Conslidated sales and net profit growth of 16% and 17% respectively is moderate in my view. The standalone numbers are lower at around 14% sales growth and 11% net profit growth yoy.
On cost element, while by Cost of material consumed increased marginally, (with increased Indian production as represented by numbers) and Other expense increased, same was partially offset by major decline in Employee cost. (Not sure but may be due to Empolyee share benefit of 3M US, which may have lower impact due to lower price as on Dec 2018 quarter as compared with previous quarters).
While there is decline in other income, overall net profit growth of 20% on consolidated basis.
Find enclosed my working file on Q3FY19.
3M Q3FY19 results.xlsx (16.4 KB)