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Speciality Restaurant reported a 15% rise in net sales. However a 460 bps fall in OPM to 9.9% owing to higher raw material costs resulted in a 21% fall in OP. With not much change in interest and other income and with a 24% rise in depreciation, PBT was down by 43%. After providing total tax of Rs .40 crore, PAT for Mar'14 stood at Rs 5.34 crore, down by 36% YoY.
Performance for the quarter ended Mar'14
For the quarter ended Mar'14, net sales stood at Rs 67.50 crore, up by 15% YoY. Raw material costs as a % to net sales net of stock adjustment was up by 340 bps leading to a 460 bps fall in OP to Rs 6.70 crore. Other income was more or less flat at Rs 2.63 crore and so was interest cost which stood at Rs 2 lakh as compared to Rs 1 lakh for Mar'13 quarter. Depreciation was up by 24% to Rs 5.48 crore, resulting a PBT of Rs 3.83 crore down by 43%. After providing total tax of Rs 40 lakh, down by 70%, PAT for Mar'14 quarter stood at Rs 3.43 crore, down by 36% YoY.
Performance for the year ended Mar'14
For the year ended Mar'14, net sales of the company stood at Rs 263.85 crore, up by 16% YoY. OPM was down by 330 bps to 12.9% owing to increase in raw material costs thus leading a 8% fall in OP to Rs 33.95 crore. Other income was up by 8% to Rs 9.84 crore and interest costs was down by 86% to Rs 7 lakh. Depreciation was up by 27% to Rs 19.02 crore resulting a 19% fall in PBT to Rs 24.70 crore. After providing total tax of Rs 5.80 crore, down by 18% YoY, PAT for year ended Mar'14 stood at Rs 18.90 crore, down by 19% YoY.
As on Mar'14, the company has 92 restaurants and 14 confectionaries including franchisees across 25 cities in India and 1 in Bangladesh. During the quarter ended Mar'14, the company opened 4 new restaurants and closed 2.
Promoters holding as on Mar'14 stood at 60.7% and none of them are pledged.
The share price trades at Rs 147.6.
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