• Sales for the quarter was down by 24% to Rs 369.63 crore. But the value of production was down by 25% to Rs371.15 crore. Sales for the quarter was lower than VOP and that signals inventory built up, which will get liquidated going forward.

• OPM eroded by 870 bps to negative 0.3% and that is largely due to sharp rise in all cost heads barring material cost. While material cost as % to sales net of stocks was down by 600 bps to 49.8%, the cost of traded goods was up by 130 bps to 4.8%. The sub-contract charges, staff cost and OE (including project related OE) was up by 430 bps (to 11.3%), 420 bps (To 20.3%) and 490 bps (To 14.1%) respectively.

Nine-month performance

The sales was up by 9% to Rs976.61 crore. That together with 60 bps contraction in OPM to 0.6%, the operating profit was down by 46% to Rs 5.90 crore. With OI up by 42% to RS 172.71 crore, the PBIDT was up by 35% to RS 178.60 crore. The PBT before EO was up by 43% to RS 154.72 crore as interest cost and depreciation as % of sales stand lower. The EO was nil compared to RS 2.18 crore in the corresponding previous period. Thus on deflated base, the PBT after EO was up by 46% to Rs 154.72 crore. Taxation stood higher by 38% to Rs 40.92 crore but tax rate stood lower and thus the PAT was up by 49% to RS 113.80 crore.