Quarterly Performance

The operating income grew by healthy 20% to Rs 52.70 crore in Dec 2010 quarter. Increase in OPM by robust 360 bps to 14.3% boosted the operating profit by impressive 60% to Rs 7.56 crore. Raw material cost, as % to sales net stock adjusted, crashed by 250 bps to 61%. Also the cost of traded goods and staff cost reduced by 70 bps to 6% and 50 bps to 4% respectively. Only the other expenditure increased by 10 bps to 15%.

The PBT grew by 12% to Rs 2.41 crore constrained by crash in other income and increase in depreciation cost. The depreciation cost grew by notable 58% to Rs 2.58 crore while the other income crashed by whopping 93% to Rs 0.08 crore. The interest cost grew by marginal 22% to Rs 2.66 crore. Nevertheless, on accounting tax write back (against tax expenses in Dec 09 quarter), the net profit grew by 24% to Rs 2.63 crore.

Nine Month Performance

In nine month ended Dec 2010, operating income grew by 27% to Rs 145 crore. Increase in OPM by 660 bps to 14.2% boosted the operating profit by whopping 137% to Rs 20.64 crore. On accounting flat interest cost, crash in other income and growth in depreciation cost, the company recorded PBT of Rs 5.59 crore against LBT of Rs 1.47 crore in nine month ended Dec 09. It settled with net profit of Rs 6.41 crore against net loss of Rs 1.57 crore after considering tax write back against tax provision in corresponding previous period.

The company has preferentially issued and allotted 65 lakh equity shares of Rs 10 each at Rs 76.26 per share to Agile Electric Drives technologies and holdings private limited in January 2011. The allotment has been carried out post approval from shareholders. It constitutes 31.9% of total paid up share capital of company.

The promoters' shareholding stood unchanged at 59.99% for the quarter ended Dec 10. None of the shares' held by promoters are pledged.

The Scrip is hovering at Rs 72.50 on BSE.