The consolidated sales for the same period was lower by 7% to Rs 2391.59 crore and that along with 130 bps expansion in OPM has led to 6% growth in operating profit to Rs 275.10 crore. After accounting for higher other income (up 181% to Rs 29.01 crore), lower interest (down 14% to Rs 170.54 crore) and higher depreciation (up 9% to Rs 73.61 crore) the PBT was up at Rs 59.96 crore compared to mere Rs 4.79 crore in the corresponding previous period. After accounting for a taxation of Rs 22.06 crore, a rise of 80%, the PAT was Rs 37.90 crore compared to a loss of Rs 7.49 crore in the corresponding previous period. The minority interest (share of loss) was lower by 7% to Rs 5.83 crore, the share of loss from associates was higher by 32% to Rs 2.53 crore. Eventually the net profit (after minority interest) was a profit of Rs 41.20 crore compared to a loss of Rs 3.16 crore in the corresponding previous period.

Aggregate sales of subsidiaries as ascertained by deducting standalone sales from consolidated sales, was lower by 6% to Rs 295.15 crore. But the operating profit was up by 15% (to Rs 90.68 crore) as OPM stand higher by 570 bps to 30.7%. Unable to bear the interest and depreciation cost, eventually at PAT level the loss came down to Rs 17.05 crore compared to a loss of Rs 29.61 crore in the corresponding previous period.

• Expansion in OPM to the tune of 70 bps is largely due to lower material and construction cost. The material cost as % to sales net of stocks was down by 900 bps to 51.4%. Similarly the construction cost was down by 30 bps to 8.7%. Though other cost heads increased that could not fully offset the gain in material cost paving way for expansion in OPM. Subcontract expenses was up by 750 bps to 24.7%, the staff cost was up by 70 bps (to 3.7%) and the other expenditure was up by 60 bps to 2.8%.

• Standalone sales include revenue from sale of land amounting about Rs 28 crore and this has boosted the OPM as well as the bottom-line of the company for the quarter ended Sep 2015.

Half yearly performance

Standalone sales for the period was up by 2% to Rs 3818.96 crore and with 120 bps expansion in OPM, the operating profit was up by 18% to Rs 342.87 crore. Eventually the net profit was up by whopping 404% to Rs 96.16 crore.

Consolidated sales was up by 1% to Rs 4407.52 crore and that with 90 bps expansion in OPM, the operating profit was up by 9% to Rs 501.45 crore. The PAT was eventually a profit of Rs 41.53 crore compared to a loss of Rs 32.74 crore in the corresponding previous period. After accounting for lower minority interest (share of loss) and higher loss from associates, the net profit (after minority interest) was Rs 43.78 crore compared to a loss of Rs 23.68 crore in the corresponding previous period.

Order book update & guidance

Order book as end of Oct 2015 was Rs 19545 crore with order intake in first 7mFY15 stand at Rs 4351 crore. Order book as end of Sep 2015 is Rs 17484 crore with order intake for Q2FY16 stood at Rs 1015 crore and for H1FY16 was about Rs 2293 crore.

The stock quotes around Rs 77.40.