However the consolidated sales for the same period was up by 11% to Rs 2015.93 crore and that along with 20 bps expansion in OPM has led to 13% growth in operating profit to Rs 226.35 crore. After accounting for higher other income (up 70% to Rs 30.82 crore), lower interest (down 9% to Rs 164.43 crore) and lower depreciation (down 1% to Rs 70.10 crore) it was a profit of Rs 22.64 crore at PBT level compared to a loss of Rs 33.07 crore in the corresponding previous period. Taxation was a provision of Rs 19.01 crore compared to a write back of Rs 7.82 crore in the corresponding previous period. Thus the PAT was Rs 3.63 crore compared to a loss of Rs 25.25 crore in the corresponding previous period. Loss in associate was up by 177% to Rs 2.56 crore and the minority interest was a loss of Rs 1.51 crore (down 73%) and thus the net profit (After MI) was a profit of Rs 2.58 crore compared to a loss of Rs 20.52 crore in the corresponding previous period.

Aggregate performance of subsidiaries as ascertained by deducting standalone financials from consolidated financials, was subdued during the quarter as its sales was down by 9% (to Rs 293.41 crore) and the operating profit was down by 25% (to Rs 67.91 crore) hurt by lower sales and sharp 510 bps contraction in OPM. Eventually at PAT level the loss stood increased to Rs 37.58 crore compared to a loss of Rs 22.22 crore in the corresponding previous period. Higher loss at aggregate of PAT subsidiaries was the major reason for consolidated PAT stand lower by 91% compared to standalone PAT for the quarter ended June 2015.

Standalone operating margin expand by 190 bps and that is largely on account of change in revenue mix with contribution from in-house power project stand lower compared to corresponding previous period. The material cost as % to sales net of stocks was up by 600 bps to 49.6%, but the other cost head witnessed fall thus paving way for OPM expansion. Subcontract expenses was down by 510 bps to 26.3%, the other construction cost was down by 50 bps to 9.8%, the staff cost was down by 40 bps (to 3.6%) and other expenses was down by 110 bps to 2.4%.

Order book update & guidance

Booked orders worth Rs 1278 crore in Q1FY16 and of which about Rs 1014 crore from building division and Rs 254 crore from water division. The order book as end of June 30, 2015 was Rs 18727 crore.

Expect standalone revenue of Rs7800-7900 crore for FY16. The sales of FY15 had the benefit of higher contribution from power project at about Rs 3100 crore and current fiscal will have at a maximum of Rs 1200 crore. So excluding the contribution of power a topline growth of 18-19% is expected for FY16. Expect an EBITDA margin of 8.75%-9% for FY16 as a whole.

The stock quotes around Rs 83.30.