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Orient Refractories net sales rose 12% to Rs 148.41 crore for quarter ended September 2017 compared to corresponding previous year period. The company operating margins rose 70 bps to 19.7%. As a result operating was up 16% to Rs 29.22 crore.
Cost of material consumed as a percentage of net sales (net of stock adjustment) fell 40 bps to 38.8% while purchase of stock in trade fell 150 bps to 15.5%. Employee benefit expenses increased 20 bps to 8% and other expense decreased 30 bps to 17.3%.
Other income of the company rose 39% to Rs 3.05 crore. Interest cost nil. Depreciation rose 11% to Rs 1.75 crore. PBT as a result rose 18% to Rs 30.52 crore. The effective tax rate fell to 34.2% compared to 34.5% owing to which the company's PAT increased 19% to Rs 20.09 crore.
Half year ended Performance
For half year ended September 2017, net sales rose 10% to Rs 290.1 crore compared to corresponding previous year. The company operating margins fell 130 bps to 18.3%. As a result operating was up 3% to Rs 53.05 crore.
Cost of material consumed as a percentage of net sales (net of stock adjustment) was up 40 bps to 38.5% while purchase of stock in trade fell 100 bps at 16.8%. Employee benefit expenses increased 50 bps to 8.3% and other expense increased 130 bps to 17.5%.
Other income of the company rose 34% to Rs 5.54 crore. Interest cost was nil. Depreciation rose 9% to Rs 3.39 crore. PBT as a result rose 5% to Rs 55.21 crore. The effective tax rate fell to 34.1% compared to 34.6% owing to which the company's PAT increased 6% to Rs 36.39 crore.
The scrip is currently trading at Rs 155
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