Q4FY15 net zooms 61.9% at Morarjee Textiles

16 May '15

3 min read

Despite income from operations slipping 15.45 per cent in the fourth fiscal quarter ended March 31, 2105, net profit at Mumbai based Morarjee Textiles Ltd zoomed 61.91 per cent year over year.

The Ashok Piramal Group company said its net profit climbed to Rs 2.16 crore in the fourth quarter of fiscal 2015, up a massive 61.91 per cent as against Rs 1.34 crore in the quarter ended March 31, 2014.

The hike in net profit at Morarjee Textiles was driven by payment of deferred tax which crashed 70.53 per cent to Rs 1.83 crore in the quarter under review to Rs 6.21 crore in the fourth quarter of fiscal 2014.

Correspondingly, Morarjee Textiles also paid a minimum alternate tax (MAT) of just Rs 93 lakh as against Rs 1.71 crore from the fourth quarter of fiscal 2014.

In a press release, Morarjee Textiles said its income from operations fell 15.45 per cent to Rs 78.93 crore in the fourth quarter of fiscal 2015 compared to Rs 93.36 crore in the prior fiscal fourth fiscal.

In the reporting quarter, the textile mill was able to reduce expenditure to Rs 71.22 crore, down 11 per cent from Rs 80.10 crore in the corresponding quarter of last fiscal.

Lower expenses were driven by a steep 47.60 per cent year on year fall in depreciation and amortisation expense, which dropped to Rs 2.41 crore compared to Rs 4.60 crore.

Forex loss also dipped to Rs 56 lakhs as against Rs 1.18 crore, down 52.24 per cent, while power and fuel expenses grew 21.40 per cent from a fiscal earlier quarter to Rs 9.53 crore.

However, profit from operations before finance cost and other income declined 41.85 per cent to Rs 7.71 crore in the quarter under review from Rs 13.26 crore in the quarter ended March 31, 2014.

Morarjee Textiles also witnessed its other income drive down 33.33 per cent to Rs 2 lakh compared to Rs 3 lakh.

Profit before finance cost also saw reduced at Rs 7.73 crore compared to Rs 13.29 crore, down 41.83 per cent.

In the quarter ended March 31, 2015, finance cost also was knocked down 34.84 per cent over the fourth quarter of fiscal 2014 to Rs 3.74 crore.

Pretax profit too caved in 47.15 per cent at Rs 3.99 crore in the fourth quarter of fiscal 2015 from Rs 7.55 crore in the period from the previous fiscal.

Short term borrowings at end of March 31, 2015 stood at Rs 88.47 crore compared to Rs 86.77 crore at the end of March 31, 2014.

Inventories rose higher to Rs 78.8 crore as of March 31, 2015 as against Rs 73.95 crore as of March 31, 2014, while cash balances in the corresponding period were Rs 45 lakh and Rs 70 lakh, respectively. (AR)

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