• Downside in revenue was largely due to lower revenue from both transmission as well as metal forming business of the company. While transmission business segment register a fall of 4% to Rs 325.62 crore (or 84% of sales) that of metal forming was down by 30% to Rs 62.52 crore (or 16% of sales).
• The PBIT was lower by 18% to Rs 39.19 crore hit by lower profit from metal forming business. Despite lower sales, the segment profit of transmission grew by strong 11% to Rs 37.17 crore gained largely by 150 bps expansion in segment margin of transmission to 11.4%. However hit by lower sales and lower margin (down 1280 bps to 3.2%) the segment profit of metal forming was down by sharp 86% to Rs 2.01 crore.
• The operating profit was down by 9% to Rs 55.51 crore hit by lower sales as the OPM stand flat at14.3%. The OI was down by 42% to RS 0.46 crore and thus the PBIDT was down by 10% to Rs 55.96 crore.
• The interest cost was up by 58% to Rs 3.89 crore and the depreciation was up by 15% to Rs 18.15 crore. Thus the PBT was down by 22% to RS 33.93 crore. The EO income (profit on sale of land) for the period was Rs 5.17 crore as against nil in the corresponding previous period. Thus the fall at PBT after EO moderated to stand at 10% to Rs 39.10 crore. With taxation stand lower by 80% to Rs 3.08 crore, the PAT therefore grew by strong 29% to Rs 36.02 crore.

Consolidated sales was lower by 9% to Rs 411.97 crore and with OPM stand lower by 80 bps to 13.8%, the operating profit was down by 14% to Rs 56.77 crore. Further a 42% fall in OI to Rs 0.46 crore, saw the PBIDT down by 14% to Rs 57.23 crore. With interest and depreciation stand higher the PBT before EO was down by 25% to Rs 33.87 crore. The EO was an income of Rs 5.17 crore against nil in the corresponding previous period. Thus the PBT after EO was down by 13% to Rs 39.04 crore. An 80% fall in taxation saw the PAT up by 22% to Rs 35.96 crore. The profit attributable to owners was eventually higher by 24% to Rs 36.47 crore after accounting for higher profit from associates (up 13% to Rs 0.50 crore) and lower MI ( a swing of Rs 0.36 crore to a share of loss of Rs 0.01 crore).

Half yearly performance

Sales was down by 8% to Rs 727.74 crore. And with OPM stand lower by 70 bps to 13.1%, the operating profit stood lower by 13% to Rs 95.07 crore hit by both lower sales and lower margin. The other income was down by 25% to Rs 1.28 crore. Thus the PBIDT was down by 13% to Rs 96.35 crore hit by higher interest and depreciation. The EO was an income of RS 7.47 crore against nil in the corresponding previous period. Thus the PBT after EO was down by 20% to Rs 60.62 crore. The taxation was down by 62% to Rs 10.17 crore and thus the PBT was up by 2% to Rs 50.46 crore.

Consolidated sales was lower by 8% to Rs 779.80 crore. Hit further by 110 bps fall in OPM to 12.4%, the operating profit was down by 15% to Rs 97.77 crore. After accounting for lower other income, higher interest and depreciation the PBT before EO was down by 34% to Rs 52.18 crore. Aided by higher EO income (up to Rs 7.47 crore against nil) and lower taxation (down 62% to Rs 10.17 crore) the PAT was lower by 5% to Rs 49.48 crore. Eventually the net profit attributable to owners was down by 3% to Rs 50.82 crore.