• On an empirically strong quarter the sales was lower by 13% to Rs 2139.42 crore partially hit by adverse effect of demonetization as well as slowdown in execution of certain water and electrical project by the company due to delay in payment from client.
• The operating profit margin was marginally lower by 40 bps to 8.1% and thus the operating profit was down by 17% to Rs 174.16 crore. Marginal contraction in OPM was largely due rise in all cost heads barring material cost. While the sub contract expense as % of sales was up by 270 bps to 36.6%, the other construction expense was up by 190 bps (to 12.2%). Similarly the staff cost was up by 90 bps (to 4.2%) and the OE was up by 60 bps to 2.4%. However the material cost was down by 560 bps to 36.2% partially offsetting the impact of increase in all cost heads.
• Other income was down by 39% to Rs 47.08 crore. The interest cost was down by 22% to Rs 102.22 crore. The depreciation was up by 1% to Rs 27.64 crore. Thus the PBT was down by 28% to Rs 91.38 crore.
• The EO Expense was Rs 47.33 crore, a jump of 133%. EO income for the quarter was net of profit on sales of investment of Rs 7.70 crore and provision for impairment of investments and provisions towards loans /advances/interest Rs 5.03 crore and provision towards claims of Rs 50.00 crore. Thus the PBT after EO was down by 59% to Rs 44.05 crore.
• Taxation net of deferred tax was a write back of Rs 13.65 crore compared to a provision of Rs 21.03 crore and thus the PAT was down by 26% to Rs 63.71 crore.

Yearly performance

Sale was down by 5% to Rs 7892.07 crore and with OPM contract by 20 bps to 8.7%, the operating profit was down by 7% to Rs 685.17 crore. After accounting for lower other income, lower interest, higher depreciation the PBT was down by 7% to Rs 317.49 crore. The EO expense was higher by 148% to Rs 50.34 crore and hit further the PBT after EO was down by 17% to Rs 267.15 crore. The taxation was lower by 49% to Rs 41.65 crore and thus the PAT was down by 6% to Rs 225.50 crore. The other comprehensive expense was up by83% to Rs 3.89 crore and thus the net profit was down by 7% to Rs 221.61 crore.

Consolidated sales was down by 6% to Rs 9000.57 crore and that with 310 bps contraction in OPM resulted in 33% fall in operating profit to Rs 669.72 crore. After accounting for higher other income (up 54% to Rs 203.90 crore) the PBIDT was down by 23% to Rs 873.62 crore. Interest and depreciation cost though stood lower in absolute terms as proportion to OP was higher and thus the PBT was down by 34% to Rs 157.73 crore. The share of loss from JV was up by 2% to Rs 31.19 crore and thus the PBT before EO was down by 39% to Rs 126.54 crore. The EO expense doubled to Rs 80.21 crore and thus the PBT after EO was down by 72% to Rs 46.33 crore. The taxation was lower by 56% to Rs 37.93 crore in absolute terms but with tax rate stand higher, the PAT was down by 90% to Rs 8.40 crore. Eventually the net profit (total comprehensive income) attributable to owners wad down by 74% to Rs 34.40 crore.

Others

To pay a dividend of Rs 0.40 per equity share of Rs 2 face value each for fiscal 2016-17.