Quarter Performance

The operating income grew by robust 44% to Rs 67.27 crore in Sep 2011 quarter. Fall in raw material costs led to 20 bps increase in OPM to 15.2%. Thus the operating profit grew by notable 46% to Rs 10.23 crore. Raw material costs, as % to sales net stock adjusted, crashed by 290 bps to 64%. Also the other expenditure fell by 10 bps to 11%. On the other hand, cost of traded goods increased by 150 bps to 5%. Staff cost rose by 120 bps to 5%. It includes amortization of proportionate share of employee stock based compensation of Rs 0.46 crore.

The PBT grew by whopping 146% to Rs 3.22 crore primarily on account of fall in depreciation costs. The depreciation costs fell by 9% to Rs 2.79 crore. Also the other income grew by whopping 145% to Rs 0.07 crore. However interest cost surged by notable 62% to Rs 4.29 crore. However on account of negligible tax provision in Sep 2011 quarter against tax write in Sep 2010 quarter, the growth in net profit was constrained though to impressive 88% to Rs 3.22 crore.

Half Year Performance

In half year ended Sep 2011, the topline grew by healthy 36% to Rs 124.91 crore. However fall in OPM by 10 bps to 14.4% constrained growth in operating profit to 34% to Rs 17.94 crore. Nonetheless, flat depreciation cost boosted the PBT by whopping 91% to Rs 6.08 crore. However 53% fall in tax write back limited the growth in net profit though to impressive 68% to Rs 6.36 crore.

The promoters' stake in total shareholding stands unchanged at 62.94% in Sep 2011 quarter. The promoters' have pledged nil shares.

The scrip closed at Rs 40.85 (nil change) on BSE on 10^th November 2011.