Savita Oil Technologies net sales fell 11% to Rs 481.37 crore in Q2FY21 compared to Q2FY20. The company operating margins increased 250 bps to 10.2% leading to 17% increase in operating profits to Rs 49.04 crore.
Other income increased 272% to Rs 7.94 crore compared to Rs 2.13 crore. Interest cost was down 82% to Rs 1.21 crore. Depreciation fell 11% to Rs 4.95 crore. PBT was up 61% to Rs 50.81 crore.
Tax expense was up 103% to Rs 13.19 crore compared to Rs 6.51 crore. PAT reported was up 50% to Rs 37.62 crore.
Segment wise, petroleum products revenue stood at Rs 471.73 crore, down by 10% YoY and accounted for 96% of sales. PBIT from the same was up by 65% to Rs 46.31 crore and accounted for 85% of total PBIT with PBIT margin at 9.8% as compared to 5.3% for Sep19 quarter.
For the quarter, sales from wind power stood at Rs 14.24 crore down by 25% YoY and accounted for 3% of sales. PBIT from the same decreased to Rs 8.13 crore compared to Rs 13.21 crore over a year ago.
The outbreak of novel coronavirus (covid-19), a global pandemic and consequent lockdown in the country has adversely impacted operations of the company during the half year ended September, 2020. Although, most of the operations have resumed, some constraints are still being encountered with regard to availability of workforce and supply chain operations.
Performance for the half year ended Sep20
For half year ended Sep20, net sales fell 31% to Rs 744.34 crore. The company operating margins increased 10 bps to 8.4%. As a result operating profits fell 30% to Rs 62.48 crore.
Other income rose 255% to Rs 16.35 crore. Interest cost was down 67% to Rs 3.64 crore. Depreciation fell 10% to Rs 9.79 crore. PBT was down 9% to Rs 65.39 crore.
Effective tax rate was up 50 bps to 26.1%. PAT reported was down 10% to Rs 48.32 crore.
For the 6 months, sales from the petroleum products fell 30% to Rs 730.72 crore and accounted for 96% of sales. PBIT from the same was down by 16% to Rs 59.68 crore and accounted for 84% of total with PBIT margin at 8.2%.
For the 6 months, sales from the wind power stood at Rs 22.06 crore and accounted for 3% of sales. PBIT from the same was down by 41% to Rs 11.12 crore and accounted for 16% of total with PBIT margin at 50.4%.
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