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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteRead Dharti Proteins’ results in this order: operating revenue, operating expenses, operating profit and margin, other income, profit before tax, exceptional items, tax, net profit, EPS, cash flow and the balance sheet. That sequence prevents interest or one-time accounting entries from being mistaken for sales growth or sustainable profitability.
Dharti Proteins requires an additional adjustment: the company moved through a Corporate Insolvency Resolution Process (CIRP), the National Company Law Tribunal (NCLT) approved a resolution plan on November 18, 2025, and a new board took control on December 3, 2025. Comparisons across that transition can therefore mix different capital structures, accounting effects and operating conditions.
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What a Dharti Proteins quarterly result actually tells you
A result announcement usually combines an income statement, a balance sheet, a cash-flow statement, notes to the accounts and management commentary. The income statement answers whether the company generated sales and whether those sales covered operating costs. The other statements test the quality, timing and financial consequences of that result.
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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsUse the statement’s own units—rupees, thousands, lakhs or crores—before calculating a percentage. A nil revenue figure and a small amount of other income can produce a misleading-looking margin if they are placed in the wrong columns.
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The reading sequence
- Revenue from operations: identify income from the company’s ordinary business.
- Operating expenses: check the recurring costs required to generate that revenue.
- Operating profit and OPM: calculate the result of the core business before financing, tax and non-operating items.
- Other income: separate interest, investment income and other non-core receipts.
- Profit before tax: reconcile the operating result with finance costs and non-operating items.
- Exceptional items: isolate restructuring, impairment, settlement or other unusual entries.
- Tax and profit after tax: follow the bridge from PBT to the final reported profit or loss.
- EPS and share count: check whether capital changes make per-share comparisons misleading.
- Cash flow and balance sheet: test whether accounting results translate into cash and a stronger financial position.
Dharti Proteins’ reported figures: keep each line in its place
The FY2025-26 directors report shows why the separation between sales, other income and exceptional items matters. The table below keeps the published figures in their reported units. “Not stated” means the supplied company figures do not establish a comparable number for that cell.
| Period or display | Operating revenue / sales | Other income | Total expenses | Operating profit or recurring PBT | Exceptional item | Profit after tax / net profit | EPS or margin data |
|---|---|---|---|---|---|---|---|
| FY2025-26 directors report | Nil | Rs. 2.97 lakh | Rs. 17.61 lakh | Loss before tax and before exceptional item: Rs. 14.64 lakh | Rs. 70.01 lakh | Net loss after tax: Rs. 84.65 lakh | Not stated in the supplied annual figures |
| FY2024-25 directors report | Not stated | Rs. 7.20 lakh | Rs. 7.87 lakh | Not stated | Not stated | Net loss: Rs. 0.67 lakh | Not stated in the supplied annual figures |
| September 2026 Screener display | Sales: Rs. 2.85 crore | Not stated | Not stated | Operating profit: Rs. 1.26 crore; OPM: 44.21% | Not stated | Net profit: Rs. 3.37 crore | PBT: Rs. 4.41 crore; tax rate: 23.58%; EPS: Rs. 67.40 |
The September 2026 row is a market-data display, not a substitute for the company’s filed financial statements. Sales, PBT, tax rate, net profit and EPS are volatile fields and should be reconciled to the relevant filing, particularly because the resolution plan and capital changes affect comparability.
Step 1: distinguish operating revenue from other income
Operating revenue is the sales test
Revenue from operations is the starting point for growth. Compare the current quarter with the same quarter a year earlier to control for seasonality, then compare it with the immediately preceding quarter to identify momentum or a sequential slowdown.
If operating revenue is nil, the company has not reported ordinary-business sales for that period. Do not relabel interest, investment income or another non-operating receipt as sales. A rise in other income is not operating growth.
Other income needs its own line
Other income can include interest, investment gains or one-off receipts. Read the notes to identify its source, whether it recurs and whether it required a corresponding asset or transaction. In Dharti Proteins’ FY2025-26 report, other income is shown separately from nil operating revenue, making it impossible to describe that year’s income as product or trading growth.
For a quarterly worksheet, use separate columns for operating revenue and other income. Calculate revenue growth only from operating revenue:
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Revenue growth (%) = (current-quarter operating revenue − comparable-quarter operating revenue) ÷ comparable-quarter operating revenue × 100
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When the comparison-period revenue is zero or nearly zero, report the absolute change and explain that a percentage is unstable or not meaningful.
Step 2: calculate operating profit and OPM without hiding the denominator
Operating profit
Operating profit measures what remains after costs directly associated with running the business, before other income, finance costs, tax and exceptional items. The exact line items depend on the company’s presentation, so use the reported statement and notes rather than assuming a standard expense list.
Operating profit = operating revenue − operating expenses
With nil operating revenue, recurring expenses cannot be supported by sales. The FY2025-26 report records total expenses of Rs. 17.61 lakh and a loss before tax before the exceptional item of Rs. 14.64 lakh. That is a warning to examine the expense notes and the company’s operating status, not a reason to treat the other-income line as turnover.
Operating profit margin (OPM)
OPM (%) = operating profit ÷ operating revenue × 100
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OPM is useful only when the denominator represents a meaningful level of recurring sales. A very small or zero revenue base can make the percentage mathematically extreme, undefined or economically irrelevant. Always display the underlying revenue and operating-profit amounts beside the percentage.
For a proper quarterly comparison, put current quarter, immediately preceding quarter and year-ago quarter in adjacent columns. Keep the units identical and flag any restatement, discontinued operation or change in segment presentation.
Step 3: reconcile PBT, exceptional items, tax and net profit
Profit before tax is not the final result
After operating profit, add or subtract other income, finance costs and other non-operating items to reach profit before tax (PBT). Then inspect the tax line and reconcile it to profit after tax (PAT).
PAT = PBT − tax expense (subject to the statement’s sign convention and deferred-tax presentation)
A tax rate shown in a summary service may be affected by losses, deferred tax, minimum alternate tax, prior-period adjustments or exceptional items. Read the filed tax note before projecting that rate.
Exceptional items can dominate the headline
Exceptional items are unusual entries that management presents separately because they could distort the view of recurring performance. They still affect the reported bottom line, so do not ignore them; instead, show recurring performance and the exceptional effect in separate columns.
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Dharti Proteins’ FY2025-26 report includes a Rs. 70.01 lakh exceptional item. The reported loss after tax is Rs. 84.65 lakh, compared with a Rs. 0.67 lakh loss in FY2024-25. The correct interpretation is that the year contained both an underlying operating shortfall and a large separately identified charge. Calling the year simply “profitable” or “loss-making” without that bridge hides the reason for the change.
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| Bridge | What to ask |
|---|---|
| Operating result | Did ordinary sales cover ordinary operating costs? |
| Other income and finance items | Did non-core income or borrowing costs change PBT? |
| Exceptional item | Is the charge or gain unusual, separately disclosed and likely to recur? |
| Tax | Is the tax current, deferred, prior-period or affected by losses? |
| PAT | What remains for shareholders after all reported items? |
Step 4: read EPS only after checking the capital structure
EPS divides profit attributable to ordinary shareholders by the weighted-average number of ordinary shares. A change in either profit or share count changes EPS; therefore, EPS is not a standalone measure of operating improvement.
Before comparing Dharti Proteins’ EPS across quarters, inspect the notes for capital reduction, new issuance, cancellation, conversion, consolidation, bonus shares and the date on which each change became effective. Use basic EPS and diluted EPS as separate measures when both are reported.
The resolution-plan implementation changed the company’s corporate and capital context. A large EPS movement around that event may reflect a new denominator rather than a proportionate change in operating earnings. Recalculate or at least annotate the comparison using the weighted-average share count for each period.
A summary service displaying EPS should be treated as a prompt to open the company filing, not as proof that the periods are directly comparable. This is especially important for the September 2026 display, which shows EPS of Rs. 67.40 but does not by itself explain the applicable share count or any post-plan adjustments.
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Cash-flow statement
Net profit is an accounting result. The cash-flow statement shows whether operations actually generated cash during the period. Start with cash flow from operating activities, then examine working-capital movements and non-cash adjustments.
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- A profit accompanied by cash absorbed in receivables may indicate that sales have not been collected.
- A cash inflow caused mainly by higher payables may be temporary rather than a sign of durable profitability.
- Depreciation, impairment and provisions can reduce accounting profit without an immediate cash payment; read the reconciliation rather than treating every difference as a problem.
- Investing and financing cash flows explain asset sales, borrowings, repayments, equity changes and distributions that operating cash flow cannot explain.
Balance-sheet checks
Read receivables, inventories, payables, borrowings, cash and restricted cash alongside the income statement. Compare their movement with revenue and expenses, and open the notes for ageing, security, related parties and contingencies.
For Dharti Proteins, the CIRP and resolution-plan events make the notes particularly important. A balance-sheet reduction, settlement or reclassification may be connected to the plan rather than to ordinary trading performance. Do not infer cash generation from PAT alone.
Step 6: compare quarters on six consistent axes
Create one worksheet with the current quarter, the immediately preceding quarter and the same quarter a year earlier. Add annual figures separately; do not blend a full-year number into a quarterly growth rate.
| Axis | Measure | Interpretation |
|---|---|---|
| Sales base | Operating revenue and year-on-year/sequential change | Shows demand from the core business; do not use other income as a substitute. |
| Cost intensity | Operating expenses and OPM | Shows whether costs are scaling with sales; explain any near-zero denominator. |
| Recurring profitability | PBT and PAT before exceptional items | Shows the underlying period before unusual charges or gains. |
| Exceptional effect | Amount, description and tax treatment | Explains why reported PAT diverges from recurring performance. |
| Per-share result | Basic/diluted EPS and weighted-average shares | Prevents capital changes from being mistaken for operating growth. |
| Cash conversion | Operating cash flow, receivables, payables and borrowings | Tests whether reported profit becomes cash and whether liquidity is improving. |
| Comparability | Accounting policy, plan implementation and reporting perimeter | Identifies breaks between pre- and post-resolution periods. |
Why the 2025 resolution-plan transition changes the comparison
Dharti Proteins’ directors report states: “In a significant development, the Ahmedabad Bench of the National Company Law Tribunal approved the Resolution Plan on November 18, 2025, concluding the Corporate Insolvency Resolution Process (CIRP) initiated in April 2024 pursuant to the Insolvency and Bankruptcy Code, 2016.” The report also records that a new board took control on December 3, 2025.
Mark quarters before and after those dates in your spreadsheet. Then check whether each period uses the same accounting policies, continuing-operations perimeter, debt and equity structure, and presentation of exceptional or plan-related items. If a period is not comparable, show the absolute figures with a qualification instead of forcing a percentage trend.
Ind AS and audit context
The FY2025-26 financial statements use Indian Accounting Standards (Ind AS) and received an unmodified statutory audit opinion. An unmodified opinion means the auditor did not modify the opinion on the financial statements; it does not guarantee future profitability, cash generation or the absence of business risk. Read the basis of preparation, material accounting policies, key estimates and emphasis or other-matter paragraphs, if any.
Dividend signal
The board states: “In view of losses, your directors do not propose any dividend for the year under review.” Treat that as the board’s position for the stated year, not as a forecast of future distributions.
How to interpret the September 2026 summary without overreaching
The latest displayed quarter in the supplied market-data summary is September 2026. It shows sales of Rs. 2.85 crore, operating profit of Rs. 1.26 crore, OPM of 44.21%, PBT of Rs. 4.41 crore, a 23.58% tax rate, net profit of Rs. 3.37 crore and EPS of Rs. 67.40.
Those figures suggest a very different reported quarter from the FY2025-26 annual picture, but they do not by themselves establish a durable turnaround. Before drawing that conclusion, open the company’s September filing and verify revenue classification, exceptional or plan-related items, tax treatment, share count, consolidation scope and cash flow. Do not annualise one unusual quarter without checking seasonality and accounting events.
Quick Recap
A repeatable workflow for every new result
- Download the company filing and note the period end. Record whether the document is standalone or consolidated and whether comparative figures were restated.
- Copy the income-statement lines exactly. Keep operating revenue, other income, expenses, finance costs, exceptional items, tax and PAT in separate cells.
- Normalize units. Convert all periods to rupees, lakhs or crores before calculating changes.
- Build three comparisons. Compare year on year, sequentially and with the latest full year; label each comparison clearly.
- Calculate OPM from operating revenue. If revenue is zero or negligible, report the denominator and avoid a misleading percentage.
- Reconcile PBT to PAT. Explain tax, deferred tax, prior-period adjustments and exceptional items.
- Check EPS mechanics. Read the weighted-average share count and every capital action effective during the periods.
- Read cash flow and notes. Test collections, working capital, borrowings, contingencies and related-party transactions.
- Mark structural breaks. Flag CIRP, the November 18, 2025 plan approval, the December 3, 2025 board change and any accounting-policy or perimeter change.
- Write the conclusion in two layers. State what happened to recurring operations, then state how unusual items and capital changes affected the reported result.
Common mistakes and how to correct them
- Calling other income sales: keep it outside revenue from operations and identify its source.
- Celebrating a high OPM on tiny revenue: show the numerator and denominator; a percentage can be unstable when sales are near zero.
- Ignoring exceptional items: present recurring PBT/PAT and the exceptional charge or gain separately.
- Comparing EPS without share counts: inspect capital reduction, issuance, cancellation and weighted-average shares.
- Using a data-service number as the filing: reconcile every volatile market-data field to the company’s PDF.
- Annualising one quarter: check seasonality, one-time income, plan accounting and tax before projecting.
- Reading profit as cash: use operating cash flow, receivables, payables and borrowings to test conversion.
- Mixing pre- and post-CIRP periods: mark the transition dates and explain any break in comparability.
- Assuming an unmodified audit opinion is a performance endorsement: distinguish audit opinion from profitability, liquidity and investment risk.
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