IFGL Refractories net sales rose 15% in Q3FY18 to Rs 210.13 crore. The company reported 100 bps decrease in operating margins to 10.7%. As a result operating profits rose 5% to Rs 22.38 crore. Other income rose 68% to Rs 1.11 crore. Interest cost was down 3% to Rs 1 crore. Depreciation rose 1% to Rs 10.92 crore. PBT as a result was up 14% to Rs 11.57 crore. Effective rate of tax increased to 42.5% from 24.5%. Bottomline of the company was down 14% to Rs 6.65 crore.
Consolidated Performance for the quarter ended December 2017
For quarter ended December 2017, the net sales rose 15% to Rs 210.13 crore. The company reported 100 bps decrease in operating margins to 10.7%. Cost of material consumed as a percentage of adjusted net sales increased 1100 bps to 49% while purchase of stock in trade decreased 900 bps to 2% and employee benefit expense increased 130 bps to 15% while other expenses rose 10 bps to 23.4%. As a result operating profits rose 5% to Rs 22.38 crore.
Other income rose 68% to Rs 1.11 crore. Interest cost was down 3% to Rs 1 crore. Depreciation rose 1% to Rs 10.92 crore. PBT as a result was up 14% to Rs 11.57 crore. Effective rate of tax increased to 42.5% from 24.5%. Bottomline of the company was down 14% to Rs 6.65 crore.
Performance for nine months ended December 2017
For nine months ended December 2017, net sales rose 9% to Rs 607.07 crore. The company reported 70 bps decrease in operating margins to 12.2%. Cost of material consumed as a percentage of adjusted net sales increased 770 bps to 48.4% while purchase of stock in trade decreased 630 bps to 1.9% and employee benefit expense was down 50 bps to 15.7% while other expenses fell 60 bps to 21.7%. As a result operating profits rose 3% to Rs 73.76 crore.
Other income fell 35% to Rs 2.53 crore. Interest cost was down 3% to Rs 2.99 crore. Depreciation rose 1% to Rs 32.32 crore. PBT as a result was up 2% to Rs 40.98 crore. Effective rate of tax increased to 33.4% from 14.7%. Bottomline of the company was down 21% to Rs 27.3 crore.
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