Performance for the 9 months ended Dec'15

For the 9 months ended Dec'15, net sales stood at Rs 513.75 crore, up by 1% YoY. OPM was lower by 40 bps to 7.8% thus, resulting in a 3% fall in OP to Rs 40.32 crore. Other income was down by 11% to Rs 39.32 crore. Interest costs and depreciation were lower by 86% and 4% respectively to Rs 0.30 crore and Rs 8.55 crore. PBT thus was lower by 5% to Rs 70.79 crore. After providing total tax of Rs 24.41 crore, PAT for the 9 months ended Dec'15 stood at Rs 46.38 crore, down by 4% YoY.

At the meeting of the Board of Directors held on 21^st Sep'15, the Board has decided to discontinue the operations at Chennai plant ie the Environment Solutions business. The company has entered into a Termination agreement with Ingersoll Rand Climate solutions Pvt ltd, a fellow subsidiary whereby the fellow subsidiary has agreed to reimburse all losses and expenses directly or indirectly, suffered or incurred by the company up to the time all the assets are sold and proceeds received by the company. The carrying value of the assets relating to the Environment solutions businesses have been stated at lower of costs and estimated value. Accordingly, expenses reported for the quarter and 9 months ended Dec'15 is net of amounts recoverable from the fellow subsidiary. This has no impact on the results for the period.