December 2014 quarter

Sales for the quarter ended December 2014 fell 4% to Rs 234.73 crore. OPM fell 260 basis points from 10.5% to 7.9% which saw OP falling 28% to Rs 18.54 crore.

Other income jumped 109% to Rs 4.79 crore. Interest cost was nil.

As deprecation fell 47% to Rs 1.19 crore, PBT fell 14% to Rs 22.14 crore.

Provision for taxation fell 1% to Rs 8.02 crore. Finally PAT fell 20% to Rs 14.12 crore.

Nine months results

Sales for the nine months rose 7% to Rs 708.58 crore. OPM fell 190 basis points from 10.7% to 8.8% which saw OP falling 13% to Rs 62.10 crore.

Other income grew 9% to Rs 10.49 crore. Interest cost was nil.

As deprecation fell 45% to Rs 3.59 crore, PBT fell 7% to Rs 69.00 crore.

EO income was Rs 107.64 crore against nil. Thus PBT after EO jumped 138% to Rs 176.40 crore.

EO item for the quarter and nine months represents profit on transfer of business on slump sale to JV company promoted with Nippon Oil Energy Corporation. Japan.

Provision for taxation grew 106% to Rs 48.57 crore. Finally PAT grew 153% to Rs 127.83 crore.

Valuation

The share price trades at Rs 18219.

Revenues and profits have been affected due to sharp fall in raw material prices and poor demand. However once the raw material prices stabilize and demand recovers, profits should recover,