Other expenses

Our other expenses decreased by % 1,183.35 million, or 26.00%, from 4,550.62 million in Fiscal 2019 to % 3,367.27
million in Fiscal 2020. Our other expenses accounted for 24.84% of our total income in Fiscal 2019, compared to
22.43% in Fiscal 2020.

This is primarily as a result of decrease in operating activities and corresponding decreases in repair and
maintenance and power and fuel expenses), administrative expenses (primarily due to a decrease in travelling
expenses, rates and taxes, managerial remuneration and doubtful debts) and selling expenses (primarily due to a
decrease in packing material consumed and carriage outwards expenses).

EBITDA

Our EBITDA decreased by 501.29 million or 10.98%, from 2 4,566.80 million in Fiscal 2019 to 2 4,065.51
million in Fiscal 2020, primarily as a result of the factors discussed above.

Our EBITDA accounted for 24.93% of our total income in Fiscal 2019, compared to 27.08% in Fiscal 2020.
Depreciation and amortization expense

Our depreciation and amortization expense increased by 2 188.40 million, or 10.70%, from 2 1,761.48 million in
Fiscal 2019 to 1,949.88 million in Fiscal 2020, primarily as a result of increase in capital expenditure on property,

plant and equipment (on account of commercialization of the equipment bought in the previous fiscal), leading to
higher depreciation.

Our depreciation and amortization expense accounted for 9.62% of our total income in Fiscal 2019, compared to
12.99% in Fiscal 2020.

Finance costs
Our finance costs increased by % 78.51 million, or 5.59%, from 2 1,405.49 million in Fiscal 2019 to 2 1,484.00
million in Fiscal 2020, primarily as a result of increase in interest expenses on our long term borrowings (at

amortized cost) to fund our capital expenditure on account of increased borrowings during this period to meet our
high working capital requirements during this period.

Our finance costs accounted for 7.67% of our total income in Fiscal 2019, compared to 9.89% in Fiscal 2020.
Profit before tax

Our profit before tax decreased by 2 825.93 million, or 59.00%, from 2 1,399.83 million in Fiscal 2019 to = 573.90
million in Fiscal 2020, as a result of among other things, decrease in total income as well as increased finance
costs, depreciation and amortization expense.

Our profit before tax accounted for 7.64% of our total income in Fiscal 2019, compared to 3.82% in Fiscal 2020.
Tax expenses

Our total tax expenses reduced by % 262.99 million, or 61.71%, from % 426.16 million in Fiscal 2019 to = 163.17
million in Fiscal 2020, which was due to a reduction in deferred tax and current tax.

Profit after tax

Our profit after tax decreased by = 562.94 million, or 57.82%, from % 973.67 million in Fiscal 2019 to 2 410.73
million in Fiscal 2020, primarily as a result of the factors discussed above, as adjusted for tax expenses.

Our profit after tax accounted for 5.32% of our total income in Fiscal 2019, compared to 2.74% in Fiscal 2020.
Fiscal 2019 compared to Fiscal 2018
Total Income

Our total income increased by 2 3,087.81 million, or 20.28%, from % 15,228.62 million in Fiscal 2018 to =
18,316.43 million in Fiscal 2019, on account of the factors discussed below.

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