• On an empirically strong quarter the sales was lower by 7% to Rs 1903.65 crore partially hit by demonetization blues. The operating profit margin was marginally higher by 20 bps to 9.2% and thus the operating profit was down by 6% to Rs 174.21 crore.
  
• Just an 20 bps expansion in OPM was largely due rise in all cost heads barring material cost and other expenses. While the sub contract expense as % of sales was up by 700 bps to 33.7%, the other construction expense and staff cost was up by 80 bps (to 12.6%) and 40 bps (to 4.5%) respectively. However the material cost was down by 710 bps to 37.1% and the OE was down by 90 bps to 2.5%.
  
• Other income was down by 7% to Rs 39.29 crore. The interest cost was down by 16% to Rs 100.89 crore. The depreciation was up by 4% to Rs 28.44 crore. Thus the PBT was up by 5% to Rs 84.17 crore.
  
• The EO Expense was Rs 7.78 crore compared to nil in the corresponding previous period. EO income for the quarter was net of profit on sales of investment of Rs 14.22 crore and provision for loans /advances to group companies amounting Rs 22 crore. Thus the PBT after EO was down by 5% to Rs 76.39 crore. With taxation stand lower by 22% to Rs 18.12 crore, the PAT was up by 2% to Rs 58.27 crore. The other comprehensive income jumped up by 103% to Rs 7.32 crore and thus the total comprehensive income was up by 8% to Rs 65.59 crore.

Nine month performance

Sale was down by 2% to Rs 5752.65 crore and with OPM contract by 10 bps to 8.9%, the operating profit was down by 3% to Rs 511.01 crore. Though other income stood lower by 37%, the interest cost was down by 22% and thus the PBDT was up by 4% to Rs 310.53 crore. The depreciation was up by 2% to Rs 84.42 crore and the PBT before EO was up by 5% to Rs 226.11 crore. The EO expense was Rs 3.01 crore compared to nil in the corresponding previous period. Thus the PBT after EO was up by 4% to Rs 223.10 crore. The taxation was flat at Rs 61.31 crore and thus the PAT was up by 5% to Rs 161.79 crore.

Other developments

Order book as end of Dec 2016 stood at Rs 20466 crore including a large mining order of Rs 3050 crore booked by the mining subsidiary. Order intake in 9mFY17 including the order book of mining subsidiary was Rs 9312 crore.