Other Income increased 17% to Rs 10.84 crore in Q1FY21 from Rs 9.26 crore in Q1FY20 while interest cost jumped 81% to Rs 4.12 crore and depreciation rose 79% to Rs 17.16 crore. As a result PBT was down 71% to Rs 17.4 crore. Effective rate of tax fell 100 bps to 32.2% leading a 71% decrease in PAT to Rs 11.33 crore. The decrease in results is primarily due to restriction of business activities caused due to COVID-19 pandemic during the current quarter. During this quarter, for first two months there were hardly any sales in India due to lockdown.

Standalone Australia: During this quarter, Revenue from operations from Australia was Rs. 82 crore compared to Rs. 79 crore of Q1FY20. The EBITDA increased to Rs. 13 crore from Rs. 8 crore of corresponding quarter (Due to change in Accounting Standard in Australia) and the Net Profit (PAT) was Rs. 4 crore which was at par with the PAT of corresponding quarter.

Standalone Spain: The Revenue from operations were Rs. 60 crore, with an EBITDA of Rs. 11 crore (18%) and Net Profit of Rs. 7 crore (11%). 

For year ended Mar20, consolidated net sales rose 2% to Rs 2173.63 crore. The company operating margins increased 390 bps to 13.8%. As a result operating profits rose 42% to Rs 300.41 crore. Other income rose 45% to Rs 39.99 crore. Interest cost was up 35% to Rs 13 crore. Depreciation rose 49% to Rs 59.04 crore.  

PBT before EO was up 42% to Rs 268.36 crore. The company had EO expense of Rs 11.99 crore compared to nil in the corresponding previous year period. PBT after EO was up 35% to Rs 256.37 crore. Effective tax rate was down 580 bps to 24.2%. PAT reported was up 46% to Rs 194.29 crore. Further considering prior period tax and minority interest net profit rose 45% to Rs 193.43 crore. 

The scrip is currently trading around Rs 1401 on the BSE