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Ion Exchange reported a 5% rise in net sales for Sep 18 quarter to Rs 228.82 crore. The OPM stood at 5.4% up by 40 bps resulting in a further 13% increase in OP to Rs 12.27 crore. Other income was higher by 63% to Rs 14.82 crore. The interest costs were lower by 1% to Rs 3.89 crore, depreciation costs were higher by 40% to Rs 4.51 crore. Thus at PBT level, profit for Sep 18 quarter stood at Rs 18.69 crore up by 46% YoY. After paying total tax of Rs 6.64 crore up by 36% YoY, PAT for Sep 18 quarter stood at Rs 12.05 crore up by 52% YoY.
For the quarter, sales from the Engineering segment stood at Rs 118.04 crore and accounted for 49% of sales. PBIT from the same was up by 98% to Rs 5.97 crore and accounted for 37% of total.
For the quarter, sales from the Chemicals stood at Rs 97.91 crore and accounted for 40% of sales. PBIT from the same was up by 10% to Rs 10.95 crore and accounted for 67% of total.
For the quarter, sales from the Consumer Product Segment stood at Rs 26.7 crore and accounted for 7% of sales. Loss from PBIT from the same stood at Rs 0.64 crore as compared to loss of Rs 0.45 crore for Sep 17 quarter.
Performance for 6 months ended Sep 18
The company reported 2% rise in net sales to Rs 434.37 crore for 6 months ended Sep 18. OPM was down by 30 bps to 5% thus resulting in a 4% fall in OP to Rs 21.84 crore. Other income was up by 109% to Rs 30.82. Interest cost was up by 14% to Rs 8.13 crore resulting in a 14% increase in PBDT to Rs 8.13 crore. Depreciation was up by 38% to Rs 8.89 crore, thus resulting in the PBT growth of 49% to Rs 35.64 crore. After providing total tax of Rs 12.69 crore, PAT for 6 months ended Sep 18 period was higher by 51% to Rs 22.95 crore.
For the 6 months, sales from the Engineering segment stood at Rs 225.57 crore and accounted for 49% of sales. PBIT from the same was up by 111% to Rs 14.88 crore and accounted for 45% of total.
For the 6 months, sales from the Chemicals stood at Rs 182.51 crore and accounted for 40% of sales. PBIT from the same was up by 1% to Rs 20.06 crore and accounted for 60% of total.
For the 6 months, sales from the Consumer Product Segment stood at Rs 49.61 crore and accounted for 11% of sales. Loss from PBIT from the same stood at Rs 1.72 crore as compared to loss of Rs 2.2 crore.
Other updates
In engineering segment, overall order booking improved. On Srilankan order, significant phase of civil work has commenced. Whilst the revenue recognition is insignificant, the company expects substantial revenue recognition in the 2nd half of the financial year.
In chemicals segment, increased demand requirement has resulted in higher off take during the quarter. However, margins have remained under pressure due to rising commodity prices.
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