- Consolidated sales was down by 5% to Rs 131.78 crore. Downside in sales was largely due to fall in heavy engineering and proprietary products. Segment revenue of Glass Line Equipment (GL) was up by 9% to Rs 83.31 crore (or 63% of sales). But the segment revenue of Heavy Engineering (HE) was down by 59% to Rs 8.67 crore (or 7% of t.sales) and that of proprietary products (PP) was down by 4% to Rs 39.8 crore (or 30% of sales).
- EBIT was up by 1% to Rs 22.17 crore thanks largely to strong growth from GL Equipment business. Segment profit of GL equipment business was up by 33% to Rs 21.87 crore driven by higher sales as well as 460 bps expansion in its segment margin to 26.3%. However the HE segment registered a loss of Rs 1.61 crore compared to a profit of Rs 0.45 crore in the corresponding previous period. The segment profit of PP was down by 62% to Rs 1.91 crore hit by lower sales and 740 bps fall in segment margin to 4.8%.
- Other income stood lower by 70% to Rs 0.73 crore and thus the growth at PBIDT moderated to stand at 4% to Rs 23.20 crore. With interest and depreciation up by 169% (to Rs 0.90 crore) and 139% (to Rs 5.87 crore) the PBT was down by 16% to Rs 16.43 crore.
- With taxation (net of deferred tax) for the period being down by 22% to Rs 4.83, the PAT was down by 13% to Rs 11.60 crore.
Consolidated sales for the period was up by 18% to Rs 591.07 crore. With OPM expand by 350 bps to 18.8%, the operating profit was up by 44% to Rs 111.14 crore. However the growth at PBT moderated to stand at 26% to Rs 92.29 crore hit by lower OI, higher interest and depreciation. Eventually the PAT was up by 41% to Rs 71.13 crore as taxation stand lower by 7% to Rs 21.16 crore.
Segment profit of GL was up by 43% (to Rs 79.58 crore) led by 24% growth in sales (to Rs 354.74 crore) and 290 bps expansion in segment margin to 22.4%. Similarly the segment profit of PP was up by 25% (to Rs 24.76 crore) facilitated by 15% growth in sales to Rs 186.12 crore and 110 bps expansion in segment margin to 13.3%. However the segment profit of HE was down by 19% to Rs 5.18 crore with its sales down by 9% to Rs 50.22 crore and its segment margin decline by 130 bps to 10.3%.
Commenting on the Companys performance for FY20, Mr. Tarak Patel, and Managing Director said We are pleased to announce robust performance in the fiscal year despite external challenges imposed by the coronavirus outbreak. We have been relatively insulated from the current disruption as our order backlog continues to remain strong and we expect to recover the loss of production in the coming quarters. We expect increased activity in the pharma and chemical sectors resulting in an increased demand for our product and services.
Covid 19 Outlook
Covid?19 began impacting normal business Operations of the company on 14th March 2020 by affecting its supply chain and its ability to ship ready equipment to its customers, its production eventually shut down completely on March 23rd, 2020. As a result, it lost sizable revenue due to disruption leading to lower profits for the quarter. Further, the company has discharged its disbursement obligations in full on payroll including contractual, casual and workmen and paid to its creditors though collections from customers was a bit slow during the period.
The company started the year with a strong unexecuted order book which is higher as compared to previous year. During the lockdown period it secured sizeable orders which further strengthens its order book position. Its production facilities have resumed operation and supply chain is gradually returning to normal. Even though the company has lost 20 days of production in April 2020, which in turn will affect its Q1FY2021 revenues and profitability, it is confident that it can recoup the shortfall in subsequent quarters.
The Board of directors recommended dividend of Rs 2 Per equity share of face value of Rs 2 each, which is subject to approval by shareholders of the company.
GMM Pfaudler : Consolidated Results
|2003 (3)||1903 (3)||Var. (%)||1903 (12)||1903 (12)||Var.(%)|
|* Annualized On Current Equity Of Rs 2.923 Crore. Face Value: Rs 2|
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Database
GMM Pfaudler: Segment Results
|Segment||2003 (3)||1903 (3)||Var. (%)||% to total||2003 (12)||1903 (12)||Var.(%)||% to total|
|Inter Segment Revenue|
|LESS: Interest expenes||0.90||0.33||169||3.49||1.17||198|
|Other income & unallocable expenses||4.84||2.19||121||13.74||7.38|
|PBT before EO||16.43||19.47||-16||92.29||73.27||26|
|PL: Profit to Loss|
Note: Figures in Rs crore
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