• Operating income excluding other operating income was down by 64% to Rs 77.37 crore hit by COVID led lockdown and subdued CV Demand and production. However the value of production (VoP) for the period was down by 73% to Rs 65.73 crore. Sales for the period was 1.18 times of VoP and similarly that of corresponding previous period was 0.88 times of its VoP. Sales higher than value of production reflect liquidation of earlier period inventory.

• The other operating income was lower by 47% to Rs 3.47 crore. Thus sales including other operating income, was down by 64% to Rs 80.83 crore.

• OPM contracted by 1080 bps to 8.1% hit largely by rise in staff and P&F cost. Material cost as % of sales net of stocks was down by 280 bps to 45.6%. Similarly the OE was down by 30 bps to 15.1%. However the staff cost was up by 730 bps to 17.8% and the power cost was up by 300bps to 12.0%. Thus hit by lower sale and lower OPM, the operating profit was down by 84% to Rs 6.59 crore.

• The other income was up by 158% to Rs 8.09 crore. Thus the PBIDT was down by 68% to Rs 14.68 crore. The interest was down by 29% to Rs 8.02 crore and depreciation was lower by 1% to Rs 14.64 crore. Thus at PBT level it was a loss of Rs 7.98 crore compared to a profit of Rs 19.33 crore in the corresponding previous period. Eventually the net profit was a loss of Rs 7.98 crore against a profit of Rs 15.36 crore in the corresponding previous period.

Yearlyperformance

Consolidated sales was lower by 19% to Rs 769.17 crore. With OPM contract by 190 bps to 17.2% the operating profit was down by 27% to Rs 132.18 crore. After accounting for higher OI, higher interest and lower depreciation, the PBT was down by 49% to Rs 52.90 crore. The EO was an income of Rs 0.21 crore, a fall of 10%. Thus the PBT after EO was down by 49% to Rs 53.11 crore. Eventually the PAT was down by 46% to Rs 41.92 crore as the taxation was down by 59% to Rs 11.19 crore.