Opto Ciricuits (India) has posted consolidated net profit of Rs.10.75 crore during the fourth quarter ended March 2018 as against a net loss of Rs.383.03 crore in the corresponding period of last year as it provided Rs.376.88 crore towards trade receivables written off. Its net sales increased by 30 per cent to Rs.66.43 crore from Rs.51.10 crore. EPS, on an enhance equity capital, worked out to Rs.0.41 as against negative Rs.15.87 in the last period. The board has allotted 4.52 crore equity shares of Rs.10 each at a price of Rs.15 per share to other than promoters. on preferential basis and its equity capital increased to Rs.287.50 crore from Rs.242.32 crore in the last period.

For the full year ended March 2018, Opto Circuits' consolidated net sales increased by 6.1 per cent to Rs.228.36 crore from Rs.215.29 crore in the previous year. The company registered net profit of Rs.35.59 crore as against a hefty net loss of Rs.508.30 crore incurred due to trade receivables written off to the tune of Rs.498.67 crore in the previous year. EPS for the full year worked out to Rs.1.34 as against negative Rs.21.05 in the last year.

As against the equity capital of Rs.287.50 crore as at the end of March 2018, reserves & surplus amounted to Rs.626.95 crore. The company's total borrowings declined to Rs.857.56 crore from Rs.965.05 crore. Its inventories declined sharply to Rs.98.41 crore from Rs.239.50 crore and total trade receivables declined by 41 per cent to Rs.616 crore from Rs.1,046 crore in the previous year.

The company's auditors have pointed out that Opto Circuits is holding investment of Rs.200 crore and advances of Rs.552 crore to its subsidiary Opto Cardiac Care Ltd as at the end of March 2018. The auditors have not been able to ascertain the impairment loss of investments and advances in this subsidiary which has reported a consolidated negative net worth of Rs.35.31 crore as against the carrying amount of Rs.752 crore.

Further, Opto Circuits has short term borrowings of Rs.370 crore from various banks including HDFC, Bank of Nova Scotia, State Bank of India and Yes Bank. These banks have classified these liabilities as NPA/irregular advances and as such not charging the interest accordingly finance cost/interest is not provided for. During 2014, the Bank of Nova Scotia Ltd and HDFC Bank have issued winding up notices for recovery of outstanding dues. The company is negotiating for one time settlement with these banks.