However, the domestic and pharma businesses continued to witness subdued demand (domestic revenue down 5 per cent and pharma down 43 per cent).
The operating profit grew 14 per cent Y-o-Y, led by an improvement in gross margin (up 520 basis points or bps) on account of better product mix and operating leverage.
Given healthy reservoir levels and late withdrawal of monsoon, the agricultural sector should see demand recovery, while pharma is also positioned for recovery.
But continued global challenges and downward revision in management guidance, has led to lower earnings estimates.
Higher other income could offset this to an extent.
Consolidated revenue stood at ₹2,220 crore, up 5 per cent Y-o-Y.
Operating profit stood at ₹630 crore, up 14 per cent Y-o-Y.
Operating profit margin expanded 220 bps to 28.3 per cent.
Gross margins came in at 51.8 per cent (up 520 bps).
Employee expenses rose 110 bps to 8.8 per cent.
Other expenses increased 190 bps to 14.7 per cent of sales.
The adjusted net profit was up 6 per cent at ₹510 crore.
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