Higher closures of projects along with better execution of high margin orders lead to higher OPM which was up by 410 bps to 12.4% which thus leading to a 37% increase in OP to Rs 144.19 crore. Other income was lower by 54% to Rs 19.21 crore. Interest cost was down by 44% to Rs 15.48 crore. Higher cash generation and lower working capital resulted in lower interest cost. Depreciation was down by 3% to Rs 21.68 crore. Thus, PBT stood at Rs 126.24 crore, up by 30% YoY. After providing total tax of Rs 44.19 crore, PAT for June 18 quarter stood at Rs 82.05 crore up by 33% 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 6500 crore as on June 18. Orders of around Rs 612 crore received in June 18 quarter as compared to Rs 1580 crore in June 17 quarter.

Around Rs 330 crore orders were from utilities and rest from pvt sectors. June 17 had TBCB order inflows which was not present in June 18 quarter which lead to lower inflows.