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Results
08-Feb-22
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Analysis
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Indian Railway Catering & Tourism Corporation
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Pat up 167.4% YoY to Rs 209 crore
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On standalone basis
Quarter ended December 2021 compared with Quarter ended December 2020.
Net sales
(including other operating income) of Indian Railway Catering & Tourism
Corporation has increased 140.77% to Rs 540.21 crore. Sales of
Catering segment has gone up 113.78% to Rs 104.66 crore (accounting for 19.37%
of total sales). Sales of Internet Ticketing segment has gone up
118.75% to Rs 312.86 crore (accounting for 57.92% of total
sales). Sales of Raill Neer segment rose 194.88% to Rs 49.94 crore
(accounting for 9.24% of total sales). Sales of Tourism segment has
gone up 341.45% to Rs 68.25 crore (accounting for 12.63% of total
sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 206.53% to Rs 268.60
crore. PBIT of Catering reported profit of Rs 5.72 crore compared to
loss of Rs 7.94 crore. PBIT of Internet Ticketing segment rose
143.16% to Rs 265.18 crore (accounting for 98.73% of total
PBIT). PBIT of Raill Neer reported profit of Rs 5.05 crore compared
to loss of Rs 2.04 crore. PBIT of Tourism segment rose 30.66% to Rs
-7.94 crore (accounting for -2.95% of total PBIT).
PBIT margin of Catering segment rose
from negative 16.22% to 5.47%. PBIT margin of Internet Ticketing
segment rose from 76.25% to 84.76%. PBIT margin of Raill Neer
segment rose from negative 12.06% to 10.12%. PBIT margin of Tourism
segment rose from negative 74.04% to negative 11.63%. Overall PBIT
margin rose from 39.05% to 49.72%.
Operating profit margin has jumped
from 42.18% to 51.68%, leading to 194.95% rise in operating profit to Rs 279.17
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 1.51% to 2.33%. Purchase of finished
goods cost fell from 5.27% to 2.58%. Employee cost decreased from
22.68% to 12.10%. Other expenses rose from 28.30% to 31.42%.
Other direct service cost fell from 22.34% to 15.95%.
Other income fell 21.86% to Rs 16.3
crore. PBIDT rose 155.80% to Rs 295.47 crore. Provision
for interest up 55.71% to Rs 2.18 crore.
PBDT rose 157.02% to Rs 293.29
crore. Provision for depreciation rose 22.14% to Rs 11.75
crore.
Profit before tax grew 169.44% to Rs
281.54 crore. Provision for tax was expense of Rs 72.73 crore,
compared to Rs 26.3 crore. Effective tax rate was 25.83% compared to
25.19%.
Profit after tax rose 167.40% to Rs
208.81 crore.
Promoters’ stake was 67.40% as of 31
December 2021 ,compared to 67.40% as of 31 December 2020 .
For year-to-date (YTD) results
analysis
Net sales (including other operating income) of Indian Railway Catering &
Tourism Corporation has increased 167.53% to Rs 1,188.52
crore. Sales of Catering segment has gone up 49.20% to Rs 232.77
crore (accounting for 19.59% of total sales). Sales of Internet
Ticketing segment has gone up 207.82% to Rs 728.14 crore (accounting for 61.26%
of total sales). Sales of Raill Neer segment rose 309.00% to Rs
120.38 crore (accounting for 10.13% of total sales). Sales of
Tourism segment has gone up 361.33% to Rs 102.73 crore (accounting for 8.64% of
total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 719.16% to Rs 569.83
crore. PBIT of Catering reported profit of Rs 0.90 crore compared to
loss of Rs 77.09 crore. PBIT of Internet Ticketing segment rose
235.48% to Rs 602.39 crore (accounting for 105.71% of total PBIT). PBIT
of Raill Neer reported profit of Rs 9.65 crore compared to loss of Rs 4.78
crore. PBIT of Tourism segment fell 55.28% to Rs -43.69 crore
(accounting for -7.67% of total PBIT).
PBIT margin of Catering segment rose
from negative 49.41% to 0.39%. PBIT margin of Internet Ticketing
segment rose from 75.91% to 82.73%. PBIT margin of Raill Neer
segment rose from negative 16.23% to 8.02%. PBIT margin of Tourism
segment rose from negative 126.36% to negative 42.53%. Overall PBIT
margin rose from 15.66% to 47.94%.
Operating profit margin has jumped
from 10.17% to 50.67%, leading to 1,232.28% rise in operating profit to Rs
602.19 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 1.70% to 2.28%. Purchase of finished
goods cost fell from 4.28% to 3.40%. Employee cost decreased from
34.23% to 15.29%. Other expenses fell from 49.55% to 28.43%.
Other direct service cost fell from 35.14% to 14.92%.
Other income fell 28.99% to Rs 46.99
crore. PBIDT rose 482.90% to Rs 649.18 crore. Provision
for interest up 82.99% to Rs 8.07 crore.
PBDT rose 499.39% to Rs 641.11
crore. Provision for depreciation rose 26.32% to Rs 34.8
crore.
Profit before tax grew 663.52% to Rs
606.31 crore. Provision for tax was expense of Rs 156.4 crore,
compared to Rs 35.57 crore. Effective tax rate was 25.80% compared
to 29.23%.
Profit after tax rose 422.42% to Rs
449.91 crore.
Promoters’ stake was 67.40% as of 31
December 2021 ,compared to 67.40% as of 31 December 2020 .
Full year results analysis
Net sales (including other operating income) of Indian Railway Catering &
Tourism Corporation has declined 65.42% to Rs 783.05 crore. Sales of
Catering segment has gone down 78.38% to Rs 223.41 crore (accounting for 28.53%
of total sales). Sales of Internet Ticketing segment has gone down
27.63% to Rs 448.56 crore (accounting for 57.28% of total
sales). Sales of Raill Neer segment fell 74.21% to Rs 57.24 crore
(accounting for 7.31% of total sales). Sales of Tourism segment has
gone down 81.76% to Rs 53.85 crore (accounting for 6.88% of total
sales).
Profit before interest, tax and
other unallocable items (PBIT) has slumped 71.41% to Rs 193.38
crore. PBIT of Catering reported loss of Rs 84.24 crore compared to
profit of Rs 107.33 crore. PBIT of Internet Ticketing segment fell
28.28% to Rs 353.33 crore (accounting for 182.72% of total
PBIT). PBIT of Raill Neer reported loss of Rs 5.34 crore compared to
profit of Rs 51.40 crore. PBIT of Tourism reported loss of Rs 70.37
crore compared to profit of Rs 10.58 crore.
PBIT margin of Catering segment fell
from 10.39% to 37.71%. PBIT margin of Internet Ticketing segment
fell from 79.49% to 78.77%. PBIT margin of Raill Neer segment fell
from 23.16% to 9.33%. PBIT margin of Tourism segment fell from 3.58%
to 130.68%. Overall PBIT margin fell from 29.87% to
24.70%.
Operating profit margin has declined
from 30.93% to 24.30%, leading to 72.83% decline in operating profit to Rs
190.28 crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 4.85% to 1.63%. Purchase of finished
goods cost rose from 1.27% to 4.20%. Employee cost increased from
10.78% to 26.47%. Other expenses fell from 52.18% to 43.33%.
Other direct service cost fell from 46.66% to 21.99%.
Other income up 9.65% to Rs 85.64
crore. PBIDT fell 64.56% to Rs 275.92 crore. Provision
for interest fell 16.50% to Rs 8.15 crore. Loan funds remained
nil. Inventories declined from Rs 9.76 crore as of 31 March 2020 to
Rs 6.54 crore as of 31 March 2021. Sundry debtors were lower at Rs
540.05 crore as of 31 March 2021 compared to Rs 777.93 crore as of 31 March
2020. Cash and bank balance rose to Rs 1,460.50 crore as of 31 March
2021 from Rs 1,296.43 crore as of 31 March 2020.
PBDT fell 65.17% to Rs 267.77
crore. Provision for depreciation rose 15.10% to Rs 46.28
crore. Fixed assets increased to Rs 327.57 crore as of 31 March 2021
from Rs 296.55 crore as of 31 March 2020. Intangible assets
increased from Rs 4.34 crore to Rs 6.69 crore.
Profit before tax down 69.60% to Rs
221.49 crore. Extraordinary items were increased to Rs 39.40
crore. Provision for tax was expense of Rs 70.99 crore, compared to
Rs 216.48 crore. Effective tax rate was 27.21% compared to 29.67%.
Profit after tax fell 62.99% to Rs
189.90 crore.
Promoters’ stake was 67.40% as of 31
March 2021 ,compared to 87.40% as of 31 March 2020 .
Cash flow from operating activities
decreased to Rs 247.46 crore for year ended March 2021 from Rs 409.07 crore for
year ended March 2020. Cash flow used in acquiring fixed assets
during the year ended March 2021 stood at Rs 90.28 crore, compared to Rs 39.80
crore during the year ended March 2020.
Others:
Dividend: The Board of Directors
have declared an interim dividend of Rs 2 per equity.
| Indian Railway Catering & Tourism Corporation : Standalone Results | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
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| Net Sales (including other operating income) | 540.21 | 224.37 | 140.77 | 1,188.52 | 444.26 | 167.53 | 783.05 | 2,264.31 | -65.42 | | OPM (%) | 51.68 | 42.18 | 949 bps | 50.67 | 10.17 | 4,049 bps | 24.30 | 30.93 | -663 bps | | OP | 279.17 | 94.65 | 194.95 | 602.19 | 45.20 | 1,232.28 | 190.28 | 700.35 | -72.83 | | Other Inc. | 16.30 | 20.86 | -21.86 | 46.99 | 66.17 | -28.99 | 85.64 | 78.10 | 9.65 | | PBIDT | 295.47 | 115.51 | 155.80 | 649.18 | 111.37 | 482.90 | 275.92 | 778.45 | -64.56 | | Interest | 2.18 | 1.4 | 55.71 | 8.07 | 4.41 | 82.99 | 8.15 | 9.76 | -16.50 | | PBDT | 293.29 | 114.11 | 157.02 | 641.11 | 106.96 | 499.39 | 267.77 | 768.69 | -65.17 | | Depreciation | 11.75 | 9.62 | 22.14 | 34.8 | 27.55 | 26.32 | 46.28 | 40.21 | 15.10 | | PBT | 281.54 | 104.49 | 169.44 | 606.31 | 79.41 | 663.52 | 221.49 | 728.48 | -69.60 | | PBT before EO | 281.54 | 104.49 | 169.44 | 606.31 | 79.41 | 663.52 | 221.49 | 728.48 | -69.60 | | EO Income | 0 | -0.1 | - | 0 | 42.28 | - | 39.4 | 1.11 | 3,449.55 | | PBT after EO | 281.54 | 104.39 | 169.70 | 606.31 | 121.69 | 398.24 | 260.89 | 729.59 | -64.24 | | Taxation | 72.73 | 26.3 | 176.54 | 156.4 | 35.57 | 339.70 | 70.99 | 216.48 | -67.21 | | PAT | 208.81 | 78.09 | 167.40 | 449.91 | 86.12 | 422.42 | 189.9 | 513.11 | -62.99 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 208.81 | 78.09 | 167.40 | 449.91 | 86.12 | 422.42 | 189.9 | 513.11 | -62.99 | | EPS (Rs)* | 2.61 | 0.98 | 167.16 | 5.62 | 0.70 | 700.55 | 2.02 | 6.40 | -68.53 | | | * EPS is on current equity of Rs 160.00 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| Indian Railway Catering & Tourism Corporation : Standalone Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
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| Sales | | Catering | 19.37 | 104.66 | 48.96 | 113.78 | 19.59 | 232.77 | 156.02 | 49.20 | 28.53 | 223.41 | 1,033.23 | -78.38 | | Internet Ticketing | 57.92 | 312.86 | 143.02 | 118.75 | 61.26 | 728.14 | 236.55 | 207.82 | 57.28 | 448.56 | 619.80 | -27.63 | | Raill Neer | 9.24 | 49.94 | 16.94 | 194.88 | 10.13 | 120.38 | 29.43 | 309.00 | 7.31 | 57.24 | 221.96 | -74.21 | | Statem Teertha | 0.83 | 4.50 | 0.00 | - | | Tourism | 12.63 | 68.25 | 15.46 | 341.45 | 8.64 | 102.73 | 22.27 | 361.33 | 6.88 | 53.85 | 295.24 | -81.76 | | Total Reported Sales | 100.00 | 540.21 | 224.37 | 140.76 | 100.00 | 1,188.52 | 444.26 | 167.53 | 100.00 | 783.05 | 2,264.31 | -65.42 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 540.21 | 224.37 | 140.76 | 100.00 | 1,188.52 | 444.26 | 167.53 | 100.00 | 783.05 | 2,264.31 | -65.42 | | PBIT | | Catering | 2.13 | 5.72 | -7.94 | LP | 0.16 | 0.90 | -77.09 | LP | -43.56 | -84.24 | 107.33 | PL | | Internet Ticketing | 98.73 | 265.18 | 109.06 | 143.16 | 105.71 | 602.39 | 179.56 | 235.48 | 182.72 | 353.33 | 492.68 | -28.28 | | Raill Neer | 1.88 | 5.05 | -2.04 | LP | 1.69 | 9.65 | -4.78 | LP | -2.76 | -5.34 | 51.40 | PL | | Statem Teertha | 0.21 | 0.57 | 0.00 | - | | Tourism | -2.95 | -7.94 | -11.45 | 30.66 | -7.67 | -43.69 | -28.14 | -55.28 | -36.39 | -70.37 | 10.58 | PL | | Total PBIT | 100.00 | 268.60 | 87.63 | 206.53 | 100.00 | 569.83 | 69.56 | 719.16 | 100.00 | 193.38 | 676.37 | -71.41 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | 12.95 | 16.76 | -22.76 | | 36.48 | 52.13 | -30.02 | | 67.71 | 53.22 | 27.23 | | PBIT Margin(%) | | Catering | | 5.47 | -16.22 | 2,168.92 | | 0.39 | -49.41 | 4,979.57 | | -37.71 | 10.39 | -4,809.65 | | Internet Ticketing | | 84.76 | 76.25 | 850.73 | | 82.73 | 75.91 | 681.96 | | 78.77 | 79.49 | -71.80 | | Raill Neer | | 10.12 | -12.06 | 2,218.44 | | 8.02 | -16.23 | 2,424.81 | | -9.33 | 23.16 | -3,249.31 | | Statem Teertha | | 12.77 | 0.00 | 1,276.77 | | 12.77 | 0.00 | 1,276.77 | | 0.00 | 15.28 | -1,528.10 | | Tourism | | -11.63 | -74.04 | 6,240.76 | | -42.53 | -126.36 | 8,382.53 | | -130.68 | 3.58 | -13,426.50 | | PBT | 100.00 | 281.54 | 104.39 | 169.71 | 100.00 | 606.31 | 121.69 | 398.24 | 100.00 | 261.08 | 729.58 | -64.22 |
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Peer Comparision (Standalone)
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Q-202112
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Sales
(Rs. Crs)
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var.(%)
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OP
(Rs. Crs)
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var.(%)
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Net Profit
(Rs. Crs)
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var.(%)
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Share Price(Rs)
07-Feb-2022
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var.(%)
over
One year
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TTM EPS
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TTM PE
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Indian Railway Catering & Tourism Corporation Ltd
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540.21
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140.77
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279.17
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195.57
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208.81
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167.12
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835.65
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158.17
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6.95
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120.63
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Easy Trip Planners Ltd
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85.77
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94.53
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51.55
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90.01
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40.28
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80.3
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605.25
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190.57
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10.54
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56.22
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International Travel House Ltd
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32.28
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98.4
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3.14
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LP
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2.20
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LP
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128.55
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121.64
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-20.11
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-
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Thomas Cook (India) Ltd
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112.42
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190.57
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-23.07
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42.55
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-19.72
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-192.58
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64.60
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39.07
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-1.60
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-
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Transcorp International Ltd
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698.93
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150.06
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0.87
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LP
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0.20
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LP
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22.50
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143.77
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-0.20
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-
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Industry
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1,469.61
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143.75
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311.66
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332.5
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231.77
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180.93
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74,773.38
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200.80
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53.87
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