Other income grew 47% to Rs 2.83 crore and depreciation went up 7% to Rs 2.56 crore.

Thus PBT grew 23% to Rs 14.34 crore.

EO loss was NIL against Rs 2.84 crore. Thus PBT after EO grew 62% to Rs 14.34 crore.

Tax grew 65% to Rs 4.36 crore after which PAT grew 61% to Rs 9.98 crore.

For the six months ended September 2016, Esab India registered 5% sales growth to Rs 257.89 crore. OPM improved 40 basis points to 10.3% which took OP growth to 9% to Rs 26.52 crore.

Other income grew 45% to Rs 5.00 crore and depreciation went down 1% to Rs 4.73 crore.

Thus PBT grew 16% to Rs 26.79 crore.

EO loss was NIL against Rs 2.84 crore. Thus PBT after EO grew 32% to Rs 26.79 crore.

Tax grew 31% to Rs 8.19 crore after which PAT grew 33% to Rs 18.60 crore.

Segment results

For the quarter, sales from the Consumables segment grew 1% to Rs 94.79 crore and accounted for 72% of sales. PBIT from the same jumped 31% to Rs 12.01 crore and accounted for 84% of total.

For the quarter, sales from the Equipment division grew 10% to Rs 36.47 crore and accounted for 28% of sales. PBIT from the same fell 23% to Rs 2.23 crore and accounted for 16% of total.

For the six months, sales from the Consumables segment grew 4% to Rs 188.23 crore and accounted for 73% of sales. PBIT from the same jumped 24% to Rs 25.09 crore and accounted for 89% of total.

For the six months, sales from the Equipment division grew 8% to Rs 69.66 crore and accounted for 27% of sales. PBIT from the same fell 42% to Rs 3.09 crore and accounted for 11% of total.

PBIT margin of Consumables segment improve

For the quarter PBIT margin of Consumables segment improved from 9.8% to 12.7% but that of the Equipment division fell from 8.7% to 6.1%.

For the six months PBIT margin of Consumables segment improved from 11.2% to 13.3% but that of the Equipment division fell from 8.3% to 4.4%.

Other details

Following a review of manufacturing capacities of the Company's consumable Plant locations, the Board of Directors at its meeting held on May 26, 2015 approved the discontinuance of operations of the Consumables Plant at Khardah, Kolkata. The Board also approved shifting some of its manufacturing and related equipment to other such plant locations. The Board also approved the sale, disposal or transfer of the remaining moveable and immoveable assets pertaining to the plant at Khardah, Kolkata. The shareholders have also accorded their approval vide e-voting/postal ballot on August 10, 2015. This has necessitated an Exceptional Expenditure of NIL (quarter ended September 2015: Rs 2.84 crore; FY March 2016 Rs 3.53 crore) arising out of impairment loss on fixed assets at Khardah plant.

Valuation

The share price trades at Rs 633.