• Just an early single digit growth in revenue for the period was largely due to fall in revenue from cookers while that of others product categories stand higher. Sales of cooker was down by 9% to Rs 165.06 crore but that of cookware was up by 8% to Rs 101.97 crore. The sales of appliance was up by 7% to Rs 298.44 crore and that of others on low base was up by 41% to Rs 24.76 crore. Despite strong demand, sales of cooker was lower due to supply constraint as the output of vendors are hit by labour shortage with migrant labour not returning as well as July 2020 month sales hit by deferral of sales promotion, which was late by about two month due to COVID.

• Contraction in OPM was largely due to higher material cost as % of sales. While the material cost was up by 230 bps to 60.6%, that of staff cost and OE was down by 50 bps (to 7.2%) and 160 bps (to 17.9%) respectively.

Half Yearly performance

Consolidated sales for the period was lower by 19% to Rs 863.27 crore. Hit by lower sales as well as 220 bps contraction in OPM to Rs 11.2%, the operating profit was down by 33% to Rs 96.66 crore. Other income was up by 16% to Rs 14.61 crore. As interest down by 12% to Rs 1.82 crore and depreciation up by 20% to Rs 19.26 crore, the PBT was down by 35% to Rs 90.19 crore. With taxation was up by 3% to Rs 22.61 crore and thus PAT was down by 42% to Rs 67.58 crore.