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Results
10-May-23
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Analysis
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KSB
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Net up 1% despite higher sales hit largely by lower OPM
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Consolidated net sales (including other operating income) of KSB for the quarter ended Mar 2023 has increased 17.21% to Rs 489.6 crore. Sales of Pumps segment has gone up 18.11% to Rs 412.90 crore (accounting for 84.23% of total sales). Sales of Valves segment has gone up 12.85% to Rs 77.30 crore (accounting for 15.77% of total sales). Inter-segment sales rose Rs 0.40 crore to Rs 0.60 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 3.67% to Rs 50.80 crore. PBIT of Pumps segment fell 4.18% to Rs 41.30 crore (accounting for 81.30% of total PBIT). PBIT of Valves segment rose 61.02% to Rs 9.50 crore (accounting for 18.70% of total PBIT). PBIT margin of Pumps segment fell from 12.33% to 10.00%. PBIT margin of Valves segment rose from 8.61% to 12.29%. Overall PBIT margin fell from 11.72% to 10.36%. Operating profit margin has declined from 13.10% to 11.68%, leading to 4.57% rise in operating profit to Rs 57.20 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 46.28% to 48.79%. Purchase of finished goods cost fell from 9.00% to 6.75%. Employee cost increased from 13.14% to 13.45%. Other expenses rose from 18.79% to 19.37%. Other income fell 2.11% to Rs 9.3 crore. PBIDT rose 3.58% to Rs 66.5 crore. Provision for interest fell 11.11% to Rs 0.8 crore. PBDT rose 3.79% to Rs 65.7 crore. Provision for depreciation rose 11.43% to Rs 11.7 crore. Profit before tax grew 2.27% to Rs 54.00 crore. Share of profit/loss was 36.84% lower at Rs 1.2 crore. Provision for tax was expense of Rs 14.3 crore, compared to debit of Rs 14.3 crore. Effective tax rate was 25.91% compared to 26.14%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 1.24% to Rs 40.90 crore. Promoters’ stake was 66.69% as of 31 March 2023 ,compared to 66.69% as of 31 March 2022 .
| KSB : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202303 | 202203 | Var.(%) | 202212 | 202112 | Var.(%) |
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| Net Sales (including other operating income) | 489.60 | 417.70 | 17.21 | 1,822.00 | 1,497.30 | 21.69 | | OPM (%) | 11.68 | 13.10 | -141 bps | 13.54 | 13.99 | -45 bps | | OP | 57.20 | 54.70 | 4.57 | 246.70 | 209.40 | 17.81 | | Other Inc. | 9.30 | 9.50 | -2.11 | 42.20 | 33.70 | 25.22 | | PBIDT | 66.50 | 64.20 | 3.58 | 288.90 | 243.10 | 18.84 | | Interest | 0.80 | 0.90 | -11.11 | 6.10 | 5.00 | 22.00 | | PBDT | 65.70 | 63.30 | 3.79 | 282.80 | 238.10 | 18.77 | | Depreciation | 11.7 | 10.5 | 11.43 | 45.3 | 43.5 | 4.14 | | PBT | 54.00 | 52.80 | 2.27 | 237.5 | 194.6 | 22.05 | | Share of Profit/(Loss) from Associates | 1.2 | 1.9 | -36.84 | 7.8 | 6.4 | 21.87 | | PBT before EO | 55.2 | 54.7 | 0.91 | 245.3 | 201 | 22.04 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 55.2 | 54.7 | 0.91 | 245.3 | 201 | 22.04 | | Taxation | 14.3 | 14.3 | 0 | 62.6 | 51.6 | 21.32 | | PAT | 40.9 | 40.4 | 1.24 | 182.7 | 149.4 | 22.29 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 40.9 | 40.4 | 1.24 | 182.7 | 149.4 | 22.29 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 40.9 | 40.4 | 1.24 | 182.7 | 149.4 | 22.29 | | EPS (Rs)* | 11.75 | 11.61 | 1.24 | 52.48 | 42.92 | 22.29 | | | * EPS is on current equity of Rs 34.81 crore, Face value of Rs 10, 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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| KSB : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202303 | 202203 | Var.(%) | % of (Total) | 202212 | 202112 | Var.(%) |
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| Sales | | Pumps | 84.23 | 412.90 | 349.60 | 18.11 | 83.43 | 1,521.90 | 1,262.00 | 20.59 | | Valves | 15.77 | 77.30 | 68.50 | 12.85 | 16.57 | 302.30 | 237.00 | 27.55 | | Total Reported Sales | 100.00 | 490.20 | 418.10 | 17.24 | 100.00 | 1,824.20 | 1,499.00 | 21.69 | | Less: Inter segment revenues | | 0.60 | 0.40 | 50.00 | | 2.20 | 1.70 | 29.41 | | Net Sales | 100.00 | 489.60 | 417.70 | 17.21 | 100.00 | 1,822.00 | 1,497.30 | 21.69 | | PBIT | | Pumps | 81.30 | 41.30 | 43.10 | -4.18 | 87.96 | 197.20 | 162.80 | 21.13 | | Valves | 18.70 | 9.50 | 5.90 | 61.02 | 12.04 | 27.00 | 17.20 | 56.98 | | Total PBIT | 100.00 | 50.80 | 49.00 | 3.67 | 100.00 | 224.20 | 180.00 | 24.56 | | Less : Interest | | 0.80 | 0.90 | -11.11 | | 6.10 | 5.00 | 22.00 | | Add: Other un-allcoable | | 5.20 | 6.60 | -21.21 | | 27.20 | 26.00 | 4.62 | | PBIT Margin(%) | | Pumps | | 10.00 | 12.33 | -232.60 | | 12.96 | 12.90 | 5.73 | | Valves | | 12.29 | 8.61 | 367.66 | | 8.93 | 7.26 | 167.41 | | PBT | 100.00 | 55.20 | 54.70 | 0.91 | 100.00 | 245.30 | 201.00 | 22.04 |
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