In the March 2011 quarter, Orient Abrasives recorded 22% growth in standalone net profit to Rs 14.94 crore solely lifted by tax write back (against tax provision) due to availing of accelerated depreciation on wind mills. The topline grew by 28% to Rs 104.26 crore aided by growth in sales of all its divisions. Fall in operating profit margin (OPM) by 370 bps limited the growth in operating profit to 7% to Rs 19.36 crore. The PBT fell by 4% to Rs 14.90 crore.

The standalone topline grew by 28% to Rs 104.26 crore in March 2011 quarter aided by growth across all division sales. Sales of Refractories & Monolithics (refractories) grew by 30% to Rs 78.80 crore. The sales of Fused aluminum Oxide Grains including calcined products (fused aluminum) grew by 12% to Rs 33.73 crore while the power sale rose by robust 44% to Rs 10.08 crore. The OPM fell by whopping 370 bps to 18.6% limiting the growth in operating profit to marginal 7% to Rs 19.36 crore. The PBIT margin of refractories crashed by 610 bps to 14% pulling down its PBIT by 9% to Rs 11.16 crore. Also the PBIT margin of fused aluminium fell by 30 bps to 17% limiting its PBIT growth to 10% to Rs 5.68 crore. Only power division reported PBIT margin of 15% against LBIT margin of 1% in March 2010 quarter resulting in PBIT of Rs 1.48 crore against LBIT of Rs 0.09 crore.

The company's PBT fell by 4% to Rs 14.90 crore on increase in non operating expenses and fall in forex gain. The forex gain crashed by 51% to Rs 0.63 crore. The interest cost increased by notable 50% to Rs 2 crore while depreciation cost increased by 19% to Rs 3.23 crore. Saving grace was net write back of tax of Rs 0.03 crore due to availing of accelerated depreciation on wind mills (against tax provision of Rs 3.22 crore in March 2010 quarter) which in turn boosted the net profit by 22% to Rs 14.94 crore.

On standalone basis, the topline grew by 14% to Rs 369.64 crore in FY 11 aided by growth in refractories and power sales. The refractories sales increased by 24% to Rs 270.74 crore while the power sales grew by 7% to Rs 38.70 crore. Only the fused aluminum sales fell by 7% to Rs 130.83 crore. The OPM crashed by 320 bps to 21.3% thus pulling down its operating profit by 1% to Rs 78.59 crore. The PBIT margin of refractories fell by 430 bps to 17% thus lowering its PBIT by 1% to Rs 46.04 crore. Also the PBIT margin of power crashed by 880 bps to 9% pulling down its PBIT by whopping 47% to Rs 3.31 crore. Only the PBIT margin of fused aluminium grew by 160 bps to 17% thereby lifting its PBIT by 3% to Rs 21.94 crore.

The company's PBT fell by 14% to Rs 59.43 crore on lower forex gain and unfavourable non operating performance. The interest cost grew by 53% to Rs 6.98 crore while the depreciation cost increased by 20% to Rs 12.98 crore. The forex gain crashed by 86% to Rs 0.65 crore. Nevertheless fall in effective tax rate by 440 bps due to availing of accelerated depreciation on wind mills limited the reduction in net profit to 8% to Rs 46.84 crore.

On consolidated basis, the topline grew by 14% to Rs 369.64 crore while the net profit fell by 9% to Rs 46.74 crore in FY 11.

The promoter's shareholding stands at 51.06% as on 31st March 2011. The promoters' have pledged 'nil' shares of the company.