• Downside in revenue is largely due to sharp fall in revenue of all three business segments of the company hit largely by COVID impact and private sector turn cautious with capital investment. The segment revenue of textile machinery division (TMD) was down by 62% to Rs 136.15 crore (or 78% of sales). Indian spinning and knitting mills are undergoing challenging times and that reflects in the numbers of the company. Moreover the spread of Coronavirus and complete lockdown has further aggravated the situation. Similarly the sales of machine tools & foundry (MTF) division was down by 73% to Rs 31.72 crore (or 18% of sales). On the other hand the segment revenue of Advanced Technology Centre (ATC) was down by 21% to Rs 5.93 crore (or 3% of sales).

• PBIT was a loss of Rs 33.26 crore compared to a profit of Rs 7.45 crore in corresponding previous period. Loss at EBIT was largely due to segment loss at all three business segment of the company. The MTF segment registered a loss of Rs 13.09 crore compared to a profit of Rs 11.99 crore in the corresponding previous period. The core TMD division turned in a loss of Rs 14.38 crore higher compared to a loss of Rs 0.12 crore in the corresponding previous period. Similarly the segment loss of ATC was Rs 5.79 crore compared to a loss of Rs 4.42 crore in corresponding previous period.

Yearly performance 

Consolidated sales for the period was down by 42% to Rs 1574.50 crore and the operating profit was down by 96% to Rs 11.15 crore hit by lower sales and 940 bps fall in OPM to 0.7%. The PBT before EO was down by 85% to Rs 49.28 crore after accounting for lower OI, lower interest and flat depreciation. The EO Exp was down by 94% to Rs 2.10 crore. Thus the PBT after EO was down by 83% to Rs 47.18 crore. The taxation was lower by 80% to Rs 19.41 crore with PAT being down by 85% to Rs 27.77 crore.