Other income increased 137% to Rs 2.19 crore compared to Rs 0.92 crore. Interest cost was nil compared to Rs 0.01 crore. Depreciation was down 7% to Rs 1.09 crore. PBT was down 8% to Rs 12.21 crore.

Effective rate of taxes down 1850 bps to 16.3%. PAT reported was up 18% to Rs 10.22 crore.

Performance for the nine months ended September 2019

For nine months ended September 2019, net sales fell 9% to Rs 249.2 crore. The company operating margins increased 60 bps to 15.1%. As a result operating profits fell 5% to Rs 37.52 crore.

Other income rose 94% to Rs 5.45 crore. Interest cost nil compared to Rs 0.2 crore. Depreciation fell 13% to Rs 3.06 crore. PBT was up 3% to Rs 39.91 crore.

Effective tax rate was down 570 bps to 29.6%. PAT reported was up 12% to Rs 28.11 crore.

Performance for the year ended December 2018

For year ended December 2018, net sales rose 1% to Rs 362.16 crore. The company operating margins decreased 50 bps to 13.9%. As a result operating profits fell 2% to Rs 50.69 crore.

Other income rose 75% to Rs 4.43 crore. Interest cost was Rs 0.21 crore compared to Rs 0.35 crore. Depreciation fell 15% to Rs 4.54 crore. PBT was up 4% to Rs 50.07 crore.

Effective tax rate was up 150 bps to 36%. PAT reported was up 1% to Rs 32.04 crore.

The Board of Directors of the company has declared a 2nd interim dividend of Rs 7 (70%) per equity share of Rs.10 each. In addition to the earlier interim dividend totaling Rs. 8 (80%) per share this declaration brings the cumulative Interim dividend to Rs. 15 (150%) per share for the financial year ending on 31 December. 2019

The scrip is currently trading at Rs 1394