Performance for the year ended March 2015

For the year ended March 2015, net sales of the company grew by 13% to Rs 655.53 crore. OPM was down by 100 bps to 6.8% resulting in a 2% fall in OP to Rs 44.53 crore. Other income was down by 3% to Rs 104.94 crore. Interest costs were up by 75% to Rs 2.08 crore. Depreciation was up by 43% to Rs 11.55 crore which resulted in a PBT before EO being down by 7% to Rs 91.31 crore. There is an EO income of Rs 9.64 crore during Mar'15 relating to sales tax refund of previous years as compared to Nil for the year ended Mar'14. Thus, PBT after EO stood at Rs 100.95 crore, up by 3% YoY. After providing total tax of Rs 34.80 crore, up by 11%, PAT for March 2015 stood at Rs 66.15 crore, down by 1% YoY.

The promoter shareholding is around 74% as on Mar'15 and none of them are pledged.

The company declared a final dividend of Rs 3 per share of equity share capital of face value of Rs 10 each for FY'15.

Other updates

The company has introduced new products at different price points and different value points and management adopted a penetration policy which resulted in some additional costs and lower margins.

The company has entered new markets over past 6-9 months especially in power with new product line and new product packages.

The company also had cleaned up the books with some old pending bad debts being written off in the Mar'15 quarter.

Management expects better margins and growth in future