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KSB Pumps, the Indian subsidiary of Klein Schanzlin & Becker (KSB), reported a 6% increase in net sales for Mar'14 quarter, mainly driven by higher pumps sales business. Sales from valves were infact down by 12% YoY. 120 bps improvements in OPM lead OP up by 15%. Lower other income, down by 30% YoY, restricted PBIDT growth to 5%. With a 74% fall in Interest costs and 8% rise in depreciation, PBT was up by 6%. After paying a 34% increase in tax, PAT for the Mar'14 quarter was down by 4%.
Performance for the quarter ended Mar'14
Net sales for the quarter ended Mar'14 of the company grew by 6% to Rs 173.37 crore. OPM was up by 120 bps to 14.5% resulted in a 15% increase in OP.
Net sales from Pump segment, which constitute about 81% of total sales, grew by 9% to Rs 148.35 crore. Net sales from Valves segment which constitute about 13% of total sales, de grew by 12% to Rs 23.10 crore. Others segment grew by 19% to Rs 11.76 crore. PBIT for Pump segment for Mar'14 grew by 39% to Rs 24.38 crore on YoY basis. PBIT margin for the segment stood at 16.4% as compared to 12.9% for Mar'13 quarter. There was a loss at PBIT for Valve segment which stood at Rs -2.98 crore as compared to a profit PBIT of Rs 5 lakh.
Other income was down by 30% to Rs 4.57 crore. PBIDT grew by 5% to Rs 29.70 crore. After providing interest cost of Rs 0.18 crore, down by 74% and depreciation down by 8% to Rs 6.71 crore, PBT for Mar'14 quarter stood at Rs 22.81 crore, up by 6% YoY. After providing total tax of Rs 7.68 crore, up by 34% YoY, PAT for the Mar'14 quarter stood at Rs 15.13 crore, down by 4% YoY.
Annual performance for the year ended Dec 2013
Sales were higher by 2% to Rs 731.34 crore and with OPM expand by 90 bps (to 13.8%) the operating profit was up by 10% to Rs 100.57 crore. After accounting for lower other income, lower interest and higher depreciation, the PBT was up by 9% to Rs 87.61 crore. Taxation was up 23% to Rs 27.85 crore and thus the PAT was higher by just 3% to Rs 59.76 crore.
Consolidated sales for the fiscal ended Dec 2013 was higher by 2% to Rs 732.73 crore and with 90 bps expansion in OPM the operating profit was higher by 10% to Rs 101.96 crore. After accounting for lower other income, higher depreciation and higher tax incidence, the PAT was higher by just 3% to Rs 57.12 crore. After accounting for higher share of profit from associate (up 16% to Rs 9.64 crore) the net profit was higher by 5% to Rs 66.76 crore.
Promoters hold 66.42% of total share capital and none of them are pledged.
Share price trades at Rs 337.
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