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Net sales for June 18 quarter stood at Rs 102.92 crore up by 23%. OPM was however lower by 430 bps to 8.5% resulting in a 18% decrease in OP to Rs 8.79 crore. Other income was up by more than 999% to Rs 2.05 crore. Interest cost was lower by 5% to Rs 7.03 crore and depreciation was lower by 8% to Rs 1 crore. After providing total tax of Rs 1.01 crore, PAT for June 18 quarter stood at Rs 1.80 crore up by 35% YoY.
For the year ended Mar 18, net sales were up by 8% to Rs 434.85 crore. OPM was up by 250 bps to 12% resulting in a 37% increase in OP to Rs 52.29 crore. The company had taken a write off of Rs 12.5 crore in FY 18 due to provision for bad debts of past legacy orders. Other income was up by 77% to Rs 2.36 crore. Interest cost and depreciation cost stood at Rs 29.58 crore up by 45% and Rs 4.14 crore down by 16% respectively. After providing total tax of Rs 7.38 crore, PAT for 12 months ended Mar 18 stood at Rs 13.55 crore up by 53%.
Management commentary
Operating margins were lower due to the increase in raw material and freight costs over the past few months and certain other project related expenditures incurred by the company. Management expects margins to recover in the remaining quarters.
Total order book as on June 18 stood at around Rs 1900 crore. 50% of order book is from water segment, 42% is from electrical segment (T&D, substantiation) and rest from miscellaneous segments.
Given the healthy order book, L1 position and improving cash flows, the Management is confident that the current year should see decent growth in both earnings and performance.
The company has substantial outstanding bids to the tune of approximately Rs. 4,500 crore. In the near term, the company is expecting new orders (L1 Position) to the tune of Rs. 150 crore and targeting an additional order intake of Rs. 1,200 crore during the balance year.
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