Performance for the quarter ended March 2013

For quarter ended March 2014, the overall top-line rose 11% to Rs 253.06 crore. The company operating margins decreased 210 bps to 9.6% as cost of materials consumed as a percentage of net sales (net of stock adjustment) increased 170 bps to 66.5%, other expense rose 250 bps to 21.1% limited by 150 bps fall in employee benefit expenses to 2.9%. As a result operating profits fell 9% to Rs 24.29 crore.

Other income rose 87% to Rs 11.17 crore. Interest cost was nil. Depreciation fell 3% to Rs 2.28 crore. PBT before EO was up 9% to Rs 33.08 crore.

The company had a extraordinary expense of Rs 3.48 crore related to loss incurred on sale of equity shares of Yule Agro Industries compared to nil in the corresponding previous year period. PBT after EO was down 2% to Rs 29.6 crore.

The effective tax rate rose to 40% compared to 35% owing to which the company's net profit fell 10% at Rs 17.76 crore.

Performance for the year ended March 2014

For year ended March 2014, the overall top-line rose 5% to Rs 908.64 crore. The company operating margins fell 20 bps to 10.5%. As a result operating rose 2% to Rs 95.26 crore. Other income of the company rose 105% to Rs 20.79 crore. Interest cost was nil. Depreciation fell 3% to Rs 8.81 crore. PBT before EO was up 14% to Rs 107.24 crore.

The company had extraordinary expense of Rs 3.48 crore related to loss incurred on sale of equity shares of Yule Agro Industries compared to nil in the corresponding previous year. PBT after EO was up 10% to Rs 103.76 crore.

The effective tax rate rose to 34% compared to 353 owing to which the company's net profit rose 9% at Rs 68.34 crore.

The promoter's shareholding stood at 26.22% at the end of quarter ended March 2014 similar to previous year quarter.

The scrip is currently trading at Rs 9800