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Standalone net sales (including other operating income) for the quarter ended Mar 2021 has increased 18% to Rs 206.98 crore. Growth in sales is partly due to weak base of last year as the operations were impacted by Nation-wide lockdown from March 23, 2020. Operating profit margin has fallen from 14.3% to 13.9%, leading to operating profit growth restricted at 15% toRs 28.75 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 51.59% to 49.18%. Purchase of finished goods cost rose from 10.97% to 14.71%. Employee cost decreased from 10.43% to 10.33%. Other expenses fell from 13.40% to 11.94%. Other income fell 61% to Rs 1.48 crore. Provision for interest fell 44% to Rs 0.09 crore. Provision for depreciation down 7% to Rs 2.76 crore. Profit before tax grew 7% to Rs 27.38 crore. Provision for tax was expense of Rs 7.66 crore, compared to Rs 7.53 crore. Effective tax rate was 27.98% compared to 29.41%.Profit after tax thus rose 9% to Rs 19.72 crore.
Yearly performance
Standalone net sales (including other operating income) has declined 2% to Rs 681.16 crore. Operating profit margin has fallen from 13.9% to 12%, leading to 16% fall in operating profit to Rs 81.47 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 49.20% to 45.88%. Purchase of finished goods cost rose from 13.46% to 18.37%. Employee cost increased from 10.76% to 11.27%. Other expenses fell from 12.79% to 12.44%. Other income fell 17% to Rs 11.18 crore. Provision for interest fell 18% to Rs 0.41 crore. Provision for depreciation down 7% to Rs 11.71 crore. Profit before tax down 17% to Rs 80.53 crore. Provision for tax was expense of Rs 21.24 crore, compared to Rs 25.83 crore. Effective tax rate was 26.38% compared to 26.56%.Profit after tax fell 17% to Rs 59.29 crore.
Promoters' stake was 73.72% as of 31 March 2021,compared to 73.72% as of 31 March 2020.
To pay a dividend of Rs 25/ equity share
The Board of Directors of the Company at its meeting held on 21 May, 2021 has recommended a dividend of Rs.25/- per equity share of Rs.10/- each (250%) for the year ended 31 March, 2021 resulting in an outflow of Rs.38,48,25,500/- (including tax deducted at source thereon). Earlier on March 10, 2021, the company has paid an interim dividend of Rs. 19 per equity share of Rs. 10 – each for FY20-21.
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