The non controlling interest was up by 128% to Rs 0.37 crore, thus leaving the net profit attributable to owners down by 3% to Rs 116.15 crore. With other comprehensive expense attributable to owners jump to Rs 13.85 crore compared to meagre Rs 0.89 crore in the corresponding previous period, the total comprehensive income attributable to owners of parent company was eventually down by 14% to Rs 102.31 crore.

• Production volume for the quarter was down by 6% to 55516 Mt and that of sales was down by 9% to 51392 MT. But with unit realisation higher by 7% to Rs 108263.85/MT the operational income net of GST/excise but excluding other operating income for the quarter was lower by 3% to Rs 556.39 crore. Other operating income was down by 5% to Rs 15.77 crore and the other operating income is fully made of export benefits.
• Sharp 710 bps crash in OPM to 22.2% was largely due to rise in all cost heads. Material cost as proportion to sales (net of excise and stocks) was up by 390 bps to 38%. The staff and OE were higher by 40 bps (to 4.9%) and 300 bps (to 35.6%) respectively. Thus hit by lower sales and lower OPM, the operating profit was down by strong 27% to Rs 126.87 crore.
• Other income was up by 44% to Rs 32.12 crore. The interest cost up by 27% to Rs 1.09 crore and the depreciation was up by 5% to Rs 17.89 crore. Thus the PBT was down by 21% to Rs 140.01 crore.
• Taxation was down by 59% to Rs 23.48 crore and the tax rate was lower at 16.8% for the quarter compared to 32% in corresponding previous period. And thus the de-growth at PAT was just 3% to Rs 116.53 crore.

Nine month performance

Sales was up by 6% to Rs 1701.28 crore but with 800 bps contraction in OPM, the fall at operating profit was 22% (to Rs 369.12 crore). After accounting for lower other income, higher interest & depreciation cost as proportion to OP, the PBT was down by 23% to Rs 385.75 crore. The taxation was down by 40% to Rs 93.89 crore and thus the PAT was down by 15% to Rs 291.87 crore. Eventually the total comprehensive income was down by 18% to Rs 276.81 crore hit largely by higher 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 725 crore.