• Operational income was higher by 34% to Rs 215.17 crore but the value of production for the quarter was up by 36% to Rs 209.99 crore. Sale for the period and corresponding previous quarter was 102.47% and 103.53% of their respective value of production thus reflecting liquidation of earlier period inventory in both the periods.
• Operating profit margin contracted by 30 bps to 11.2% and that is largely due to rise in material cost. Material cost as proportion to sales net of stocks was higher by 310 bps to 78.3%. However the staff cost and OE was lower by 100 bps and 160 bps respectively to 3.1% and 7.2%. Thus the growth at operating profit moderated at 30% to Rs 24.12 crore.
• Other income was down by 24% to Rs 9.59 crore. Thus the growth at PBIDT moderated at 8% to Rs 33.72 crore. The interest cost was higher by 91% to Rs 0.15 crore. The depreciation was up by 26% to Rs 1.96 crore. Thus the PBT was up modest 7% to Rs 31.61 crore.
• Taxation in absolute terms was higher by 60% to Rs 9.38 crore but the tax incidence too was higher at 29.7% compared to 19.8% in the corresponding previous period. Thus PAT was down by 6% to Rs 22.23 crore.
• Other comprehensive income was Rs 0.04 crore compared to an expense of Rs 0.19 crore. Thus the net profit was down by 5% to Rs 22.27 crore.

Nine month performance

Sales were higher by 36% to Rs 570.05 crore. Higher sale, together with 200 bps expansion in OPM, facilitated 68% growth at operating profit to Rs 59.64 crore. The other income was lower by 42% to Rs 22.44 crore and thus the PBIDT was up by just 11% to Rs 82.08 crore. After accounting for higher interest and depreciation the PBT was up by 11% to Rs 76.59 crore. With taxation stand higher by 51% to Rs 23.93 crore, the PAT was lower by 1% to Rs 52.67 crore.

The stock hovers around Rs 987.30.