For
the quarter ending Mar 2023, consolidated Net sales (including other operating income) of Craftsman Automation has increased 49.29% to Rs 980.37 crore compared to quarter ended Mar 2022. Sales of Automotive-Powertrain & Other segment has gone up 16.33% to Rs 392.68 crore (accounting for 40.05% of total sales). Sales of Automotive-Aluminium Products segment has gone up 134.77% to Rs 391.03 crore (accounting for 39.89% of total sales). Sales of Industrial & Engineering segment rose 28.91% to Rs 196.66 crore (accounting for 20.06% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 25.48% to Rs 147.55 crore. PBIT of Automotive-Powertrain & Other segment rose 7.59% to Rs 92.75 crore (accounting for 62.86% of total PBIT). PBIT of Automotive-Aluminium Products segment rose 234.41% to Rs 35.18 crore (accounting for 23.84% of total PBIT). PBIT of Industrial & Engineering segment fell 5.94% to Rs 19.62 crore (accounting for 13.30% of total PBIT).
PBIT margin of Automotive-Powertrain & Other segment fell from 25.54% to 23.62%. PBIT margin of Automotive-Aluminium Products segment rose from 6.32% to 9.00%. PBIT margin of Industrial & Engineering segment fell from 13.67% to 9.98%. Overall PBIT margin fell from 17.91% to 15.05%.
Operating profit margin has declined from 23.61% to 19.22%, leading to 21.57% rise in operating profit to Rs 188.44 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 49.39% to 55.68%. Employee cost decreased from 7.01% to 6.00%. Other expenses fell from 20.09% to 19.69%. Other income rose 15.37% to Rs 4.88 crore. PBIDT rose 21.40% to Rs 193.32 crore. Provision for interest rose 76.24% to Rs 41.91 crore. Loan funds rose to Rs 1,240.23 crore as of 31 March 2023 from Rs 799.55 crore as of 31 March 2022. Inventories rose to Rs 836.01 crore as of 31 March 2023 from Rs 626.41 crore as of 31 March 2022. Sundry debtors were higher at Rs 535.29 crore as of 31 March 2023 compared to Rs 296.21 crore as of 31 March 2022. Cash and bank balance rose to Rs 47.34 crore as of 31 March 2023 from Rs 43.48 crore as of 31 March 2022. Investments rose to Rs 3.43 crore as of 31 March 2023 from Rs 2.65 crore as of 31 March 2022 .
PBDT rose 11.77% to Rs 151.41 crore. Provision for depreciation rose 9.98% to Rs 59.93 crore. Fixed assets increased to Rs 2,030.52 crore as of 31 March 2023 from Rs 1,581.52 crore as of 31 March 2022. Intangible assets increased from Rs 4.24 crore to Rs 189.99 crore.
Profit before tax grew 12.98% to Rs 91.48 crore. Provision for tax was expense of Rs 11.37 crore, compared to Rs 29.63 crore. Effective tax rate was 12.41% compared to 36.54%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 50.91% to Rs 77.66 crore. Equity capital stood at Rs 10.56 crore as of 31 March 2023 to Rs 10.56 crore as of 31 March 2022. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 58.77% as of 31 March 2023 ,compared to 59.76% as of 31 March 2022 .
Full year results analysis.
Net sales (including other operating income) of Craftsman Automation has increased 43.55% to Rs 3182.6 crore. Sales of Automotive-Powertrain & Other segment has gone up 32.29% to Rs 1,527.09 crore (accounting for 47.98% of total sales). Sales of Automotive-Aluminium Products segment has gone up 69.31% to Rs 934.61 crore (accounting for 29.37% of total sales). Sales of Industrial & Engineering segment rose 41.17% to Rs 720.90 crore (accounting for 22.65% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 37.66% to Rs 526.58 crore. PBIT of Automotive-Powertrain & Other segment rose 25.78% to Rs 382.04 crore (accounting for 72.55% of total PBIT). PBIT of Automotive-Aluminium Products segment rose 88.72% to Rs 77.32 crore (accounting for 14.68% of total PBIT). PBIT of Industrial & Engineering segment rose 77.83% to Rs 67.22 crore (accounting for 12.77% of total PBIT).
PBIT margin of Automotive-Powertrain & Other segment fell from 26.31% to 25.02%. PBIT margin of Automotive-Aluminium Products segment rose from 7.42% to 8.27%. PBIT margin of Industrial & Engineering segment rose from 7.40% to 9.32%. Overall PBIT margin fell from 17.25% to 16.55%.
Operating profit margin has declined from 24.09% to 21.48%, leading to 27.98% rise in operating profit to Rs 683.61 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 47.39% to 52.25%. Employee cost decreased from 8.35% to 7.18%. Other expenses fell from 20.51% to 19.55%. Other income rose 69.46% to Rs 12.54 crore. PBIDT rose 28.55% to Rs 696.15 crore. Provision for interest rose 42.76% to Rs 120.23 crore. Loan funds rose to Rs 1,240.23 crore as of 31 March 2023 from Rs 799.55 crore as of 31 March 2022. Inventories rose to Rs 836.01 crore as of 31 March 2023 from Rs 626.41 crore as of 31 March 2022. Sundry debtors were higher at Rs 535.29 crore as of 31 March 2023 compared to Rs 296.21 crore as of 31 March 2022. Cash and bank balance rose to Rs 47.34 crore as of 31 March 2023 from Rs 43.48 crore as of 31 March 2022. Investments rose to Rs 3.43 crore as of 31 March 2023 from Rs 2.65 crore as of 31 March 2022 .
PBDT rose 25.93% to Rs 575.92 crore. Provision for depreciation rose 7.58% to Rs 221.61 crore. Fixed assets increased to Rs 2,030.52 crore as of 31 March 2023 from Rs 1,581.52 crore as of 31 March 2022. Intangible assets increased from Rs 4.24 crore to Rs 189.99 crore.
Profit before tax grew 40.96% to Rs 354.31 crore. Share of profit/loss was 26.32% higher at Rs 0.48 crore. Provision for tax was expense of Rs 103.83 crore, compared to Rs 88.64 crore. Effective tax rate was 29.27% compared to 35.21%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 52.30% to Rs 248.39 crore.
Equity capital stood at Rs 10.56 crore as of 31 March 2023 to Rs 10.56 crore as of 31 March 2022. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 58.77% as of 31 March 2023 ,compared to 59.76% as of 31 March 2022 .
Other highlights
Board
Approved and recommended a final dividend of Rs 11.25
per equity share of Rs 5 each (225%) for the financial year ended 31st March,
2023. Record date fixed for the purpose is 26th June, 2023.