• Upside in revenue was largely due higher revenue from transmission segment. While transmission business segment register a growth of 9% to Rs353.73 crore (or 85% of sales) that of metal forming was down by 27% to Rs63.28 crore (or 15% of sales).
• The PBIT was up by 4% to Rs 40.87 crore. Facilitated by higher sales and 260 bps expansion in segment margin to 14%, the segment profit of transmission was up by 33% to Rs 49.62 crore. On the other hand the metal forming segment registered a loss of Rs 8.75 crore (against a profit of Rs 2.24 crore in corresponding previous period).
• Sharp 341% jump in taxation has largely came on weak base as the company has written back Rs 5.64 crore following re-measurement of deferred tax liability in relation to adoption of reduced income tax pursuant to Taxation Law Amendment Ordinance 2019.

Half yearly performance

Consolidated sales was lower by 22% to Rs611.64 crore and with OPM stand lower by 50 bps to 11.9%, the operating profit was down by 25% to Rs72.84 crore. However the PBT (before EO) was down by 47% to Rs27.62 crore after accounting for higher depreciation, lower interest and higher OI. With EO income stand lower by 33% to Rs 5.03 crore, the fall at PBT after EO was 45% to Rs 32.65 crore. With taxation stand higher by 14% to Rs11.58 crore, the PAT was down by 57% to Rs21.08 crore. Eventually the net profit after MI was down by 57% to Rs21.75 crore.

Segment profit of transmission was down by 4% to Rs52.18 crore hit largely by lower sales, which was down by 15% to Rs502.06 crore. Bu the metal forming segment registered a loss of Rs 15.99 crore (against a profit of Rs 8.61 crore in corresponding previous period) with its sales stand lower by sharp 41% to Rs 109.58 crore.