Other income increased 105% to Rs 8.41 crore compared to Rs 4.1 crore. Interest cost was down 40% to Rs 2.43 crore. Depreciation fell 9% to Rs 4.84 crore. PBT was down 64% to Rs 14.59 crore.

Tax expense was down 67% to Rs 3.88 crore compared to Rs 11.9 crore. PAT reported was down 62% to Rs 10.71 crore.

Segment wise, petroleum products revenue stood at Rs 259 crore, down by 51% YoY and accounted for 80% of sales. PBIT from the same was down by 69% to Rs 13.37 crore and accounted for 82% of total PBIT with PBIT margin at 26.2% as compared to 8.1% for June19 quarter.

For the quarter, sales from wind power stood at Rs 4.56 crore down by 27% YoY and accounted for 12% of sales. PBIT from the same decreased to Rs 2.98 crore compared to Rs 5.6 crore over a year ago.

The outbreak of Novel Coronavirus (COVID-19), a Global Pandemic and consequent lockdown in the country has adversely impacted operations of the company during the quarter ended 30lh June, 2020. Although, most of the operations are resumed, the availability of workforce, supply chain operations remained disrupted.

Performance for the year ended Mar20

For year ended Mar20, net sales fell 10% to Rs 2046.17 crore. The company operating margins decreased 110 bps to 7.6%. As a result operating profits fell 21% to Rs 155.35 crore.

Other income fell 37% to Rs 11.61 crore. Interest cost was down 31% to Rs 19.99 crore. Depreciation fell 6% to Rs 22.22 crore. PBT was down 23% to Rs 124.75 crore.

Effective tax rate was down 720 bps to 23.3%. PAT reported was down 16% to Rs 95.64 crore.

For the 12 months, sales from the petroleum products fell 10% to Rs 2012.61 crore and accounted for 98% of sales. PBIT from the same was down by 24% to Rs 138.81 crore and accounted for 88% of total with PBIT margin at 6.9%.

For the 12 months, sales from the wind power stood at Rs 39.58 crore and accounted for 2% of sales. PBIT from the same was down by 6% to Rs 19.43 crore and accounted for 12% of total with PBIT margin at 49.1%.

The company has taken all the necessary measures to comply with the directions issued by the Central or State government and local authorities including temporary shutdown of its manufacturing facilities, offices and depots. The company has since resumed most of its operations in a phased manner by following all the directives from the respective government authorities from time to time.

The company has paid interim dividend @ Rs 20 per equity share aggregating to Rs 33.93 crore ( including dividend distribution tax). The Board has considered this interim dividend as final dividend for FY20.

The scrip is currently trading at Rs 700