be 27^th February 2013.