GMM Pfaudler Standalone PAT for Q411 dips 19.57%

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Mumbai based GMM Pfaudler Ltd. supplies engineered equipment and systems for critical applications in the global chemical and pharmaceutical markets. It came out with the Standalone Financial Results for the Quarter and Year ended March 31, 2011 on April 28, 2011.

Fourth Quarter review: For the fourth quarter ended Mar'11, total income of the company reported at Rs. 44.46 crore that decreased marginally by 3.42% as against Rs. 46.04 crore in the corresponding quarter last year.

Of the various segments, the revenue from only the 'Chemical Process Equipment" rose marginally by 2.99% to Rs. 36.57 crore. Revenue streams went down for 'Mixing Systems" by 33.83% to Rs. 4 crore and 'Filtration/Separation Equipment & Others" by 13.22% to Rs. 3.87 crore. The drop in the operating expenses by 1.45% to Rs. 39.74 crore from Rs. 40.32 crore was primarily led by the stock adjustment (decrease in stock in trade and work in progress - WIP) to the tune of Rs. 4.05 crore.

On the contrary, the raw material cost increased significantly by 30.61% to Rs. 24.55 crore and the employee expenses declined marginally by 3.18% to Rs. 4.38 crore. The other expenses went down by 15.36% to Rs. 11.78 crore. Thus, on account of higher decline in operating income, the operating profit decreased proportionately by 17.34% to Rs. 4.73 crore from Rs. 5.72 crore.

The slide in the operating profits was led by the 'Mixing Systems" division wherein the PBT plummeted 73.28% to Rs. 0.23 crore. As a result the OPM went down by 179 basis points to 10.63%. The company"s focus has been on the 'Chemical Process Equipment" segment with capital employed rising 30.14% to Rs. 63.61 crore. On the contrary, less capital was employed in remaining segments compared with corresponding period of previous quarter.

The Interest expenses declined marginally by 2.23% to Rs. 0.26 crore while Depreciation charges went up by 14.55% to Rs. 0.91 crore. The tax levied squeezed by 20.35% to Rs. 1.2 crore. After adjusting all the financial expenses, the company managed to report a net profit of Rs. 2.83 crore, down 19.57% from Rs. 3.52 crore in corresponding quarter last year. Consequently, the NPM declined 128 basis points to 6.29%.

Fiscal year review: For the fiscal year ended Mar'11, the total income of the company declined marginally by 6.71% to Rs. 144.02 crore from Rs. 154.38 crore in the corresponding period last year. Of the various segments, the revenue from only the 'Filtration/Separation Equipment & Others" rose marginally by 6.74% to Rs. 10.95 crore.

Revenue streams went down for 'Mixing Systems" by 32.14% to Rs. 11.05 crore and 'Chemical Process Equipment" by 4.62% to Rs. 122.01 crore. The raw material cost and employee expenses grew by 10.67% and 10.79% to Rs. 82.8 crore and Rs. 16.6 crore respectively. However, on account of appreciable stock adjustment (decrease in stock in trade and work in progress) to the tune of Rs.17.9 crore the operating expenses slid by 7.82% to Rs. 125.93 crore.

The decrease in operating expenses offset the decline in net sales thereby just about pushing up the operating profit by 1.88% to Rs.18.09 crore.

The slide in the operating profits was led by the 'Mixing Systems" division wherein the PBT plummeted 41.21% to Rs. 1.08 crore. Consequently, the OPM increased by 106 basis points to 12.56% from 11.5% of the previous year.

The other financial expenses such as Interest and Depreciation charges went up by 31.69% and 4.53% to Rs. 0.88 crore and Rs. 3.49 crore respectively, while the tax levied was almost the same at Rs. 5.21 crore. After adjusting all the financial expenses, company managed to report a net profit of Rs. 11.13 crore, down 1.08% from Rs. 11.25 crore in last financial year.

The NPM, however, inclined 43 basis points to 7.59%.

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