Standalone Performance for the quarter ended September 2016

For quarter ended September 2016, the overall top-line rose 5% to Rs 339.43 crore The company reported 150 bps increase in operating margins to 14.3% as cost of material consumed as a percentage of adjusted net sales decreased 170 bps to 54.3% while other expenses fell 140 bps to 21.1% offset by 10 bps rise in employee benefit expenses to 5.9% and 210 bps increase in purchase of stock in trade to 2.1%. As a result operating profits rose 17% to Rs 48.7 crore.

Other income rose 859% to Rs 5.96 crore. Interest cost was down 15% to Rs 5.7 crore. Depreciation rose 12% to Rs 11.57 crore. PBT as a result was up 48% to Rs 37.4 crore. Effective tax rate was up 150 bps to 28.7%. Bottomline of the company increased 45% to Rs 26.65 crore.

Standalone Performance for the half year ended September 2016

For half year ended September 2016, the overall top-line rose 10% to Rs 676.19 crore The company reported 220 bps increase in operating margins to 15.6% as cost of material consumed as a percentage of adjusted net sales decreased 240 bps to 53.9% while other expenses fell 90 bps to 20.2% and employee benefit expenses fell 10 bps to 5.8% offset by 150 bps increase in purchase of stock in trade to 4.9%. As a result operating profits rose 27% to Rs 105.58 crore.

Other income rose 384% to Rs 10.43 crore. Interest cost was down 12% to Rs 11.74 crore. Depreciation rose 12% to Rs 23.06 crore. PBT as a result was up 58% to Rs 81.2 crore. Effective tax rate was down 40 bps to 28.4%. Bottomline of the company increased 59% to Rs 58.16 crore.

Standalone Segment Results

Pigments: For the quarter ended September 2016, the sales of pigment division were flat at Rs 288.01 crore representing 85% of total revenues of the company. PBIT increased 26% to Rs 50.42 crore. The capital employed increased 9% to Rs 536.55 crore representing 68% of total capital employed.

For half year ended September 2016 sales of pigment division rose 6% to Rs 571.46 crore representing 85% of total revenues of the company. PBIT increased 34% to Rs 106.49 crore.

Agro Chemicals: Agro chemical division contributed 13% to the company's total revenues in Q2FY'17 which rose 55% to Rs 45.71 crore. PBIT increased 200% to Rs 2.98 crore. The capital employed decreased 20% to Rs 14.73 crore representing 2% of total capital employed.

For half year ended September 2016 sales of agro chemical division rose 40% to Rs 95.68 crore representing 14% of total revenues of the company. PBIT increased 165% to Rs 6.63 crore.

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