• The operating profit margin was marginally lower by 20 bps to 8.5%. And thus riding on higher sales (up 6% to Rs 2013.73 crore) the operating profit was up by just 3% to Rs 170.98 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 370 bps to 37.2%, the other construction expense was up by 200 bps (to 13.5%). Similarly the staff cost was up by 50 bps (to 4.4%) and the OE was up by 40 bps to 2.9%. However the material cost was down by 750 bps to 32.7% partially offsetting the impact of increase in all cost heads.
• Other income was down by 27% to Rs 20.87 crore. The interest cost was down by 8% to Rs 86.12 crore. The depreciation was down by 1% to Rs 27.55 crore. Interest and depreciation as proportion to operating profit was down by at 50.4% and 16.1% respectively compared to 56.7% and 16.7% in corresponding previous period. Thus the PBT before EO was up by 8% to Rs 78.18 crore.
• The EO income was Rs 12.42 crore compared to nil in the corresponding previous period. EO income for the quarter was profit on sales of investment of Rs 12.42 crore. Spurred thus the PBT after EO was up 25% to Rs 90.60 crore.
• Taxation net of deferred tax was up by 34% to Rs 27.17 crore. And thus the PAT was up by 21% to Rs 63.43 crore.
• Other comprehensive expense was Rs 0.27 crore compared to an income of Rs 8.52 crore in the corresponding previous period. Thus the total comprehensive income was up by just 4% to Rs 63.16 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.

Order book

Booked orders worth Rs 6051 crore in Q1FY18 and thus the order book as end of June 30, 2017 was Rs 22009 crore, a growth of 22%.