Capitaline

Results 12-May-23

Analysis

Pix Transmission

OP up 17%

Pix Transmission consolidated net sales increased 7.77% to Rs 134.47 crore in Q4FY23 compared to Q4FY22. Operating profit margin has jumped from 22.48% to 24.44%, leading to 17.18% rise in operating profit to Rs 32.87 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 33.62% to 34.04%. Purchase of finished goods cost rose from 2.16% to 3.66%. Employee cost decreased from 20.77% to 18.53%. Other expenses rose from 17.17% to 18.22%.

Other income fell 99.64% to Rs 0.01 crore. PBIDT rose 6.68% to Rs 32.88 crore. Provision for interest fell 7.29% to Rs 1.78 crore.

PBDT rose 7.61% to Rs 31.1 crore. Provision for depreciation rose 5.32% to Rs 5.74 crore.

Profit before tax grew 8.14% to Rs 25.36 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 6.26 crore, compared to Rs 7.98 crore. Effective tax rate was 24.68% compared to 34.03%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 23.46% to Rs 19.10 crore.

Equity capital stood at Rs 13.62 crore as of 31 March 2023 to Rs 13.62 crore as of 31 March 2022. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 61.82% as of 31 March 2023 ,compared to 61.78% as of 31 March 2022 .

Full year results analysis

Net sales of Pix Transmission has increased 8.24% to Rs 486.27 crore. Operating profit margin has declined from 25.41% to 21.35%, leading to 9.06% decline in operating profit to Rs 103.83 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 37.54% to 36.48%. Purchase of finished goods cost rose from 2.75% to 3.39%. Employee cost increased from 15.45% to 19.65%. Other expenses fell from 19.02% to 18.76%.

Other income rose 65.61% to Rs 13.53 crore. PBIDT fell 4.07% to Rs 117.36 crore. Provision for interest rose 6.99% to Rs 7.5 crore. Loan funds declined from Rs 117.98 crore as of 31 March 2022 to Rs 68.44 crore as of 31 March 2023. Inventories declined from Rs 124.82 crore as of 31 March 2022 to Rs 105.45 crore as of 31 March 2023. Sundry debtors were higher at Rs 105.44 crore as of 31 March 2023 compared to Rs 95.45 crore as of 31 March 2022. Cash and bank balance rose to Rs 52.50 crore as of 31 March 2023 from Rs 32.03 crore as of 31 March 2022. Investments rose to Rs 4.75 crore as of 31 March 2023 from Rs 4.51 crore as of 31 March 2022 .

PBDT fell 4.74% to Rs 109.86 crore. Provision for depreciation rose 12.53% to Rs 23.35 crore. Fixed assets increased to Rs 273.45 crore as of 31 March 2023 from Rs 258.40 crore as of 31 March 2022. Intangible assets increased from Rs 0.30 crore to Rs 1.05 crore.

Profit before tax down 8.53% to Rs 86.51 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 21.69 crore, compared to Rs 25.74 crore. Effective tax rate was 25.07% compared to 27.22%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 5.84% to Rs 64.82 crore.

Equity capital stood at Rs 13.62 crore as of 31 March 2023 to Rs 13.62 crore as of 31 March 2022. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 61.82% as of 31 March 2023 ,compared to 61.78% as of 31 March 2022 .

Cash flow from operating activities increased to Rs 112.05 crore for year ended March 2023 from Rs 54.65 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 24.66 crore, compared to Rs 71.10 crore during the year ended March 2022.

The scrip trades at Rs 841

Pix Transmission : Consolidated Results
Particulars	2303 (03)	2203 (03)	Var.(%)	2303 (12)	2203 (12)	Var.(%)
Net Sales	134.47	124.77	8	486.27	449.26	18
OPM (%)	24.4	22.5		25.4	29.1
OP	32.87	28.05	17	103.83	114.17	3
Other Inc.	0.01	2.77	-100	13.53	8.17	64
PBIDT	32.88	30.82	7	117.36	122.34	6
Interest	1.78	1.92	-7	7.5	7.01	-17
PBDT	31.1	28.9	8	109.86	115.33	7
Depreciation	5.74	5.45	5	23.35	20.75	4
PBT	25.36	23.45	8	86.51	94.58	8
Share of Profit/(Loss) from Associates	0	0		0	0	-
PBT before EO	25.36	23.45	8	86.51	94.58	8
EO Income	0	0		0	0	-
PBT after EO	25.36	23.45	8	86.51	94.58	8
Taxation	6.26	7.98	-22	21.69	25.74	15
PAT	19.1	15.47	23	64.82	68.84	6
Minority Interest (MI)	0	0		0	0	-
Net profit	19.1	15.47	23	64.82	68.84	6
EPS (Rs)*	#	#		47.6	50.5
Notes
* EPS is on current equity of Rs 13.63 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

Previous News

Pix Transmission to discuss results
( Corporate News - 17-May-24 14:08 )

Pix Transmission consolidated net profit rises 158.49% in the March 2021 quarter
( Results - Announcements 26-Jun-21 07:53 )

Pix Transmission receives revision in credit ratings
( Corporate News - 01-Mar-22 16:57 )

Pix Transmission standalone net profit rises 795.83% in the June 2018 quarter
( Results - Announcements 11-Aug-18 09:41 )

Pix Transmission to convene board meeting
( Corporate News - 06-Nov-21 14:41 )

Pix Transmission net profit declines 93.10% in the March 2011 quarter
( Results - Announcements 04-Jun-11 17:21 )

Pix Transmission to hold AGM
( Corporate News - 26-Jun-21 16:22 )

Pix Transmission standalone net profit rises 2.39% in the December 2017 quarter
( Results - Announcements 10-Feb-18 17:58 )

Pix Transmission standalone net profit rises 1067.57% in the March 2017 quarter
( Results - Announcements 15-May-17 17:39 )

Board of Pix Transmission recommends final dividend
( Corporate News - 26-Jun-21 16:22 )

Pix Transmission standalone net profit rises 219.05% in the December 2016 quarter
( Results - Announcements 11-Feb-17 15:24 )