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  • IFGL Refractories
  • December 13,2017  19:47
  • IFGL Refractories net sales rose 3% to Rs 199.19 crore. The company reported 180 bps decrease in operating margins to 13.4%. Other income fell 55% to Rs 0.72 crore. Interest cost was down 6% to Rs 0.92 crore. Depreciation rose 2% to Rs 10.71 crore. PBT as a result was down 19% to Rs 15.84 crore. Effective rate of tax increased to 40.5% from 9.1%. Bottomline of the company was down 47% to Rs 9.46 crore.

    Consolidated Performance for the quarter ended September 2017

    For quarter ended September 2017, the net sales rose 3% to Rs 199.19 crore. The company reported 180 bps decrease in operating margins to 13.4%. Cost of material consumed as a percentage of adjusted net sales increased 310 bps to 47.4% while purchase of stock in trade decreased 140 bps to 2% and employee benefit expense increased 10 bps to 15.7% while other expenses fell 60 bps to 21.4%. As a result operating profits fell 9% to Rs 26.75 crore.

    Other income fell 55% to Rs 0.72 crore. Interest cost was down 6% to Rs 0.92 crore. Depreciation rose 2% to Rs 10.71 crore. PBT as a result was down 19% to Rs 15.84 crore. Effective rate of tax increased to 40.5% from 9.1%. Bottomline of the company was down 47% to Rs 9.46 crore.

    Performance for half year ended September 2017

    For half year ended September 2017, net sales rose 6% to Rs 396.94 crore. The company reported 50 bps decrease in operating margins to 12.9%. Cost of material consumed as a percentage of adjusted net sales increased 610 bps to 48.2% while purchase of stock in trade decreased 510 bps to 1.9% and employee benefit expense was flat at 16.1% while other expenses fell 10 bps to 20.8%. As a result operating profits rose 2% to Rs 51.38 crore.

    Other income fell 56% to Rs 1.42 crore. Interest cost was down 3% to Rs 1.99 crore. Depreciation rose 1% to Rs 21.4 crore. PBT as a result was down 2% to Rs 29.41 crore. Effective rate of tax increased to 29.8% from 11.4%. Bottomline of the company was up 23% to Rs 20.65 crore.

    The scrip is currently trading at Rs 327.75

    IFGL refractories results

     

    Particulars1709 (3)1609 (3)Var (%)1709 (6)1609 (6)Var (%)1703 (12)1603 (12)Var (%)
    Net Sales199.19 192.85 3396.94 373.46 6765.57 716.97 7
    OPM (%)13.4 15.2 12.9 13.4 13.0 10.6
    OP26.75 29.40 -951.38 50.17 299.24 76.14 30
    Other Income0.72 1.60 -551.42 3.22 -562.86 5.08 -44
    PBDIT27.47 31.00 -1152.80 53.39 -1102.10 81.22 26
    Interest0.92 0.98 -61.99 2.06 -34.53 4.75 -5
    PBDT26.55 30.02 -1250.81 51.33 -197.57 76.47 28
    Depreciation10.71 10.53 221.40 21.17 117.36 15.59 11
    PBT 15.84 19.49 -1929.41 30.16 -280.21 60.88 32
    Tax6.41 1.77 2628.75 3.43 15519.96 15.69 27
    PAT9.43 17.72 -4720.66 26.73 -2360.25 45.19 33
    Minority Interest(0.03)(0.02)500.01 (0.01)8.08 3.24 149
    PAT after PPA9.46 17.74 -4720.65 26.74 -2352.17 41.95 24
    EPS (Rs)*10.5 19.7 11.5 14.8 14.5 11.6
    * Annualized on diluted equity of Rs 36.04 crore. Face Value: Rs 10
    Var. (%) exceeding 999 has been truncated to 999
    LP: Loss to Profit PL: Profit to Loss
    EO: Extraordinary items; FBT: Fringe Benefit Tax
    EPS is calculated after excluding EO and relevant tax
    Figures in Rs crore
    Source: Capitaline Corporate Database

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