• Downside in revenue was largely due to lower revenue from metal forming business of the company. While transmission business segment register a marginal growth of 1% to Rs 321.13 crore (or 79% of sales) that of metal forming was down by 27% to Rs 85.59 crore (or 21% of sales).

• The PBIT was lower by 21% to Rs 30.71 crore hit by loss incurred by metal forming business.Facilitated by margin sales growth and 180 bps expansion in segment margin, the segment profit of transmission grew by strong 22% to Rs 32.50 crore. However hit by lower sales and negative margin (against a positive 10.4% in corresponding previous period) the metal forming business registered a segment loss of Rs 1.78 crore compared to a profit of Rs 12.18 crore in the corresponding previous period.

Nine-month performance

Consolidated sales was lower by 7% to Rs 1186.52 crore and with OPM stand lower by 20 bps to 12.8%, the operating profit was down by 8% to Rs 152.15 crore. However the PBT (before EO) was down by 24% to Rs 83.95 crore hit by lower OI, higher interest and depreciation. With EO income stand higher by 59% to RS 12.69 crore, the fall at PBT after EO stood moderated to stand at 18% to Rs 96.64 crore. With taxation stand lower by 50% to Rs 19.23 crore, the PAT was down by just 3% to Rs 77.41 crore. Eventually the net profit after MI was down by 3% to Rs 78.65 crore hit largely by lower share of profit from associate.

Other developments

EO represents the profit on sales of land and profit on sale of entire investment in Renold Chain India, an associate company.