• As segment sales for the quarter is net of GST and that for corresponding previous period is gross of excise, the figures are not comparable.
• EBIT was up by 52% to Rs 108.57 crore powered by strong profit growth in EMP business. Segment profit of Electro Mechanical Projects (EMP) jumped to Rs 30.30 crore compared to mere Rs 0.35 lakh in corresponding previous period. Similarly the segment profit of Unitary Cooling Products for comfort & customer use (UCP) was up by 24% to Rs 50.76 crore driven by higher volume with restocking at dealers levels. Segment margin of UCP stood higher at 12.4% compared to 11.5% in the corresponding previous period. The segment profit of Engineering Product & Services (EPS) was down by 9% (to Rs 27.51 crore) despite its segment margin expand by 90 bps to 41.3%.
• Operating profit margin stood expanded by 120 bps to 8.3% with fall in all cost heads except cost of traded goods. The material cost as proportion to sales net of stocks was lower by 590 bps to 49.7%. The staff cost was down by 100 bps to 15.3%. And the cost of other expenses was down by 190 bps to 10.7%. But the cost of traded goods was up by 670 bps to 15.2%. Thus gained by higher sales and expansion in OPM, the operating profit was up by 25% to Rs 85.68 crore.
• Other income was down by 22% to Rs 51.21 crore. The interest cost was down by 34% to Rs 2.15 crore and the depreciation was lower by 4% to Rs 6.09 crore. Thus the PBT was up by 3% to Rs 128.65 crore.
• The share of profit from JV/associate was Rs 0.97 crore compared to a loss of Rs 4.68 crore in the corresponding previous period. Thus the PBT before EO but after profit/loss from associate was Rs 129.62 crore, an increase of 8%. The EO income was nil for the quarter as well as corresponding previous period. Thus the PBT after EO was up by 8% to Rs 129.62 crore.
• The taxation was down by 19% to Rs 34.26 crore and the tax rate too was lower at 26.4% compared to 35.0% in corresponding previous period. Thus the PAT was eventually up by 22% to Rs 95.36 crore.
• The share of profit attributable to non controlling interest was Rs 0.73 crore compared to a loss of Rs 2.39 crore in the corresponding previous peirod. Thus the net profit attributable to owners of the company was up by 17% to Rs 94.63 crore.
• After accounting other comprehensive income (net of tax) that was higher by 93% to Rs 44.13 crore, the total comprehensive income attributable to owners of the company was Rs 138.76 crore, an increase of 34%.

Half yearly performance

Consolidated sales was higher by 6% to Rs 2981.33 crore and that with 50 bps expansion in OPM to 10%, the operating profit was up by 11% to Rs 297.97 crore. After accounting for higher other income, lower interest and lower depreciation cost, the PBT before EO & share of profit from associate was up by 11% to Rs 386.27 crore. The share of profit from associate was as profit of Rs 1.92 crore compared to a loss of Rs 4.77 crore in the corresponding previous period. Thus the PBT before EO was up by 13% to Rs 388.19 crore. The EO was nil for the quarter as well as corresponding previous period. The taxation was flat at Rs 106.92 crore, but the tax rate was lower at 27.5% compared to 31.1% in corresponding previous period. Thus PAT was up by 19% to Rs 283.27 crore. The share of profit attributable to non controlling interest was a profit of Rs 3.0 crore compared to a loss of Rs 0.34 crore in corresponding previous period. And thus the net profit attributable to owners of the company was up by 18% to Rs 280.27 crore. Evenutally the total comprehensive income attributable to owners of the company was up by 29% to Rs 371.85 crore gained by 86% jump in other comprehensive income to Rs 91.58 crore.