• Sales stood lower by sharp 54% to Rs 373.25 crore hurt by lower execution of orders on hand or delay in despatches. But with 90 bps contraction in OPM to 9%, the operating profit was down by 58% to Rs 33.60 crore. Material cost as proportion to sales was down by 2350 bps to 36.6% but that of staff and other expenses were up by 1960 bps and 480 bps to 35.2% and 19.2% respectively.

• Other income declined by 41% to Rs 23.60 crore. The interest cost was higher at Rs 2.47 crore compared to mere Rs 0.13 crore in the corresponding previous period. The depreciation was flat at Rs 18.79 crore but as % to sales and operating profit it stood higher. Thus the PBT was down by 64% to Rs 35.94 crore.
• Taxation was down by 70% to Rs 8.54 crore and thus the PAT was down by 62% to Rs 27.40 crore.

Yearly performance

The company sold its ‘Air Preheaters and Industrial Mills (Auxiliary Components Undertaking)" business to Oak Energy India (OEIPL) as going concern on a slump sale basis for lump sum consideration without values being assigned to individual assets and liabilities with effect from end of business hours of August 31, 2014. As figures of corresponding previous period include the financials of auxiliary components undertaking to that extent, the financials of fiscal ended March 2016 and March 2015 is not comparable.

Standalone sales for the period were lower by 19% to Rs 1727.27 crore. Operating profit was a loss of Rs 179.65 crore (compared to a profit of Rs 168.60 crore in the corresponding previous period)as the company seems account an addition cost upon revision of cost to complete certain projects. At PBT level it was a loss of Rs 126.56 crore compared to a profit of Rs 217.74 crore in the corresponding previous period. The taxation was a write-back of Rs 47.79 crore compared to a provision of Rs 78.26 crore in the corresponding previous period. The PAT was eventually a loss of Rs 78.77 crore compared to a profit of Rs 139.48 crore in the corresponding previous period. EO/PPA for the period was nil compared to an income of Rs 37.59 crore towards profit on sales of auxiliary components undertaking in corresponding previous period. Thus the net profit was a loss of Rs 78.77 crore compared to a profit of Rs 177.07 crore in the corresponding previous

Consolidated sales was lower by 19% to Rs 1727.27 crore and at operating level it was a loss of Rs 179.99 crore compared to a profit of Rs 166.99 crore in the corresponding previous period. Loss at operating profit level was due to addition cost upon revision of cost to complete certain projects accounted by the company during the year. Eventually the net profit was a loss of Rs 79.02 crore compared to a profit of Rs 176.88 crore in the corresponding previous period.

Other developments

The process of open offer made by GE Energy Europe BV along with persons acting in concert under the provisions of Securities and Exchange Board of India (Substantial
Acquisition of Shares and Takeovers) Regulations 2011 for acquisitions of 17479143 fully paid up equity shares in the company from public shareholders was completed in February 206. In terms of the said open offer, 13789 fully paid up equity shares were tendered by public shareholders of the company and the same were acquired by the acquirer. The share holding of promoters (acquirer/PAC) as a result increased to 68.58% from 68.56% as hitherto.

The stock hovers around Rs 600.