Investment Precision Castings (IPCL) reported a mixed bag Q3FY19 performance amid rising raw material (steel) prices offset by inventory gains, slowdown in demand & tax write back aiding profit growth Net sales in Q3FY19 were at Rs 28.1 crore, down 2.6% YoY, primarily led by a slowdown in volume growth of the automotive segment EBITDA was at Rs 6.2 crore, down 2.5% YoY with corresponding margins at 22.0%. Operating profitability was supported by inventory gains and lower other expenses over the quarter. Selective price hikes initiated by the company also helped maintain margins PAT for the quarter came in at Rs 4.5 crore vs. Rs 2.7 crore in Q3FY18. Higher PAT for the quarter was mainly driven by a tax write-back to the tune of Rs 1.5 crore due to the company’s windmill business.
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