• Sales were higher by 13% to Rs 187.32 crore but the value of production for the quarter was up by 12% to Rs 209.02 crore. The sale for the quarter and corresponding previous period was 89.6% and 89% of respective value of production. Sales lower than value of production reflects inventory buildup which will get liquidated in coming quarters.
• Operating profit margin expanded by marginal 120 bps to 11% and that was largely due to lower material cost. While the material cost as % to sales was down by 180 bps to 79.2%, the staff cost was up by 10 bps to 3.6%. The OE was up by 60 bps to 7.4%. Thus facilitated largely by higher sales and higher OPM, the operating profit was up by 27% to Rs 20.61 crore.

Effective 1st April, 2019, the Company has adopted Ind As 116 Leases using the modified retrospective approach. The adoption of the standard did not have any material impact to the financial results.