Other income grew 50% to Rs 1.90 crore and depreciation was down 2% to Rs 2.79 crore. Thus PBT fell 6% to Rs 7.04 crore.

EO loss was NIL against Rs 5 lakh. Thus PBT after EO was down 6% to Rs 7.04 crore.

Provision for tax grew 7% to Rs 2.53 crore after which net profit fell 11% to Rs 4.51 crore.

Nine months results

For the nine months ended December 2016, Ador Welding registered a 10% rise in sales to Rs 309.49 crore. OPM fell 260 basis points to 6.8% (from 9.3%) which saw OP fall 21% to Rs 20.90 crore.

Other income rose 25% to Rs 4.98 crore and depreciation was down 4% to Rs 8.46 crore. Thus PBT fell 20% to Rs 16.90 crore.

EO loss was NIL against Rs 1.60 crore. Thus PBT after EO fell 14% to Rs 16.90 crore.

Provision for tax grew 4% to Rs 5.81 crore after which net profit fell 21% to Rs 11.09 crore.

Segment results

For the quarter, sales from the Consumables Segment grew 2% to Rs 74.64 crore and accounted for 66% of total. PBIT from the same fell 14% to Rs 8.06 crore and accounted for 82% of total.

For the quarter, sales from the Equipment & Project Engineering Segment grew 91% to Rs 37.72 crore and accounted for 34% of total. PBIT from the same jumped 90% to Rs 1.71 crore and accounted for 18% of total.

For the nine months, sales from the Consumables Segment grew 6% to Rs 219.01 crore and accounted for 71% of total. PBIT from the same grew 11% to Rs 23.78 crore and accounted for 98% of total.

For the nine months, sales from the Equipment & Project Engineering Segment grew 20% to Rs 90.48 crore and accounted for 29% of total. PBIT from the same fell 93% to Rs 59 lakh and accounted for 2% of total.

PBIT margins

For the quarter PBIT margins for the Consumables segment fell from 12.8% to 10.8% while that of the Equipment & Project Engineering business fell from 4.6% to 4.5%.

For the nine months PBIT margins for the Consumables segment grew from 10.4% to 10.9% while that of the Equipment & Project Engineering business fell from 10.8% to 0.7%.

Valuation

The share price trades at Rs 297.