• Production in MVA for the quarter ended June 2017 was up by 5% to 5306 MVA and the sales in MVA were up by 5% to 3717 MVA. But the sales lower by 23% to Rs 131.50 crore is largely due to lower sales realization and that seems largely due to order/product mix.
• Value of production for the quarter was down by 13% to Rs 167.15 crore and the value of production was 27.1% and 11.9% higher than their respective sales. This reflects inventory built up and that will get liquidated going forward.
• OPM contracted by 120 bps to 5.6% and that is largely to do with rise in all cost heads barring material cost. Material cost as proportion to sales net of stocks and excise duty was down by 20 bps to 81.8%, the staff cost and OE was up by 130 bps and 90 bps respectively to 4.3% and 9.3%. Thus hit by lower sales and lower OPM, the operating profit declined by sharp 38% to Rs 7.33 crore.
• The other income was up by 60% to Rs 1.52 crore. Thus the de-growth at PBIDT was restricted to 30% (to Rs 8.85 crore). The interest cost was down by 3% to Rs 8.17 crore. The depreciation was up by 7% to Rs 3.61 crore. Thus the PBT was a loss of Rs 2.93 crore compared to a profit of Rs 0.92 crore in the corresponding previous period.
• The taxation (net of deferred tax) was a write back of Rs 0.77 crore compared to a provision of Rs 0.31 crore in corresponding previous period. Thus the PAT was a loss of Rs 2.16 crore compared to a profit of Rs 0.61 crore in corresponding previous period.
• Other comprehensive expense was up by 150% to Rs 0.05 crore and thus the total comprehensive income was a loss of Rs 2.21 crore compared to a profit of RS 0.59 crore in corresponding previous period.

Other developments

Order book of the company as end of Aug 31, 2017 stood at Rs 893 crore (or 26980 MVA).

The shareholders in the 23^rd AGM held on Aug 30, 2017 approved the subdivision of equity share from face value of Rs 10 to Rs 1 each without altering the aggregate amount of such capital and shall rank paripassu in all respects with the existing fully paid up equity share. However subdivision of shares has not been effected as of the date of results.