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Kirloskar Pneumetic reported a 19% fall in net sales and 120 bps fall in OPM for June'13 quarter, which seasonally is also a weak quarter. Delay in execution and higher rainfall affected the sales and margins. Higher other income, lower interest costs and flattish depreciation, helped restricting the PBT fall by 17%. Finally, PAT was down by 18% to Rs 11.79 crore.
Performance for the quarter ended June'13
The company reported 19% fall in net sales to Rs 121.14 crore on y.o.y basis for June'13 quarter. Raw material costs and other expenditure as a % to net sales, net of stock adjustments, was down by 90 bps and 280 bps to 47.1% and 20.5% respectively, while the employee costs as a % to net sales, net of stock adjustments, was up by 470 bps to 18.2%. These led, OPM down by 120 bps to 13.7%, and thus resultant OP was down by 26% to Rs 16.63 crore.
Other income was up by 107% to Rs 3.97 crore. Interest costs was down by 48% to Rs 0.13 crore. Depreciation was more or less flat at Rs 3.08 crore, resulting PBT at Rs 17.39 crore, down by 17% y.o.y.
After providing total tax of Rs 5.60 crore, down by 14% y.o.y, the PAT for June'13 quarter stood at Rs 11.79 crore, down by 18% y.o.y.
Segmental Performance for the quarter ended June'13
For quarter ended Q1 FY'14, Compression systems segment, which contributed about 80% of total revenue, reported a 23% fall in sales to Rs 96.57 crore. PBIT margin for this segment, stood at 18.9% down by 320 bps on y.o.y basis and PBIT stood at Rs 18.28 crore.
For quarter ended Q1 FY'14, Transmission segment, which contributed about 20% of total revenue, reported a 3% increase in sales to Rs 23.51 crore. PBIT margin for this segment, stood at 16.1% and increased by 630 bps on y.o.y basis and PBIT stood at Rs 3.79 crore.
Performance for the year ended March'13
For the year ended Mar'13, the company reported a 18% fall in net sales to Rs 554.30 crore. OPM was down by 40 bps to 13.6%, resulting in 20% fall in OP to Rs 75.47 crore. Other income is up by 2% to Rs 8.10 crore, resulting in PBIDT down by 18% to Rs 83.57 crore. The interest costs was up by 10% to Rs 1.31 crore and depreciation was down by 5% to Rs 11.49 crore, resulting in PBT of Rs 70.77 crore, down by 20%. After providing tax of Rs 23.68 crore, down by 11% y.o.y, the PAT stood at Rs 47.09 crore, down by 24% y.o.y.
Promoter's shareholding stood at 63.23% and none of them are pledged as on June'13
The scrip is trading at around Rs 425.
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