However, the decline in interest cost coupled with fall in effective tax rate during the quarter led to 29% growth in net profit to Rs 22.42 crore.

Standalone Quarterly Performance:

Net sales grew by strong 52% to Rs 809.84 crore for the quarter ended September 2011. However, OPM fell by 110 basis points to 4.6% on the back of 180 basis points rise in other expenses coupled with the 40 basis points increase in the consumption cost as percentage to sales and net of stock adjustments despite the fall in staff cost by 130 basis points. This led to 21% growth in operating profit to Rs 37.32 crore. With 29% growth in other income to Rs 9.91 crore there was 23% growth PBIDT to Rs 47.23 crore.

Moreover, The decline in interest cost by 6% to Rs 3.57 crore coupled with increase in depreciation by 19% to Rs 10.21 crore there was 28% growth in PBT to Rs 33.45 crore. Further, the fall in effective tax rate by 40 basis points to 33% there was 29% growth in net profit to Rs 22.42 crore.

Standalone Yearly Performance:

Net sales grew by 34% to Rs 2328.60 crore for the year ended September 2011. At operating level, margins fell by 160 basis points to 5.9% resulted mere 5% growth in operating profit to Rs 138.88 crore. Further, the fall in other income by 15% to Rs 23.76 led to marginal 2% growth in PBIDT to Rs 162.64 crore. Further, with rise in interest cost by 21% to Rs 16.74 crore and depreciation by 24% to Rs 38.09 crore, PBT fell by 7% to Rs 107.81 crore. Moreover, the rise in effective tax rate by 150 basis points to 30.3% resulted 8% fall in net profit to Rs 75.12 crore.

Consolidated yearly Performance:

Net sales higher by 29% to Rs 2676.49 crore for the year ended September 2011, on the back of strong 32% growth in Engineering business to Rs 2365.43 crore as it contributes 87% to total sales. In addition, Revenues from sugar business grew by 6% to Rs 343.77 crore. However, margins slightly dip by 40 basis points to 6.2% on the back of higher other expenses at operating level. This led to 20% growth in operating profit to Rs 168.17 crore. With 46% growth in other income to Rs 31.86 crore there was 24% growth in PBIDT to Rs 200.03 crore.

At PBIT level, margins from Engineering business fell by 120 basis points to 5.1% led to 7% growth in segment profit to Rs 121.37 crore. However, sugar business margins witnessed steep 650 basis points rise to 8.6% led to 335% surge in segment profit to Rs 29.48 crore.

Even after the rise in interest cost by 11% to Rs 23.39 crore and increase in depreciation by 18% to Rs 49.17 crore there was 29% growth in PBT to Rs 127.47 crore. After the fall in effective tax rate by 250 basis points to 30.7% net profit grew by strong 34% to Rs 88.35 crore.

Other Information:

• The scrip was up by 0.90% to Rs 815 at BSE, India on 25^th November 2011.