Other Income decreased 460% to Rs 3.28 crore in Q2FY21 from Rs 59 lakh in Q2FY20 while interest cost fell 37% to Rs 5.37 crore and depreciation rose 22% to Rs 15.23 crore. As a result PBT was up 41% to Rs 62.95 crore. Effective rate of tax rose 100 bps to 26% leading a 39% increase in PAT to Rs 46.57 crore.

For half year ended Sep20, net sales fell 6% to Rs 761.15 crore. The company operating margins increased 10 bps to 14.7%. As a result operating profits fell 5% to Rs 111.89 crore. Other income rose 738% to Rs 8.48 crore. Interest cost was down 24% to Rs 12.19 crore. Depreciation rose 21% to Rs 29.24 crore.

PBT was up 1% to Rs 78.95 crore. Effective tax rate was up 300 bps to 27%. PAT reported was down 4% to Rs 57.82 crore.

The scrip is currently trading around Rs 240 on the BSE