• As operating profit margin stand contract by 300 bps to 13%, the operating profit de-grew by 5% to Rs 53.52 crore. Contraction in OPM was largely on account of higher subcontract charges, staff cost and other expenses. Material cost as proportion to sales was lower by 250 bps to 70.3%. With labour/subcontract charges, staff cost and other expenses stood higher by 240 bps (to 6.7%), 50 bps (to 2.9%) and 260 bps (to 7.0%) respectively the gain at material cost is more than offset and led to contraction in OPM.
  
• Other income though stood higher by 636% to Rs 2.65 crore, hurt by higher interest (up 8% to Rs 26.99 crore) and depreciation cost (up 18% to Rs 5.96 crore), the PBT was lower by 13% to Rs 23.22 crore.
  
• Tax provision though stood lower by 8% (to Rs 4.34 crore) the tax rate stood higher at 18.7% compared to 17.7% in corresponding previous period. Thus hurt further by higher tax incidence the net profit was down by 14% to Rs 18.88 crore.

Half yearly Performance

Consolidated sales were higher by 19% to Rs 1025.47 crore. But with OPM stand contracted by 120 bps to 11.8% the growth at operating profit was restricted to 8% to Rs 121.20 crore. The other income was higher by 315% to Rs 3.24 crore. The interest and depreciation cost was higher by 17% and 14% respectively to Rs 52.55 crore and Rs 11.38 crore. Thus the growth at PBT was 4% to Rs 60.51 crore. After accounting for a taxation of Rs 11.71 crore (down 8%) the growth at PAT level was higher by 7% to Rs 48.80 crore.

Other developments

The company has allotted one equity share for every one equity share held as bonus share on July 30, 2015. Accordingly the paid up capital of the company has increased to Rs 41.4546240 crore (41454624 equity shares of Rs 10 each) with effect from July 30, 2015 from Rs 20.7273120 crore (20727312 equity shares).

Stock hovers around Rs 210.