The acquisition of Mohan Mutha Polytech Private Limited, Sri City Andhra Pradesh India on slump sale basis was completed on January 10, 2020. Accordingly, the results of acquired business have been included in the above results from January 10, 2020. 

Consequent to the nationwide lock down, effective March 25, 2020 in view of the COVID-19 pandemic the Company's operations were scaled down in compliance with applicable regulatory orders. Towards the end of April 2020, the Company's operations were scaled up in a phased manner taking into account directive from various Government authorities. This has negatively impacted the Company's revenues for the quarter and the half year ended June 2020. 

Other income decreased 87% to Rs 36 lakh compared to Rs 2.74 crore. Interest cost decreased 3% to Rs 7.07 crore. Depreciation increased 15% to Rs 24.74 crore. PBT was down 22% to Rs 36.04 crore.  

Tax provision decreased 49% to Rs 9.32 crore. PAT was down 4% to Rs 26.72 crore.

Performance for half year ended June20 

For half year ended June20, net sales fell 4% to Rs 1210.23 crore. The company operating margins decreased 300 bps to 9.7%. As a result operating profits fell 27% to Rs 117.45 crore.  

Other income fell 42% to Rs 5.64 crore. Interest cost fell 3% to Rs 13.32 crore. Depreciation rose 15% to Rs 49.55 crore. PBT was down 47% to Rs 60.22 crore. 

Tax provision decreased 64% to Rs 15.54 crore. PAT reported was down 36% to Rs 44.68 crore. Tax reversal for earlier period was Rs 9.35 crore compared to nil in the corresponding previous year period. Net profit fell 23% to Rs 54.03 crore.

Performance for year ended December 2019 

For year ended December 2019, net sales rose 9% to Rs 2582.37 crore. The company operating margins increased 200 bps to 11.4%. As a result operating profits rose 31% to Rs 293.44 crore.  

Other income rose 14% to Rs 16.2 crore. Interest cost rose 7% to Rs 31.13 crore. Depreciation rose 2% to Rs 86.93 crore. PBT before EO was up 55% to Rs 191.58 crore. The company had EO income of Rs 10 crore compared to EO expense of Rs 10 crore. PBT after EO was up 77% to Rs 201.58 crore. 

Tax provision increased 10% to Rs 63.53 crore. PAT reported was up 147% to Rs 138.05 crore. Tax reversal for earlier period was Rs 21.07 crore compared tax provision of Rs 21.07 crore in the corresponding previous year period. Net profit rose 356% to Rs 159.12 crore. 

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