Performance for the 12 months ended Mar'16

For the 12 months ended Mar'16, net sales were up by 1% at Rs 658.83 crore. OPM was down by 20 bps to 6.6%, resulting in a 3% decrease in OP to Rs 43.29 crore. Other income was lower by 10% to Rs 54.28 crore. Interest costs was down by 79% to Rs 0.43 crore and depreciation was up by 3% to Rs 11.92 crore. There is and EO expense of Rs 1.69 crore pertaining to sales tax provision of past years for 12 months ended Mar'16 as compared to an EO income of Rs 9.64 crore for Mar'15 pertaining to sales tax refund of past years. Thus PBT was lower by 7% to Rs 85.22 crore. After providing total tax of Rs 21.28 crore, down by 39%, PAT for 12 months ended Mar'16 was lower by 6% to Rs 62.25 crore on YoY basis.

The Board of Directors have recommended a final dividend of Rs 3 per equity share of face value of Rs 10 each for FY'16.

The Board has decided to discontinue the operations at Chennai plant. The company entered into Termination agreement with Ingersoll Rand Climate Solutions Pvt ltd, a fellow subsidiary, whereby IRCSPL has agreed to reimburse all the losses and expenses directly or indirectly suffered or incurred by the company upto the time all assets are sold and proceeds received by the company. The expenses reported for the quarter and 12 months ended Mar'16 is net of amounts recoverable from IRCSPL. This has no impact on the results.