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KSB Pumps, the Indian subsidiary of Klein Schanzlin & Becker (KSB), reported a 5% increase in net sales for Sep'14 quarter to Rs 198.89 crore. Net sales from Pump segment stood at Rs 164.92 crore, up by 6% and sales from valves segment stood at Rs 32.77 crore up by 2% YoY. OPM was down by 160 bps to 13.6% resulting a 10% fall in OP to Rs 27.03 crore.
PBIT of Pumps segment stood at Rs 24.23 crore, up by 1% YoY while loss at PBIT level of Valve segment stood at Rs 1.28 crore as compared to profit at PBIT level of Rs 1.85 crore for Sep'13 quarter. PBIT margin for the Sep'14 quarter for pumps segment stood at 14.7%.
Other income was up by 129% to Rs 8.04 crore. Interest costs was up by 116% to Rs 1.25 crore and depreciation was up by 2% to Rs 6.91 crore. After providing total tax of Rs 9.04 crore up by 7% to Rs 9.04 crore, PAT for Sep'14 quarter stood at Rs 17.87 crore which was more or less flat on YoY basis.
Performance for the nine months ended Sep'14
For nine months ended Sep'14, net sales stood at Rs 571.61 crore, up by 4% YoY. Net sales from Pump segment stood at Rs 480.52 crore, up by 7% YoY, and that from valves segment stood at Rs 84.86 crore, down by 12% YoY. OPM was down by 10 bps to 14.3% resulting OP of Rs 81.50 crore, up by 3%. PBIT from Pump segment stood at Rs 72.69 crore up by 18% YoY and loss at PBIT segment for Valves business stood at Rs 3.60 crore as compared to a profit at PBIT level of Rs 4.62 crore for nine months ended Sep'14. Other income stood at Rs 22 crore, up by 59% YoY. Interest costs stood at Rs 1.75 crore and depreciation stood at Rs 20.43 crore. Thus PBT stood at Rs 81.32 crore, up by 15% YoY. After providing total tax of Rs 25.87 crore, PAT for nine months ended Sep'14 stood at Rs 25.87 crore, up by 13% 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 518.
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