For
the quarter ending March 2023, standalone Net sales (including other operating income) of Gabriel India has increased 7.69% to Rs 736.98 crore compared to quarter ended Mar 2022.Operating profit margin has jumped from 5.51% to 7.11%, leading to 38.80% rise in operating profit to Rs 52.37 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 76.75% to 74.70%. Purchase of finished goods cost rose from 1.28% to 1.36%. Employee cost increased from 6.11% to 6.28%. Other expenses rose from 10.37% to 10.52%. Other income fell 40.35% to Rs 6.46 crore. PBIDT rose 21.15% to Rs 58.83 crore. Provision for interest up 400% to Rs 0.85 crore. Loan funds declined from Rs 12.90 crore as of 31 March 2022 to Rs 11.16 crore as of 31 March 2023. Inventories rose to Rs 224.81 crore as of 31 March 2023 from Rs 209.98 crore as of 31 March 2022. Sundry debtors were higher at Rs 383.72 crore as of 31 March 2023 compared to Rs 382.40 crore as of 31 March 2022. Cash and bank balance rose to Rs 107.45 crore as of 31 March 2023 from Rs 54.57 crore as of 31 March 2022. Investments declined from Rs 83.80 crore as of 31 March 2022 to Rs 79.54 crore as of 31 March 2023.
PBDT rose 19.82% to Rs 57.98 crore. Provision for depreciation rose 21.56% to Rs 12.97 crore. Fixed assets increased to Rs 440.71 crore as of 31 March 2023 from Rs 402.70 crore as of 31 March 2022. Intangible assets increased from Rs 3.08 crore to Rs 14.68 crore.
Profit before tax grew 19.33% to Rs 45.01 crore. Provision for tax was expense of Rs 11.25 crore, compared to Rs 10.8 crore. Effective tax rate was 24.99% compared to 28.63%.
Profit after tax rose 25.41% to Rs 33.76 crore.
Equity capital stood at Rs 14.36 crore as of 31 March 2023 to Rs 14.36 crore as of 31 March 2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 55.00% as of 31 March 2023 ,compared to 55.00% as of 31 March 2022 .
Full year results analysis
Net sales (including other operating income) of Gabriel India has increased 27.43% to Rs 2,971.74 crore. Operating profit margin has jumped from 6.26% to 7.19%, leading to 46.45% rise in operating profit to Rs 213.70 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 75.35% to 75.27%. Purchase of finished goods cost fell from 1.33% to 1.23%. Employee cost decreased from 6.83% to 6.12%. Other expenses fell from 10.26% to 10.24%. Other income fell 33.55% to Rs 17.39 crore. PBIDT rose 34.28% to Rs 231.09 crore. Provision for interest up 7.49% to Rs 4.59 crore. Loan funds declined from Rs 12.90 crore as of 31 March 2022 to Rs 11.16 crore as of 31 March 2023. Inventories rose to Rs 224.81 crore as of 31 March 2023 from Rs 209.98 crore as of 31 March 2022. Sundry debtors were higher at Rs 383.72 crore as of 31 March 2023 compared to Rs 382.40 crore as of 31 March 2022. Cash and bank balance rose to Rs 107.45 crore as of 31 March 2023 from Rs 54.57 crore as of 31 March 2022. Investments declined from Rs 83.80 crore as of 31 March 2022 to Rs 79.54 crore as of 31 March 2023.
PBDT rose 34.97% to Rs 226.5 crore. Provision for depreciation rose 17.48% to Rs 48.59 crore. Fixed assets increased to Rs 440.71 crore as of 31 March 2023 from Rs 402.70 crore as of 31 March 2022. Intangible assets increased from Rs 3.08 crore to Rs 14.68 crore.
Profit before tax grew 40.68% to Rs 177.91 crore. Provision for tax was expense of Rs 45.56 crore, compared to Rs 36.94 crore. Effective tax rate was 25.61% compared to 29.21%.
Profit after tax rose 47.84% to Rs 132.35 crore.
Equity capital stood at Rs 14.36 crore as of 31 March 2023 to Rs 14.36 crore as of 31 March 2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 55.00% as of 31 March 2023 ,compared to 55.00% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 136.36 crore for year ended March 2023 from Rs 95.00 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 88.67 crore, compared to Rs 76.23 crore during the year ended March 2022.
Business Highlights
Board
recommended final dividend of Rs 1.65 per share of Re 1 each, for the year
ended March 31, 2023.
On
May 9, 2023, the Company acquired 100% equity shares of Inalfa Gabriel Sunroof
Systems (IGSSPL) and entered into a technical collaboration with Inalfa Roof
Systems Group B.V., of the Netherlands (Inalfa) to undertake the activities of
manufacture and sale of the automotive sunroofs through IGSSPL.
The
Board of Directors of Gabriel India also accorded its approval to execute the
joint venture agreement between Inalfa, Gabriel India and IGSSPL, subject to
receipt of requisite approvals, pursuant to which the shareholding of Inalfa
and Gabriel India in IGSSPL will be in the ratio of 51:49 in accordance with
the terms contained therein.
Capex
incurred during Q4 FY23 was Rs 36.8 crore. In FY23, capex was Rs 106.5 crore.
In
Q4 FY23, passenger cars (PC) contributed 27% of total revenue, CVR 12%, two
wheelers/ three wheelers 59% and trading 2%.
In
terms of channel mix, OE contributed 85% of total revenue in Q4 FY23,
replacement 11% and exports 4%.
In
Aftermarket segment, passenger cars (PC) contributed 37% of total revenue
during March 2023 quarter, CVR 8%, two wheelers/ three wheelers 43% and trading
12%.