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Results
26-Apr-23
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Analysis
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Elecon Engineering Company
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Sales up 28%, net up 47%
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Consolidated net sales (including other operating income) of Elecon Engineering
Company for the quarter ended March 2023 has increased 28.06% to Rs 424.54
crore. Operating profit margin has jumped from 20.67% to 21.87%,
leading to 35.48% rise in operating profit to Rs 92.86 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
48.54% to 48.78%. Employee cost decreased from 10.37% to 7.66%.
Other expenses rose from 20.47% to 20.79%. Other direct
service cost rose from 6.55% to 8.72%. Other income rose 102.33% to
Rs 7.81 crore. PBIDT rose 39.05% to Rs 100.67
crore. Provision for interest fell 37.16% to Rs 4.6
crore. PBDT rose 47.62% to Rs 96.07 crore. Provision for
depreciation rose 14.09% to Rs 13.6 crore. Profit before tax grew
55.14% to Rs 82.47 crore. Share of profit/loss was 158.73% higher at
Rs 1.63 crore. Provision for tax was expense of Rs 16.15 crore,
compared to Rs 7.49 crore. Effective tax rate was 19.20% compared to
13.92%. Minority interest was nil in both the periods. Net profit
attributable to owners of the company increased 46.76% to Rs 67.95
crore.
- Sales of Material
Handling Equipment segment has gone up 57.46% to Rs 58.09 crore (accounting for
13.68% of total sales). Sales of Transmission Equipment segment has
gone up 24.38% to Rs 366.46 crore (accounting for 86.32% of total
sales).
- Profit before interest, tax and other unallocable items (PBIT) has
jumped 44.92% to Rs 89.39 crore. PBIT of Material Handling Equipment
segment rose 1,380.78% to Rs 11.15 crore (accounting for 12.47% of total
PBIT). PBIT of Transmission Equipment segment rose 28.42% to Rs
78.25 crore (accounting for 87.53% of total PBIT).
- PBIT margin of Material Handling Equipment segment rose from 2.04%
to 19.19%. PBIT margin of Transmission Equipment segment rose from
20.68% to 21.35%. Overall PBIT margin rose from 18.61% to
21.06%.
Full year results analysis.
Consolidatd net sales (including other operating income) of Elecon Engineering
Company has increased 26.22% to Rs 1529.68 crore. Operating profit
margin has jumped from 20.33% to 22.15%, leading to 37.50% rise in operating
profit to Rs 338.86 crore. Raw material cost as a % of total sales
(net of stock adjustments) decreased from 48.69% to 46.87%.
Employee cost decreased from 10.27% to 9.76%. Other
direct service cost rose from 7.18% to 7.91%. Other income rose
134.35% to Rs 20.06 crore. PBIDT rose 40.75% to Rs 358.92
crore. Provision for interest fell 64.35% to Rs 13.31
crore. PBDT rose 58.78% to Rs 345.61 crore. Provision
for depreciation rose 0.95% to Rs 49.04 crore. Profit before tax
grew 75.40% to Rs 296.57 crore. Share of profit/loss was 125.69%
higher at Rs 3.25 crore. Provision for tax was expense of Rs 62.33
crore, compared to Rs 30.03 crore. Effective tax rate was 20.79%
compared to 17.61%. Minority interest was nil in both the
periods. Net profit attributable to owners of the company increased
69.04% to Rs 237.49 crore.
- Sales of Material Handling Equipment segment has gone up 58.71% to
Rs 216.25 crore (accounting for 14.14% of total sales). Sales of
Transmission Equipment segment has gone up 22.10% to Rs 1,313.43 crore
(accounting for 85.86% of total sales).
- Profit before interest, tax and other unallocable items (PBIT) has
jumped 52.41% to Rs 320.71 crore. PBIT of Material Handling
Equipment reported profit of Rs 32.30 crore compared to loss of Rs 0.88
crore. PBIT of Transmission Equipment segment rose 36.50% to Rs
288.41 crore (accounting for 89.93% of total PBIT).
- PBIT margin of Material Handling Equipment segment rose from
negative 0.65% to 14.93%. PBIT margin of Transmission Equipment
segment rose from 19.64% to 21.96%. Overall PBIT margin rose from
17.36% to 20.97%.
Equity capital stood at Rs 22.44 crore as of 31 March 2023 to Rs
22.44 crore as of 31 March 2022. Per share face Value remained same
at Rs 2.00.
Promoters’ stake was 59.29% as of 31 March 2023 ,compared to
59.26% as of 31 March 2022 .
Loan funds declined from Rs 151.20 crore as of 31 March 2022 to Rs
51.58 crore as of 31 March 2023. Inventories rose to Rs 278.80 crore
as of 31 March 2023 from Rs 261.67 crore as of 31 March 2022. Sundry
debtors were lower at Rs 345.77 crore as of 31 March 2023 compared to Rs 415.07
crore as of 31 March 2022. Cash and bank balance rose to Rs 210.37
crore as of 31 March 2023 from Rs 112.13 crore as of 31 March 2022. Investments
rose to Rs 76.09 crore as of 31 March 2023 from Rs 54.05 crore as of 31 March
2022 . Fixed assets increased to Rs 651.29 crore as of 31 March 2023
from Rs 634.04 crore as of 31 March 2022. Intangible assets declined
from Rs 105.66 crore to Rs 102.82 crore.
Cash flow from operating activities increased to Rs 310.02 crore
for year ended March 2023 from Rs 223.20 crore for year ended March
2022. Cash flow used in acquiring fixed assets during the year ended
March 2023 stood at Rs 47.06 crore, compared to Rs 21.73 crore during the year
ended March 2022. | Elecon Engineering Company : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 424.54 | 331.52 | 28.06 | 1,529.68 | 1,211.95 | 26.22 | | OPM (%) | 21.87 | 20.67 | 120 bps | 22.15 | 20.33 | 182 bps | | OP | 92.86 | 68.54 | 35.48 | 338.86 | 246.44 | 37.50 | | Other Inc. | 7.81 | 3.86 | 102.33 | 20.06 | 8.56 | 134.35 | | PBIDT | 100.67 | 72.40 | 39.05 | 358.92 | 255.00 | 40.75 | | Interest | 4.60 | 7.32 | -37.16 | 13.31 | 37.34 | -64.35 | | PBDT | 96.07 | 65.08 | 47.62 | 345.61 | 217.66 | 58.78 | | Depreciation | 13.6 | 11.92 | 14.09 | 49.04 | 48.58 | 0.95 | | PBT | 82.47 | 53.16 | 55.14 | 296.57 | 169.08 | 75.40 | | Share of Profit/(Loss) from Associates | 1.63 | 0.63 | 158.73 | 3.25 | 1.44 | 125.69 | | PBT before EO | 84.1 | 53.79 | 56.35 | 299.82 | 170.52 | 75.83 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 84.1 | 53.79 | 56.35 | 299.82 | 170.52 | 75.83 | | Taxation | 16.15 | 7.49 | 115.62 | 62.33 | 30.03 | 107.56 | | PAT | 67.95 | 46.3 | 46.76 | 237.49 | 140.49 | 69.04 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 67.95 | 46.3 | 46.76 | 237.49 | 140.49 | 69.04 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 67.95 | 46.3 | 46.76 | 237.49 | 140.49 | 69.04 | | EPS (Rs)* | 6.06 | 4.13 | 46.76 | 21.17 | 12.52 | 69.04 | | | * EPS is on current equity of Rs 22.44 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| Elecon Engineering Company : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202303 | 202203 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
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| Sales | | Material Handling Equipment | 13.68 | 58.09 | 36.89 | 57.46 | 14.14 | 216.25 | 136.25 | 58.71 | | Transmission Equipment | 86.32 | 366.46 | 294.64 | 24.38 | 85.86 | 1,313.43 | 1,075.70 | 22.10 | | Others | 0.00 | 0.00 | 0.00 | - | | Total Reported Sales | 100.00 | 424.54 | 331.52 | 28.06 | 100.00 | 1,529.68 | 1,211.95 | 26.22 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 424.54 | 331.52 | 28.06 | 100.00 | 1,529.68 | 1,211.95 | 26.22 | | PBIT | | Material Handling Equipment | 12.47 | 11.15 | 0.75 | 1,380.78 | 10.07 | 32.30 | -0.88 | LP | | Transmission Equipment | 87.53 | 78.25 | 60.93 | 28.42 | 89.93 | 288.41 | 211.30 | 36.50 | | Others | 0.00 | 0.00 | 0.00 | - | | Total PBIT | 100.00 | 89.39 | 61.68 | 44.92 | 100.00 | 320.71 | 210.42 | 52.41 | | Less : Interest | | 4.60 | 7.32 | -37.25 | | 13.31 | 37.34 | -64.35 | | Add: Other un-allcoable | | -0.70 | -0.56 | -24.92 | | -7.57 | -2.55 | -196.65 | | PBIT Margin(%) | | Material Handling Equipment | | 19.19 | 2.04 | 1,715.27 | | 14.93 | -0.65 | 1,557.98 | | Transmission Equipment | | 21.35 | 20.68 | 67.18 | | 21.96 | 19.64 | 231.58 | | Others | | 0.00 | 0.00 | 0.00 | | PBT | 100.00 | 84.10 | 53.80 | 56.32 | 100.00 | 299.83 | 170.53 | 75.82 |
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