OCL India reported weak set of numbers for the quarter. The standalone revenue (net of excise duty in the base quarter) was up by 11.2% yoy to Rs921.8cr. However, the EBITDA declined by 21.2% yoy to Rs158.9cr due to sharp jump in the raw material cost. EBITDA margin contracted by 708bps yoy to 17.2%. Further, higher depreciation cost and lower other income led PAT to report decline of 36.3% yoy to Rs74.6cr.
Cement segment reported 6.6% yoy growth in revenue (net of excise duty, assuming all excise duty towards cement segment). However, the EBIT of the segment declined sharply by 30.8% yoy on account of higher costs.
On the other hand, performance of refractory business was healthy; revenue was up 62.4% yoy to Rs112.7cr with an EBIT of Rs5.2cr against EBIT loss of Rs6cr in Q1FY18.
Raw material cost jumped by 681bps yoy as percent of net sales.
Due to higher petcoke and diesel prices, power and freight costs were up by 117bps and 100bps yoy as percent of net sales.
Depreciation was up by 22.6% yoy.
Other income for the quarter declined sharply by 43.6% yoy to Rs20.3cr.
OCL India Ltd ended at Rs. 1,186.35, down by 20.55 points or 1.7% from its previous closing of Rs. 1,206.90 on the BSE.
The scrip opened at Rs. 1,195 and touched a high and low of Rs. 1,214.90 and Rs. 1,185.20 respectively. A total of 54,485 (NSE+BSE) shares were traded on the counter. The stock traded below its 200 DMA.
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