Other income rose 60% to Rs 141.88 crore compared to Rs 88.52 crore in corresponding previous year quarter leading 21% increase in PBIDT to Rs 1505.1 crore. Interest cost fell 19% to Rs 85.02 crore while depreciation remained flat at Rs 195.19 crore. The resultant PBT before EO increased 29% to Rs 1224.89 crore. The company reported nil EO compared to EO expense of Rs 72.06 crore in Q2FY20. PBT after EO rose 40% to Rs 1224.89 crore.

Tax expense was Rs 315.27 crore compared to tax credit of Rs 218.36 crore leading 17% fall in PAT to Rs 909.62 crore. Further considering share of profit in JV net profit decreased 16% to Rs 919.47 crore.

For half year ended Sep20 sales decreased 38% to Rs 11119.35 crore as against Rs 17974.62 crore in previous year. The operating profit margins of the company rose 830 bps to 20.4% leading 4% increase in operating profits to 2273.16 crore.

Other income increased 9% to Rs 210.26 crore leading a 4% rise in PBDIT to Rs 2483.42 crore. Interest cost fell 16% to Rs 173.16 crore while depreciation increased 1% to Rs 388.77 crore. The resultant PBT before EO increased 8% to Rs 1921.49 crore. The company had nil EO items during the period compared to EO expense of Rs 72.06 crore. PBT after EO rose 12% to Rs 1921.49 crore.

To secure against future escalation in lease rent for the Kochi LNG Terminal and also to settle ongoing litigations with the Cochin Port Trust (CPT), the company had entered into one-time settlement of lease rent to CPT (for the period from 2010 to 2039). In accordance with the onetime settlement, expense of Rs 72 crore (amount up to 31st March, 2019) has been recognised during the Q2FY20 and H2FY20 as an exceptional item.

Tax expense was Rs 491.64 crore compared to Rs 59.29 crore leading 14% fall in PAT to Rs 1429.85 crore. Further considering share of profit in JV net profit decreased 14% to Rs 1419.26 crore.

In view of expected increase in capacity utilisation at Kochi terminal, the customers of the company are asking for lower regasification tariff for Kochi Terminal w.e.f, 1st April 2019. The company is in discussion with its customers for volwnes tied up with respect to the said terminal and pending the finalisation of tariff the company has recognised revenue on the basis of offered regasification lariff. The impact of the same, if any, including the possible impact on impairment of Kochi Plant, cannot be determined at this stage

The Board of Directors have declared a special interim dividend of Rs 8 per equity share (Face value Rs 10/- per equity share) at their meeting held on I Ith

November 2020

The scrip closed Rs 254 at BSE