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Results
16-Feb-17
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Analysis
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Arrow Greentech
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Steady quarter
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For quarter ended Dec'16, consolidated net sales of Arrow Greentech (formerly Arrow Coated Products) stood at Rs 13.87 crore up by 5% YoY. OPM was lower by 880 bps to 71%, leading to a 7% lower OP to Rs 9.85 crore. Higher employee costs and other expenditure led to lower margins in Dec'16 quarter. Other income was lower by 48% to Rs 0.13 crore. Depreciation was higher by 142% to Rs 0.63 crore post the capex of Rs 15 crore spent on new water soluble film line in Gujarat. Thus, PBT stood at Rs 9.35 crore, down by 12%. Total tax stood at Rs 1.88 crore down by 44% YoY due to deferred tax credit. Thus, PAT stood at Rs 7.47 crore, up by 4% YoY. After providing MI of Rs 0.11 crore, consolidated PAT for Dec'16 quarter stood at Rs 7.36 crore up by 4% YoY.
Performance for 9 months ended Dec'16
For 9 months ended Dec'16, consolidated net sales stood at Rs 38.38 crore, up by 4% YoY. OPM stood at 70.5%, lower by 860 bps leading to a 7% decrease in OP to Rs 27.07 crore. Other income was up by 59% to Rs 2.22 crore. Depreciation costs were up by 78% to Rs 1.39 crore. Thus, PBT stood at Rs 27.90 crore, down by 7%. Total tax stood at Rs 3.94 crore as compared to Rs 7.39 crore for 9 months ended Dec'15. After providing MI of Rs 0.36 crore as compared to Rs 0.42 crore for 9 months ended Dec'15, consolidated PAT for 9 months ended Dec'16 stood at Rs 23.60 crore as compared to profit of Rs 22.07 crore for 9 months ended Dec'15.
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