Other income decreased 32% to Rs 4.31 crore compared to Rs 6.33 crore. PBIDT fell 20% to Rs 29.28 crore. Interest cost was nil. Depreciation was up 14% to Rs 7.09 crore. PBT was down 27% to Rs 22.19 crore.

 Effective rate of taxes rose 100 bps to 27%. PAT reported was down 28% to Rs 16.24 crore. 

Consequent to the nationwide lockdown announced on 24th March 2020, the operations of the company were disrupted. Due to relaxations and permissions received from the authorities, the operation subsequently improved and is expected to be ramped up to full scale depending on the further easing of the situation and increase in customer demand.

Performance for the year ended Dec' 20 

For year ended Dec'20, net sales fell 11% to Rs 791.51 crore. The company operating margins decreased 390 bps to 9.7%. As a result operating profits fell 36% to Rs 76.81 crore.  

Other income fell 28% to Rs 20.98 crore. Interest cost nil. Depreciation fell 1% to Rs 26.24 crore. PBT was down 42% to Rs 71.55 crore. 

Effective tax rate was down 500 bps to 26%. PAT reported was down 38% to Rs 53.05 crore. 

The Board of directors has recommended payment of dividend of Rs 7 per share of nominal value of Rs 10 each for the year ended December 31, 2020. 

The scrip is currently trading at Rs 1099