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Ingersoll Rand (India) registered a flat growth (up 0%) in sales to Rs 208.48 crore. But with 130 bps expansion in operating profit to 14.2%, the operating profit was up by 11% to Rs 29.70 crore. As other income stand lower by 10% to RS 6.44 crore, the growth at PBIDT moderated to stand at 7% to Rs 36.14 crore. After accounting for higher interest and depreciation (up 65% to Rs 4.81 crore), the PBT was down by marginal 1% to Rs 30.74 crore. However with taxation stand lower by 29% to Rs 7.15 crore, the PAT was up by 13% to Rs 23.59 crore.
Nine-month performance
Sales for the period was up by 4% to Rs 571.03 crore. But with OPM contract by 20 bps to 14.6% the operating profit was up by 3% to Rs 83.20 crore. After accounting for lower other income, higher interest and higher depreciation, the PBT was down by 11% to Rs 87.96 crore. With taxation stand lower by 35% to Rs 22.59 crore, the PAT was up by 2% to Rs 65.37 crore.
Other developments
Ingersoll Rand plc. Ireland, the ultimate holding company of Ingersol-Rand (India) (‘the Company' and Gardner Denver Holdings Inc., USA (‘the Acquirer') Issued a joint press release on 30th April 2019, announcing to have entered into an arrangement which upon completion would entitle the Acquirer, indirectly through its various subsidiaries, ability to exercise 74% of the voting share capital of the company and control which is currently held by Ingersoll Rand Company, USA
Citigroup Global Markets India, on behalf of Gardner Denver Holdings Inc. (‘Acquirer') and Charm Merger Sub Inc., a person acting in concert with Acquirer, has issued a public announcement on 7th May 2019 (‘Public Announcement') for acquisition of upto8207680 fully paid-up equity shares from the public shareholders of the Company, constituting 26% of the fully diluted voting equity share capital of the Company. The Public Announcement has been made in terms of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The completion of the said acquisition is subject to certain conditions, including the receipt of regulatory clearances and approval in various Jurisdictions and other customary conditions for the global transaction.
Ingersoll Rand Industrial US Inc. of USA acquired 23,360,000 equity shares of the Company from Ingersol Rand Company, USA on 20 November 2019. Consequently, Ingersoll Rand Industrial U.S. link of USA is now classified as the Promoter of the Company
The Board of Directors of the Company at their meeting held on 17 December 2019, had recommended 2nd interim dividend as special dividend at the rate of Rs 5 per equity share. The said dividend was approved by the shareholders through postal ballot voting on 27 January 2020 and the same has been paid on 3 February 2020.
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