• Operating income excluding other operating income was down by 20% to Rs 171.99 crore hit by unprecedented decline of domestic auto sector especially the CV segment. And the value of production was also down by 20% to Rs 180.97 crore. Sales was just 0.95 times of value of production for the quarter and sales lower than value of production reflects inventory build-up which will get liquidated going forward. The other operating income was lower by 12% to Rs 7.19 crore. Thus sales including other operating income, was down by 20% to Rs 179.19 crore.
• OPM contracted by 110 bps to 18.3% hit largely by rise in all cost heads except other expenses. Material cost as % of sales net of stocks was up by 50 bps to 46.1%, the staff cost was up by 110 bps to 10.6% and the power cost was up by 100 bps to 9.9%. But the OE was down by 150 bps to 16.1%. Thus hit by lower sale and lower OPM, the operating profit was down by 25% to Rs 32.56 crore.
• The other income was up by 52% to Rs 4.71 crore. Thus the PBIDT was down by 20% to Rs 37.27 crore. The interest was up by 82% to Rs 9.50 crore and depreciation was lower by 5% to Rs 13 crore. Depreciation as % of sales however was higher. Thus the PBT was down by 46% to Rs 14.77 crore.
• The taxation was down by 58% to Rs 2.62 crore and thus the PAT was down by 43% to Rs 12.15 crore.

Half yearly performance

Sales was lower by 7% to Rs 393.48 crore and the operating profit was down by 13% to Rs 73.01 crore hit further by 110 bps contraction in OPM to 18.6%. After accounting for higher OI, higher interest and lower depreciation, the PBT was down by 33% to Rs 35.04 crore. Eventually the PAT was down by 29% to Rs 28.45 crore as the taxation down by 47% to Rs 6.59 crore.