• Value of production for the quarter was up by 60% to Rs 880.13 crore but the sale (excluding other operating income) was higher by 40% to Rs 854.88 crore as there was build up in inventory.
• The 120 bps expansion in OPM to 6% is largely to do with cut in all cost heads barring traded goods. While the material cost as % to sales net of stocks was lower by 160 bps (to 15.4%), the staff cost was lower by 250 bps (to 5.9%), the erection charges were lower by 520 bps (to 8.9%) and other expenses was lower by 420 bps (to 18.6%). Though the cost of traded goods was higher by 1300 bps (to 45.4%) that could not fully offset the gains in other cost heads leading to OPM expansion.
• Other income was higher by 61% to Rs 11.28 crore. The interest cost (net) was up by 13% to Rs 6.68 crore. The depreciation was higher by 3% to Rs 14.09 crore. Thus the PBT (before EO) more than doubled (up 152%) to Rs 43.91 crore.
• EO income for the quarter as well as corresponding previous quarter was nil. The taxation was up by 167% to Rs 15.04 crore. Thus the net profit was eventually higher by 145% to Rs 28.87 crore.

Yearly performance

The company changed its financial year ending Sep 30 to ending on 31^st March. The current year financial figures are for six months period from Oct 1, 2013 to March 31, 2014 and hence not comparable. On annualizing the six months financials, the standalone sales for the fiscal was higher by 15% and the net profit was up by 28%. Similarly the consolidated sales was higher by 15% and the net profit (after MI) was higher by 3%.

Final Dividend @ 70%

The company to pay a final dividend of Rs 7 per equity share of Rs 10 face value for six months fiscal ended March 2014. Dividend, subject to approval at Annual General Meeting, shall be paid on or before August 21, 2014.

The stock hovers around Rs 1604.15.