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The company reported net sales of Rs 46.21 crore, which is downby 57% on YoY basis, for the quarter ended June'20. OPM was down by 1130 bps to 2.6% which resulted in OP lowerby 92% to Rs 1.22 crore. Other income was up by 44% to Rs 7.78 crore. Interest cost was nil. Depreciation was higher by 58% to Rs 2.9 crore. PBT stood at Rs 6.1 crore, downby 67% YoY. After providing total tax of Rs 1.35 crore down by 76%, PAT for June'20 quarter stood at Rs 4.75 crore down by 63% YoY.
Electrical Insulation segment sales stood at Rs 41.77 crore down by 56% YoY and accounted for 89% of total sales. PBIT of the segment stood at Rs 35lakh, down by 98% YoY with PBIT margin at 0.8%.
Engineering & Electronics Resins segment sales stood at Rs 5.08 crore down by 62% YoY and accounted for 11% of total sales. PBIT of the segment stood a loss of Rs 31 lakh compared to profit of Rs 1.98 crore in the corresponding previous year period.
Performance for the year ended December 2019
Net sales for year ended December2019 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 December18. 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 December19 stood at Rs 49.56 crore, down by 25% YoY.
For the 12 months ended December19, 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.Videlast order the GPCB has provided temporary revocation for further 6 months which will expire in January 2021. 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.
On December 24, 2019 the wlre enamel buslness of Hubergroup lndla Private Limited was acquired in the form of an asset deal for a consideration of Rs 45 crore. Due to the acquistion the numbers of the current period are not comparable to the previous periods disclosed.
The stock trades at Rs 2179.
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