Other income decreased 92% to Rs 0.75 crore compared to Rs 9.27 crore. Interest cost was down 17% to Rs 13.03 crore. Depreciation rose 16% to Rs 57.4 crore. PBT before EO was down 9% to Rs 68.81 crore. The company had nil EO income/expenditure during the quarter compared to EO income of Rs 3.05 crore during Q4FY19. Exceptional items for the quarter ended 31 March 2019 represent expenses of Rs. 95 lakh incurred towards relocation of manufacturing facilities of one of the overseas subsidiaries and write back of an amount of Rs. 4 crore being reversal of excess provision for contingency, which is no longer required. PBT after EO was down 12% to Rs 68.81 crore. 

Tax expense during the quarter was down 20% to 20.17 crore. PAT reported was down 9% to Rs 48.64 crore. Further considering share of profit or loss of JV and associates and minority interest net profit fell 7% to Rs 48.61 crore. 

For the quarter, sales from the Amesa geography stood at Rs 215.26 crore, down by 9% YoY and accounted for 30% of the total sales. PBIT from the same stood at Rs 24.1 crore down by 18% YoY and accounted for 29% of total PBIT with PBIT margins at 11.2%  

For the quarter, sales from the EAP geography stood at Rs 135.3 crore, down by 12% YoY and accounted for 19% of total sales and PBIT from the same stood at Rs 14.88 crore down by 6% YoY with PBIT margin at 11%.  

For the quarter, sales from the America geography stood at Rs 171.31 crore up 4% and PBIT from the same stood at Rs 29.68 crore down by 5% YoY. PBIT margin stood at 17.3%  

For the quarter, sales from the EU geography stood at Rs 189.67 crore up by 16% YoY and PBIT stood at Rs 13.52 crore up by 28% with PBIT margin at 7.1%.

Performance for the year ended Mar20  

For year ended Mar20, consolidated net sales rose 2% to Rs 2760.07 crore. OPM was higher by 180 bps to 20.2% thus resulting in a 12% increase in OP to Rs 557.44 crore. Other income was down 53% to Rs 13.39 crore. Interest cost stood at Rs 55.65 crore down by 9% and depreciation stood at Rs 229.79 crore up by 23% thus resulting in a PBT before EO of Rs 285.39 crore up by 2%. There was net EO expense of Rs 9.39 crore (Rs.10.91 crore gain on sale of Land and Building of one of its factory and Rs. 20.30 crore being impairment provision made towards loan given (including interest) on the basis of impairment assessment carried out by the management) as compared to EO income of Rs 3.05 crore. Thus PBT after EO stood at Rs 276 crore down by 3%. After tax expense of Rs 75.34 crore down by 21%, PAT stood at Rs 200.66 crore up by 7%. Further considering share of profit or loss of JV and associates and minority interest net profit rose 8% to Rs 207.25 crore. 

For year ended Mar20, sales from the Amesa geography stood at Rs 935.18 crore down 3% on YoY basis and accounted for 33% of the total sales. PBIT from the same stood at Rs 107.57 crore down by 15% YoY and accounted for 32% of total PBIT.  

For year ended Mar20, sales from the EAP geography stood at Rs 623 crore, down by 7% YoY and accounted for 22% of total sales and PBIT from the same stood at Rs 99.78 crore down by 5% YoY with PBIT margin at 16%.  

For year ended Mar20, sales from the America geography stood at Rs 618.37 crore up by 5% and PBIT from the same stood at Rs 88.8 crore up by 9% YoY. PBIT margin stood at 14.4%  

For year ended Mar20, sales from the Europe geography stood at Rs 677.17 crore up by 16% and PBIT from the same stood at Rs 38.26 crore up by 114% YoY. PBIT margin stood at 5.7% 

The Board of Directors at its meeting held on 22 May 2020 has recommended a dividend of Rs. 2.05 per equity share of Rs. 2 each fully paid up, subject to approval of shareholders 

The scrip is currently trading at Rs 170