India | June 1, 2015:
Opto Circuits (India) Ltd. (Bloomberg: OPTCIN; Reuters: OPTO.NS; NSE: OPTOCIRCUI; BSE: 532391) announced audited financial results for the fourth quarter and full year ending March 31st, 2015.
The consolidated sales for the quarter ended 31st March 2015, was Rs. 286.52 crs registering a growth of 3% in comparison to corresponding quarter of the previous year of Rs. 278.33 crs. The consolidated profit increased by 214% to Rs. 8.32 crs compared to Rs. 2.65 crs in the corresponding quarter of the previous year.
The consolidated sales for the whole year ended 31st March 2015, was Rs. 1,186.79 crs whereas consolidated loss stood at Rs. 146.96 crs. For the whole year ended 31st March 2015, the medical equipment (Non- invasive) contribution to consolidated sales was 90% whereas the interventional devices (invasive) contribution was 9.5%.
Note on extraordinary item for FY15
In Q3FY15, the company’s factory and facility at Vishakhapatnam, Andhra Pradesh incurred losses of inventory and machinery on account of Hud Hud cyclone. Following a conservative approach as per accounting conventions, the company provided for loss of inventory in the said quarter.
Commenting on the performance, Mr. Vinod Ramnani, Chairman and Managing Director, Opto Circuits India said, “I believe that we our recently approved cardiac resuscitation AED product and our Sirolimus coated Drug-eluting stent have helped strengthen our product offering which will accelerate the growth momentum in the coming years.
“For the year ended March 31st, 2015 our consolidated profit was Rs. 34 crs. As explained above, we charged to profit and loss statement Rs. 181 crs incurred due to loss of inventory and damages to our factory on account of the Hud Hud cyclone.”