• Sales net of excise duty was up by 13% to Rs 650.13 crore and the growth is largely driven by domestic sales which was up by 18% as exports for the quarter was down by 30% to Rs 45 crore. Sharp jump in sales for the quarter is largely due to impressive growth across all product segments with powergen, agriculture and industrial registered a growth of 10%, 18% and 17% respectively.
• Gross sales excluding excise duty and other operating income) was up by 13% to Rs 701.01 crore. But the value of production for the quarter was up by 14% to Rs 722.99 crore. Sale for the quarter is 3% lower than value of production for the quarter. In comparison the sale of corresponding previous period is 2.1% lower than its value of production. This reflects inventory built up during the quarter which will get liquidated in next few quarters. Other operating income was up by 12% to Rs 13.15 crore and thus the total operational income was up by 13% to Rs 714.16 crore.
• Operating profit margin expanded by 220 bps to 10.4% and this is largely due to fall in all cost heads barring material cost. The material cost as % to sales net of stocks and excise duty was up by 90 bps (to 52.7%) as the prices of pig iron is on ascent recently. The cost of traded goods was down by marginal 10 bps to 13.8%. And the staff cost was down by 100 bps (to 7.5%) and other expenses was up down 200 bps to 18.2%.
• Other income was lower by 7% to Rs 17.89 crore. The interest cost (net) was down by 68% to Rs 0.72 crore. The depreciation was higher by 3% to Rs 27.40 crore. Thus the growth at PBT (before EO) jumped up by 50% to Rs 63.74 crore.
• EO income for the quarter as well as corresponding previous quarter was nil. The taxation more than tripled (up 251%) to Rs 21.16 crore. Hit thus the net profit was eventually higher by 17% to Rs 42.58 crore.
• The other comprehensive income net of tax was an expense of Rs 0.30 crore compared to an expense of Rs 0.04 crore in the corresponding previous period. Thus the total comprehensive income was up by 16% to Rs 42.28 crore.

Half yearly performance

Sales net of excise and including other operating income was higher by 13% to Rs 1327.89 crore. However gained by higher sales as well as 180 bps expansion in OPM, the operating profit was up by 36% to Rs 155.67 crore. The PBT was up by 54% (to Rs 145.57 crore) after accounting for lower interest cost and higher depreciation and higher other income. The EO item is nil for the period as well as corresponding previous period. The taxation jumped up by 169% to Rs 44.24 crore and thus hurt the PAT was eventually higher by 30% to Rs 101.33 crore.

The stock hovers around Rs 352.05.