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Results
12-Nov-22
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Analysis
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Tega Industries
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Strong performance continues
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Tega Industries consolidated net sales increased 19.71% to Rs 276.19 crore
in Q2FY23 compared to Q2FY22. Operating
profit margin has jumped from 17.05% to 19.59%, leading to 37.52% rise in
operating profit to Rs 54.10 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
43.30% to 44.05%. Employee cost
decreased from 15.74% to 14.87%. Other
expenses fell from 24.20% to 22.11%.
Other income rose 229.27% to Rs 6.75 crore.
PBIDT rose 47.02% to Rs 60.85 crore.
Provision for interest rose 89.49% to Rs 4.87 crore. Loan funds remained nil.
PBDT rose 44.20% to Rs 55.98 crore.
Provision for depreciation fell 5.49% to Rs 9.64 crore.
Profit before tax grew 61.91% to Rs 46.34 crore. Share of profit/loss was 35.38% higher at Rs
0.88 crore. Provision for tax was
expense of Rs 11.87 crore, compared to Rs 6.72 crore. Effective tax rate was 25.14% compared to
22.96%.
Minority interest was nil in both the periods. Net profit attributable to owners of the
company increased 56.76% to Rs 35.35 crore.
Promoters’ stake was 79.17% as of 30 September 2022 compared to 98.02% as
of 30 September 2021 .
For year-to-date (YTD)
results analysis
Net sales of Tega Industries have increased 28.89% to Rs 520.63 crore. Operating profit margin has jumped from
15.57% to 19.27%, leading to 59.46% rise in operating profit to Rs 100.30
crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 42.82% to 43.39%. Employee cost decreased from 17.31% to
15.12%. Other expenses fell from 24.74%
to 22.76%.
Other income fell 57.53% to Rs 3.47 crore.
PBIDT rose 46.01% to Rs 103.77 crore.
Provision for interest rose 59.39% to Rs 9.85 crore. Loan funds remained nil.
PBDT rose 44.74% to Rs 93.92 crore.
Provision for depreciation fell 9.28% to Rs 18.78 crore.
Profit before tax grew 70.04% to Rs 75.14 crore. Share of profit/loss was 47.62% higher at Rs
1.86 crore. Provision for tax was
expense of Rs 18.6 crore, compared to Rs 11.02 crore. Effective tax rate was 24.16% compared to
24.25%.
Minority interest was nil in both the periods. Net profit attributable to owners of the
company increased 69.62% to Rs 58.40 crore.
Promoters’ stake was 79.17% as of 30 September 2022 ,compared to 98.02% as
of 30 September 2021.
Full year results
analysis
Net sales of Tega Industries have increased 18.15% to Rs 951.76 crore. Operating profit margin has declined from 23.28% to 19.21%, leading to
2.47% decline in operating profit to Rs 182.85 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 40.52% to 42.36%. Employee cost decreased
from 15.15% to 15.05%. Other expenses
rose from 21.18% to 23.39%.
Other income fell 52.70% to Rs 24.2 crore.
PBIDT fell 13.24% to Rs 207.05 crore.
Provision for interest fell 6.25% to Rs 16.2 crore. Loan funds rose to Rs 245.17 crore as of 31
March 2022 from Rs 219.67 crore as of 31 March 2021. Inventories rose to Rs 252.14 crore as of 31
March 2022 from Rs 158.63 crore as of 31 March 2021. Sundry debtors were higher at Rs 276.52 crore
as of 31 March 2022 compared to Rs 220.86 crore as of 31 March 2021. Cash and bank balance declined from Rs 48.41
crore as of 31 March 2021 to Rs 40.20 crore as of 31 March 2022. Investments declined from Rs 201.30 crore as
of 31 March 2021 to Rs 198.53 crore as of 31 March 2022.
PBDT fell 13.79% to Rs 190.85 crore.
Provision for depreciation fell 3.68% to Rs 38.7 crore. Fixed assets increased to Rs 242.57 crore as
of 31 March 2022 from Rs 239.72 crore as of 31 March 2021. Intangible assets increased from Rs 63.28
crore to Rs 65.90 crore.
Profit before tax down 16.03% to Rs 152.15 crore. Share of profit/loss was 5.22% higher at Rs
2.82 crore. Provision for tax was
expense of Rs 38.07 crore, compared to Rs 47.46 crore. Effective tax rate was 24.57% compared to
25.81%.
Minority interest was nil in both the periods. Net profit attributable to owners of the
company decreased 14.30% to Rs 116.90 crore.
Equity capital stood at Rs 66.29 crore as of 31 March 2022 to Rs 66.29
crore as of 31 March 2021. Per share
face Value remained same at Rs 10.00.
Promoters’ stake was 79.17% as of 31 March 2022
Cash flow from operating activities decreased to Rs 13.71 crore for year
ended March 2022 from Rs 170.25 crore for year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 41.00 crore, compared to Rs 48.61
crore during the year ended March 2021.
The scrip is currently trading at Rs 556
Tega Industries : Consolidated
Results
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Particulars
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2209 (03)
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2109 (03)
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Var.(%)
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2209 (06)
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2109 (06)
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Var.(%)
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2203 (12)
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2103 (12)
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Var.(%)
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Net Sales
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276.19
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230.71
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20
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520.63
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403.92
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29
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951.76
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805.52
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18
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OPM (%)
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19.6
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17.1
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19.3
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15.6
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19.2
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23.3
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OP
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54.1
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39.34
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38
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100.3
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62.9
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59
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182.85
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187.49
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-2
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Other Inc.
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6.75
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2.05
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PL
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3.47
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8.17
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PL
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24.2
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51.16
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-53
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PBIDT
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60.85
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41.39
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47
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103.77
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71.07
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46
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207.05
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238.65
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-13
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Interest
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4.87
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2.57
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89
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9.85
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6.18
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59
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16.2
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17.28
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-6
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PBDT
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55.98
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38.82
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44
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93.92
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64.89
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45
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190.85
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221.37
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-14
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Depreciation
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9.64
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10.2
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-5
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18.78
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20.7
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-9
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38.7
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40.18
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-4
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PBT
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46.34
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28.62
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62
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75.14
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44.19
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70
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152.15
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181.19
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-16
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Share of Profit/(Loss) from Associates
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0.88
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0.65
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35
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1.86
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1.26
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48
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2.82
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2.68
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5
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PBT before EO
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47.22
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29.27
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61
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77
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45.45
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69
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154.97
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183.87
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-16
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EO Income
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0
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0
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0
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0
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0
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0
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-
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PBT after EO
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47.22
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29.27
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77
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45.45
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154.97
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183.87
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-16
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Taxation
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11.87
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6.72
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77
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18.6
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11.02
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69
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38.07
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47.46
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-20
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PAT
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35.35
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22.55
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57
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58.4
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34.43
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70
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116.9
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136.41
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-14
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Minority Interest (MI)
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0
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0
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0
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0
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0
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0
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-
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Net profit
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35.35
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22.55
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57
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58.4
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34.43
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70
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116.9
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136.41
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-14
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EPS (Rs)*
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#
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#
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#
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#
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17.6
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20.6
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Notes
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* EPS is on current equity of Rs 66.29 crore, Face value of Rs
10, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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