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For the quarter ended June 07, net sales were up 27% at Rs 20.21 crore. Operating margins recorded a healthy expansion of 740 bps 24% and this catapulted operating profit to post a growth of 85% at Rs 4.86 crore. The good show at the topline resulted bottomline to post a growth of 104% at Rs 2.80 crore.
Quarter ended June 07
Net sales recorded a healthy growth of 27% at Rs 20.21 crore. Improvement of 740 bps in operating margins to 24% catapulted operating profit to post a growth of 85% and it was clocked at Rs 4.86 crore for the quarter ended June 07. Raw-material cost, staff cost and other expenditure were down by 200 bps, 150 bps and 315 bps to 49.1%, 13.2% and 14.7% of sales, net of stock adjustment, respectively.
Other income increased by 77% to Rs 0.23 crore. Interest cost remained flat at Rs 0.07 crore and depreciation was provided at Rs 0.69 crore, an increase of 25% over the corresponding previous year. And PBT recorded an overwhelming growth of 102% to Rs 4.33 crore. As effective tax rate decreased 65 bps to 35.33%, bottomline recorded a growth of 104% at Rs 2.80 crore.
FY2006-07
The net sales had recorded an increase of 19% to Rs 79.81 crore for the year ended Mar’07. The OPM expanded by 360 bps to 20.2%, thereby pushing the operating profit to rise by 45% at Rs 16.12 crore.
The other income appreciated by 80% to Rs 1.08 crore. The interest outgo slid by 55% to Rs 0.33 crore and the depreciation cost increased by 37% to Rs 2.63 crore. As a result of which the PBT before EO increased by 57% to Rs 14.24 crore. EO item was Rs 1.31 during the year as against Nil in the previous year. The EO item is towards write-off of certain loans and advances and debtors’ balances.
Therefore, the PBT after EO stood at Rs 12.93 crore, up by 43%. After accounting for a taxation of Rs 4.65 crore (up by 41%), the Net profit finally registered a growth of 44% at Rs 8.28 crore.
Segment Result:
International Combustion (India) has two segments namely: Mineral processing & Material Handling equipment and Geared Motor & Gear Box. The segment results were as follows:
(a) Mineral Processing & Material Handling equipment division
For the quarter ended June 07, this division posted a sales growth of 19% to Rs 16.45 crore, thus contributing almost 81% to the total sales. On the back of healthy 670 bps improvement in PBIT margins to 38.4%, PBIT for the segment increased by 44% to Rs 6.32 crore contributing 99% to the total PBIT.
For the year ended Mar’07, sales of this division increased 26% to Rs 63.27 crore and PBIT rose by 55% to Rs 19.89 crore. This division accounted for almost 79% of the total sales and 90% of total PBIT during the period.
(b) Geared Motor & Gear Box division
For the quarter ended June 07, the equipment division witnessed a whopping 79% increase in sales to Rs 3.81 crore contributing 19% to the total sales. The margins in this segment also improved and as a result, PBIT was Rs 0.05 crore as against a loss of Rs 0.28 crore in the corresponding previous quarter. With this, the segment contributed 1% of the Company’s PBIT.
For the year ended Mar’07 the PBIT of this division declined by 48% to Rs 2.09 crore (contributing to 10% of the total PBIT) on a segment sales of Rs 17.18 crore (up by 2%) and contributing to 21% of total sales.
Other information:
- Promoters’ shareholding increased to 53% as on 30th June 07 as against 51% as on 30th June 06.
- The scrip closed at Rs 419.75/- as on 1st August 07.
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