• Downside in revenue was largely due to lower revenue from both metal forming business as well as that of transmission business of the company. While transmission business segment register a marginal fall of 9% to Rs 274.32 crore (or 77% of sales) that of metal forming was down by 24% to Rs 82 crore (or 23% of sales).
  
• The PBIT was lower by 34% to Rs 17.06 crore hit by lower profit from both transmission and metal forming business. Hit by lower sales as well as 80 bps contraction in segment margin, the segment profit of transmission was down by sharp 22% to Rs 13.89 crore. Similarly, the segment profit of metal forming was down by 60% to Rs 3.17 crore hit by lower sales as well as that of lower margin which skid by 340 bps to 3.9%.

Yearly performance

Consolidated sales was lower by 9% to Rs 1542.83 crore and with OPM stand lower by 20 bps to 12.1%, the operating profit was down by 10% to Rs 186.25 crore. However the PBT (before EO) was down by 26% to Rs 96.01 crore hit largely by higher interest and depreciation as OI stood higher by 30% to Rs 3.66 crore. With EO income stand higher by 56% to RS 18.83 crore, the fall at PBT after EO stood moderated to stand at 19% to Rs 114.84 crore. With taxation stand lower by 46% to Rs 24.72 crore, the PAT was down by 7% to Rs 90.12 crore. Eventually the net profit after MI was down by 8% to Rs 91.63 crore hit largely by lower share of profit from associate.

Segment profit of transmission was down by 2% to Rs 105.58 crore hit largely by lower sales, which was down by 5% to Rs 1188.36 crore. The segment profit of metal forming was down by sharp 76% to Rs 9.99 crore dragged by lower sales (down 20% to Rs 354.47 crore) and sharp 650 bps contraction in segment margin to 2.8%.

Other developments

EO represents the profit on sale of land and profit on sale of entire investment in Renold Chain India, an associate company.