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Ion Exchange reported a 3% rise in net sales for Dec 18 quarter to Rs 249.85 crore. The OPM stood at 7.6% up by 170 bps resulting in a further 33% increase in OP to Rs 19.10 crore. Other income was higher by 43% to Rs 8.47 crore. The interest costs were higher by 6% to Rs 3.88 crore, depreciation costs were higher by 51% to Rs 4.50 crore. Thus at PBT level, profit for Dec 18 quarter stood at Rs 19.19 crore up by 40% YoY. After paying total tax of Rs 6.38 crore up by 33% YoY, PAT for Dec 18 quarter stood at Rs 12.81 crore up by 45% YoY.
For the quarter, sales from the Engineering segment stood at Rs 128.72 crore and accounted for 48% of sales and were down by 10%. PBIT from the same was up by 64% to Rs 5.02 crore and accounted for 28% of total with PBIT margin at 3.9%, up from 2.1%.
For the quarter, sales from the Chemicals stood at Rs 113.20 crore and accounted for 42% of sales and were up by 34%. PBIT from the same was up by 19% to Rs 13.24 crore and accounted for 75% of total with PBIT margin at 11.7%, down from 13.2%.
For the quarter, sales from the Consumer Product Segment stood at Rs 27.62 crore and accounted for 10% of sales. Loss from PBIT from the same stood at Rs 0.6 crore as compared to loss of Rs 0.83 crore for Dec 17 quarter.
Performance for 9 months ended Dec 18
The company reported 4% rise in net sales to Rs 684.22 crore for 9 months ended Dec 18. OPM was up by 40 bps to 6% thus resulting in a 10% rise in OP to Rs 40.94 crore. Other income was up by 90% to Rs 39.29. Interest cost was up by 11% to Rs 12.01 crore resulting in a 11% increase in PBDT to Rs 12.01 crore. Depreciation was up by 42% to Rs 13.39 crore, thus resulting in the PBT growth of 46% to Rs 54.83 crore. After providing total tax of Rs 19.07 crore, PAT for 9 months ended Dec 18 period was higher by 49% to Rs 35.76 crore.
For the 9 months, sales from the Engineering segment stood at Rs 354.29 crore and accounted for 49% of sales. PBIT from the same was up by 97% to Rs 19.90 crore and accounted for 39% of total.
For the 9 months, sales from the Chemicals stood at Rs 295.71 crore and accounted for 41% of sales. PBIT from the same was up by 7% to Rs 33.30 crore and accounted for 65% of total.
For the 9 months, sales from the Consumer Product Segment stood at Rs 77.23 crore and accounted for 2% of sales. Loss from PBIT from the same stood at Rs 2.32 crore as compared to loss of Rs 3.03 crore.
Other updates
In engineering segment, overall order booking improved. On Srilankan order, significant phase of civil work has commenced. Whilst the revenue recognition is insignificant, the company expects substantial revenue recognition in the Mar 19 quarter.
On chemicals segment, increased demand requirement has resulted in higher off take during the quarter.
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