Other Income decreased 19% to Rs 9.28 crore in Q2FY21 from Rs 11.41 crore in Q2FY20 while interest cost jumped 75% to Rs 4.26 crore and depreciation rose 68% to Rs 17.38 crore. As a result PBT was up 36% to Rs 94.06 crore. Effective rate of tax rose 1070 bps to 25.7% leading a 19% increase in PAT to Rs 69.84 crore.

Standalone Australia: During this quarter, Revenue from operations from Australia was Rs. 104 crore compared to Rs. 87 crore of Q2FY20, registering a growth of 20%. The EBITDA increased to Rs. 21 crore from Rs. 12 crore of corresponding quarter (Rs. 5 crore due to change in Accounting Standard in Australia) and the Net Profit (PAT) was Rs. 10 crore compared to Rs. 7 crore of Q2FY20.

Standalone Spain: The Revenue from operations were Rs. 82 crore, with an EBITDA of Rs. 20 crore (24%) and Net Profit of Rs. 13 crore (16%).

For half year ended Sep20, consolidated net sales fell 13% to Rs 876.8 crore. The company operating margins increased 320 bps to 15.3%. As a result operating profits rose 1% to Rs 134.26 crore. Other income fell 3% to Rs 20.12 crore. Interest cost was up 78% to Rs 8.38 crore. Depreciation rose 74% to Rs 34.54 crore.

PBT was down 13% to Rs 111.46 crore. Effective tax rate was up 340 bps to 26.8%. PAT reported was down 17% to Rs 81.64 crore. Further considering prior period tax and minority interest net profit fell 18% to Rs 80.3 crore.

The scrip is currently trading around Rs 1302 on the BSE