Net sales for the quarter ended Dec'14 of the company grew by 26% to Rs 230.09 crore. OPM however was lower by 420 bps to 7.7%, thus resulted in an OP of Rs 17.80 crore down by 18% YoY. Other income stood at Rs 5.52 crore, up by 134%. With interest costs being up by 33% to Rs 0.40 crore and depreciation up by 2% to Rs 7.12 crore, PBT stood at Rs 15.80 crore, down by 6%. Total tax being down by 3% to Rs 5.83 crore, PAT stood at Rs 9.97 crore, down by 8%.
Net sales from Pump segment, which constitute about 75% of total sales, grew by 19% to Rs 183.62 crore. Net sales from Valves segment which constitute about 18% of total sales, also grew by 69% to Rs 43.50 crore. PBIT for Pump segment for Dec'14 quarter de grew by 32% to Rs 12.42 crore on YoY basis. PBIT margin for the segment stood at 6.8% as compared to 11.9% for Dec'13 quarter. PBIT for Valve segment stood at Rs 1.94 crore and PBIT margin stood at 4.5%.
Annual performance for the year ended Dec 2014
Net standalone Sales were higher by 10% to Rs 801.70 crore while with OPM lower by 140 bps, OP was lower by 1% to Rs 99.30 crore. Other income was up by 70% to Rs 27.52 crore. Interest costs was lower by 17% to Rs 2.15 crore and depreciation was up by 4% to Rs 27.55 crore. Thus, PBT stood at Rs 97.12crore, up by 11% YoY. After providing total tax of Rs 31.70 crore, PAT for the year ended Dec'14 stood at Rs 65.42 crore, up by 9% YoY.
Pumps segment reported net sales of Rs 664.14 crore, up by 10% YoY and Pumps business reported a 5% increase in net sales to Rs 128.36 crore. PBIT for Pumps segment stood at Rs 85.11 crore, up by 6% YoY and PBIT margin stood at 12.8% for the year ended Dec'14 as compared to PBIT margin of 13.3%. Loss at PBIT for Valve segment stood at Rs 1.66 crore as compared to profit at PBIT level for Valve segment at Rs 1.82 crore for the year ended Dec'13.
Annual Consolidated Performance for the year ended Dec 2014
Consolidated net sales were up by 10% to Rs 803.67 crore. With OPM being down by 30 bps to 12.6%, OP was lower by 1% to Rs 101.12 crore. Other income was up by 80% to Rs 22.86 crore. Interest costs was down by 17% to Rs 2.15 crore and deprecation was up by 4% to Rs 27.55 crore. Thus PBT was up by 10% to Rs 94.28 crore. After providing total tax of Rs 32.47 crore, Consolidated PAT for the year ended Dec'14 stood at Rs 61.81 crore, up by 8% YoY. During the year ended Dec'14, Profit from Associates company stood at Rs 6.62 crore as compared to Rs 9.64 crore for the year ended Dec'13. Thus PAT after profit from Associates for the year ended Dec'14 stood at Rs 68.43 crore, up by 3% YoY.
For the year ended Dec 2014, Consolidated net sales from Pump segment stood at Rs 666.11 crore, up by 10% and consolidated net sales from Valve segment stood at Rs 128.36 crore up by 5% YoY. PBIT from Pump segment stood at Rs 86.93 crore, up by 7% with PBIT margin stood at 13.1% vis a vis 13.5% for the year ended Dec'13. Loss at PBIT for valve segment stood at Rs 1.66 crore vis a vis a profit of about Rs 1.82 crore for the year ended Dec'13.
Promoters hold 66.42% of total share capital and none of them are pledged.
Share price trades at Rs 720
Board of directors recommended final dividend of Rs 5.5 per share of equity share capital of Rs 10 each.