• Value of production for the quarter was down by 14% (to Rs 75.62 crore) even as the revenue was down by 13% to Rs 76.74 crore. Sales higher than value of production for the quarter reflects inventory liquidation in the quarter.

• Operating profit margin for the quarter expanded by 260 bps to 14.5%. Expansion in OPM can be attributed to sharp fall in material cost. Material cost as proportion to sales net of stocks was lower by sharp 1460 bps to 59.2%. But staff cost was up by 140 bps (to 13.1%), the contract expenses was up by 20 bps (to 9.1%) and the OE was up by 120 bps (to 3.7%). Thus hit by lower sales, the operating profit was up by 7% to Rs 11.16 crore.

• Other income was down by 89% to Rs 0.06 crore. The interest cost was up by sharp 28% to Rs 5.93 crore. And the depreciation cost was down by 18% to Rs 1.03 crore. Thus hit by lower OI and higher interest cost, the degrowth at PBT level was 17% to Rs 4.26 crore.

• The taxation net of deferred tax was down by 11% to Rs 1.37 crore in absolute terms. But the tax rate was higher at 32.2% as against 29.7% in corresponding previous period. Thus the PAT was down by 20% to Rs 2.89 crore. The PPT was a provision of Rs 0.17 crore, a jump of 263%. Thus the net profit after PPT was down by 24% to RS 2.72 crore.

• The other comprehensive income was down by 51% to Rs 0.03 crore and thus the total comprehensive income was lower by 24% to Rs 2.75 crore.

Half yearly performance

Sales were lower by 15% to Rs 160.14 crore and with 320 bps expansion in OPM; the operating profit was up by 11% to Rs 21.84 crore. After accounting for lower OI, higher interest and lower depreciation, the PBT was down by 16% to Rs 6.48 crore. Taxation though stand lower in absolute terms, the tax rate was higher at 34.8% compared to 31.5% in the corresponding previous period. Thus the PAT was down by 20% to Rs 4.22 crore. After higher PPT provision (up 263% to Rs 0.17 crore) the net profit after PPT was down by 23% to Rs 4.06 crore. Eventually the total comprehensive income was down by 23% to Rs 4.11 crore.

The stock hovers around Rs 252.