• Income from operation was lower by 5% to Rs 165.49 crore. Sharp fall in revenue was largely due to high base effect as Q4FY17 had one-off offshore and project cargo revenue. The container volume for the quarter though stood higher by 30% to 205000 TEUs, the bulk cargo volume, liquid volume and RORO cars were down by 18%, 16% and 4% respectively to 0.27 MMT, 0.21 MMT and 23000 cars.
• Operating margin contracted by sharp 950 bps to 56.2% and this can be attributed to increase in all cost heads. Operating expenses as proportion to sales was higher by 150 bps to 15.6%. The staff cost and OE was up by 150 bps and 650 bps respectively to 8.3% and 19.9%. Sharp jump in other expenses was largely due to accounting of significant part of maintenance dredging cost during the quarter. Thus hit by lower sales and 950 bps contraction in OPM, the operating profit was down by 19% to Rs 93 crore.
• Other income was higher by 23% to Rs 8.24 crore. Having re-paid the debt and zero debt company, the interest cost was mere Rs 0.10 crore compared to Rs 0.05 crore in the corresponding previous period. But the depreciation cost was higher by 3% to Rs 26.73 crore. Thus, the PBT (before EO) was up by 22% to Rs 74.41 crore.
• EO income for the quarter as well as corresponding previous period was nil. Taxation in absolute terms was down by 11% to Rs 25.83 crore but tax rate was higher at 34.7% compared to 30.6% in corresponding previous period. Thus hurt further by higher tax incidence, the PAT was down 27% to Rs 48.59 crore.
• Other comprehensive expense was higher by 234% to Rs 0.24 crore and thus the total comprehensive income was down by 27% to Rs 48.35 crore.

Yearly performance

Sales were lower by 5% to Rs 648.90 crore. Lower sales together with 370 bps contraction in OPM to 57.6% have resulted in 11% fall in operating profit to Rs 374.07 crore. After accounting for higher other income, lower interest and depreciation cost, the PBT (before EO) was down by 11% to Rs 307.20 crore.

EO income for the quarter as well previous period was nil. After accounting for higher taxation (up 12% to RS 108.74 crore) the PAT was down by 21% to Rs 198.46 crore.