On standalone basis, the company's total operating income grew by 18% to Rs 328.65 crore. With 840 bps hike in OPM to 19.2%, its operating profit grew by whopping 109% to Rs 63.08 crore. Due to increase in other income and decline in interest cost, it reported net profit of Rs 1.74 crore against net loss of Rs 21.34 crore in Dec 08 quarter.

The financial results for the quarter ended and the nine months ended 31^st December, 2009 are not comparable with corresponding period(s) of the previous year on account of non-reinstatement of long-term foreign currency liabilities / borrowings at the closing rate in accordance with AS-11 (Revised 2003) for the period ended December, 2008.

According to Mr. Sanjay Labroo, MD & C.E.O., AIS - "After a gap, AIS has made a profit this quarter. Though marginal, this profit reflects the slow-but-sure return of AIS to its past performances. Although, most of the improvement in the financial performance has been due to the very strong performance in the automotive segment, we are now confident of better business conditions in the architectural segment also. However, with the new capacities coming up, the competition in the float glass segment is increasing, resulting in weakening of prices of basic varieties of float glass. The key differentiator, therefore, would be to have a correct product mix with increased offerings of high quality valued-added products. AIS continues to compete in this segment by offering series of new value-added products, which have been well received in the market. Overall, I think we are in line with our projected recovery path and expect to do much better than last year. "

Quarter Performance

The company's consolidated total operating income grew by 17% to Rs 335.38 crore partially limited by float glass segment. The company's consolidated float glass sales grew by flat 2% to Rs 168.12 crore. However robust performance in automotive glass sales by impressive 65% to Rs 188.41 crore and healthy growth in others sales by 28% to Rs 22.94 crore lifted the consolidated operating income.

Impressive growth in operating profit margin (OPM) by 820 bps to 19.1% boosted the operating profit by whopping 105% to Rs 64.22 crore. The increase in operating performance was largely driven by fall in raw material cost by 660 bps to 22.8% (as % to sales net stock adjusted). The remaining costs i.e. staff cost and purchase of traded goods grew by 60 bps to 8% and 70 bps to 1% respectively. On the other hand, other expenditure declined by 250 bps to 26%.

Segmentwise, the PBIT margin of automotive segment surged by whopping 1740 bps to 19%. This in turn lifted its PBIT to whopping Rs 34.94 crore from low of Rs 1.36 crore in Dec 08 quarter. The LBIT margin of Float glass segment grew by 40 bps to 1% lifting its LBIT by 47% to Rs 2.32 crore. The Others' PBIT slipped by notable 1110 bps to 3% pulling down its PBIT by 70% to Rs 0.77 crore.

It recorded consolidated PBT of Rs 2.07 crore against LBT of Rs 32.63 crore in Dec 08 quarter thanks to growth in other income and decline in interest cost. The other income stood at Rs 2.15 crore against net expense of 0.36 crore in Dec 08 quarter. The interest cost dipped by 11% to Rs 31.32 crore. The depreciation grew by 15% to Rs 32.98 crore. Further on accounting tax provision, it reported PAT of Rs 1.18 crore against LAT of Rs 22.20 crore. On considering the prior period adjustment (PPA), share of profits of associates and minority interest, it settled with consolidated net profit of Rs 1.47 crore against net loss of Rs 22.16 crore in Dec 08 quarter.

On standalone basis, the company's total operating income grew by 18% to Rs 328.65 crore. With 840 bps hike in OPM to 19.2%, its operating profit grew by whopping 109% to Rs 63.08 crore. Due to increase in other income and decline in interest cost, it reported PBT of Rs 2.64 crore against LBT of Rs 31.79 crore. On considering the tax provision and PPA, it achieved net profit of Rs 1.74 crore against net loss of Rs 21.34 crore in Dec 08 quarter.

In nine month ending Dec 09, the consolidated total operating income grew but marginally by 5% to Rs 972.87 crore due to downfall in sales of float glass segment. The float glass sales declined by 10% to Rs 484.45 crore. However growth in sales of automotive glass and others by 35% to Rs 512.57 crore and 10% to Rs 60.44 crore respectively partially lifted the operating income. With impressive 680 bps growth in OPM to 18.7%, the operating profit grew by robust 65% to Rs 182.16 crore.

Segmentwise, the PBIT margin of automotive grew by whopping 1090 bps to 17% lifting its PBIT by significant 263% to Rs 89.40 crore. The float glass segment recorded LBIT margin of 1% against PBIT of less than 1% in nine month ending Dec 08. It translated to LBIT of Rs 5.42 crore in float glass segment against PBIT of Rs 1.81 crore in nine month ending Dec 08. On the other hand, the Others' achieved PBIT margin of Rs 4% against LBIT margin of 3% in nine month ending Dec 08 resulting in PBIT of Rs 2.53 crore against LBIT of Rs 1.42 crore in nine month ending Dec 08.

The LBT crashed by 82% to Rs 11.66 crore thanks to increase in other income to Rs 2.77 crore (against Rs -0.42 crore in nine month ending Dec 08) and marginal growth of 8% in interest cost to Rs 98.17 crore. The depreciation cost grew by 16% to Rs 98.42 crore. On accounting tax provision, PPA, minority interest and profits from associates, its consolidated net loss crashed by 83% to Rs 7.52 crore.

On standalone basis, the company's total operating income grew by meager 5% to Rs 954.62 crore. The OPM increased by 680 bps to 18.6% lifting the operating profit by robust 65% to Rs 177.82 crore. The LBT crashed by 83% to Rs 10.65 crore thanks to whopping growth in other income to Rs 3.45 crore against Rs 0.31 crore in nine month ending Dec 08. The net loss further declined by whopping 84% to Rs 7.07 crore after accounting tax provision and PPA.

The promoters' share in the total shareholding remains unchanged at 55.19% in Dec 09 quarter. However the share of promoters' pledged shares to the total has reduced to 12.27% in Dec 09 quarter from 12.91% in Sep 09 quarter.

Currently the scrip is trading at Rs 69.80 on BSE.