Nine monthperformance

Sales was down by 18% to Rs 2371.19 crore and with 160 bps expansion in OPM to 17.9%, the fall at operating profit was restricted at 10% to Rs 424.19 crore. The other income was up by 15% to Rs 26.29 crore and thus the PBIDT was down by 9% to Rs 450.48 crore. The PBT was down by 8% to Rs 296.76 crore largely due to lower interest cost. The taxation was up by 50% to Rs 74.85 crore and thus the PAT was down by 19% to Rs 221.91 crore. With minority interest stand higher by 24% to Rs 3.51 crore, the net profit after MI was down by 19% to Rs 218.40 crore.

Other developments

The three foreign subsidiaries of the Group had financial years ending on December 31, whereas the parent company along with its domestic subsidiaries have the year end of March 31. During the previous year, such foreign subsidiaries had aligned their financial year end with that of the parent company for consolidation purposes, eliminating a 3 month time lag for incorporating the results of such foreign subsidiaries with the consolidated financial results of the Group. As a result of this change, the consolidated financial results for the year ended March 31, 2020 and nine months ended December 31, 2019 also includes the financial results of such foreign subsidiaries for the period January 01, 2019 to March 31, 2019. This has resulted in increase in revenue from operations by Rs. 100.41 crores and reduction in profit after tax by Rs. 1.38 crores for the year ended March 31, 2020 and nine months ended December 31, 2019.