Though operating profit was up 24 per cent, gross profit fell 15 per cent from Rs 15.45 crore to Rs 13.14 crore due to higher depreciation and interest costs. Depreciation rose to Rs 5.50 crore from Rs 2.40 crore last year and interest zoomed to Rs 12.15 crore from Rs 4.90 crore. The company credited the high interest and depreciation to the commissioning of its Mangalore project in March 1996.
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