• Operational income was down by 25% to Rs 105.27 crore but the value of production for the quarter was down by 22% to Rs 125.36 crore. Sale for the period and corresponding previous quarter was 16.0% and 12.7% lower than their respective value of production. This reflect strong inventory built up which will get liquidated in coming periods.
• Operating profit margin expanded by 150 bps to 9.5% and that is largely due to sharp fall in material cost. Material cost as proportion to sales net of stocks was down by 510 bps to 76.3%. However the staff cost stood higher by 150 bps to 4.8% and that of OE was higher by 260 bps to 10.9%. Thus the fall at operating profit was down by 10% to Rs 9.98 crore.
• Other income jumped up by 71% to Rs 10.78 crore. Thus the PBIDT was up by 19% to Rs 20.77 crore. The interest cost was lower by 5% to Rs 0.10 crore. The depreciation was down by 2% to Rs 1.51 crore. Thus the PBT was up by 21% to Rs 19.15 crore.
• Taxation in absolute terms was down by 10% to Rs 3.88 crore but the tax incidence was lower at 20.3% compared to 27.1% in the corresponding previous period. Thus growth at net profit was up by 32% to Rs 15.27 crore.

Nine month performance

Sales were higher by 6% to Rs 381.21 crore. Higher sale together with 220 bps expansion in OPM, the operating profit jumped by 50% to Rs 28.70 crore. The other income was up by 80% to Rs 32.31 crore. The interest cost was higher by 6% to Rs 0.32 crore and depreciation was lower by 3% to Rs 4.25 crore. Thus the PBT was higher by 74% to Rs 56.44 crore. The taxation was up by 47% to Rs 11.12 crore in absolute terms but with effective tax rate stand lower, the PAT was up by 83% to Rs 45.32 crore.

The stock hovers around Rs 941.85.