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Results
10-Nov-23
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Analysis
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EPL
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Margin improvement continues
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Consolidated
net sales (including other operating income) of EPL has increased 5.64% to Rs
1001.6 crore. Sales of AMESA segment has
gone up 5% to Rs 379.1 crore (accounting for 35% of total sales). Sales of EAP segment has gone up 13% to Rs 245.4
crore (accounting for 22% of total sales).
Sales of AMERICAS segment rose 13% to Rs 251.9 crore (accounting for 23%
of total sales). Sales of EUROPE segment
has gone up 6% to Rs 216.3 crore (accounting for 20% of total sales). Inter-segment sales increased from Rs 55.6
crore to Rs 91.1 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 14% to Rs
101.1 crore. PBIT of AMESA segment rose
34% to Rs 44.6 crore (accounting for 44% of total PBIT). PBIT of EAP segment rose 14% to Rs 42.8 crore
(accounting for 42% of total PBIT). PBIT
of AMERICAS segment fell 14% to Rs 9.1 crore (accounting for 9% of total
PBIT). PBIT of EUROPE segment fell 34%
to Rs 4.6crore (accounting for 5% of total PBIT).
PBIT
margin of AMESA segment rose from 9.3% to 11.8%. PBIT margin of EAP segment remained flat at
17.4% . PBIT margin of AMERICAS segment
fell from 4.8% to 3.6%. PBIT margin of
EUROPE segment fell from 3.4% to 2.1%.
Overall PBIT margin rose from 8.8% to 9.3%.
Operating
profit margin has jumped from 15.67% to 18.07%, leading to 21.80% rise in
operating profit to Rs 181.00 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
46.32% to 42.75%. Employee cost
increased from 17.96% to 19.27%. Other
expenses fell from 20.15% to 19.93%.
Other
income rose 41.18% to Rs 9.6 crore.
PBIDT rose 22.65% to Rs 190.6 crore.
Provision for interest rose 94.90% to Rs 30.6 crore.
PBDT
rose 14.53% to Rs 160 crore. Provision
for depreciation rose 25.90% to Rs 83.6 crore.
Profit
before tax grew 4.23% to Rs 76.40 crore.
Provision for tax was expense of Rs 25.4 crore, compared to Rs 24.9
crore. Effective tax rate was 32.77%
compared to 34.34%.
Minority
interest increased 14.29% to Rs 1.60 crore.
Net profit attributable to owners of the company increased 9.31% to Rs
50.50 crore.
Equity
capital increased from Rs 63.20 crore as of 30 September 2022 to Rs 63.70 crore
as of 30 September 2023. Per share face
Value remained same at Rs 2.00.
Promoters’
stake was 51.52% as of 30 September 2023 ,compared to 51.91% as of 30 September
2022 .
For year-to-date
(YTD) results analysis
Net
sales (including other operating income) of EPL has increased 7.41% to Rs
1911.8 crore. Sales of AMESA segment has gone up 5% to Rs 714.9 crore
(accounting for 34% of total sales).
Sales of EAP segment has gone up 12% to Rs 460.3 crore (accounting for
22% of total sales). Sales of AMERICAS
segment rose 12% to Rs 469.7 crore (accounting for 23% of total sales). Sales of EUROPE segment has gone up 7% to Rs
428.8 crore (accounting for 21% of total sales). Inter-segment sales increased from Rs 130.8
crore to Rs 161.9 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 16% to Rs
183 crore. PBIT of AMESA segment rose
26% to Rs 81.1 crore (accounting for 44% of total PBIT). PBIT of EAP segment rose 25% to Rs 77.9 crore
(accounting for 43% of total PBIT). PBIT
of AMERICAS segment fell 45% to Rs 11.5 crore (accounting for 6% of total PBIT). PBIT of EUROPE segment rose 20% to Rs 12.5
crore (accounting for 7% of total PBIT).
PBIT
margin of AMESA segment rose from 9.5% to 11.3%. PBIT margin of EAP segment rose to 16.9% from 15.2%.
PBIT margin of AMERICAS segment fell from 5% to 2%. PBIT margin of EUROPE segment rose from 2.6%
to 2.9%. Overall PBIT margin rose from
8.3% to 8.8%.
Operating
profit margin has jumped from 15.41% to 17.78%, leading to 24% rise in
operating profit to Rs 340.00 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
45.92% to 43.48%. Employee cost
increased from 18.61% to 19.49%. Other
expenses fell from 20.31% to 19.55%.
Other
income rose 78.18% to Rs 19.6 crore.
PBIDT rose 26.09% to Rs 359.6 crore.
Provision for interest rose 93.91% to Rs 54.1 crore. Loan funds rose to Rs 918.70 crore as of 30
September 2023 from Rs 862.30 crore as of 30 September 2022. Inventories rose to Rs 683.80 crore as of 30
September 2023 from Rs 662.20 crore as of 30 September 2022. Sundry debtors were higher at Rs 671.80 crore
as of 30 September 2023 compared to Rs 594.00 crore as of 30 September
2022. Cash and bank balance rose to Rs
228.30 crore as of 30 September 2023 from Rs 158.60 crore as of 30 September
2022. Investments declined from Rs 17.80
crore as of 30 September 2022 to Rs 6.10 crore as of 30 September 2023.
PBDT
rose 18.73% to Rs 305.5 crore. Provision
for depreciation rose 24.32% to Rs 163.6 crore.
Fixed assets increased to Rs 1,706.00 crore as of 30 September 2023 from
Rs 1,511.00 crore as of 30 September 2022.
Intangible assets declined from Rs 163.10 crore to Rs 158.20 crore.
Profit
before tax grew 12.89% to Rs 141.90 crore.
Provision for tax was expense of Rs 36 crore, compared to Rs 39
crore. Effective tax rate was 25.05%
compared to 32.07%.
Minority
interest decreased 3.33% to Rs 2.90 crore.
Net profit attributable to owners of the company increased 31.66% to Rs
104.80 crore.
Equity
capital increased from Rs 63.20 crore as of 30 September 2022 to Rs 63.70 crore
as of 30 September 2023. Per share face
Value remained same at Rs 2.00.
Promoters’
stake was 51.52% as of 30 September 2023 ,compared to 51.91% as of 30 September
2022 .
The scrip is
currently trading at Rs 193
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EPL : Consolidated Results
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Particulars
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2309 (03)
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2209
(03)
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Var.(%)
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2309 (06)
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2209
(06)
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Var.(%)
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2303 (12)
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2203
(12)
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Var.(%)
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Net
Sales
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1001.60
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948.10
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6
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1911.80
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1779.90
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7
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3,694.10
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3,432.80
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8
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OPM
(%)
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18.1
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15.7
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17.8
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15.4
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15.6
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16.8
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OP
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181.00
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148.60
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22
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340.00
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274.20
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24
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577.8
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576.1
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0
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Other
Inc.
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9.60
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6.80
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41
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19.60
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11.00
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78
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42.1
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12
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251
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PBIDT
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190.60
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155.40
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23
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359.60
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285.20
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26
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619.9
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588.1
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5
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Interest
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30.60
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15.70
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95
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54.10
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27.90
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94
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67.4
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40.3
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67
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PBDT
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160.00
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139.70
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15
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305.50
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257.30
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19
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552.5
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547.8
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1
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Depreciation
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83.60
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66.40
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26
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163.60
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131.60
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24
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280.5
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251.4
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12
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PBT
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76.40
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73.30
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4
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141.90
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125.70
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13
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272
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296.4
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-8
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Share
of Profit/(Loss) from Associates
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1.10
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-0.80
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LP
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1.80
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-3.00
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LP
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-2.9
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-7.6
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-62
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PBT
before EO
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77.50
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72.50
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7
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143.70
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122.70
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17
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269.1
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288.8
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-7
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EO
Income
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0.00
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0.00
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0.00
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-1.10
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-1.1
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0
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PBT
after EO
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77.50
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72.50
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7
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143.70
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121.60
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18
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268
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288.8
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-7
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Taxation
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25.40
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24.90
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2
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36.00
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39.00
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-8
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69.40
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70.30
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-1
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PAT
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52.10
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47.60
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9
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107.70
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82.60
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30
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198.6
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218.5
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-9
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PPA
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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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-32.10
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-2.80
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PAT after PPA
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52.10
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47.60
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9
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107.70
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82.60
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30
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230.7
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221.3
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4
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Minority
Interest (MI)
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1.60
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1.40
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14
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2.90
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3.00
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-3
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4
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6.9
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-42
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Net
profit
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50.50
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46.20
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9
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104.80
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79.60
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32
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226.7
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214.4
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6
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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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6.1
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6.6
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Notes
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*
EPS is on current equity of Rs 63.64 crore, Face value of Rs 2, Excluding
extraordinary items.
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#
EPS is not annualised
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bps
: Basis points
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EO
: Extraordinary items
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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EPL
: Consolidated Segment Results
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%
of (Total)
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2309 (03)
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2209
(03)
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Var.(%)
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%
of (Total)
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2309 (06)
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2209
(06)
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Var.(%)
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%
of (Total)
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2303 (12)
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2203
(12)
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Var.(%)
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Sales
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AMESA
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35
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379.1
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359.5
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5
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34
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714.9
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679.2
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5
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35
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1,369.20
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1,225.90
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12
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EAP
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22
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245.4
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216.6
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13
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22
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460.3
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409.4
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12
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22
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849.8
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862.6
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-1
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AMERICAS
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23
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251.9
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222.6
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13
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23
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469.7
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419.9
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12
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22
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875.8
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736.2
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19
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EUROPE
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20
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216.3
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205
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6
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21
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428.8
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402.2
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7
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21
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843.5
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748.4
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13
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Total
Reported Sales
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100
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1,092.7
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1,003.70
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9
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100
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2,073.70
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1,910.70
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9
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100
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3,938.30
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3,573.10
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10
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Less:
Inter segment revenues
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91.1
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55.6
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64
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161.9
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130.8
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24
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245.6
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141.4
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74
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Net
Sales
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1,001.60
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948.10
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6
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1,911.80
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1,779.90
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7
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3,692.70
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3,431.70
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8
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PBIT
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AMESA
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44
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44.6
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33.3
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34
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44
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81.1
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64.2
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26
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45
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146.9
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129.3
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14
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EAP
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42
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42.8
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37.7
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14
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43
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77.9
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62.4
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25
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38
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123.7
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127.7
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-3
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AMERICAS
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9
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9.1
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10.6
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-14
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6
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11.5
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21.1
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-45
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12
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37.9
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52.9
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-28
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EUROPE
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5
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4.6
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7
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-34
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7
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12.5
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10.4
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20
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6
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20.2
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25.6
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-21
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Total
PBIT
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100
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101.1
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88.6
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14
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100
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183
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158.1
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16
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100
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328.7
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335.5
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-2
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Less
: Interest
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30.6
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15.7
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95
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54.1
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27.9
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94
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67.4
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40.3
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67
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Add:
Other un-allcoable
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7.0
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29.6
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LP
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14.8
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-8.6
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LP
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6.7
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-6.4
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LP
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PBT
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77.5
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72.5
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7
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143.7
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121.6
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18
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268
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288.8
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-7
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