For quarter ended September 2017

The net sales have decreased by 2% to Rs 197.15 crore. OPM has increased by 160 bps to 8.9% due to fall in raw material cost along with advertising and promotion cost to adjusted net sales. The operating profit grew by 19% to Rs 17.62 crore.

Depreciation has increased by 7% to Rs 4.39 crore. The PBT before EO inclined by 54% to Rs 13.34 crore.

EO for the quarter was nil. Total tax outgo decreased by 20% to Rs 4.74 crore. Tax rate declined from 45.9% to 35.53%. The net profit inclined by 23% to Rs 8.6 crore due to rise in OPM and fall in interest cost and tax rate.

For the half year ended September 2017

The net sales declined by 3% to Rs 382.74 crore. OPM has inclined by 110 bps to 8.4% . The operating profit increased by 12% to Rs 32.23 crore.

Interest cost declined by 93% to Rs 0.21 crore. Depreciation has increased by 7% to Rs 8.71 crore. The profit before tax before EO inclined by 34% to Rs 23.45 crore.

EO for the half year period was nil. Total tax outgo decreased by 7% to Rs 8.35 crore. Tax rate declined from 41.18% to 35.61%. The net profit inclined by 18% to Rs 15.10 crore due to rise in OPM and fall in interest cost and tax rate

Other Developments

The promoters shareholding stood at 51.77%

Valuation

The scrip is trading around Rs 521.90.