• Income from operation (excluding other non operating income) was lower by 11% to Rs 140.42 crore as hurt by disruption of port operation due floods in Gujarat which affected the rail infrastructure to the port and resulted in lower cargo volume for the quarter. Moreover the rescheduling of service by shipping lines have also hurted the container volume. Other operating income was down by 33% to Rs 8.71 crore and thus the overall revenue was down by 12% to Rs 149.13 crore.
• Operating margin contracted by sharp 510 bps to 51.3% hurt by lower cargo volume as well as commodity mix. Operating expenses as proportion to sales was lower by 80 bps to 21.8%. But staff cost and other expenses was higher by 260 bps (to 9.3%) and 330 bps (to 17.6%) respectively.
• Other income was lower by 63% to Rs 7.14 crore as the other income for corresponding previous period include dividend received from Pipavav Rail Corporation.
• Having re-paid the debt and zero debt company, the interest cost was mere Rs 0.04 crore, a fall of 100%. But the depreciation cost was higher by 39% to Rs 22.72 crore. Thus, the PBT (before EO) was lower by 32% to Rs 60.81 crore.
• EO income for the quarter was reversal of provision of impairment no longer required amounting Rs 60.41 crore compared to nil in the corresponding previous period. Thus the PBT (after EO) was up by 35% to Rs 121.22 crore.
• Taxation was Rs 68.11 crore compared to nil in the corresponding previous period. Tax expenses represented deferred tax charge for the quarter ended Sep 2015 in accordance with AS 22 basis assessment of timing difference for the current year. The company is in a tax holiday period until March 31, 2017 under Sec 80IA of IT ACT 1961. Thus the PAT was down by 41% to Rs 53.11 crore.

Half yearly performance

The company changed the accounting year from 31^st December to 31^st March. And consequently the YTD figures for period ended September 2014 is for nine months. But for comparison purposes in the table the figures for April-Sep 2014 figures were given/used.

Sales were lower by 1% to Rs 333.77 crore. But with OPM contract by 520 bps, the operating profit was down by 10% to Rs 175.02 crore. After accounting for lower other income, lower interest cost and higher depreciation, the PBT (before EO) was lower by 17% to Rs 141.23 crore. The EO income for the period was Rs 60.41 crore compared to nil in the corresponding previous period. Thus the PBT after EO was up by 19% to Rs 201.64 crore. Taxation was higher by Rs 68.11 crore to Rs 68.11 crore. Thus the net profit was lower by 21% to Rs 133.53 crore.

The stock hovers around Rs 162.20.