Consolidated net sales (including other operating income) of Shivalik Bimetal Controls for the quarter ended Jun 2023 has increased 14.81% to Rs 127.19 crore. Operating profit margin has jumped from 22.95% to 23.71%, leading to 18.65% rise in operating profit to Rs 30.16 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 57.28% to 52.05%. Employee cost increased from 6.40% to 8.11%. Other expenses rose from 15.36% to 15.49%. Other income fell 73.42% to Rs 1.43 crore. Other income for the quarter ended June 2022 includes fair valuation gains on existing stake in SEPPL & SBEPL aggregating to Rs 512.44 Lakhs (Rs 3.2916 crore on valuation gains on acquiring stake in SEPL & SBEPL & RS 1.9328 crore on account of deferred tax liability in accordance with Ind AS 103 Business combination). PBIDT rose 2.56% to Rs 31.59 crore. Provision for interest fell 19.25% to Rs 1.3 crore. PBDT rose 3.77% to Rs 30.29 crore. Provision for depreciation rose 19.03% to Rs 2.94 crore. Profit before tax grew 2.36% to Rs 27.35 crore. Share of profit/loss was 28.75% lower at Rs 0.57 crore. Provision for tax was expense of Rs 6.64 crore, compared to Rs 5.83 crore. Effective tax rate was 23.78% compared to 21.18%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 1.89% to Rs 21.28 crore.
Management Comments :
CFO, Mr . Rajeev Ranjan, commented, “We delivered a strong performance for Q1FY24, with revenue rising to Rs. 113.07 Crore, our highest quarterly number in history. In the face of dynamic market conditions globally, our sustained focus on operational efficiency and R&D has resulted in a 19.60% growth in EBIDTA, reaching Rs. 28.99 Crore for the period. Our Shunt division saw a healthy 8.97% growth, while our Bimetal division witnessed 22.45% growth, in line with the global shift towards electrification. Our Profit After Tax (PAT) witnessed an increase of 18.23%, reaching our highest quarterly figure of Rs. 20.23 Crore. In conclusion, our Q1FY24 performance, bolstered by India`s economic growth and burgeoning domestic market, positions us to embrace the future with a steadfast focus on operational efficiency and cutting-edge innovation.”
Chairman of Shivalik Bimetal Controls Ltd., Mr. S.S. Sandhu, also shared, “Looking into the near-future, Shivalik`s shunt resistors will seamlessly integrate into the fabric of the nation`s sustainable energy ecosystems. As India embarks on large deployments of smart metering for reducing Aggregate Transmission & Commercial (AT&C) losses and optimizing operational efficiency at the DISCOM level, Shivalik`s well-established technology is primed to enable this. Our shunt resistors are part of the backbone of smart metering technology and energy management systems, providing the precision and reliability required for efficient energy usage. As India accelerates its smart meter deployment to achieve electrical energy security, we are proud to be a key player in providing critical components, contributing to the country`s electrification renaissance." Shivalik Bimetal Controls Ltd.`s robust Q1FY24 performance, driven by India`s fast-paced growth and the growing demand for energy efficiency solutions, positions the company as a key player in continuing to empower India`s smart metering transition and contributing to the country`s electrification journey.
Promoters’ stake was 60.61% as of 30 June 2023 ,compared to 60.61% as of 30 June 2022 .
| Shivalik Bimetal Controls : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 127.19 | 110.78 | 14.81 | 470.37 | 323.99 | 45.18 | | OPM (%) | 23.71 | 22.95 | 77 bps | 23.16 | 22.68 | 48 bps | | OP | 30.16 | 25.42 | 18.65 | 108.94 | 73.48 | 48.26 | | Other Inc. | 1.43 | 5.38 | -73.42 | 9.92 | 5.45 | 82.02 | | PBIDT | 31.59 | 30.80 | 2.56 | 118.86 | 78.93 | 50.59 | | Interest | 1.30 | 1.61 | -19.25 | 7.04 | 2.76 | 155.07 | | PBDT | 30.29 | 29.19 | 3.77 | 111.82 | 76.17 | 46.80 | | Depreciation | 2.94 | 2.47 | 19.03 | 10.55 | 6.38 | 65.36 | | PBT | 27.35 | 26.72 | 2.36 | 101.27 | 69.79 | 45.11 | | Share of Profit/(Loss) from Associates | 0.57 | 0.8 | -28.75 | 1.03 | 3.51 | -70.66 | | PBT before EO | 27.92 | 27.52 | 1.45 | 102.3 | 73.3 | 39.56 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 27.92 | 27.52 | 1.45 | 102.3 | 73.3 | 39.56 | | Taxation | 6.64 | 5.83 | 13.89 | 23.2 | 18.19 | 27.54 | | PAT | 21.28 | 21.69 | -1.89 | 79.1 | 55.11 | 43.53 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 21.28 | 21.69 | -1.89 | 79.1 | 55.11 | 43.53 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 21.28 | 21.69 | -1.89 | 79.1 | 55.11 | 43.53 | | EPS (Rs)* | 3.69 | 3.77 | -1.89 | 13.73 | 9.57 | 43.53 | | | * EPS is on current equity of Rs 11.52 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 |
|
|