KSB Pumps, the Indian subsidiary of Klein Schanzlin & Becker (KSB), reported a 2% increase in net sales for June'14 quarter, mainly driven by higher pumps sales business. Sales from valves were infact down by 24% YoY. 90 bps improvements in OPM lead OP up by 9%. Spurt in other income, up by 147% and fall in interest costs down by 69% and only 3% rise in depreciation resulted a 37% increase in PBT. After paying a 19% increase in total tax, PAT for the June'14 quarter stood at Rs 22.45 crore, up by 45% YoY.
Performance for the quarter ended June'14
Net sales for the quarter ended June'14 of the company grew by 2% to Rs 199.35 crore. OPM was up by 90 bps to 14.7% resulted in a 9% increase in OP. Net sales from Pump segment, which constitute about 81% of total sales, grew by 7% to Rs 167.25 crore. Net sales from Valves segment which constitute about 14% of total sales, de grew by 24% to Rs 10.12 crore. Others segment de grew by 12% to Rs 10.12 crore. PBIT for Pump segment for June'14 quarter grew by 21% to Rs 24.08 crore on YoY basis. PBIT margin for the segment stood at 14.4% as compared to 12.8% for June'13 quarter. PBIT for Valve segment stood at Rs 0.66 crore, down by 76% YoY and PBIT margin stood at 2.3%.
Other income was up by 147% to Rs 9.39 crore. PBIDT grew by 26% to Rs 38.73 crore. After providing interest cost of Rs 0.32 crore, down by 69% and depreciation up by 3% to Rs 6.71 crore, PBT for June'14 quarter stood at Rs 31.60 crore, up by 37% YoY. After providing total tax of Rs 9.15 crore, up by 19% YoY, PAT for the June'14 quarter stood at Rs 22.45 crore, up by 45% YoY.
Performance for the half year ended June'14
Net sales for the half year ended June'14 of the company grew by 4% to Rs 372.72 crore. OPM was up by 100 bps to 14.6% resulted in a 12% increase in OP. Net sales from Pump segment, which constitute about 81% of total sales, grew by 8% to Rs 315.60 crore. Net sales from Valves segment which constitute about 13% of total sales, de grew by 19% to Rs 52.09 crore. Others segment grew by 3% to Rs 21.88 crore. PBIT for Pump segment for June'14 quarter grew by 29% to Rs 48.46 crore on YoY basis. PBIT margin for the segment stood at 15.4% as compared to 12.8% for half year ended June'13. Loss at PBIT for Valve segment stood at Rs 2.32 crore as compared to a profit of Rs 2.77 crore for half year ended June'13.
Other income was up by 36% to Rs 13.96 crore. PBIDT grew by 16% to Rs 68.43 crore. After providing interest cost of Rs 0.50 crore, down by 71% and depreciation up by 6% to Rs 13.52 crore, PBT for half year ended June'14 stood at Rs 54.41 crore, up by 22% YoY. After providing total tax of Rs 16.83 crore, up by 26% YoY, PAT for the half year ended June'14 stood at Rs 37.58 crore, up by 21% 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 27.85crore 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.
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