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For the quarter ended March 09, International Combustion (India) has posted dull results on the back of dip in its top line by 7% to Rs 27.02 crore, mainly due to marginal growth of 3% in its major Mineral & Material Processing handling Equipment segment. OPM improved by 80 bps to 21.7% and limited de growth in Operating Profit to 4% to Rs 5.86 crore. However, spurt in the interest cost by 189% to Rs 0.26 crore was contained by 18% dip in taxation to Rs 1.63 crore; and restricted de growth in Net Profit to marginal 3% to Rs 6.4 crore.
Quarterly Performance
The top line for the quarter ended March 09 has registered de growth of 7% to Rs 27.02 crore; driven by meager 3% growth in its Mineral & Material Processing Handling Equipment segment to Rs 20.68 crore and 30% de growth in Geared Motors and Gera Box segment to Rs 6.34 crore.
The operating Margins of both the segments- Mineral & Material Processing Handling Equipment segment and Geared Motors and Gera Box have increased by 30 bps to 34.2% and 670 bps to 18% respectively. Thus Operating Margins have improved by 80 bps to 21.7%. On the other hand the total expenditure heads as % of sales net of stock Adjustments stood flat at 80.2%, restricting Operating Profits to a de growth of 4% to Rs 5.86 crore.
The other income of the company has also fell by 26% to Rs 0.17 crore. Interest cost zoomed by 189% to Rs 0.26 crore and depreciation has marginally dipped by 1% to Rs 0.77 crore. Thus PBT was down by 9% to Rs 5 crore. At segment level, Mineral & Material Processing Handling Equipment segment has improved by 4% to 7.08 crore (86% of total) and Geared Motor & Gear Box has increased by 12% to Rs 1.14 crore. Further 360 bps dip in effective tax rate to 32.6% limited Net Profit down by 3% to 3.37 crore.
Yearly Performance
For the fiscal ended March 09, the company has clocked 3% growth in its top line to Rs 99.02 crore, with marginal growth of 2% in Mineral & Material Processing Handling Equipment segment to Rs 73.59 crore, which constituted 74% of the total revenues. The Geared Motor and Geared Box segment has reported 8% increase to Rs 25.43 crore. OPM of the company has tumbled by 310 bps to 18.4%, on the back of eroding segmental margins of Mineral & Material Processing Handling Equipment segment. Thus Operating Profit was down by 11% to Rs 18.23 crore.
The increase in the interest cost by 50% to Rs 0.63 crore and increase in depreciation by 5% to Rs 3.15 crore led PBT down by 16% to Rs 15.16 crore. At the segment level, Mineral & Material Processing Handling Equipment segment has fell by 6% to 22.99 crore, where as Geared Motor and Gear Box segment has improved by 36% to Rs 2.99 crore. Further dip in taxation by 17% to Rs 5.25 crore resulted Net Profit down by 16% to Rs 9.19 crore.
Other Information
- The Board has recommended a dividend of 50% on equity shares with a face value of Rs 10 each.
- The scrip was hovering at Rs 208.00 on BSE.
- The promoter's shareholding % was constant at 53% as on year ended Mar 09.
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