February 5 2016, 19.31 PM IST || Pocket News Alert
Consolidated Operating PBT up by 35%
New Delhi, 5th Feb 2016: The Board of Directors met today and approved the results for the quarter and nine months ended 31st Dec 2015.
Consolidated Q3 financial performance
Consolidated net sales increased by 6% to Rs.526 crores from Rs.497 crores, on a quarter on quarter basis. On a sequential basis, sales grew by 2%. The growth came about by way of higher business from the standalone entity.
Consolidated PBT increased by 35% from Rs.39 crores to Rs.53 crores in the current quarter. The profit after tax increased by 39% (i.e. Rs.31 crores compared to Rs.22 crores during corresponding quarter of last year).
Electro minerals division sales registered growth for both sequential and quarter on quarter basis. Sales of Ceramics division had a de growth compared to corresponding quarter of last year, however registered a growth on a sequential basis. Abrasives division had a de-growth sequentially, however registered a growth compared to corresponding quarter of last year.
Profitability of Electro minerals and Abrasives businesses improved, however Ceramics was under pressure compared to corresponding quarter of last year.
Consolidated Segmental Operating Performance
Abrasives
At a consolidated level, the net sales for the quarter were at Rs. 229 cr which was 8% higher than the similar period of last year. On a sequential basis, sales were lower by 3%, with Q2 2015-16 sales being at Rs. 236 cr. The growth was led by strong performance from CUMI standalone business.
Profit before interest and tax on a consolidated basis recorded an increase from 6.2% in quarter 3 of last year to 8.6% in current quarter exhibiting a strong comeback in the margins. The margins however was lower compared to Quarter 2 of 2015-16.
Electro Minerals
At a consolidated level, the Net Sales for current quarter were at Rs. 193 cr versus Rs. 172 cr last year. The sales were higher due to better performance of standalone India business. Notwithstanding a weak Rouble, Russian operation also delivered a growth. Sequentially also the Net Sales mirrored a similar trend.
Profits grew significantly from Rs.18 cr in last year similar quarter to Rs. 29 cr in current quarter. The gain majorly arose due to closing down of loss making operations of TRI & re-structuring of Foskor Zirconia supported by better performance of India business.
Ceramics
At a consolidated level, the net sales for the quarter were at Rs. 119 cr versus Rs. 124 cr for the corresponding quarter last year. This is a drop of 4%. On a sequential basis, the sales grew by about 5%.
Industrial ceramics business registered better sales in the current quarter.
Profits were at Rs. 16 cr in current quarter compared to Rs. 14 cr and Rs. 19 cr in Quarter 2 of current year and Quarter 3 of last year respectively.
Interim Dividend
The Board of Directors of the Company at its meeting held on 5th Feb, 2016 has recommended an interim dividend of Rs. 1/- per share (100% on face value of Re.1) to the shareholders of the Company.
