The engineering company had informed the exchange earlier that for the half year ended September 30, 1998, it reported net sales of Rs 157.53 crore, against a much higher figure of Rs 203.46 crore in the corresponding period last year.

The company has now further clarified that sales in the half year ended September 30, 1997, included a whopping Rs 62.31 crore on account of part execution of the ONGC Santhal order for INSITU compressors.

"This happens sometimes with engineering companies, when a very large order makes it difficult for everyone to understand the real story of two successive financial years," company executive vice-president and company secretary MH Gandhi told to TheFinancial Express.

Ingersoll Rand has pointed out that there was no corresponding large value order invoiced in the half-year ended September 30, 1998. Adjusting for the impact of last year's ONGC deal, there has still been a growth of 11.61 per cent in invoicing, "despite a not very conducive economic situation".

"We are proposing to fulfil balance of the ONGC order (two trains) in March and June 1999 basis contractual deliveries leaving the last train of compressors to be delivered in 2000 to complete the Rs 140 crore order," says a clarificatory letter issued to the Bombay Stock Exchange by Gandhi.

The company recorded a gross profit of Rs 32.38 crore, against a figure of Rs 40.11 crore for the previous corresponding half-year, and profit after tax was Rs 20.55 crore (against Rs 25.88 crore during the corresponding previous half-year).