• Operational income was lower by 1% to Rs 299.66 crore but the value of production was higher by 2% to Rs 310.90 crore. Sales lower than value of production reflects inventory built up which will get liquidated going forward.

• Whopping 1000 bps expansion in operating profit margin for the quarter was largely to do with lower material cost as well as other expenses. While the material cost as % to sales net of stocks was down by 750 bps that of other expense was down by 240 bps to 24.9%. But the staff cost was higher by 70 bps to 6%.

• Other income was up by strong 369% to Rs 3.38 crore thus the PBIDT was up by 83% to Rs 70.85 crore. The interest cost was down by 30% to Rs 4.43 crore. But the depreciation was up by 10% to Rs 11.94 crore in absolute terms but as proportion to operating profit it stood lower thus facilitating 154% growth at PBT to Rs 54.48 crore.

• The provision of taxation (including deferred tax)jumped up by 156% to Rs 16 crore and the effective tax rate for the quarter was higher at 30.8% compared to 28.6% in the corresponding previous period. Thus restricted by higher tax incidence the growth at net profit moderated and stood at 146% to Rs 37.69 crore.

Yearly performance

Standalone sales for the period was lower by 18% to Rs 1113.93 crore and with 270 bps expansion in OPM the operating profit was higher by 1% to Rs 151.17 crore. After accounting for lower other income, lower interest and depreciation the PBT was up by 19% to Rs 85.22 crore. The taxation was up by 22% to Rs 27.49 crore and thus the net profit was eventually up by 17% to Rs 57.73 crore.

The stock hovers around Rs 83.