• Production volume for the quarter was down by 5% to 56256 Mt but that of sales was up by 5% to 54573 MT. With unit realisation flat at Rs 99489.31/MT the operational income net of GST/excise but excluding other operating income for the quarter was higher by 5% to Rs 542.94 crore.
• Other operating income was up by 10% to Rs 16.20 crore and the other operating income is fully made of export benefits.
• Sharp 1000 bps crash in OPM to 20.1% was largely due to rise in all cost heads. Material cost as proportion to sales (net of excise and stocks) was up by 560 bps to 39.9%. The staff and OE were higher by 40 bps (to 5.0%) and 170 bps (to 35.5%) respectively. Thus hit by lower OPM, the operating profit was down by strong 30% to Rs 112.40 crore irrespective of 6% growth in sales.
• Other income was down by 19% to Rs 21.69 crore. The interest cost up by 55% to Rs 1.58 crore and the depreciation was down by 6% to Rs 15.96 crore. Thus the PBT was down by 31% to Rs 116.55 crore.
• Taxation was down by 46% to Rs 29.91 crore but the tax rate was lower at 25.7% for the quarter compared to 33.2% in corresponding previous period. And thus the de-growth at PAT was 23% to Rs 86.64 crore.

Half yearly performance

Sales was up by 12% to Rs 1129.12 crore but with 840 bps contraction in OPM, the fall at operating profit was 20% (to Rs 242.26 crore). After accounting for lower other income, higher interest & depreciation cost as proportion to OP, the PBT was down by 24% to Rs 245.74 crore. The taxation was down by 30% to Rs 70.40 crore and thus the PAT was down by 21% to Rs 175.34 crore. Eventually the total comprehensive income was down by 19% to Rs 174.50 crore hit largely by lower other comprehensive expenses attributable to parent of the company and higher non controlling interest.

Order book

Order book at the start of Oct 1, 2017 was Rs 656 crore.