For the quarter ended Dec’06, Timken India’s net sales stood at Rs 80.21 crore, which was 5% higher when compared with corresponding previous quarter last year. The OPM (Operating Profit Margin) increased by 450 basis points to 16.9%. The resultant Operating Profit for the quarter ended Dec’06 was Rs 13.58 crore, which was 43% higher when compared with corresponding previous quarter last year.

The raw material cost declined (as a % of sales net of stock adjustments) from 49.8% to 40.8%, while staff cost and other expenditure increased (as a % of sales net of stock adjustments) from 9.6% to 11.8% and from 27.6% to 28.0% respectively.

During the quarter ended Dec’06 other income decreased by 75% to Rs 0.47 crore. The resultant PBIDT for the quarter ended Dec’06 was Rs 14.05 crore which was 23% higher when compared with corresponding previous quarter last year. The net interest cost increased by 20% to Rs 0.24 crore when compared with corresponding previous quarter last year. The depreciation charges for the quarter ended Dec’06 increased by 17% to Rs 2.73 crore. Consequently, for the quarter ended Dec’06 the PBT of Timken India stood at Rs 11.08 crore, indicating a rise of 25% when compared with the corresponding previous quarter last year.

Provision for tax (including deferred tax and fringe benefit tax) for the quarter ended Dec’06 stood Rs 5.07 crore resulting in a PAT before PPA of Rs 6.01 crore for the quarter ended Dec’06 indicating a fall of 6% when compared with corresponding period last year. The company’s tax incidence has zoomed by 1830 basis points to 45.8% in the quarter ended Dec’06 from 27.5% in the corresponding previous quarter last year.

During the quarter under review there was no Income relating to prior period as compared to income relating to prior period to the tune of Rs 0.09 crore during the corresponding period last year. The subsequent PAT after PPA stood at Rs 6.01 crore indicating a fall of 8% when compared with corresponding period last year.

Year Ended

For the year ended Dec’06, Timken India’s net sales stood at Rs 330.86 crore, which was 10% higher when compared with corresponding previous quarter last year. The OPM (Operating Profit Margin) increased by 40 basis points to 18.7%. The resultant Operating Profit for the year ended Dec’06 was Rs 61.97 crore, which was 12% higher when compared with corresponding period last year.

The raw material cost declined (as a % of sales net of stock adjustments) from 51.0% to 50.4%, while staff cost increased (as a % of sales net of stock adjustments) from 8.6% to 9.0%. During the year ended Dec’06 other income Increased by 9% to Rs 7.88 crore. The resultant PBIDT for the year ended Dec’06 was Rs 69.85 crore which was 12% higher when compared with corresponding period last year. The net interest cost increased by 13% to Rs 1.07 crore when compared with corresponding period last year. The depreciation charges for the year ended Dec’06 increased by 14% to Rs 10.03 crore. Consequently, for the year ended Dec’06 the PBT of Timken India stood at Rs 58.75 crore, indicating a rise of 11% when compared with the corresponding period last year.

Provision for tax (including deferred tax and fringe benefit tax) for the year ended Dec’06 stood Rs 20.62 crore resulting in a PAT before PPA of Rs 38.13 crore indicating a rise of 10% when compared with corresponding period last year. The company’s tax incidence Inclined to 35.1% in the year ended Dec’06 from 34.2% in the corresponding previous quarter last year.

During the quarter under review there was no Income relating to prior period as compared to income relating to prior period to the tune of Rs 0.09 crore during the corresponding period last year. The PAT after PPA stood at Rs 38.13 crore which was 9% higher when compared with corresponding period last year.

The stock is currently trading at Rs 146.85