Performance for the quarter ended March 2014

For the quarter ended Mar'14, net sales of the company stood flat at Rs 133.05 crore. OPM was up by 930 bps to 14.2%. While raw material costs as a % to net sales, net of stock adjustment was up by 290 bps to 65.8%, employee costs and other expenditure as a % to net sales, net of stock adjustment, was down by 20 bps and 1170 bps to 9.7% and 10.8% respectively. Thus, OP was up by 189% to Rs 18.89 crore. With other income down by 2% to Rs 14.38 crore and interest costs down by 49% to Rs 0.43 crore and depreciation was up by 82% to Rs 2.70 crore, PBT stood at Rs 30.14 crore, up by 60%. After providing total tax of Rs 8.73 crore as on Mar'14 quarter as compared to total tax of Rs 57 lakh for Mar'13 quarter, due to higher deferred tax provision for Mar'14 quarter and deferred tax credit for Mar'13 quarter, PAT for Mar'14 quarter stood at Rs 21.41 crore, up by 17% YoY.

Performance for the year ended March 2014

For the year ended March 2014, net sales of the company was flat at Rs 578.72 crore. OPM was down by 70 bps to 7.8% resulting in a 9% fall in OP to Rs 45.29 crore. Other income was down by 8% to Rs 62.43 crore. Interest costs were up by 9% to Rs 1.19 crore. Depreciation was up by 56% to Rs 8.10 crore which resulted in a PBT being down by 11% to Rs 98.43 crore. After providing total tax of Rs 31.48 crore, down by 5%, PAT for March 2014 stood at Rs 66.95 crore, down by 14% YoY.

New manufacturing plant at Chennai commenced production in May 2013

Board of Directors recommended and approved payment of final dividend of Rs 3 per share of face value of Rs 10 each.

The promoter shareholding is around 74% as on Mar'14 and none of them are pledged.

Share price trades at Rs 452