• Sales were down by 24% to Rs 188.16 crore. The value of production was down by 24% to Rs 184.82 crore. Sales higher than value of production reflects liquidation of inventory during the quarter.
• Production volume for the quarter was lower by 10% to 5966 MVA and the sales volume was down by 18% to 5879 MVA. The per MVA sales realization was down by 8% to Rs 3.20 lakh per MVA. Thus lower sales volume and lower realization has resulted in lower sales for the quarter.
• Operating profit margin expanded by 20 bps to 11.3% and this seems largely due to lower cost of material. While the material cost as % to sales net of stocks and excise duty was down by 650 bps (to 72.6%), the staff cost was up by 160 bps to 4.0% and the OE was up by 470 bps to 11.9%.
• Other income was up by 130% to Rs 3.80 crore. The interest cost was lower by 14% to Rs 8.37 crore. And the depreciation was up by 5% to 3.18 crore. Thus the PBT (before EO) was down by 16% to Rs 13.58 crore.
• EO Expense for the quarter was Rs 12.55 crore compared to nil in the corresponding previous period. Thus hit further the PBT after EO was down by 94% to Rs 1.03 crore. The taxation was down by 86% to Rs 0.74 crore but the tax rate was higher at 71.8% compared to 33.5% in the corresponding previous period. Thus the PAT was eventually down by 97% to Rs 0.29 crore.

Yearly performance

Sales for the period were up by 39% to Rs 802.24 crore. Higher sales together with 450 bps expansion in OPM to 9.5%, the operating profit jumped up by 166% to Rs 76.33 crore. After accounting for higher other income, higher interest cost and flat depreciation the PBT before EO was a profit of Rs 33.28 crore compared to a loss of Rs 12.54 crore in the corresponding previous period. The EO Expense for the period was Rs 12.55 crore compared to nil in the corresponding previous period, thus the PBT after EO was a profit of Rs 20.73 crore compared to a loss of Rs 12.54 crore in the corresponding previous period. Taxation was Rs 7.70 crore compared to a write back of Rs 4.0 crore in the corresponding previous period. Thus the net profit was Rs 13.03 crore compared to a loss of Rs 8.54 crore in the corresponding previous period.

Other developments

Order book of the company as on April 1, 2017 was 30235 MVA valuing about Rs 967 crore.