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Results
24-May-24
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Analysis
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Tega Industries
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Improved performance
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Consolidated net sales (including other operating income) of Tega
Industries has increased 27.89% to Rs 506.98 crore. Sales of Consumables segment has gone up
24.81% to Rs 449.34 crore (accounting for 88.46% of total sales). Sales of Equipment segment has gone up 59.40%
to Rs 58.60 crore (accounting for 11.54% of total sales). Inter-segment sales rose Rs 0.38 crore to Rs
0.97 crore.
Profit before interest, tax and other unallocable items (PBIT) has jumped
34.87% to Rs 138.92 crore. PBIT of
Consumables segment rose 42.42% to Rs 135.99 crore (accounting for 97.89% of
total PBIT). PBIT of Equipment segment
fell 60.96% to Rs 2.94 crore (accounting for 2.11% of total PBIT).
PBIT margin of Consumables segment rose from 26.52% to 30.26%. PBIT margin of Equipment segment fell from
20.46% to 5.01%. Overall PBIT margin
rose from 25.96% to 27.35%.
Operating profit margin has jumped from 25.94% to 27.39%, leading to 35.02%
rise in operating profit to Rs 138.84 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 43.27% to 44.78%.
Employee cost increased from 10.86% to 11.21%. Other expenses fell from 19.41% to
16.52%.
Other income fell 36.99% to Rs 4.19 crore.
PBIDT rose 30.64% to Rs 143.03 crore.
Provision for interest rose 129.78% to Rs 7.33 crore. Loan funds declined from Rs 360.87 crore as
of 31 March 2023 to Rs 308.02 crore as of 31 March 2024. Inventories rose to Rs 370.15 crore as of 31
March 2024 from Rs 289.59 crore as of 31 March 2023. Sundry debtors were higher at Rs 447.29 crore
as of 31 March 2024 compared to Rs 403.13 crore as of 31 March 2023. Cash and bank balance rose to Rs 86.71 crore
as of 31 March 2024 from Rs 49.30 crore as of 31 March 2023. Investments rose to Rs 279.09 crore as of 31
March 2024 from Rs 216.87 crore as of 31 March 2023 .
PBDT rose 27.67% to Rs 135.7 crore.
Provision for depreciation rose 85.41% to Rs 22.36 crore. Fixed assets increased to Rs 549.71 crore as
of 31 March 2024 from Rs 497.75 crore as of 31 March 2023. Intangible assets declined from Rs 62.48
crore to Rs 61.42 crore.
Profit before tax grew 20.28% to Rs 113.34 crore. Share of profit/loss was 19.26% higher at Rs
1.61 crore. Provision for tax was
expense of Rs 25.46 crore, compared to Rs 18.32 crore. Effective tax rate was 22.15% compared to
19.17%.
Minority interest was nil in both the periods. Net profit attributable to owners of the
company increased 15.83% to Rs 89.49 crore.
Equity capital increased from Rs 66.35 crore as of 31 March 2023 to Rs
66.54 crore as of 31 March 2024. Per
share face Value remained same at Rs 10.00.
Promoters’ stake was 74.79% as of 31 March 2024 ,compared to 79.10% as of
31 March 2023 .
Full year results
analysis
Net sales (including other operating income) of Tega Industries has
increased 22.96% to Rs 1492.71 crore.
Sales of Consumables segment has gone up 9.59% to Rs 1,290.52 crore
(accounting for 86.23% of total sales).
Sales of Equipment segment has gone up 460.51% to Rs 206.05 crore
(accounting for 13.77% of total sales).
Inter-segment sales rose Rs 0.38 crore to Rs 3.85 crore.
Profit before interest, tax and other unallocable items (PBIT) has jumped
16.82% to Rs 316.10 crore. PBIT of
Consumables segment rose 13.32% to Rs 298.10 crore (accounting for 94.31% of
total PBIT). PBIT of Equipment segment
rose 139.27% to Rs 18.00 crore (accounting for 5.69% of total PBIT).
PBIT margin of Consumables segment rose from 22.34% to 23.10%. PBIT margin of Equipment segment fell from
20.46% to 8.74%. Overall PBIT margin
fell from 22.28% to 21.12%.
Operating profit margin has declined from 22.28% to 21.17%, leading to
16.84% rise in operating profit to Rs 315.97 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 43.53% to 45.10%. Employee cost increased from 13.39% to
14.25%. Other expenses fell from 20.84%
to 20.18%.
Other income rose 7.40% to Rs 22.21 crore.
PBIDT rose 16.17% to Rs 338.18 crore.
Provision for interest rose 76.32% to Rs 31.95 crore. Loan funds declined from Rs 360.87 crore as
of 31 March 2023 to Rs 308.02 crore as of 31 March 2024. Inventories rose to Rs 370.15 crore as of 31
March 2024 from Rs 289.59 crore as of 31 March 2023. Sundry debtors were higher at Rs 447.29 crore
as of 31 March 2024 compared to Rs 403.13 crore as of 31 March 2023. Cash and bank balance rose to Rs 86.71 crore
as of 31 March 2024 from Rs 49.30 crore as of 31 March 2023. Investments rose to Rs 279.09 crore as of 31
March 2024 from Rs 216.87 crore as of 31 March 2023 .
PBDT rose 12.18% to Rs 306.23 crore.
Provision for depreciation rose 54.56% to Rs 63.68 crore. Fixed assets increased to Rs 549.71 crore as
of 31 March 2024 from Rs 497.75 crore as of 31 March 2023. Intangible assets declined from Rs 62.48
crore to Rs 61.42 crore.
Profit before tax grew 4.65% to Rs 242.55 crore. Share of profit/loss was 2.55% higher at Rs
4.43 crore. Provision for tax was
expense of Rs 53.12 crore, compared to Rs 52.07 crore. Effective tax rate was 21.51% compared to
22.05%.
Minority interest was nil in both the periods. Net profit attributable to owners of the
company increased 5.34% to Rs 193.86 crore.
Equity capital increased from Rs 66.35 crore as of 31 March 2023 to Rs
66.54 crore as of 31 March 2024. Per
share face Value remained same at Rs 10.00.
Promoters’ stake was 74.79% as of 31 March 2024 ,compared to 79.10% as of
31 March 2023 .
Cash flow from operating activities increased to Rs 252.14 crore for year
ended March 2024 from Rs 178.55 crore for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 55.41 crore, compared to Rs 92.21
crore during the year ended March 2023.
The scrip is currently trading at Rs 1550
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Tega Industries : Consolidated
Results
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Particulars
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2403 (03)
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2303 (03)
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Var.(%)
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2403 (12)
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2303 (12)
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Var.(%)
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Net Sales
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506.98
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396.41
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28
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1492.71
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1213.97
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23
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OPM (%)
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27.4
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25.9
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21.2
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22.3
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OP
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138.84
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102.83
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35
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315.97
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270.42
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17
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Other Inc.
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4.19
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6.65
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-37
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22.21
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20.68
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7
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PBIDT
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143.03
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109.48
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31
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338.18
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291.1
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16
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Interest
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7.33
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3.19
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130
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31.95
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18.12
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76
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PBDT
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135.7
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106.29
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28
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306.23
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272.98
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12
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Depreciation
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22.36
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12.06
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85
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63.68
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41.2
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55
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PBT
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113.34
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94.23
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20
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242.55
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231.78
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5
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Share of Profit/(Loss) from Associates
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1.61
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1.35
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19
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4.43
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4.32
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3
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PBT before EO
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114.95
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95.58
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20
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246.98
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236.1
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5
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EO Income
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0
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0
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0
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0
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PBT after EO
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114.95
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95.58
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246.98
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236.1
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Taxation
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25.46
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18.32
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39
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53.12
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52.07
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2
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PAT
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89.49
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77.26
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16
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193.86
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184.03
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5
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Minority Interest (MI)
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0
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0
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0
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0
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Net profit
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89.49
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77.26
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16
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193.86
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184.03
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5
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EPS (Rs)*
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#
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#
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29.1
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27.7
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Notes
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* EPS is on current equity of Rs 66.29 crore, Face value of Rs
10, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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Tega Industries : Consolidated
Segment Results
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% of (Total)
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2403 (03)
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2303 (03)
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Var.(%)
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% of (Total)
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2403 (12)
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2303 (12)
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Var.(%)
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Sales
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Consumables
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88
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449.34
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360.03
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25
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86
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1290.52
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1177.59
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10
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Equipments
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12
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58.60
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36.76
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59
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14
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206.05
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36.76
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461
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Total Reported Sales
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100
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507.94
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396.79
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28
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100
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1496.57
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1214.35
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23
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Less: Inter segment revenues
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0.97
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0.38
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-
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3.85
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0.38
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-
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Net Sales
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506.98
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396.41
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28
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1492.71
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1213.97
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23
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PBIT
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Consumables
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98
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135.99
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95.48
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42
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94
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298.10
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263.07
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13
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Equipments
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2
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2.94
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7.52
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-61
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6
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18.00
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7.52
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139
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Total PBIT
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100
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138.92
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103.00
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35
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100
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316.10
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270.59
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17
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Less : Interest
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7.33
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3.19
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130
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31.95
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18.12
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76
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Add: Other un-allcoable
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-16.64
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-4.24
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292
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-37.17
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-16.38
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127
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PBT
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114.95
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95.57
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20
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246.98
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236.09
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5
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