• Sales were lower by 39% to Rs 88.78 crore. However the value of production for the quarter was down by 36% to Rs 88.23 crore. Sales lower than value of production for the quarter reflects inventory built which will get liquidated in coming quarters.

• Operating profit margin expanded by 70 bps to 25.7% and this can be attributed to fall in material cost. Material cost as proportion to sales net of stocks was lower by 760 bps to 48%. However the cost of staff and OE was up by 350 bps (to 9.6%) and 480 bps (to 17.1%) respectively. Thus gained by higher OPM the fall at operating profit was restricted at 37% to Rs 22.32 crore.

• Other income was down by 8% to Rs 18.62 crore. Similarly the interest cost was down by 4% to Rs 2.57 crore. And the depreciation cost was up by 85% to Rs 1.45 crore. Thus the growth at PBT was down by 39% to Rs 22.70 crore.

• Taxation in absolute term was down by 40% to Rs 7.69 crore. Thus the PAT stood lower by 38% to Rs 15.01 crore.

• Other comprehensive income was Rs 0.16 crore as against an expense of Rs 0.43 crore. Thus the total comprehensive income was up by 23% to Rs 14.08 crore.

The consolidated sales were down by 32% to Rs 196.55 crore. But with OPM crash by 1890 bps the operating profit was down by 90% to Rs 6.74 crore. After accounting for higher other income, higher interest and higher depreciation, the PBT was a loss of Rs 3.57 crore compared to a profit of Rs 58.94 crore in the corresponding previous period. The share of profit from associate was down by 5% to Rs 0.18 crore. Thus the PBT after share of profit from associate was a loss of Rs 3.39 crore compared to a profit of Rs 59.13 crore in the corresponding previous period. After accounting for lower tax (down 92% to Rs 1.80 crore), the PAT was a loss of Rs 5.19 crore compared to a profit of Rs 36.49 crore in the corresponding previous period. Minority interest was a share of loss of Rs 7.87 crore (compared to a share of profit) of Rs 4.16 crore in the corresponding previous period, the net was down by 92% to Rs 2.68 crore.

On deducting the standalone financials from consolidated financials, the sales of subsidiaries was down by 26% to Rs 109.76 crore. However with OPM being negative 14.2% (against a positive 19.7%), the operating loss was Rs 15.58 crore compared to a profit of 29.14 in the corresponding previous period. The PBT was a loss of Rs 26.26 crore in the corresponding previous period against a profit of Rs 21.98 crore in the corresponding previous period. Eventually the net was a loss of Rs 12.33 crore compared to a profit of Rs 8.15 crore in the corresponding previous period.