• Income from operation was lower by 4% to Rs 162.68 crore. Lower sales despite all cargo group handled for the quarter stand higher compared to corresponding previous period seems largely due to change in cargo mix.
• Operating margin contracted by 350 bps to 58.2% and this can be attributed to rise in all cost heads for the quarter. Operating expenses as proportion to sales was higher by 140 bps to 19.9%. But that of staff cost was up by 140 bps to 8.1%. And the OE was up by 70 bps to 13.9%. On lower sales and lower OPM the operating profit was down by 9% to Rs 94.65 crore.
• Other income was down by 32% to Rs 7.40 crore. Having re-paid the debt and being a zero debt company, the interest cost was mere Rs 0.12 crore compared to Rs 0.07 crore in the corresponding previous period. The depreciation cost was lower by 9% to Rs 25.09 crore. Thus, the PBT (before EO) was down by 12% to Rs 76.85 crore.
• EO income for the quarter as well as corresponding previous period was nil. Taxation net of deferred tax was Rs 26.86 crore, a rise of 16%. The tax rate stood higher at 34.9% compared to 26.4% in the corresponding previous period. Hit thus by higher tax the PAT was down by 23% to Rs 50 crore. Other comprehensive income was nil for the quarter as well as corresponding previous period. And thus the total comprehensive income was down by 23% to Rs 50 crore.

Nine Month performance

Sales were lower by 5% to Rs 483.42 crore. Lower sales together with 150 bps fall in OPM have resulted in 7% fall in operating profit to Rs 281.07 crore. After accounting for lower other income, lower interest and depreciation cost, the PBT (before EO) was down by 8% to Rs 232.79 crore.

EO income for the quarter as well previous period was nil. After accounting for higher taxation (up 22% to RS 82.92 crore) the PAT was down by 18% to Rs 149.87 crore.