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For the quarter ended Dec 18, the net sales of the company were up by only 2% to Rs 362.49 crore due to execution issues due to State elections. OPM was down by about 130 bps to 9% resulting in fall in OP by 11% to Rs 32.62 crore. Other income was up by 57% to Rs 0.77 crore. Interest costs were higher by 27% to Rs 14.86 crore and depreciation costs was up by 11% to Rs 3.11 crore. After providing total tax of Rs 4.80 crore down by 28%, PAT for Dec 18 quarter stood at Rs 10.62 crore down by 28% YoY.
For 9 months ended Dec 18, net sales were flat at Rs 1111.60 crore. OPM stood at 11.1% down by 100 bps, resulting in the fall in OP by 9% to Rs 123.51 crore. Other income was up by 17% to Rs 2.21 crore. Interest cost was higher by 13% to Rs 38.13 crore and depreciation was up by 4% at Rs 8.23 crore. There is an EO loss of Rs 30.33 crore in 9 months ended Dec 17 period pertaining to provision of sales tax demand of past years as compared to EO gain of Rs 8.31 crore pertaining to compensation from central government for 9 months ended Dec 18. Thus, post EO, PBT stood at Rs 87.67 crore, up by 35% YoY. After providing total tax of Rs 30.27 crore, up by 37% YoY, PAT for 9 months ended Dec 18 stood at Rs 57.40 crore, up by 34% YoY.
Other updates
The balance value of the orders on hand as on 31 Dec 18 is Rs 4707.54 crore, as against Rs 3367.05 crore in the corresponding period of the previous year
ln the current quarter, execution of projects was slowed down in Madhya Pradesh, Rajasthan and Chattisgarh due to State Elections however project execution has picked up now.
The company had purchased land at Sinhagad Road, Vadgaon, Pune and set up a pipe manufacturing factory in the year 1969. Due to lack of orders in surrounding area the factory was closed in November 2015.This land admeasuring about 59,784.29 sq. mtrs equivalent to 6,43,518sq. fts a pprox. has good development potential, to exploit this development potential the Company has approved the proposed Revenue Sharing transaction with M/s. Kalpataru Gardens Pvt. Ltd., the Developer (a wholly owned subsidiary Company of M/s. Kalpataru Ltd.,) for development and sale of developed real estate on said Land. The proposed development will consist of residential group housing apartments, commercial/retail areas in terms of Development Control and Promotion Regulations for Pune Municipal Corporation (DCPR-2017). The Company will receive 34% of shared Revenue from Development of this land. Formal MOU will be signed in due course.
Indian Hume Pipe : Result
1812(03) | 1712(03) | Var. % | 1812(09) | 1712(09) | Var. % | 1803(12) | 1703(12) | Var. (%) | |
Net Sales | 362.49 | 356.09 | 2 | 1111.60 | 1114.78 | 0 | 1525.97 | 1799.54 | -15 |
OPM (%) | 9.0 | 10.3 | 11.1 | 12.1 | 11.9 | 11.5 | |||
Operating Profits | 32.62 | 36.64 | -11 | 123.51 | 135.16 | -9 | 181.83 | 206.33 | -12 |
Other Income | 0.77 | 0.49 | 57 | 2.21 | 1.89 | 17 | 2.60 | 2.92 | -11 |
PBDIT | 33.39 | 37.13 | -10 | 125.72 | 137.05 | -8 | 184.43 | 209.25 | -12 |
Interest | 14.86 | 11.73 | 27 | 38.13 | 33.84 | 13 | 42.88 | 45.71 | -6 |
PBDT | 18.53 | 25.40 | -27 | 87.59 | 103.21 | -15 | 141.55 | 163.54 | -13 |
Depreciation | 3.11 | 2.80 | 11 | 8.23 | 7.91 | 4 | 10.84 | 10.53 | 3 |
PBT | 15.42 | 22.60 | -32 | 79.36 | 95.30 | -17 | 130.71 | 153.01 | -15 |
EO | 0.00 | 0.00 | 0 | 8.31 | 30.33 | LP | 30.33 | 0.00 | 0 |
PBT after EO | 15.42 | 22.60 | -32 | 87.67 | 64.97 | 35 | 100.38 | 153.01 | -34 |
Total Tax | 4.80 | 7.92 | -39 | 30.27 | 22.10 | 37 | 34.32 | 53.33 | -36 |
PAT | 10.62 | 14.68 | -28 | 57.40 | 42.87 | 34 | 66.06 | 99.68 | -34 |
EPS* (Rs.) | # | # | # | # | 17.7 | 20.6 | |||
* On current equity of Rs 9.69 crore. Face Value: Rs 2 EO: Extraordinary items EPS is calculated after excluding EO and relevant tax # EPS not annualised due to seasonality of business Figures in Rs crore Source: Capitaline Database |
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