• Value of production for the period was down by 72% to Rs 324.96 crore while the operating revenue was down by 68% to Rs 362.76 crore. Sales for the period was 1.12 times of VoP for that period compared to 0.99 times in corresponding previous period. Sales higher than VoP reflects liquidation of earlier period inventory.
• Exports was down by 64% to Rs 155.2 crore and thus the domestic sales was down by 71% to Rs 207.56 crore. The other operating income was down by 77% to Rs 10.41 crore and thus the total sales was lower by 68% to Rs 373.17 crore.
• Other income net of forex loss was up by 88% to Rs 8.63 crore inflated by Rs 5.9 crore of forex gain (against nil) in corresponding previous period.
• Sharp fall in OPM to 4.1% (from 16.3%) was largely due to sharp rise in staff cost and higher OE. Material cost was down by 590 bps to 35.1%. But the staff cost was up by 1370 bps to 25.1% and the OE was up by 380 bps to 35.3%.  

Yearly performance

Sales was down by 18% to Rs 3723.23 crore and with 170 bps contraction in OPM to 15.9%, the operating profit was down by 26% to Rs 592.90 crore. After accounting for higher OI, hither interest and higher depreciation the PBT was down by 40% to Rs 393.17 crore. With taxation stand lower by 66% to Rs 66.64 crore, the PAT was down by 29% to Rs 326.53 crore. Eventually the net profit after MI was down by 29% to Rs 324.89 crore with MI was up by 11% to Rs 1.64 crore.

The three foreign subsidiaries of the Group had financial years ending on December 31, whereas the parent company along with its domestic subsidiaries have the year end of March 31. During the previous year , such foreign subsidiaries had aligned their financial year end with that of the parent company for consolidation purposes, eliminating a 3 month time lag for incorporating the results of such foreign subsidiaries with the consolidated financial results of the Group. As a result of this change, the consolidated financial results for the year ended March 31, 2020 and quarter ended June 30, 2019 also includes the financial results of such foreign subsidiaries for the period January 1, 2019 to March 31, 2019. This has resulted in increase in revenue from operations by Rs. 100.41 crores and reduction in profit after tax by Rs. 1.38 crores.