• Sales were up by 40% to Rs 55.31 crore driven largely by strong growth in revenue of engineering business. The segment revenue of engineering was up by 44% to Rs 48.02 crore (or 87% of sales). The segment revenue of food was up by 18% to Rs 7.29 crore (or 13% of sales).
• The EBIT was up by 39% to Rs 9.06 crore driven by strong growth in segment profit of both engineering and food business. The segment profit of engineering business was up by 24% to Rs 7.37 crore largely driven by higher sales as its segment margin stand lower by 260 bps to 15.3%. And the segment profit of food was up by 199% to Rs 1.69 crore driven by higher sales as well as 1400 bps expansion in margin to 23.2%.
• Operating profit margin contracted by 110 bps to 10.9% and this can be explained by higher material cost. Material cost as proportion to sales net of stocks was higher by 1100 bps to 66.2%. But the labour charges were lower by 60 bps to 5.8%. The staff cost was down by 130 bps to 6.5% and the OE was down by 660 bps to 10.7%. Thus facilitated by higher sales, the operating profit was up by 27% to Rs 6.06 crore.
• Other income (net of expenses) was up by 18% to Rs 1.46 crore. Interest cost was up by 58% to Rs 0.30 crore. But the depreciation was lower by 8% to Rs 0.74 crore. Thus the PBT was up by 30% to Rs 6.48 crore. EO for the quarter as well as corresponding previous period was nil.
• Taxation in absolute terms was a provision of Rs 1.18 crore, a rise of 56%. Thus the PAT was up by 22% to Rs 4.64 crore.

Yearly performance

Sales were up by 28% to Rs 137.93 crore. But with 60 bps expansion in OPM the operating profit stood higher by 34% to Rs 18.78 crore. The PBT was up by 28% to Rs 18.53 crore strained largely by lower other income and higher interest as depreciation stand lower. Eventually the PAT was up by 37% to Rs 14.10 crore as tax rate stand lower at 23.9% compared to 28.7% in corresponding previous period. The total comprehensive income was eventually higher by 33% to Rs 13.98 crore with other comprehensive expense stand higher at Rs 0.12 crore against an income of Rs 0.19 crore in corresponding previous period.

Segment profit of engineering was up by 24% to Rs 25.57 crore largely driven by 28% growth in segment revenue to Rs 117.65 crore. The segment margin of engineering was down by 80 bps to 21.7%. The segment profit of food was up by 77% to Rs 4.20 crore driven by both 23% growth in sales to Rs 20.27 crore as well as 640 bps expansion in segment margin to 20.7%.

Other developments

The company had in its Board Meeting held on March 06, 2019 approved buyback of equity shares from open market through stock exchange mechanism for an aggregate amount not exceeding Rs. 11.00 Crore and at a price not exceeding Rs. 550.00 per Equity Share, payable in cash to the shareholders. In this regard, the company has bought back 2,53,000 equity shares at an average price of Rs.431.70 per equity share. Accordingly, the Company has deployed Rs. 109220406 (Rupees Ten Crore Ninety Two Lakh Twenty Thousand Four Hundred Six only) which represents 99.29% of the Maximum Buyback Size. Consequently, the Company announces closure of the Buyback, with effect from closure of trading/ Market hours today i.e. April 22, 2019. Consequently, the Company announces closure of the Buyback, with effect from closure of trading/ Market hours today i.e. April 22, 2019. As of buyback closure date, the company has bought back 253000 equity shares having face value of Rs 10 each out of which 187688 equity shares have been extinguished and the balance 65312 equity shares are under the process of extinguishment. Post buy back equity capital of the company came down to 4.005 crore (Subject to extinguishment of 65312 equity shares ) from Rs 4.258 crore.