|
NCC (formerly Nagarjuna Construction Company) has registered 35% growth in its standalone net profit to Rs 56.64 crore for the quarter ended December 2015 even while its sales for the period was down by 13% to Rs 2054.04 crore. Jump in net profit despite lower sales is largely due to 160 bps expansion in operating profit margin, lower interest (down 17% to Rs 119.93 crore) and lower depreciation cost (down 1% to Rs 27.4 crore) which powered the PBT up by 37% to Rs 79.55 crore. After accounting for higher tax, the PAT was up by 35% to Rs 56.64 crore. But for lower other income and higher tax incidence the growth at bottom-line would have been much higher.
The consolidated sales for the same period were lower by 10% to Rs 2395.70 crore. But a 110 bps expansion in OPM has wiped out the impact of lower sales and left operating profit flat (up 0%) at Rs 275.86 crore. After accounting for higher other income (up 23% to Rs 20.54 crore), lower interest (down 14% to Rs 160.57 crore) and higher depreciation (up 16% to Rs 76.85 crore) the PBT was up by 50% to Rs 58.98 crore. After accounting for a taxation of Rs 23.13 crore (up 38%), the PAT was up by 59% to Rs 35.85 crore. The minority interest (share of loss) was up by 9% to Rs 5.70 crore, the share of loss from associates was lower at Rs 1.18 crore compared to a loss of Rs 2.25 crore in the corresponding previous period. Eventually the net profit (after minority interest) was a profit of Rs 40.37 crore, a jump of 58%.
Aggregate sales of subsidiaries as ascertained by deducting standalone sales from consolidated sales, was higher by 13% to Rs 341.66 crore. But the operating profit was down by 11% (to Rs 90.46 crore) as OPM contract by sharp 710 bps (to 26.5%). Other income (net) was an expense of Rs 20.94 crore as against an expense of Rs 38.93 crore in the corresponding previous period. Unable to cover the interest and depreciation cost the PBT was a loss of Rs 20.57 crore compared to a loss of Rs 18.81 crore in the corresponding previous period. Eventually at PAT level the loss was Rs 20.79 crore compared to a loss of Rs 19.42 crore in the corresponding previous period.
Nine month performance
Standalone sales for the period was down by 4% to Rs 5873 crore and with 140 bps expansion in OPM, the operating profit was up by 14% to Rs 528.27 crore. Eventually the net profit more than doubled (up 150%) to Rs 152.80 crore.
Consolidated sales was down by 3% to Rs 6803.22 crore and that with 90 bps expansion in OPM, the operating profit was up by 6% to Rs 777.31 crore. The PAT was eventually a profit of Rs 77.38 crore compared to a loss of Rs 10.15 crore in the corresponding previous period. After accounting for lower minority interest (share of loss) and higher loss from associates, the net profit (after minority interest) was Rs 84.15 crore compared to a profit of mere Rs 1.89 crore in the corresponding previous period.
The stock quotes around Rs 64.
|