Other income increased 207% to Rs 11.7 crore compared to Rs 3.81 crore. Interest cost was down 40% to Rs 2.26 crore. Depreciation fell 11% to Rs 5.03 crore. PBT was up 225% to Rs 109.19 crore.

Tax expense was up 134% to Rs 28.09 crore compared to Rs 12.02 crore. PAT reported was up 275% to Rs 81.1 crore.

Segment wise, petroleum products revenue stood at Rs 531.51 crore, up by 3% YoY and accounted for 97% of sales. PBIT from the same was up by 165% to Rs 111.29 crore and accounted for 103% of total PBIT with PBIT margin at 20.9% as compared to 8.2% for Dec19 quarter.

For the quarter, sales from wind power stood at Rs 5.57 crore up by 25% YoY and accounted for 1% of sales. PBIT from the same reported losses of Rs 3.17 crore compared loss of Rs 70 lakh over a year ago.

The outbreak of Novel Coronavirus (Covid-19), a Global Pandemic and consequent nation-wide lockdown had adversely impacted operations of the Company during the six months ended 30th September, 2020. The quarter under review witnessed a faster than expected economic recovery in India aided by declining Covid-19 graph resulting in healthy performance of the company. The Company expects that with a continued decline in the Covid-19 cases the economic recovery in the country should gather momentum.

Performance for the nine months ended Dec20

For nine months ended Dec20, net sales fell 20% to Rs 1279.25 crore. The company operating margins increased 510 bps to 13.1%. As a result operating profits rose 30% to Rs 167.27 crore.

Other income rose 233% to Rs 28.05 crore. Interest cost was down 60% to Rs 5.91 crore. Depreciation fell 10% to Rs 14.82 crore. PBT was up 66% to Rs 174.58 crore.

Effective tax rate was down 290 bps to 25.9%. PAT reported was down 72% to Rs 129.42 crore.

For the 9 months, sales from the petroleum products fell 19% to Rs 1262.23 crore and accounted for 97% of sales. PBIT from the same was up by 51% to Rs 170.97 crore and accounted for 96% of total with PBIT margin at 13.5%.

For the 9 months, sales from the wind power stood at Rs 27.63 crore and accounted for 2% of sales. PBIT from the same was down by 56% to Rs 7.95 crore and accounted for 4% of total with PBIT margin at 28.8%.

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