• Sale for the quarter was down by 31% to Rs 124.31 crore impacted largely by COVID lockdown. And the value of production (VoP) for the period was down by 34% to Rs 119.23 crore. Sales for the period was 1.04 times of value of production and it was 1.0 times of corresponding previous period. Sales higher than value of production reflects liquidation of earlier period inventory.

• Operating profit margin contracted by 620 bps to 7.9% and that is largely due to lower material cost. Material cost as proportion to sales net of stocks was down by 1407 bps to 36.3%. However the cost of traded goods was up by 1520 bps to 28.7%. The staff cost was up by 410 bps to 14.8% and the OE was up by 50 bps to 11.9%. Thus hit by lower sales and lower OPM, the OP was down by 61% to Rs 9.82 crore.

• Other income was down by 14% to Rs 2.99 crore and thus the PBIDT was down by 56% to Rs 12.81 crore. The interest cost was up by 33% to RS 0.12 crore. The depreciation was down by 4% to Rs 3.13 crore. Thus the PBT was down by 63% to Rs 9.56 crore.

• Finally, net profit was down by 57% to Rs 7.17 crore after providing for taxation, which was down by 73% to Rs 2.39 crore.

Yearly performance

Standalone sales for the period was up by 4% to Rs 697.96 crore and with OPM expand by 220 bps to 13.9%, the operating profit was up by 23% to Rs 96.81 crore. The PBT was up by 15% to Rs 109.82 crore largely hit by lower OI, higher interest cost and higher depreciation. The EO was nil compared to an expense of Rs 0.68 crore in the corresponding previous period. Thus the PBT after EO was up by 16% to Rs 97.24 crore. With taxation lower by 3% to Rs 25.83 crore the PAT was up by 24% to Rs 71.41 crore.

The stock hovers around Rs 1369.05.