Electrical Insulation segment sales stood at Rs 95.1 crore up by 11% YoY and accounted for 90% of total sales. PBIT of the segment stood at Rs 12.93 crore, down by 2% YoY with PBIT margin at 13.6%.  

Engineering & Electronics Resins segment sales stood at Rs 10.72 crore down by 21% YoY and accounted for 10% of total sales. PBIT of the segment stood at Rs 1.27 crore, down by 2% on YoY basis with PBIT margin at 11.8%.

Performance for the year ended December 2019 

Net sales for year ended December 2019 stood at Rs 394.07 crore down by 4% YoY. OPM was down by 210 bps to 13.7% resulting in a 17% fall in OP to Rs 53.82 crore. Other income was up by 33% to Rs 15.83 crore. Interest cost stood at Rs 34 lakh and depreciation was up by 12% to Rs 7.35 crore. Thus PBT before EO was down by 11% to Rs 61.96 crore. There was EO income of Rs 1.83 crore related to write back of provision for certain legal matters no longer required compared to EO gain of Rs 19.28 crore pertaining to sale of office premises in 12 months ended December 18. Thus, PBT after EO stood at Rs 63.79 crore down by 28% YoY. After providing total tax of Rs 14.23 crore which down by 39% YoY, PAT for 12 months ended December 19 stood at Rs 49.56 crore, down by 25% YoY.  

For the 12 months ended December 19, Electrical Insulation segment sales stood at Rs 345.95 crore flat on YoY basis and accounted for 87% of total sales. PBIT of the segment stood at Rs 47.66 crore, down by 11% YoY basis and accounted for 86% of total PBIT with PBIT margin at 13.8%.  

Engineering & Electronics Resins segment sales stood at Rs 51.61 crore down by 18% and accounted for 13% of total sales. PBIT of the segment stood at Rs 5.89 crore, down by 34% on YoY basis with PBIT margin at 11.4% 

On March 6, 2019 the company was directed for closure of its operation in Ankleshwar by the Gujarat Pollution Control Board (GPCB) due to a suspected water contamination issue. GPCB through its subsequent orders had granted temporary revocation of the closure order vide last order dated March 21, 2020 GPCB has provided temporary revocation for further 3 months. The company is representing to GPCB for a permanent revocation of the closure order and is doing all the necessary acts, deeds and formalities in that connection. 

The COVID-19 pandemic is rapidly spreading throughout the world. The company's plants and offices are under nationwide lockdown since March 24, 2020. As a result of the lockdown, the volumes for the month of March 2020 have been impacted. The company is monitoring the situation closely and will resume operations in a phased manner taking into account directives from the Government. 

The stock trades at Rs 2300.