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  • Ram Ratna Wires
  • December 12,2017  18:24
  • Ram Ratna Wires, a company engaged in manufacture of enameled wires and strips has registered 20% growth in sales to Rs 234.67 crore for the quarter ended Sep 2017. Higher sales together with 90 basis points expansion in operating profit margin resulted in 41% jump in operating profit to RS 15.09 crore. The growth at PAT was up by 71% to Rs 7.03 crore. After accounting for lower PPT write back and lower other comprehensive income the total comprehensive income was up by just 9% to Rs 11.09 crore.
    • The value of production for the quarter was higher by 21% to Rs 238.43 crore while the sales (net of excise) was up by 20% to Rs 234.67 crore. Sales lower than value of production is largely on account of inventory built up, which will get liquidated in coming quarters.
    • Operating profit margin expanded by 90 bps to 6.4%. This can be explained by lower OE. Material cost as proportion to sales net of stocks was up by 50 bps to 88.3%. Similarly that of staff cost was up by 10 bps to 2.4%. But the other expense was lower by 150 bps to 3%.
    • Other income was jumped by 94% to Rs 1.48 crore. The interest cost was up by 63% to Rs 3.65 crore. The depreciation was up by 10% to Rs 2.30 crore. Thus the PBT was higher by 49% to Rs 10.63 crore.
    • Taxation was down by 19% to Rs 3.60 crore and the tax rate was down at 33.83% compared to 42.4% in corresponding previous quarter. Thus the PAT was jumped up by 71% to Rs 7.03 crore. PPT was nil compared to a write back of Rs 0.42 crore in corresponding previous period. Thus the net profit was up by 55% to Rs 7.03 crore.
    • Other comprehensive income net of tax was down by 27% to Rs 4.06 crore and thus the total comprehensive income was up by 9% to Rs 11.09 crore.

    Half Yearly performance

    Standalone sales were higher by 20% to Rs 458.31 crore. But with operating margin expand by 40 bps the operating profit stood up by 29% to Rs 27.39 crore. After accounting for higher other income, higher interest and higher depreciation the PBT was up by 38% to Rs 17.88 crore. Taxation in absolute term was up by 29% to Rs 6.10 crore but the tax rate was lower at 34.1% compared to 36.4% in corresponding previous period. As tax rate stand lower, the PAT was up by 44% to Rs 11.78 crore. Finally the net profit was up by 37% to Rs 11.78 crore as the PPT write back was nil compared to Rs 0.42 crore in the corresponding previous period.

    The stock hovers around Rs 200.30.

    Ram Ratna Wires: Results

     

    1709 (3)1609 (3)Var. (%)1709 (6)1609 (6)Var. (%)
    Sales234.67195.1020458.31381.3520
    OPM (%)6.45.56.05.6
    OP15.0910.724127.3921.3129
    Other inc.1.480.76941.771.0175
    PBIDT16.5811.484429.1622.3231
    Interest3.652.24636.705.2328
    PBDT12.939.244022.4517.0931
    Dep.2.302.10104.584.1610
    PBT before forex gain & EO10.637.144917.8812.9338
    Forex Gain0.000.000.000.00
    PBT after forex gain before EO10.637.144917.8812.9338
    EO Income0.000.000.000.00
    PBT after EO10.637.144917.8812.9338
    Current Tax 3.603.03196.104.7429
    PAT7.034.117111.788.1944
    PPT0.00-0.42-1000.00-0.42-100
    Net Profit7.034.545511.788.6137
    Other comprehensive income4.065.60-274.385.86-25
    Total comprehensive Income11.0910.13916.1614.4712
    EPS (Rs)*####
    * EPS is on current equity capital of Rs 11.00 crore Face value of Rs 5
    # EPS not caluclated due to seasonality of business
    Figures in Rs crore
    Source: Capitaline Corporate Databases

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