Power Mech Projects has registered 14% fall in sales to Rs 304.85 crore for the quarter ended December 2016. Lower sales together with 70 bps contraction in operating profit margin has resulted in 19% fall in operating profit to 38.96 crore. After accounting for higher other income, flat interest cost and higher depreciation, the PBT was down by 28% to Rs 22.75 crore. Taxation was lower by 31% to Rs 7.94 crore and thus the PAT was down by 27% to Rs 14.81 crore. Further with other comprehensive income stand nil compared to Rs 0.10 crore in corresponding previous period, the total comprehensive income was down by 27% to Rs 14.81 crore.
- The operational sales (excluding other operational sales) were down by 14% to Rs 303.63 crore. But the value of production for the quarter was lower by 14% to Rs 305.46 crore. Sale for the quarter is 0.6% lower than value of production for the period. In comparison the sales for corresponding previous period was 0.1% higher than respective value of production reflecting marginal inventory built up in the quarter.
- Operating profit margin was down by 70 bps to 12.8% as all cost heads barring contract expense witness an increase. Material cost as % of sales net of stocks was down by 360 bps to 8.6%. The staff cost was up by 670 bps to 17.5%. The OE was up by marginal 20 bps to 2.2%. The contract expense though was down by sharp 970 bps to 59% that could not fully offset the rise in other cost heads.
- Other income jumped up by 7% to Rs 1.56 crore. The interest cost was flat at Rs 8.14 crore. The depreciation was up by marginal 2% to Rs 9.63 crore. Thus the PBT was down by 28% to Rs 22.75 crore.
- As taxation stand lower by 31% to Rs 7.94 crore and thus the PAT was down by 27% to Rs 14.81 crore.
Nine month Performance
Sale for the period was down by 3% to Rs 947.26 crore. However the operating profit margin stood contracted by 40 bps to 13% and thus the operating profit was down by 6% to Rs 123.16 crore. After accounting for higher other income, higher interest and higher depreciation, the PBT was down by 12% to Rs 73.23 crore. The taxation was down by 13% to Rs 25.55 crore and the PAT was down by 12% to Rs 47.68 crore. Further with other comprehensive income stand nil compared to Rs 0.26 crore in corresponding previous period, the total comprehensive income was down by 12% to Rs 47.68 crore.
The stock quotes around Rs 449.95.
Power Mech Projects: Results
|1612 (3)||1512 (3)||Var. (%)||1612 (9)||1512 (9)||Var. (%)|
|Provn for taxation||7.94||11.51||-31||25.55||29.25||-13|
|Other comprehensive income (net of tax)||0.00||0.10||-101||0.00||0.26||-99|
|Total comprehensive income ||14.81||20.35||-27||47.68||54.48||-12|
|* EPS is on current equity (post bonus) of Rs 14.7108 crore, Face value of Rs 10|
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Database
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