• Income from operation was higher by marginal 1% to Rs 169.06 crore with lower container and bulker volumes. Container volume was down by 4% to 165000 TEUs compared to 172000 TEUs in the corresponding previous period. The bulk volume too was down by 15% to 0.51 million tones. However the liquid volume and RoRO number were up by 66% and 136% albeit on smaller base.
• Operating margin expanded by 140 bps to 61.3% and this can be attributed to lower other expenses. Operating expenses as proportion to sales was higher by 20 bps to 17.4% and that of staff cost was flat at 7.7%. But the OE was down by 160 bps to 13.6% thus paving for expansion in OPM to 140 bps.
• Other income was up by 39% to Rs 9.19 crore. Having re-paid the debt and zero debt company, the interest cost was mere Rs 0.05 crore compared to Rs 0.04 crore in the corresponding previous period. But the depreciation cost was higher by 5% to Rs 26.44 crore. Thus, the PBT (before EO) was up by 6% to Rs 86.36 crore.
• EO income for the quarter as well as corresponding previous period was nil. Taxation was Rs 30.67 crore, a rise of 40%. Hit thus by higher tax the PAT was down by 7% to Rs 55.70 crore. Other comprehensive income was nil for the quarter as well as corresponding previous period. And thus the total comprehensive income was down by 7% to Rs 55.70 crore.

Yearly performance

Sales were higher by 4% to Rs 683.10 crore. Higher sales together with 430 bps expansion in OPM have facilitated 11% growth in operating profit to Rs 418.59 crore. After accounting for higher other income, higher interest and depreciation cost, the PBT (before EO) was up by 12% to Rs 347.03 crore.

EO income for the quarter as well previous period was nil. After accounting for lower taxation (down 18% to RS 97.12 crore) the PAT was up by 31% to Rs 249.91 crore.

The stock hovers around Rs 140.55.