Based on the internal review of the company, management performed a review of certain projects, which reduced revenue by Rs 21.74 crore and increased the provision for further losses by Rs 4.36 crore, with a corresponding reduction in profit before tax for the quarter by Rs 26.10 crore. This amount is disclosed as an EO. An independent review is in progress, and the impact of any further adjustments will be recorded in the financial statements for the period ending March 2015.

Thus PBT after EO stood at Rs 33.56 crore, down by 22%. After paying total tax of Rs 10.56 crore, PAT for Dec'13 quarter stood at Rs 23 crore, down by 20% YoY.

Performance for the CY ended 2014

For CY ended 2014, net sales was up by 15% to Rs 1970.49 crore. OPM was up by 260 bps to 9.5% resulting OP being up by 57% to Rs 186.34 crore. Other income was down by 6% to Rs 17.48 crore, thus PBIDT was up by 49% to Rs 203.82 crore. Interest costs stood at Rs 9 lakh and depreciation were down by 5% to Rs 13.16 crore resulting PBT of Rs 190.57 crore, up by 55% YoY. Based on the internal review of the company, management performed a review of certain projects, which reduced revenue by Rs 21.74 crore and increased the provision for further losses by Rs 4.36 crore, with a corresponding reduction in profit before tax for the quarter by Rs 26.10 crore. This amount is disclosed as an EO. Thus, PBT after EO stood at Rs 164.47 crore, up by 34%. After providing total tax of Rs 57.38 crore, PAT for PAT for 12 months ended 2014 stood at Rs 107.09 crore, up by 24% YoY.

The Board of Directors has approved a change in the Accounting year of the company to commence from April of every year and end on 31^st March of the following year. Consequently, the next Annual Accounts and Report of the company will be for a period of 15 months commencing from 1^st Jan 2014 and ending March 2015.

Share price trades around Rs 7300.