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Standalone net sales (including other operating income) of has declined 13% to Rs 398.83 crore. Operating profit margin has jumped from 7.6% to 9.4%, leading to 9% rise in operating profit to Rs 37.55 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 40.52% to 36.16%. Purchase of finished goods cost fell from 6.31% to 0.80%. Employee cost increased from 16.06% to 19.15%. Other expenses rose from 29.56% to 34.47%. Cost of Sales fell from 60.58% to 50.74%. Inventories cost fell from 0.07% to 0.05%. Contract job process charges fell from 13.81% to 13.72%.
Other income fell 4% to Rs 50.93 crore. Interest cost (net of income) stood at Rs 2.17 crore compared to an income of Rs 0.35 crore in corresponding previous period. Provision for depreciation down 1.52% to Rs 7.77 crore. Profit before tax down 2% to Rs 78.54 crore. EO was nil compared to an expense of Rs 10.61 crore in the corresponding previous period. Provision for tax was expense of Rs 20.54 crore, a jump was up 5%. Profit after tax rose 17% to Rs 58.00 crore.
Yearly performance
Net sales (including other operating income) of Garden Reach Shipbuilders & Engineers has declined 20% to Rs 1140.84 crore. Operating profit margin has jumped from 2.8% to 6.3%, leading to 78% rise in operating profit to Rs 72.06 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 47.46% to 39.60%. Purchase of finished goods cost fell from 3.72% to 2.12%. Employee cost increased from 20.37% to 23.85%. Other expenses rose from 25.67% to 28.06%. Cost of Sales fell from 61.19% to 54.22%. Inventories cost fell from 1.66% to 1.00%. Contract job process charges fell from 11.67% to 11.50%.
Other income fell 17% to Rs 187.6 crore. Provision for interest up 102% to Rs 2.7 crore. Provision for depreciation down 3% to Rs 29.09 crore.
Profit before tax down 3% to Rs 227.87 crore. Extraordinary expense were up 96% to Rs 20.75 crore. PBT after EO was down 7% to Rs 207.12 crore. Provision for taxation was down by 11% to Rs 53.65 crore. Effective tax rate was 25.90% compared to 26.98%.Profit after tax fell 6% to Rs 153.47 crore.
Management has estimated value of loss of production hours and quantum of non-usage of Plant & Machinery of production shops during the year ended 31.03.2021 as Rs 19.2022 crore and Rs 1.5472 crore respectively (Total Rs 20.7494 crore) which has been stated as Exceptional items in the financial statement.
Other developments
Dividend of Rs 1.15 per share for the year 2020-21 has been declared by the Board of Directors at the meeting held on 17th May,2021.
Promoters' stake was 74.50% as of 31 March 2021,compared to 74.50% as of 31 March 2020.
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