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The company reported net sales of Rs 117.99 crore, which is up by 26% on YoY basis, for the quarter ended Dec'20. OPM was up by 1130 bps to 23% which resulted in OP higher by 149% to Rs 27.12 crore. Other income was up 42% to Rs 5.65 crore. Interest cost was nil. Depreciation was higher by 54% to Rs 2.91 crore. PBT stood at Rs 29.86 crore, up by 130% YoY. After providing total tax of Rs 7.31 crore up by 202%, PAT for Dec'20 quarter stood at Rs 22.55 crore up by 114% YoY.
Electrical Insulation segment sales stood at Rs 103.37 crore up by 26% YoY and accounted for 87% of total sales. PBIT of the segment stood at Rs 22.42 crore, up by 130% YoY with PBIT margin at 21.7% compared to 11.9% in Q3FY20.
Engineering & Electronics Resins segment sales stood at Rs 15.2 crore up by 33% YoY and accounted for 13% of total sales. PBIT of the segment stood at Rs 3.02 crore compared to Rs 48 lakh in the corresponding previous year period.
Performance for year ended Dec'20
Net sales for year ended Dec'20 stood at Rs 383.13 crore down by 3% YoY. OPM was up by 470 bps to 18.4% resulting in a 31% rise in OP to Rs 70.34 crore. Other income was up by 38% to Rs 21.79 crore. Interest cost stood at Rs 22 lakh and depreciation was up by 59% to Rs 11.7 crore. Thus PBT was up by 29% to Rs 80.21 crore. After providing total tax of Rs 18.45 crore which is up by 30% YoY, PAT for year ended Dec' 20 stood at Rs 61.76 crore, up by 25% YoY.
For the 12months ended Dec'20, Electrical Insulation segment sales stood at Rs 340.5 crore down 2% on YoY basis and accounted for 88% of total sales. PBIT of the segment stood at Rs 57.87 crore, up by 21% on YoY basis and accounted for 90% of total PBIT with PBIT margin at 17% compared to 13.8% in Q3FY20.
Engineering & Electronics Resins segment sales stood at Rs 44.84 crore down by 13% and accounted for 12% of total sales. PBIT of the segment stood at Rs 6.73 crore, up by 14% on YoY basis with PBIT margin at 15% compared to 11.4% in Q2FY20
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. The GPCB through its subsequent orders had granted temporary revocation of the closure order. As per the latest order received from the GPCB on July 08, 2020 the company was provided temporary revocation upto Jnuary 8, 2021. The company filed an application for further extension on December 14, 2020 on which GPCB requested certain clarifications on January 30, 2021. The Company has responded to those requests and further extension is now awaited. The company is representing to the GPCB for a permanent revocation of the closure order and is doing all the necessary acts, deeds and formalities in that connection
The stock trades at Rs 3156.
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