Orient Refractories net sales rose 41% to Rs 178.86 crore for quarter ended March 2018 compared to corresponding previous year period. The company operating margins rose 210 bps to 22.9%. As a result operating was up 55% to Rs 40.9 crore.
Cost of material consumed as a percentage of net sales (net of stock adjustment) fell 100 bps to 38.3% while purchase of stock in trade fell 180 bps to 16.7%. Employee benefit expenses decreased 30 bps to 6.6% and other expense increased 100 bps to 15.6%.
Other income of the company rose 35% to Rs 2.94 crore. Interest cost nil. Depreciation rose 13% to Rs 1.7 crore. PBT as a result rose 56% to Rs 42.14 crore. The effective tax rate rose to 34.8% compared to 34.3% owing to which the company's PAT increased 54% to Rs 27.46 crore.
Year ended Performance
For year ended March 2018, net sales rose 21% to Rs 26.79 crore compared to corresponding previous year. The company operating margins rose 40 bps to 20.3%. As a result operating was up 23% to Rs 127.05 crore.
Cost of material consumed as a percentage of net sales (net of stock adjustment) was up 40 bps to 38.7% while purchase of stock in trade fell 220 bps at 16.5%. Employee benefit expenses decreased 40 bps to 7.6% and other expense increased 130 bps to 16.9%.
Other income of the company rose 29% to Rs 10.63 crore. Interest cost was nil. Depreciation rose 8% to Rs 6.83 crore. PBT as a result rose 24% to Rs 130.85 crore. The effective tax rate fell to 34.4% compared to 34.6% owing to which the company's PAT increased 25% to Rs 85.83 crore.
The scrip is currently trading at Rs 179
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