• The value of production for the quarter was down by 7% to Rs 23.96 crore even while the sales was down by 18% to Rs 19.99 crore. Sales lower than value of production for the quarter reflects inventory built-up or delay in delivery, which will get liquidated/invoiced in coming months.
• Operating profit margin expanded by sharp 440 bps to 16.5% and that can be attributed to sharp fall in material cost and other expenses. Material cost as proportion to sales net of stocks was down by 280 bps to 48.3%. Equally the other expenses were down by 280 bps to 13.7%. But the staff cost was up by 20 bps to 5.5%. Similarly the labour cost and power & fuel cost was higher by 130 bps (to 9.6%) and 180 bps (to 9.1%) respectively. Spurred by sharp expansion in OPM, the growth at operating profit was up by 12% to Rs 3.29 crore despite lower sales.
• Other income was flat at Rs 0.05 crore. The interest cost was up by 55% to Rs 1.10 crore. The depreciation was higher by 8% to Rs 0.56 crore. Thus the PBT was lower by 5% to Rs 1.68 crore.
• Taxation was lower by 3% to Rs 0.56 crore with tax rate stood higher at 33.3% compared to 32.8% in corresponding previous quarter. Thus the PAT stood declined by 5% to Rs 1.12 crore.

Half yearly performance

Sales were higher by 2% to Rs 45.97 crore and with OPM expand by 150 bps to 13.7%; the operating profit was up by 14% to Rs 6.31 crore. After accounting for higher other income, higher interest and depreciation cost, the PBT was up by 13% to Rs 3.58 crore. With taxation stand higher by 21% to Rs 1.24 crore the growth at PAT restricted to 10% (to Rs 2.34 crore).

The stock hovers around Rs 100.10.