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Standalone net sales (including other operating income) for the quarter ended March 2021 has increased 16% to Rs 458.66 crore. Operating profit margin has slumped from 14.2% to 10.7%, leading to 13% decline in operating profit to Rs 49.24 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 7.46% to 5.05%. Employee cost decreased from 4.67% to 4.21%. Other expenses rose from 73.56% to 80.04%. Construction development cost rose from 67.06% to 75.32%. Other direct service cost fell from 0.92% to 0.58%. Other income fell 19% to Rs 1.06 crore. Provision for interest fell 20% to Rs 14.85 crore. Provision for depreciation down 11% to Rs 5 crore. Thus profit before tax was down 9% to Rs 30.45 crore. EO income for the quarter was Rs 21.32 crore (due to reversal of earlier period provision) compared to nil in corresponding previous period. The company in Jun 2017 created a provision of Rs 30.33 crore (including interest of Rs 21.32 crore)towards demand of sales tax demand (against works contract) by Government of Rajasthan. AS the company got the interest demand waived under the recent amnesty scheme 2021 announced by the Rajasthan Government, the company reversed the earlier provision. Thus PBT after EO was up 54% to Rs 51.77 crore. Provision for tax was expense of Rs 13.32 crore, compared to Rs 8.17 crore. Effective tax rate was 25.7% compared to 24.4%.Profit after tax rose 52% to Rs 38.45 crore.
Yearly performance
Net sales (including other operating income) has declined 24% to Rs 1,241.40 crore. Operating profit margin has slumped from 11.2% to 9.5%, leading to 36% decline in operating profit to Rs 117.38 crore. Other income up 18% to Rs 5.94 crore. Provision for interest fell 1% to Rs 67.76 crore. Provision for depreciation rose 8% to Rs 19.89 crore. Thus PBT before EO was down 64% to Rs 35.66 crore.
EO income for the period was Rs 21.32 crore compared to nil in corresponding previous period. EO income for the period is due to reversal of provision created towards sales tax demand (against works contract) of Rs 30.33 crore (including interest of Rs 21.32 crore) in quarter ended Jun 2017 following the interest waiver it obtained under amnesty scheme 2021 by the Rajasthan Government.
Profit before tax after EO was down 43% to Rs 56.98 crore. Provision for tax was expense of Rs 14.98 crore, compared to Rs 26.95 crore. Effective tax rate was 26.29% compared to 26.85%.Profit after tax fell 43% to Rs 42.00 crore.
Order book
The estimated balance value of the work as at May 31, 2021 is Rs 4519.44 crore as against Rs 5007.70 crore as at June 20th June 2020.
The company is L1 in two projects having value of Rs 419.83 crore as at May 31, 2021.
Other developments
To pay a dividend of Rs 2 (or 100%) per equity share of FV of Rs 2 each for Fy21.
Equity capital stood at Rs 9.69 crore as of 31 March 2021 to Rs 9.69 crore as of 31 March 2020. Per share face Value remained same at Rs 2.00.
Promoters' stake was 69.92% as of 31 March 2021,compared to 69.92% as of 31 March 2020.
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