Consolidated revenue declined by means of 12.3% y-o-y to Rs 528 crore, which was thirteen.8% beneath our estimate of Rs. 613 crore. Pigment division sales declined through thirteen.7% y-o-y (up 1.5% q-o-q) to Rs. 483 crore.
OPM at 7.Nine% (down 439 bps y-o-y; down 23 bps q-o-q) was 110 bps under our estimate of nine% as higher-than-predicted working price as a percent of sales turned into partly offset by way of higher than predicted gross margins of 40.8% versus our estimate of 39.5%. Consequently, operating income at Rs. 42 crores (down forty three.6%/2.Nine y-o-y/q-o-q) was 24.3% underneath our estimate of Rs. Fifty five crore.
PAT of Rs. 0.6 crore (down 98.Four% y-o-y; down 87.1% q-o-q) become 95.Nine% under our estimate of Rs. 14 crore as pass over in working earnings became in addition led via better-than-predicted depreciation and interest price which become partly offset via decrease-than-anticipated tax charge of sixteen.5% as opposed to our estimate of 25.2%.