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The company reported net sales of Rs 93.28 crore, which is down by 16% on YoY basis, for the quarter ended December19. OPM was down by 550 bps to 11.7% which resulted in OP lower by 41% to Rs 10.9 crore. Other income was up by 11% to Rs 3.97 crore. Interest cost was Nil compared to Rs 5 lakh in quarter ended December18. Depreciation was higher by 6% to Rs 1.9 crore. PBT stood at Rs 12.98 crore, down by 36% YoY. After providing total tax of Rs 2.42 crore down by 60%, PAT for Dec 19 quarter stood at Rs 10.55 crore down by 26% YoY.
Electrical Insulation segment sales stood at Rs 82.25 crore down by 14% YoY and accounted for 88% of total sales. PBIT of the segment stood at Rs 9.76 crore, down by 34% YoY with PBIT margin at 11.9%.
Engineering & Electronics Resins segment sales stood at Rs 11.42 crore down by 31% YoY and accounted for 12% of total sales. PBIT of the segment stood at Rs 48 lakh, down by 81% on YoY basis with PBIT margin at 4.2%.
Performance for the year ended December 2019
Net sales for year ended December 2019 stood at Rs 394.07 crore down by 4% YoY. OPM was down by 210 bps to 13.7% resulting in a 17% fall in OP to Rs 53.82 crore. Other income was up by 33% to Rs 15.83 crore. Interest cost stood at Rs 34 lakh and depreciation was up by 12% to Rs 7.35 crore. Thus PBT before EO was down by 11% to Rs 61.96 crore. There was EO income of Rs 1.83 crore related to write back of provision for certain legal matters no longer required compared to EO gain of Rs 19.28 crore pertaining to sale of office premises in 12 months ended December 18. Thus, PBT after EO stood at Rs 63.79 crore down by 28% YoY. After providing total tax of Rs 14.23 crore which down by 39% YoY, PAT for 12 months ended December 19 stood at Rs 49.56 crore, down by 25% YoY.
For the 12 months ended December 19, Electrical Insulation segment sales stood at Rs 345.95 crore flat on YoY basis and accounted for 87% of total sales. PBIT of the segment stood at Rs 47.66 crore, down by 11% YoY basis and accounted for 86% of total PBIT with PBIT margin at 13.8%.
Engineering & Electronics Resins segment sales stood at Rs 51.61 crore down by 18% and accounted for 13% of total sales. PBIT of the segment stood at Rs 5.89 crore, down by 34% on YoY basis with PBIT margin at 11.4%
On March 6, 2019 the company was directed for closure of its operation in Ankleshwar by the Gujarat Pollution Control Board (GPCB) due to a suspected water contamination issue. GPCB through its subsequent orders had granted temporary revocation of the closure order. Last order dated December 23, 2019 receied from GPCB has provided temporary revocation upto March 23, 2020. The company is representing to GPCB for a permanent revocation of the closure order and is doing all the necessary acts, deeds and formalities in that connection.
The Board of directors of the company has recommended payment of a final dividend of Rs 5 per equity share of Rs 10 each for the year 2019.
The stock trades at Rs 2769.
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