• Income from operation (excluding other non operating income) was higher by 3% to Rs 154.75 crore as the container volume was down by 6% to 167000 TEUs compared to 178000 TEUs in the corresponding previous period. However the higher bulk volume, liquid cargo and RORO of cars partially offset the impact of lower container volumes. While the bulk volume was up by 14%yoy that of liquid cargo and RORO volume was up by 22% and 500% on low base. The other operating income was down by 7% to Rs 14.41 crore and thus restricting the overall revenue growth to 2% (Rs 169.16 crore).
• Operating margin expanded by 130 bps to 61.7% and this can be attributed to fall in staff and OE. Operating expenses as proportion to sales was higher by 60 bps to 18.5%. But the staff cost was down by 110 bps to 6.6% and that of OE was down by 70 bps to 13.2%.
• Other income was higher by 33% to Rs 10.87 crore. Having re-paid the debt and zero debt company, the interest cost was mere Rs 0.07 crore compared to Rs 0.05 crore in the corresponding previous period. But the depreciation cost was higher by 10% to Rs 87.65 crore. Thus, the PBT (before EO) was up by 6% to Rs 87.65 crore.
• EO income for the quarter as well as corresponding previous period was nil. Taxation was Rs 23.11 crore, a fall of 18%. Spurred thus by lower tax the growth at PAT was 18% to Rs 64.54 crore.

Nine month performance

Sales were higher by 2% to Rs 508.53 crore. Higher sales together with 450 bps expansion in OPM have facilitated 10% growth in operating profit to Rs 303.15 crore. After accounting for higher other income, higher interest and depreciation cost, the PBT (before EO) was up by 11% to Rs 251.67 crore.

EO income for the quarter was nil compared to an income of Rs 60.41 crore in the corresponding previous period. EO income for the corresponding previous quarter was net of reversal of provision of impairment no longer required amounting Rs 112.24 crore and depreciation charge amounting Rs 51.8269 crore. Thus on inflated base, the PBT (after EO) was down by 12% to Rs 251.67 crore. After accounting for lower taxation (down 37% to RS 67.95 crore) the PAT was up by 2% to Rs 183.72 crore.

The stock hovers around Rs 141.90.