Performance for the half year ended Sep 2014

For the half year ended Sep'14, net sales of the company stood at Rs 314.39 crore up by 13% YoY. OPM was up by 100 bps to 8.3% thus leading a 28% increase in OP to Rs 26.13 crore. Other income was down by 3% to Rs 30.70 crore. Interest costs and depreciation costs were up by 910% and 67% to Rs 2.02 crore and Rs 5.93 crore, thus restricting a PBT growth to 1% to Rs 48.88 crore. After providing total tax of Rs 17.31 crore, up by 9% YoY, PAT for the half year ended Sep'14 stood at Rs 31.57 crore, down by 3% YoY.

Performance for the year ended March 2014

For the year ended March 2014, net sales of the company was flat at Rs 578.72 crore. OPM was down by 70 bps to 7.8% resulting in a 9% fall in OP to Rs 45.29 crore. Other income was down by 8% to Rs 62.43 crore. Interest costs were up by 9% to Rs 1.19 crore. Depreciation was up by 56% to Rs 8.10 crore which resulted in a PBT being down by 11% to Rs 98.43 crore. After providing total tax of Rs 31.48 crore, down by 5%, PAT for March 2014 stood at Rs 66.95 crore, down by 14% YoY.

The promoter shareholding is around 74% as on Sep'14 and none of them are pledged.

Share price trades at Rs 870.

Centrifugal Compression Division in India being carried on by Cameron Manufacturing India Pvt Ltd will be taken over by Ingersoll Rand (India) which is in line with the holding company Ingersoll Rand Ireland, acquiring the Centrifugal Compression Division worldwide. The Board of Directors at its meeting has agreed and approved the purchase of the assets of the said Centrifugal Compression Division from Cameron Manufacturing (India) Pvt ltd by way of an asset purchase, for a consideration of Rs 160 lakh, subject to completion of the conditions set out in the asset purchase agreeemtn proposed to be executed between the company and Cameron Manufacturing India Pvt ltd.