Performance for the 9 months ended Dec 17

For the 9 months ended Dec 17, net sales were up by 23% to Rs 3517.78 crore. OPM was up by 430 bps to 9.4% which resulted in an increase in OP by 129% to Rs 330.18 crore. Strong margins are due to strong execution and tight cost controls. All the past restructuring and cost rationalisation actions are getting converted into improved margins for the company.

Other income was up by 14% to Rs 139.98 crore. Interest cost was lower by 43% to Rs 74.14 crore. Depreciation was up by 2%. There was EO expenses of Rs 52.13 crore for 9 months ended Dec 17 and Rs 214.30 crore for 9 months ended Dec 16, pertaining to past legacy orders, some litigations on past payments and certain tax issues. Thus, PBT after EO stood at Rs 276.88 crore as compared to loss at PBT after EO of Rs 143.59 crore for 9 months ended Dec 16. After providing total tax of Rs 95.92 crore, PAT for 9 months ended Dec 17 stood at Rs 180.96 crore as compared to loss of Rs 49.31 crore for 9 months ended Dec 16. After providing for a prior period tax of Rs 38.30 crore for 9 months ended Dec 16, loss for 9 months ended Dec 16 stood at Rs 132.58 crore.