• Downside in revenue was largely due to lower revenue for Hard Metal and Hand Metal Products (HMHM Products). The segment revenue of HMHM Products was down by 22% to Rs 152.50 crore (or 77% of total sales). However the segment revenue of Machine solutions was up by 49% to Rs 45.40 crore (or 23% of sales).
• The EBIT was down by 24% to Rs 33.30 crore dragged by lower profit from HMHM Products. The segment profit of machine solutions was up by 93% to Rs 11.40 crore facilitated by higher sales as well as 570 bps expansion in segment margin to 25.1%. On the other hand hit by lower sales and 480 bps erosion in segment margin to 14.4%, the segment profit of HMHM Products was down by 42% to Rs 21.90 crore.

The Company has elected to exercise the option permitted under section 115BAA of the Income Tax Act, 1961 as introduced by the taxation laws (Amendment)' Ordinance, 2019. Accordingly the Company has recognised provision for income tax for the Quarter Ended September 30, 2019 and re-measured its deferred tax liabilities (net) basis the rate prescribed in the said section.