The company posted a set of disappointing numbers for Q4FY16. YoY, net sales was down 5% at Rs.2966 crore. What helped a bit was the 3% drop in raw material prices and similar 3% decline in total costs. Yet, EBITDA remained 8% down at Rs.477 crore and margins dropped marginally from 16.4% to 16%.

Despite the other income of Rs.19 crore and a 31% drop in interest outgo, the 35% increase in tax outgo nullified all that, leading to a 20% drop in net profit at Rs.245 crore. The company ended FY16 with a consolidated net profit of Rs.1093 crore, up 12%.

Europe markets are what led to this poor show – the region reported a 3% drop in topline but EBIT fell by a sharp 57%.

The company’s borrowings currently stand at Rs.1349 crore, up 68% from FY15 and cash is steady at Rs.594 crore.