Net sales for the quarter ended Dec'16 of the company stood at Rs 251.22 crore, up by 3% on YoY basis. OPM decreased by 240 bps to 14.4%, thus resulted in an OP fall by 12% to Rs 36.23 crore. Other income for Dec'16 quarter stood at Rs 6 crore up by 14%. Thus, PBIDT was lower by 9% to Rs 42.23 crore. With interest costs at Rs 1.05 crore and depreciation being higher by 17% to Rs 7.63 crore, PBT was down by 15% to Rs 33.55 crore. With total tax of Rs 10.57 crore, down by 15% YoY, PAT for the quarter ended Dec'16 stood at Rs 22.98 crore, down by 6%.
Net sales from Pump segment, which constitute about 77% of total sales, grew by 2% to Rs 205.97 crore. Net sales from Valves segment which constitute about 16% of total sales, grew by 12% to Rs 43.70 crore. PBIT for Pump segment de-grew by 12% to Rs 28.22 crore on YoY basis. PBIT margin for the segment stood at 13.7% as compared to 15.8% for Dec'15 quarter. PBIT level for Valve segment stood at Rs 3.23 crore as compared to profit at PBIT level of Rs 4.76crore for the Dec'15 quarter. PBIT margin for Valve segment for Dec'16 quarter stood at 7.4%.
Performance for the 12 months ended Dec'16
For the 12 months ended Dec'16 net sales of the company stood at Rs 827.02 crore, which was up by1% on YoY basis. OPM decreased by 80 bps to 11.9%, thus resulted in an OP of Rs 98.28 crore down by 6% YoY. Other income for Dec'16 quarter stood at Rs 25.81 crore as compared to Rs 30.87 crore for 12 months ended Dec'15, due to higher dividend income from subsidiary and provision written back in 12 months ended Dec'15. Thus, PBIDT was lower by 8% to Rs 124.09 crore. With interest costs being down by 1% to Rs 1.72 crore and depreciation was up by 6% to Rs 29.36 crore, PBT was lower by 12% to Rs 93.01 crore. With total tax of Rs 31.25 crore, down by 12% YoY, PAT for the 12 months ended Dec'16 stood at Rs 61.76 crore, down by 12%.
Net sales from Pump segment, which constitute about 78% of total sales, grew by 2% to Rs 684.09 crore. Net sales from Valve segment which constitute about 16% of total sales, de-grew by 4% to Rs 132.65 crore. PBIT for Pump segment was flat at Rs 83.99 crore on YoY basis. PBIT margin for the segment stood at 12.3% as compared to 12.4% for 12 months ended Dec'15. PBIT for Valve segment stood at Rs 0.79 crore as compared to PBIT of Rs 8.47 crore for 12 months ended Dec'15. PBIT margin for Valve segment for 12 months ended Dec'16 stood at 0.6%.
Consolidated performance for the year ended Dec 2016
For the 12 months ended Dec'16, consolidated net sales stood at Rs 827.90 crore, up by 1% YoY. OPM however was lower by 90 bps to 12% thus resulting in a 6% lower OP to Rs 99.07 crore. Other income was flat at Rs 24.01 crore, leading to a 5% fall in PBIDT of Rs 123.08 crore. Interest cost was lower by 1% to Rs 1.72 crore and depreciation was higher by 6% to Rs 29.36 crore leading to a 8% fall in PBT to Rs 92 crore. After providing total tax of Rs 31.64 crore, consolidated PAT for 12 months ended Dec'16 stood at Rs 60.36 crore, down by 6%. After considering profit from associates which stood at Rs 4.61 crore, consolidated PAT for 12 months ended Dec'16 stood at Rs 64.97 crore, down by 5% YoY.
Consolidated net sales from Pump segment stood at Rs 684.97 crore, up by 1% YoY with segmental PBIT of Rs 84.78 crore, down by 1% YoY. Segmental margin stood at 12.4%. Consolidated net sales from Valve segment which constitute about 16% of total sales, de-grew by 4% to Rs 132.65 crore. PBIT for Valve segment stood at Rs 0.79 crore as compared to PBIT of Rs 8.47 crore for 12 months ended Dec'15. PBIT margin for Valve segment for 12 months ended Dec'16 stood at 0.6%.
The company declared a dividend of Rs 5.5 per equity share of face value of Rs 10 each for CY 2016.