Based on the internal review of the company, management performed a review of certain projects, which reduced profit before tax for the quarter by Rs 13.92 crore. This amount is disclosed as an EO for Mar'15 quarter as compared to Nil for Mar'14 quarter. Thus PBT after EO stood at Rs 12.75 crore, down by 67%. After paying total tax of Rs 5.64 crore, PAT for Mar'15 quarter stood at Rs 7.11 crore, down by 72% YoY.

Performance for the 15 months ended March 2015

For the 15 months ended Mar'15, net sales stood at Rs 2403.67 crore. OPM stood at 8.8% resulted in OP of Rs 212.10 crore. Other income stood at Rs 22.44 crore. Interest cost and depreciation stood at Rs 0.44 crore and Rs 16.86 crore. There is an EO income of Rs 40.02 crore and thus PBT after EO stood at Rs 177.22 crore. After paying total tax of Rs 63.02 crore, PAT for 15 months ended Mar'15 stood at Rs 114.20 crore.

The company has concluded its review to determine the extent by which costs had been recorded to incorrect projects. As a result, adjustments have been made for 15 months ended Mar'15 to reduce revenues by Rs 54.50 crore and reduce PBT by Rs 67.29 crore. This reduction in PBT includes an impact of Rs 12.79 crore for provision for future losses. Amounts of Rs 40.02 crore which relate to prior periods have been disclosed as an EO for the 15 months ended Mar'15.

The company has recommended a dividend of Rs 12.50 per share of face value of Rs 10 each for 15 months ended Mar'15.

Consequent to the change in the accounting year of the company from Jan-Dec to April-March with effect from current year, the current year ended Mar'15 financial statements are for 15 months from 1^st Jan 2014 to 31^st Mar 2015. The previous year figures relate to the 12 months ended Dec'14 and hence not comparable on YoY basis.