Other income increased 14% to Rs 1.54 crore compared to Rs 1.36 crore. Interest cost was nil. Depreciation was up 50% to Rs 1.45 crore. PBT was down 38% to Rs 8.22 crore.

Effective rate of taxes was down 940 bps to 25.9%. PAT reported was down 29% to Rs 6.08 crore.

The COVID-19 pandemic is rapidly spreading throughout the world. Consequent to the nationwide lockdown since March 23, 2020, the operations of the company were temporarily closed and as a result, the sales volume for the month of March 2020 has been impacted. The Company has resumed operations partially by following the guidelines issued by the Government of India and the respective State and local governments, from time to time.

Performance for year ended December 2019

For year ended December 2019, net sales fell 11% to Rs 322.52 crore. The company operating margins increased 40 bps to 14.3%. As a result operating profits fell 9% to Rs 46.01 crore.

Other income rose 76% to Rs 7.81 crore. Interest cost nil compared to Rs 0.21 crore. Depreciation fell 8% to Rs 4.2 crore. PBT was down 1% to Rs 49.63 crore.

Effective tax rate was down 560 bps to 30.4%. PAT reported was up 8% to Rs 34.53 crore.

At the Board Meeting held on 27 May 2020, the Directors have decided to fully withdraw its recommendation on payment of a final dividend for the financial year ended 31 December 2019, that was earlier recommended by them on January 29, 2020. The Directors thought it fit to conserve cash for continuing its business operations smoothly, as far as may be, given the uncertainties associated with the nature of COVID-19 pandemic and its duration.

The scrip is currently trading at Rs 1021.