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 nine months ended September 2020.

Other income decreased 3% to Rs 2.88 crore compared to Rs 2.98 crore. Interest cost decreased 24% to Rs 6.16 crore. Depreciation increased 12% to Rs 24.54 crore. PBT was up 27% to Rs 49.61 crore.

Tax provision increased 75% to Rs 12.73 crore. PAT was up 16% to Rs 36.88 crore.

Performance for nine months ended Sep'20

For nine months ended Sep'20, net sales fell 1% to Rs 1904.99 crore. The company operating margins decreased 140 bps to 10.4%. As a result operating profits fell 13% to Rs 198.13 crore.

Other income fell 58% to Rs 5.27 crore. Interest cost fell 11% to Rs 19.48 crore. Depreciation rose 14% to Rs 74.09 crore. PBT was down 28% to Rs 109.83 crore.

Tax provision decreased 45% to Rs 28.27 crore. PAT reported was down 20% to Rs 81.56 crore. Tax reversal for earlier period was Rs 9.35 crore compared to nil in the corresponding previous year period. Net profit fell 11% to Rs 90.91 crore.

The scrip is currently trading at Rs 308