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International Combustion (India) recorded a 13% increase in the net sales to Rs 22.85 crore during the quarter ended June 08 fuelled by the growth in Geared Motor and Geared box segment. OPM was chopped down by 250 bps to 21.5% and Operating Profit witnessed a flat growth (up by 1%). But, spurt in other income by 187% to Rs 0.66 crore steered the net profit to rise by 9%.
Performance for quarter ended June 08
The company - for the first quarter ended FY 09, has opened its account by registering 13% rise in its topline to Rs 22.85 crore. The Mineral & Material Processing segment which grew slightly by 4%, contributed 74% of the sales and the remaining 26% was contributed by Geared Motor & geared boxes which rose by 60%. OPM fell by 250 bps to 21.5% on account of rise in expenditure heads as % of sales. Consumption cost and employee cost rose by 80 bps to 49.9% and by 100 bps to 14.2% respectively. Thus Profits at operating level recorded flat growth (up by 1%) to Rs 4.91 crore.
Other income zoomed by 187% to Rs 0.66 crore, Interest cost was same at Rs 0.07 crore as in corresponding previous quarter, where as depreciation rose by 13% and aided PBT to grew by 9% to Rs 4.72 crore. At PBIT level, segment margins of Geared Motor & Geared Box rose by 540 bps to 37.8%, while Minerals and Material Processing segment de grew by 60 bps to 37.8%. The tax rate augmented 9% of growth and left Net Profit to stay at 9% to Rs 51 crore.
Performance for Year ended Mar 08
The company has posted healthy results with top line rising up by 19% to Rs 95.18 crore for the year ended Mar 08. Geared Motor & Geared Box segment contributed 37% of the sales, while Mineral & Material Processing Handling Equipment segment contributed 14%. The profit at the operating level rose by 34% to Rs 19.87 crore, on the back of expansion in OPM by 230 bps to 20.9%. The other income rose by 46% to Rs 1.58 crore. With interest and depreciation rising up by 27% and 14% respectively, PBT stood 39% high at Rs 18.02 crore. Mineral & Material Processing Handling Equipment contributed 34% and Geared Motor & Motor Boxes contributed 9% of profit margin at PBT level. Thus, Mineral & Material Processing Handling Equipment shared large pie of 91.8% of PBIT and the remaining 8.2% was contributed by Geared Motor & Motor Boxes. Further, the fall in effective tax rate by 110 bps to 34.9%, powered Net Profit to rise by 42% to Rs 11.73 crore.
Other Information:
- The scrip has closed at Rs 333.30 as on 02 Aug 08.
- The promoter’s shareholding % was constant at 53% as on quarter ended June 08.
- The board of directors has recommended dividend at the rate of Rs 5 per share (50%) for the year ended FY 08, in the month of June.
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