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Standalone net sales (including other operating income) for the quarter ended March 2021 has increased 152% to Rs 425.56 crore. Operating profit margin has jumped from 7.6% to 10.5%, leading to 250% rise in operating profit to Rs 44.77 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 63.3% to 71.5%. Employee cost decreased from 12.3% to 6.0%. Other expenses fell from 15.9% to 12.2%.
Other income fell 54% to Rs 1.13 crore. Provision for interest up 54% to Rs 0.69 crore. Provision for depreciation down 6% to Rs 9.02 crore. Profit before tax grew 599% to Rs 36.19 crore. Effective tax rate was 26.6% compared to negative 11.0%.Profit after tax rose 362% to Rs 26.56 crore.
Yearly Performance
Net sales (including other operating income) has declined 5% to Rs 905.57 crore. Operating profit margin has fallen from 9.8% to 7.3%, leading to 29% fall in operating profit to Rs 65.84 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 67.16% to 70.66%. Employee cost decreased from 9.55% to 9.43%. Other expenses fell from 13.29% to 12.92%.
Other income fell 8% to Rs 7.07 crore. Provision for interest up 64% to Rs 2.97 crore. Provision for depreciation down 3% to Rs 36 crore. Profit before tax down 45.23% to Rs 33.94 crore. Extraordinary items were an expense of Rs 3.77 crore, an increase of 86%. Thus PBT after EO was down by 50% to Rs 30.17 crore. Provision for tax was expense of Rs 7.44 crore, compared to Rs 18.82 crore. Effective tax rate was 24.66% compared to 31.39%.Profit after tax fell 45% to Rs 22.73 crore.
Promoters' stake was 71.04% as of 31 March 2021,compared to 71.04% as of 31 March 2020.
The Board of Directors, at its meeting held on May 14, 2021 has recommended final dividend of Rs.4.50 per equity share of Rs. 10 each ( 45 %).
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