Operating Profit was at Rs 14.74 crore as compared to Rs 16.15 crore of the corresponding quarter of the previous year; a fall of 9%

Profit after tax (PAT) was at Rs 7.62 crore as compared to Rs 8.77 crore of the corresponding quarter of the previous year; a fall of 13%.

Performance for the quarter ended December 2015

For quarter ended December 2015, the overall top-line fell 5% to Rs 109.44 crore compared to corresponding previous year period. Operating margins of the company fell 60 bps to 13.5% as cost of raw material consumed as a percentage of net sales (net of stock adjustment) rose 380 bps to 46% due to draught conditions in maize growing area while employee expenses rose 100 bps to 3.9% limited by 10 bps decrease in purchase of stock in trade to 0%, 200 bps decrease in other expenses to 11.9% and 260 bps fall in manufacturing expenses. As a result operating profits fell 9% to Rs 14.74 crore.

Other income rose 15% to Rs 0.79 crore. Interest cost decreased by 11% to Rs 0.58 crore. Depreciation rose 9% to Rs 5.65 crore. PBT fell 16% to Rs 9.3 crore. Considering 230 bps fall in effective tax rate to 18.1% net profit fell 13% to Rs 7.62 crore.

Performance for nine months ended December 2015

For nine months ended December 2015, the overall top-line rose 6% to Rs 322.5 crore compared to corresponding previous year period. However company operating margins rose 50 bps to 13.8% as cost of material consumed as a percentage of net sales (net of stock adjustment) rose 280 bps to 44.7% and employee benefit expenses increased 60 bps to 3.8% while other expenses decreased 220 bps to 12.4% and manufacturing expenses decreased 190 bps to 25.4%. As a result operating profits grew 10% to Rs 44.39 crore.

Other income rose 101% to Rs 4.07 crore. Interest cost increased by 18% to Rs 2.75 crore. Depreciation rose 10% to Rs 17.19 crore. PBT as a result rose 16% to Rs 28.52 crore. Considering 80 bps fall in effective tax rate to 19.6% PAT rose 18% to Rs 22.94 crore.

The scrip closed Rs 390 at BSE