• Sales for the quarter were higher by 5% (to Rs 119.38 crore) but the value of production was higher by 3% to Rs 117.27 crore. Sales higher than value of production for the quarter is largely due to liquidation of earlier period works.

• Operating profit margin for the quarter contracted by 80 bps to 7.6%. Contraction in OPM can be attributed to higher staff and other expenses. Material cost as proportion to sales net of stocks was lower by 340 bps to 72.5%. But the staff and OE was up by 180 bps (to 8.9%) and 220 bps (to 10.8%) respectively. Thus despite modest growth in sales, the operating profit was down by 5% to Rs 9.09 crore hurt by lower margin.

• Other income was higher by 224% to Rs 0.10 crore, the interest cost was lower by 12% to Rs 4.40 crore and the depreciation was lower by 11% to Rs 1.27 crore. Thus the PBT was up by 12% to Rs 3.52 crore.

• The taxation was up by 5% to Rs 1.10 crore in absolute terms. The tax rate too was higher at 31.2% compared to 33.4% in the corresponding previous period. Thus the PAT was up by 16% to Rs 2.42 crore.

Nine month performance

Sales were higher by 8% to Rs 320.22 crore and with 20 bps expansion in OPM, the operating profit was up by 11% to Rs 24.55 crore. The other income was up by 109% to Rs 1.07 crore. The interest cost was higher by 3% to Rs 12.05 crore and depreciation was lower by 8% to Rs 3.76 crore. Thus the PBT was up by 44% to Rs 9.80 crore. After accounting for higher taxation (up 56% to Rs 3.29 crore) the net profit was up by 39% to Rs 6.51 crore.

The stock hovers around Rs 149