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  • Technofab Engineering
  • December 13,2017  12:45
  • Technofab Engineering has registered 24% fall in net profit for the quarter ended September 2017 to Rs 2.75 crore. Sharp fall in bottom-line is largely due to lower sales, lower other income, higher interest cost and higher taxation. But for 260 bps expansion in operating profit margin to 14.5%, the fall at bottom-line would have been much steeper than reported.
    • Value of production for the quarter was down by 14% (to Rs 75.62 crore) even as the revenue was down by 13% to Rs 76.74 crore. Sales higher than value of production for the quarter reflects inventory liquidation in the quarter.
    • Operating profit margin for the quarter expanded by 260 bps to 14.5%. Expansion in OPM can be attributed to sharp fall in material cost. Material cost as proportion to sales net of stocks was lower by sharp 1460 bps to 59.2%. But staff cost was up by 140 bps (to 13.1%), the contract expenses was up by 20 bps (to 9.1%) and the OE was up by 120 bps (to 3.7%). Thus hit by lower sales, the operating profit was up by 7% to Rs 11.16 crore.
    • Other income was down by 89% to Rs 0.06 crore. The interest cost was up by sharp 28% to Rs 5.93 crore. And the depreciation cost was down by 18% to Rs 1.03 crore. Thus hit by lower OI and higher interest cost, the degrowth at PBT level was 17% to Rs 4.26 crore.
    • The taxation net of deferred tax was down by 11% to Rs 1.37 crore in absolute terms. But the tax rate was higher at 32.2% as against 29.7% in corresponding previous period. Thus the PAT was down by 20% to Rs 2.89 crore. The PPT was a provision of Rs 0.17 crore, a jump of 263%. Thus the net profit after PPT was down by 24% to RS 2.72 crore.
    • The other comprehensive income was down by 51% to Rs 0.03 crore and thus the total comprehensive income was lower by 24% to Rs 2.75 crore.

    Half yearly performance

    Sales were lower by 15% to Rs 160.14 crore and with 320 bps expansion in OPM; the operating profit was up by 11% to Rs 21.84 crore. After accounting for lower OI, higher interest and lower depreciation, the PBT was down by 16% to Rs 6.48 crore. Taxation though stand lower in absolute terms, the tax rate was higher at 34.8% compared to 31.5% in the corresponding previous period. Thus the PAT was down by 20% to Rs 4.22 crore. After higher PPT provision (up 263% to Rs 0.17 crore) the net profit after PPT was down by 23% to Rs 4.06 crore. Eventually the total comprehensive income was down by 23% to Rs 4.11 crore.

    The stock hovers around Rs 252.

    Technofab Engineering: Results

    1709 (3)1609 (3)Var. (%)1709 (6)1609 (6)Var.(%)
    Sales76.7488.29-13160.14188.84-15
    OPM (%)14.511.913.610.4
    OP11.1610.48721.8419.6711
    Other inc.0.060.55-890.100.65-85
    PBIDT11.2211.03221.9420.328
    Interest5.934.622813.3410.0633
    PBDT5.296.41-188.6010.26-16
    Dep.1.031.25-182.122.50-15
    PBT before EO4.265.16-176.487.76-16
    EO0.000.000.000.00
    PBT after EO4.265.16-176.487.76-16
    Current Tax 1.371.53-112.262.45-8
    PAT2.893.63-204.225.31-20
    PPT0.170.052630.170.05263
    Net Profit2.723.58-244.065.26-23
    Other comprehensive Income (net of tax)0.030.06-510.060.09-34
    Total comprehensive Income2.753.64-244.115.35-23
    EPS (Rs)*####
    * EPS is on current equity capital of 10.49 crore Face value of Rs 10
    # EPS not caluclated due to seasonality of business
    Figures in Rs crore
    Source: Capitaline Corporate Databases

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