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For the quarter ended Mar 18, net sales were down by 32% to RS 813.93 crore. Lower execution was a one off as some execution of orders got preponed in Dec 17 quarter while others got postponed to June 18 quarter. Lower execution resulted in lower OPM to 1.5 resulting in a 89% decrease in OP to Rs 11.88 crore. Other income was up 279% to Rs 67.4 crore. Interest cost was down by 59% to Rs 14.14 crore. Higher cash generation and lower working capital resulted in lower interest cost. Depreciation was up by 2% to Rs 22.85 crore. Thus, PBT stood at Rs 41.93 crore, down by 41% YoY. After providing total tax of Rs 14.13 crore, PAT for Mar 18 quarter stood at Rs 27.80 crore down by 40% YoY.
Performance for the 12 months ended Mar 18
For the 12 months ended Mar 18, net sales were up by 7% to Rs 4331.71 crore. OPM was down by 130 bps to 5.9% which resulted in an decrease in OP by 12% to Rs 256.86 crore. Other income was up by 71% to Rs 240.09 crore. Interest cost was lower by 47% to Rs 88.28 crore. Depreciation was up by 2% to Rs 89.86 crore. There was EO expenses of Rs 252.70 crore for 12 months ended Mar 17, pertaining to past legacy orders, some litigations on past payments and certain tax issues, as compared to Nil for FY 18. Thus, PBT after EO stood at Rs 318.81 crore as compared to loss at PBT after EO of Rs 73.20 crore for 12 months ended Mar 17. After providing total tax of Rs 110.05 crore, PAT for 12 months ended Mar 18 stood at Rs 208.76 crore as compared to loss of Rs 86.59 crore for 12 months ended Mar 17.
Order book stood at more than Rs 7100 crore as on Mar 18. Orders of around Rs 800 crore received in Mar 18 quarter.
Total order inflow as on Mar 18 stood at Rs 3923.7 crore, down by 9% YoY.
The company has approved a dividend of Rs 1.8 per equity share of face value of Rs 2 each for FY 18.
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