Other income jumped 183% to Rs 4.42 crore and depreciation was down 3% to Rs 2.76 crore. Thus PBT fell 11% to Rs 11.22 crore.

EO loss was NIL against Rs 35 lakh. Thus PBT after EO was down 8% to Rs 11.22 crore.

Provision for tax grew 2% to Rs 3.64 crore after which net profit fell 12% to Rs 7.58 crore.

FY 2017 results

In FY 2017, Ador Welding registered a 2% fall in sales to Rs 440.57 crore. OPM fell 200 basis points to 7.0% which saw OP fall 24% to Rs 30.94 crore.

Other income rose 69% to Rs 9.40 crore and depreciation was down 4% to Rs 11.22 crore. Thus PBT fell 17% to Rs 28.12 crore.

EO loss was NIL against Rs 1.95 crore. Thus PBT after EO fell 12% to Rs 28.12 crore.

Provision for tax grew 3% to Rs 9.45 crore after which net profit fell 18% to Rs 18.67 crore.

Segment results

For the quarter, sales from the Consumables Segment fell 4% to Rs 85.13 crore and accounted for 54% of total. PBIT from the same fell 9% to Rs 12.20 crore and accounted for 84% of total.

For the quarter, sales from the Equipment & Project Engineering Segment grew 19% to Rs 73.79 crore and accounted for 46% of total. PBIT from the same fell 48% to Rs 2.29 crore and accounted for 16% of total.

In FY 2017, sales from the Consumables Segment grew 3% to Rs 282.35 crore and accounted for 64% of total. PBIT from the same grew 3% to Rs 35398 crore and accounted for 93% of total.

In FY 2017, sales from the Equipment & Project Engineering Segment grew 20% to Rs 158.22 crore and accounted for 36% of total. PBIT from the same fell 77% to Rs 2.88 crore and accounted for 7% of total.

PBIT margins

For the quarter PBIT margins for the Consumables segment fell from 15.0% to 14.3% while that of the Equipment & Project Engineering business fell from 7.1% to 3.1%.

In FY 2017 PBIT margins for the Consumables segment remained unchanged at 12.7% while that of the Equipment & Project Engineering business fell from 9.5% to 1.8%.

Valuation

The share price trades at Rs 340.