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For the quarter ended September 2016, Ador Welding registered a 11% rise in sales to Rs 112.03 crore. OPM improved 160 basis points to 9.1% (from 7.6%) which saw OP rise 34% to Rs 10.24 crore.
Other income fell 52% to Rs 89 lakh and depreciation was down 3% to Rs 2.83 crore. Thus PBT grew 25% to Rs 8.15 crore.
EO loss was NIL against Rs 1.55 crore. thus PBT after EO jumped 64% to Rs 8.15 crore.
Provision for tax grew 79% to Rs 2.91 crore after which net profit grew 56% to Rs 5.24 crore.
Six months results
For the six months ended September 2016, Ador Welding registered a 4% rise in sales to Rs 197.13 crore. OPM fell 260 basis points to 6.4% (from 9.0%) which saw OP fall 26% to Rs 12.70 crore.
Other income rose 13% to Rs 3.08 crore and depreciation was down 5% to Rs 5.67 crore. Thus PBT fell 28% to Rs 9.86 crore.
EO loss was NIL against Rs 1.55 crore. Thus PBT after EO fell 19% to Rs 9.86 crore.
Provision for tax grew 2% to Rs 3.28 crore after which net profit fell 26% to Rs 6.58 crore.
Segment results
For the quarter, sales from the Consumables Segment grew 9% to Rs 80.90 crore and accounted for 72% of total. PBIT from the same grew 32% to Rs 10.27 crore and accounted for 94% of total.
For the quarter, sales from the Equipment & Project Engineering Segment grew 16% to Rs 31.13 crore and accounted for 28% of total. PBIT from the same fell 10% to Rs 60 lakh and accounted for 6% of total.
For the six months, sales from the Consumables Segment grew 8% to Rs 144.37 crore and accounted for 73% of total. PBIT from the same grew 30% to Rs 15.72 crore and accounted for 108% of total.
For the six months, sales from the Equipment & Project Engineering Segment fell 5% to Rs 52.76 crore and accounted for 27% of total. PBIT from the same stood at a loss of Rs 1.12 crore against a profit of Rs 7.27 crore and accounted for -8% of total.
PBIT margins
For the quarter PBIT margins for the Consumables segment grew from 10.5% to 12.7% while that of the Equipment & Project Engineering business fell from 2.5% to 1.9%.
For the six months PBIT margins for the Consumables segment grew from 9.1% to 10.9% while that of the Equipment & Project Engineering business fell from 13.1% to -2.1%.
Valuation
The share price trades at Rs 320.
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