The company’s Q2FY17 PBT was down 19% (YoY) at Rs.13 crore but PAT dropped down 54% at Rs.12 crore. Thus was truly trounced the bottomline was a higher base effect – last Q2, the company had a tax write back of Rs.10 crore and that is what mainly played up its profit last year. This Q2, though topline showed a 6% rise at Rs.35 crore, its 35% rise in expenses really took a toll. Its biggest outgo is depreciation at Rs.9 crore, which is 39% of total costs incurred.

EBITDA for the quarter came in at Rs.21 crore, down 12% and margins have slipped from 73% to 60%. This fiscal is going to be a washout for the company, at least that is what the financials indicate as of now. H1FY17 net profit was at a mere Rs.26 crore, which is 27% of entire FY16 net profit of Rs.97 crore. With just two more quarters to go, it seems highly unlikely that it will manage to surpass FY16 numbers, especially given the fact that post demonetization, in lost almost a month of toll income. It is sure to bear the brunt.