• Value of production for the quarter was down by 74% (to Rs 43.45 crore) while the revenue was down by 57% to Rs 71.69 crore. Sale for the quarter was 165% of value of production of the quarter thus reflecting liquidation of previous period inventory during the quarter. Sale for corresponding previous period was 99.6% of its respective value of production.

• Operating profit margin for the quarter turned negative to 59.6% compared to positive 10.7% in corresponding previous period. This is largely due to sharp rise in all cost heads. Material cost as proportion to sales net of stocks was higher by sharp 3400 bps to 96.5%. The contract expense was up by 1020 bps to 20.9%. The staff cost and OE was up by 2010 bps to 28% and 4460 bps to 53.1%.

• Other income (net) was an expense of Rs 1.46 crore compared to an income of Rs 1.94 crore in the corresponding previous period. Thus the PBIDT was a loss of Rs 44.18 crore compared to a profit of Rs 19.73 crore in the corresponding previous period.

• The interest cost was down by sharp 13% to Rs 8.02 crore. And the depreciation cost was up by 12% to Rs 1.12 crore. Thus the PBT was a loss of Rs 53.32 crore compared to a profit of Rs 9.57 crore in the corresponding previous period.

• The taxation was a write back of Rs 18.24 crore compared to a provision of Rs 3.27 crore in the corresponding previous period. Thus the PAT was a loss of Rs 35.08 crore compared to a profit of Rs 6.30 crore in the corresponding previous period.

• Other comprehensive expense was Rs 0.02 crore compared to an income of Rs 0.09 crore in the corresponding previous period. Thus the total comprehensive income was a loss of Rs 35.09 crore compared to an income of Rs 6.39 crore in the corresponding previous period.

Yearly performance

Sales were lower by 15% to Rs 370.37 crore and with OPM turn negative at 3.6% (compared to positive 12.1% in corresponding previous period) it was a loss of Rs 13.27 crore at operating level compared to profit of Rs 52.71% crore in corresponding previous period. The PBT was a loss of Rs 44.17 crore (compared to a profit of Rs 20.93 crore in corresponding previous period) after accounting for higher other income, flat interest cost and higher depreciation. The taxation was a write back of Rs 15.01 crore compared to a provision of Rs 7.38 crore in corresponding previous period. Thus it was a loss of Rs 29.15 crore at PAT level compared to a profit of Rs 13.55 crore in the corresponding previous period. The other comprehensive income was down by 54% to Rs 0.08 crore and thus the net loss (total comprehensive income) was Rs 29.07 crore against a profit of Rs 13.72 crore in corresponding previous period.

Consolidated sales was down by 15% to Rs 370.37 crore and at operating level it was a loss of Rs 8.60 crore (against a profit of Rs 53.89 crore) with OPM for the period stand negative at 2.3% compared to positive 12.4% in corresponding previous period. Thus at bottom-line it was a net loss of Rs 25.57 crore compared to a profit of Rs 14.62 crore in the corresponding previous period.