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Results
28-Jan-22
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Analysis
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Mahindra Logistics
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OPM eases 80 bps dragging OP down 10% despite higher sales
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Consolidated net
sales of Mahindra Logistics has increased 7% to Rs 1117.88 crore. Operating
profit margin has declined from 5.1% to 4.3%, leading to 10.01% decline in
operating profit to Rs 47.66 crore. Employee cost decreased from
7.63% to 6.85%. Other expenses rose from 87.32% to 88.45%.
Freight charges rose from 85.70% to 86.56%. Other
income rose 48.86% to Rs 2.62 crore. PBIDT fell 8% to Rs 50.28 crore. Provision
for interest rose 36.45% to Rs 7.45 crore. PBDT fell 13.05% to Rs
42.83 crore. Provision for depreciation rose 46.95% to Rs 35.71
crore. Profit before tax down 71% to Rs 7.12 crore. Provision
for tax was expense of Rs 2.05 crore, compared to Rs 6.56 crore. Effective
tax rate was 28.79% compared to 26.43%. PAT was down 72% to Rs 5.07 crore. Share of profit/loss were nil compared to a
loss of Rs 0.14 crore in previous period. MI was a share of profit of Rs
0.62 crore against a share of loss of Rs 0.01 crore. And eventually the net
profit attributable to owners of the company decreased 69% to Rs 5.69
crore.
Sales of Supply Chain Management segment has gone up 6.45% to Rs
1,074.95 crore (accounting for 96.16% of total sales). Sales of
Enterprise Mobility Service segment rose 16.31% to Rs 42.93 crore (accounting
for 3.84% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has
slumped 22.34% to Rs 60.09 crore. PBIT of Supply Chain Management
segment fell 24.13% to Rs 57.80 crore (accounting for 96.19% of total
PBIT). PBIT of Enterprise Mobility Service segment rose 90.83% to Rs
2.29 crore (accounting for 3.81% of total PBIT).
PBIT margin of Supply Chain Management segment fell from 7.54% to
5.38%. PBIT margin of Enterprise Mobility Service segment rose from
3.25% to 5.33%. Overall PBIT margin fell from 7.39% to
5.38%.
Nine month performance
Consolidated net sales has increased 31.47% to Rs 3010.35
crore. Sales of Supply Chain Management segment has gone up 31.14%
to Rs 2,893.44 crore (accounting for 96.12% of total sales). Sales
of Enterprise Mobility Service segment rose 40.20% to Rs 116.91 crore
(accounting for 3.88% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has
jumped 16.50% to Rs 184.82 crore. PBIT of Supply Chain Management
segment rose 13.97% to Rs 179.51 crore (accounting for 97.13% of total
PBIT). PBIT of Enterprise Mobility Service segment rose 365.79% to
Rs 5.31 crore (accounting for 2.87% of total PBIT).
PBIT margin of Supply Chain Management segment fell from 7.14% to
6.20%. PBIT margin of Enterprise Mobility Service segment rose from
1.37% to 4.54%. Overall PBIT margin fell from 6.93% to
6.14%.
Operating profit
margin has jumped from 3.85% to 4.74%, leading to 62.05% rise in operating
profit to Rs 142.70 crore. Employee cost decreased from 9.85% to
7.42%. Other expenses rose from 86.30% to 87.60%.
Freight charges rose from 84.33% to 85.66%.
Other income fell 49.30% to Rs 6.5 crore. PBIDT rose 47.90%
to Rs 149.2 crore. Provision for interest rose 41.13% to Rs 20.45
crore. PBDT rose 49.03% to Rs 128.75 crore. Provision for
depreciation rose 52.78% to Rs 97.12 crore. Profit before tax grew
38.61% to Rs 31.63 crore.
Provision for tax was expense of Rs 8.17 crore, compared to Rs 6.05
crore. Effective tax rate was 25.83% compared to 27.03%. PAT was up
40% to Rs 23.46 crore. Share of profit/loss were nil in both the
periods. Minority interest decreased 26.61% to Rs -1.38
crore. Net profit attributable to owners of the company increased
42.59% to Rs 24.84 crore.
Management comment
Commenting
on the performance, Rampraveen Swaminathan, Managing Director and
CEO of Mahindra Logistics, said, “The quarter gone by was a challenging one.
Demand from the auto sector continued to be impacted due to semi-conductor
supplies; and the festive season too saw moderate growth. We continued to
deliver strong revenue performance, especially across Consumer, Pharma and
International freight forwarding. Our margins saw pressure due to seasonal manpower
costs, lower than expected demand and start-up costs for new projects. The
focus continues to be on optimizing operating costs. We remain focused on
delivering technology driven, integrated solutions for enterprise customers.“
Others
Promoters’ stake was 58.18% as of 31 December 2021, compared to 58.35%
as of 31 December 2020.
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Mahindra
Logistics : Consolidated Results
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2112
(3)
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2012
(3)
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Var.(%)
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2112
(9)
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2012
(9)
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Var.(%)
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2103
(12)
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2003
(12)
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Var.
(%)
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Sales
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1117.88
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1046.75
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7
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3010.35
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2289.72
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31
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3263.72
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3471.14
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-6
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OPM (%)
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4.3
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5.1
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4.7
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3.8
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4.1
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4.6
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OP
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47.66
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52.96
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-10
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142.70
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88.06
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62
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134.22
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158.27
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-15
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Other
inc.
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2.62
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1.76
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49
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6.50
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12.82
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-49
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17.47
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13.98
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25
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PBIDT
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50.28
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54.72
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-8
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149.20
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100.88
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48
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151.69
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172.25
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-12
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Interest
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7.45
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5.46
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36
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20.45
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14.49
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41
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20.09
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17.63
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14
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PBDT
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42.83
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49.26
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-13
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128.75
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86.39
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49
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131.60
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154.62
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-15
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Dep.
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35.71
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24.30
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47
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97.12
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63.57
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53
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89.65
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73.43
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22
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PBT before EO
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7.12
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24.96
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-71
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31.63
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22.82
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39
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41.95
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81.19
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-48
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EO Exp
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0.00
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0.00
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0.00
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0.00
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2.75
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0.00
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PBT
after EO
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7.12
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24.96
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-71
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31.63
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22.82
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39
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39.20
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81.19
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-52
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Taxation
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2.05
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6.56
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-69
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8.17
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6.05
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35
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10.02
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25.74
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-61
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PAT
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5.07
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18.40
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-72
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23.46
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16.77
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40
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29.18
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55.45
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-47
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Share
of Profit/(Loss) from Associates
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0.00
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-0.14
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-100
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0.00
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-0.44
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-100
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-0.39
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-0.61
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-36
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Minority
Interest
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-0.62
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0.01
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-6300
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-1.38
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-1.09
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27
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-1.21
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-0.28
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LP
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Net
profit
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5.69
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18.25
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-69
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24.84
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17.42
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43
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30.00
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55.12
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-46
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EPS
(Rs)*
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#
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#
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#
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#
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4.5
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7.7
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* EPS
is on current equity of Rs 71.86 crore, Face value of Rs 10
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# EPS
is not annualised due to seasonality of business
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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Mahindra
Logistics: Consolidated Segment Results
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Particulars
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% to
total
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2112
(3)
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2012
(3)
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Var.
(%)
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% to
total
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2112
(9)
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2012
(9)
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Var.
(%)
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% to
total
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2103
(12)
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2003
(12)
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Var.(%)
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Sales
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Supply
Chain Management (SCM)
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96
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1074.95
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1009.84
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6
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96
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2893.44
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2206.33
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31
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96
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3144.64
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3103.53
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1
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Enterprise
Mobility Services (EMS)
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4
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42.93
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36.91
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16
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4
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116.91
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83.39
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40
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4
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119.08
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367.61
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-68
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Total
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100
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1117.88
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1046.75
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7
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100
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3010.35
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2289.72
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31
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100
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3263.72
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3471.14
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-6
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PBIT
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Supply
Chain Management (SCM)
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96
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57.80
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76.18
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-24
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97
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179.51
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157.50
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14
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99
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222.35
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252.92
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-12
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Enterprise
Mobility Services (EMS)
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4
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2.29
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1.20
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91
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3
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5.31
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1.14
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366
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1
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3.07
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33.81
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-91
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Total
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100
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60.09
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77.38
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-22
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100
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184.82
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158.64
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17
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100
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225.42
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286.73
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-21
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Less:
Interest (net)
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1.14
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1.17
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-3
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3.18
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4.35
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-27
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5.29
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17.63
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-70
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Less:
Others Un-allocable Exp/Income (net)
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51.83
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51.25
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1
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150.01
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131.47
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14
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180.93
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187.91
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-4
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Add: EO
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PBT
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7.12
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24.96
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-71
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31.63
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22.82
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39
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39.20
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81.19
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-52
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Note:
Figures in Rs crore
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Source:
Capitaline 2000
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