• Value of production for the quarter was up by 36% (to Rs 32.20 crore) even as the revenue was up by 23% to Rs 31.26 crore. Inventory built up happened in the quarter as sales stand lower than value production and this could get diluted or delivery happen in current quarter.

• Operating profit margin for the quarter expanded by 150 bps to 16.2%. Expansion in OPM can be attributed to lower material and staff cost. Material cost as proportion to sales net of stocks was lower by sharp 240 bps to 51.5%. But staff cost was up by 190 bps (to 10.9%) and the OE was up by 440 bps to 21.9%. Thus facilitated by higher sales and higher OPM, the operating profit was up by strong 35% to Rs 5.06 crore.

• Other income was up by 60% to Rs 0.06 crore. The interest cost was down by sharp 44% to Rs 0.44 crore. And the depreciation cost was up by 4% to Rs 0.95 crore. The interest and deprecation as proportion to sales stood lower at 1.4% and 3% respectively compared to 3.1% and 3.6% in corresponding previous period. Thus the PBT before forex and EO was up by 78% to Rs 3.73 crore.

• Forex Gain was up by 195% to Rs 0.65 crore and thus the PBT after forex but before EO was up by 90% to Rs 4.39 crore. The EO income was up at Rs 0.02 crore compared to an expense of Rs 0.09 crore in the corresponding previous period. Thus the PBT after forex and EO was up by 98% to Rs 4.41 crore.

• The taxation was up by 20% to Rs 1.29 crore in absolute terms. But the tax rate was higher at 29.4% as against 48.6% in corresponding previous period. Thus the PAT was up by 173% to Rs 3.11 crore.

Yearly performance

Sales were higher by 20% to Rs 118.76 crore and with 130 bps expansion in OPM, the operating profit was up by 32% to Rs 17.86 crore. After accounting for higher other income, lower interest and depreciation cost, the PBT before forex and EO was up by 97% to Rs 11.93 crore. Forex gain was up by 204% to Rs 1.96 crore and the EO expense was down by 84% to Rs 0.03 crore. Thus the PBT after forex gain and EO was up by 113% to Rs 13.85 crore. The taxation was up by 995 to Rs 4.74 crore but with tax rate stood lower, the PAT was up by 121% to Rs 9.11 crore.

Other developments

To pay a final dividend of Rs 0.25 per equity share of Rs 2 face value each aggregating to Rs 57.78 lakhs including corporate dividend tax for FY2016-17.

The stock hovers around Rs 71.90.