For Quarter ended March 2012

The net sales has decreased by 1% to Rs 175.16 crore. Excluding Rath figures, the net sales has grown by 5%.

OPM has increased by 130 bps to 10.1% due to fall in raw material cost by 160 bps to 47.28% along with other expenditure by 130 bps to 12.04% of adjusted net sales. However, there was rise in advertising and promotion cost by 180 bps to 3.39% of adjusted net sales. Margin for Q1 was at 4.8%, Q2 at 7% and Q3 at 8.5%.

As a result of rise in margin, the operating profit grew by 13% to Rs 17.7 crore. Other income declined by 2% to Rs 0.85 crore. Depreciation has increased by 57% to Rs 1.55 crore. The PBT was up by 10% to Rs 16.99 crore.

Total tax outgo increased by 5% to Rs 4.77 crore. The company has reported a net profit of Rs 12.22 crore, a rise of 11%.

For the year ended March 2012

The net sales declined by 2% to Rs 704.54 crore. Excluding Rath figures, the net sales has grown by 15%.

OPM has inclined by 360 basis points to 7.6% due to fall in raw material cost by 220 basis points to 47.8% and ASP cost by 190 basis points to 4.6% of adjusted net sales. Due to rise in margin, there was rise in operating profit by 83% to Rs 53.88 crore.

Other income declined by 50% to Rs 2.47 crore. Depreciation has increased by 24% to Rs 5.69 crore. The profit before tax before EO inclined by 71% to Rs 50.59 crore.

EO of Rs 17.45 crore in FY11 includes the profit on sale of Rath brand. There was no EO item for FY12. Total tax outgo has decreased by 6% to Rs 14.45 crore. The company has reported a net profit of Rs 36.14 crore, a rise of 14%.

Other Developments

The promoters have increased their shareholding from 48.11% to 51.77% during the year.

The board of directors has declared a dividend of Rs 1.75 per equity share

Valuation

The scrip is trading around Rs 482.1 on BSE.