Quarter Performance

Gaining from the robust auto demand in India, the company's topline spurted by whopping 203% to Rs 170.29 crore. It is evident from outstanding 220% growth recorded in its domestic sales to Rs 163.49 crore compared to healthy 34% growth in its exports to Rs 6.80 crore. Further increase in operating profit margin (OPM) by 230 bps to 14.6% boosted operating profit by whopping 259% to Rs 24.89 crore. In terms of cost, as % to sales net stock adjusted, raw material cost spurted by 670 bps to 70%. However the other expenditure and staff cost crashed by 330 bps to 10% and 470 bps to 5% respectively.

Marginal growth in depreciation cost by 15% to Rs 5.37 crore and crash in interest cost by notable 52% to Rs 0.69 crore boosted the PBT to level of Rs 19.33 crore against Rs 0.92 crore in March 2009 quarter. On accounting tax provision, the PAT stood at Rs 12.58 crore against Rs 0.59 crore in March 2009 quarter. With nil PPA pertaining to tax (against Rs 0.63 crore in March 2009 quarter), the company recorded net profit of Rs 12.58 crore against net loss of Rs 0.04 crore in March 2009 quarter.

Half Year Performance

In half year ended March 2010, the company's topline grew by whopping 189% to Rs 306.59 crore driven by domestic sales. Its domestic sales grew by impressive 215% to Rs 294 crore while the exports slipped by 1% to Rs 12.59 crore. With increase in OPM by 350 bps to 13.4%, the operating profit was lifted by whopping 291% to Rs 41.08 crore. At the non-operating front, the other income surged by whopping 141% to Rs 1.09 crore. The depreciation cost grew by marginal 9% to Rs 10.33 crore. On the other hand, interest cost crashed by 45% to Rs 1.50 crore. It led to PBT before EO of Rs 30.35 crore against LBT before OE of Rs 1.27 crore in half year ended March 2009. On accounting EO income of Rs 0.31 crore ( representing reversal of provision carried in books to meet commitment charges no longer required) against EO expense of Rs 0.27 crore in half year ended 2009, the PBT after EO was further lifted to Rs 30.67 crore against LBT after EO of Rs 1.54 crore. On accounting tax provision and PPA, the net profit settled at Rs 19.02 crore against Rs 0.02 crore in half year ended March 2009.

The promoter's % of share holding is constant at 71.04% as on quarter ended Mar ‘10. The promoters' have pledged ‘nil' shares of the company.

The scrip is trading at Rs 393.80 on BSE