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Orient Refractories net sales rose 4% to Rs 187.38 crore for quarter ended March 2019 compared to corresponding previous year period. The company operating margins fell 430 bps to 18.4%. As a result operating was down 16% to Rs 34.44 crore.
Cost of material consumed as a percentage of net sales (net of stock adjustment) rose 430 bps to 42.2% while purchase of stock in trade rose 170 bps to 18.2%. Employee benefit expenses increased 60 bps to 7.2% and other expense decreased 210 bps to 14.3%.
Other income of the company fell 36% to Rs 1.89 crore. Interest cost nil. Depreciation fell 17% to Rs 36.33 crore. PBT as a result fell 19% to Rs 34.06 crore. The effective tax rate fell to 26.6% compared to 34.8% owing to which the company's PAT decreased 9% to Rs 24.99 crore.
Year ended Performance
For year ended March 2019, net sales rose 19% to Rs 747.95 crore compared to corresponding previous year. The company operating margins fell 310 bps to 17.1%. As a result operating was up 1% to Rs 127.98 crore.
Cost of material consumed as a percentage of net sales (net of stock adjustment) was up 250 bps to 41% while purchase of stock in trade rose 300 bps at 19.5%. Employee benefit expenses decreased 50 bps to 7.1% and other expense decreased 140 bps to 15.7%.
Other income of the company rose 71% to Rs 18.17 crore. Interest cost was nil. Depreciation rose 26% to Rs 8.63 crore. PBT as a result rose 5% to Rs 137.52 crore. The effective tax rate rose to 34.7% compared to 34.4% owing to which the company's PAT increased 5% to Rs 89.82 crore.
The scrip is currently trading at Rs 228
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