• The 350 bps expansion in OPM to 47.7% was largely due to sharp fall in fuel cost. Staff cost as proportion to sales net of stocks was up by marginal 40 bps to 1.9%. The other expenses were up by 360 bps to 12.7%. But with the fuel cost down by sharp 740 bps to 37.7% that has more than offset the rise in staff and OE. Thus facilitated by expansion in OPM, the fall at operating profit moderated to 6% to Rs 1088.91 crore largely hit by lower sales.

• Other income (net) was down by 27% to RS 85.76 crore. Thus the fall at PBIDT was 8% to Rs 1174.67 crore. The interest cost was lower by 12% to Rs 676.66 crore. And the depreciation was up by 7% to Rs 201.02 crore. Thus the PBT was down by 9% to Rs 296.99 crore.

• The taxation net of deferred tax was down by 38% to Rs 59.66 crore. Thus spurred by lower tax the PAT stood higher by 3% to Rs 237.33 crore.

On termination of PPA with Procurers of Jharkhand Integrated Power (JIPL) on May 16, 2018, the Parent Company has transferred its entire holding of 149900 Equity Shares of RS 10 each, held in JIPL, a Special Purpose Vehicle (SPV) created for the development of Tilaiya UMPP, to Jharkhand Urja Vikas Nigam, the Lead Procurer, acting on behalf of the Procurers of Tilaiya UMPP, pursuant to which the Parent Company has received Rs 112.64 crore.

Yearly performance

Consolidated sales were lower by 5% to Rs 9839.82 crore. But with operating profit margin expand by 380 bps to 47.1%; the operating profit was up by 3% to Rs 4633.05 crore. After accounting for lower other income, higher interest and higher depreciation cost the PBT was down by 14% to Rs 1231.34 crore. The taxation was down by 39% to Rs 196.53 crore. Thus the PAT was up by 6% to Rs 1034.81 crore.