Half yearly performance

Sales for the period was down by 34% to Rs 240.04 crore. But with OPM expand by 70 bps to 15.5% the operating profit was down by 31% to Rs 37.09 crore. After accounting for lower other income, higher interest and higher depreciation, the PBT was down by 37% to Rs 35.77 crore. With taxation stand lower by 39% to Rs 9.35 crore, the PAT was down by 37% to Rs 26.42 crore.

Other developments

Ingersoll Rand Inc. (the ultimate holding company) along with Ingersoll Rand U.S. Holdco Irt. (the intermediate holding company) and Ingersol Rand Industrial U.S. Inc. (the immediate holding company) had made an offer at Rs 642.63 per fully paid-up equity share to the public shareholders of the Company to acquire upto 8,207,680 fully paid-up equity shares, constituting 26% of the fully diluted voting equity share capital of the Company. This Offer was mandatory in compliance with Regulations 3 (1) 4 and 5 (1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The period for tendering of equity shares was between 22 June 2020 and 3 July 2020. Pursuant to the offer Ingersoll Rand Inc. acquired 17,41,798 equity shares (equivalent to 5.52%) from the public shareholders of the Company. Consequently, the total shareholding of promoter and promoter group now stands at 79.52% of the total equity share capital of the Company.