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Orient Refractories: A Muted Start to FY18 - Views on News from Equitymaster
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Orient Refractories: A Muted Start to FY18
Sep 19, 2017

Orient Refractories has announced the first quarter results of the financial year 2017-2018 (1QFY18). The company has reported a 6.9% YoY increase in the topline while the bottomline declined by 6.6% YoY. Here is our analysis of the results.

Performance summary
  • The topline increased by 6.9% YoY. This is on the back of increasing market share in the domestic market, increasing sales to RHI Group and exports.
  • Gross margins were flat during the quarter and stood at 46.4%. Operating profits declined by 9.4% YoY. Operating profit margin declined by 2.8% and stood at 15.8% during the quarter. EBITDA declined due to an increase in other expenses (up 23% YoY) and employee cost (up 17% YoY).
  • Other income rose by 29.6% YoY. Depreciation increased marginally by 7.7% YoY.
  • Net profits declined by 6.6% YoY. This is on the back of a decline in operating profit. This was partly offset by tax outgo.

    Financial Snapshot
    (Rs m) 1QFY17 1QFY18 Change
    Total income 1,408 1,505 6.9%
    Expenditure 1,145 1,267 10.6%
    Operating profit (EBITDA) 263 238 -9.4%
    Operating profit margin (%) 18.7% 15.8%  
    Other income 19 25 29.6%
    Interest 0 0  
    Depreciation 15 16 7.7%
    Profit before tax & exceptional items 267 247 -7.5%
    Tax 92 84 -9.4%
    Profit after tax/(loss) 175 163 -6.6%
    Net profit margin (%) 12.4% 10.8%  
    No. of shares (m)   120.14  
    Basic diluted earnings per share (Rs) ^   5.6  
    P/E ratio (x) *   28  

    * On trailing 12 month basis
    ^Based on latest number of shares outstanding

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