For
the quarter ending June 2023, standalone Net sales (including other operating income) of Automotive Axles has increased 6.34% to Rs 531.91 crore compared to quarter ended June 2022. Operating profit margin has jumped from 10.30% to 11.03%, leading to 13.84% rise in operating profit to Rs 58.65 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 71.25% to 72.20%. Employee cost decreased from 6.26% to 5.83%. Other expenses fell from 12.13% to 11.38%. Other income up 106.42% to Rs 2.25 crore. PBIDT rose 15.76% to Rs 60.9 crore. Provision for interest fell 20% to Rs 0.6 crore.
PBDT rose 16.27% to Rs 60.3 crore. Provision for depreciation down 8.55% to Rs 9.41 crore.
Profit before tax grew 22.42% to Rs 50.89 crore. Provision for tax was expense of Rs 13.06 crore, compared to Rs 11.17 crore. Effective tax rate was 25.66% compared to 26.87%.
Profit after tax rose 24.44% to Rs 37.83 crore.
Promoters’ stake was 71.04% as of 30 June 2023 ,compared to 71.04% as of 30 June 2022 .
Full year results analysis
Net sales (including other operating income) of Automotive Axles has increased 55.89% to Rs 2,323.70 crore. Operating profit margin has jumped from 9.04% to 11.08%, leading to 91.17% rise in operating profit to Rs 257.47 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 71.44% to 71.89%. Employee cost decreased from 7.62% to 5.45%. Other expenses fell from 11.96% to 11.61%. Other income up 15.49% to Rs 4.92 crore. PBIDT rose 88.85% to Rs 262.39 crore. Provision for interest up 18.22% to Rs 2.92 crore. Loan funds rose to Rs 28.06 crore as of 31 March 2023 from Rs 23.45 crore as of 31 March 2022. Inventories rose to Rs 230.71 crore as of 31 March 2023 from Rs 199.23 crore as of 31 March 2022. Sundry debtors were higher at Rs 498.60 crore as of 31 March 2023 compared to Rs 389.42 crore as of 31 March 2022. Cash and bank balance declined from Rs 80.51 crore as of 31 March 2022 to Rs 46.48 crore as of 31 March 2023.
PBDT rose 90.13% to Rs 259.47 crore. Provision for depreciation rose 13.59% to Rs 41.37 crore. Fixed assets declined from Rs 260.51 crore as of 31 March 2022 to Rs 250.76 crore as of 31 March 2023. Intangible assets declined from Rs 1.49 crore to Rs 1.15 crore.
Profit before tax grew 117.99% to Rs 218.10 crore. Provision for tax was expense of Rs 56.07 crore, compared to Rs 25.69 crore. Effective tax rate was 25.71% compared to 25.68%.
Profit after tax rose 117.90% to Rs 162.03 crore.
Promoters’ stake was 71.04% as of 31 March 2023 ,compared to 71.04% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 51.61 crore for year ended March 2023 from Rs 43.29 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 16.00 crore, compared to Rs 21.88 crore during the year ended March 2022.
| Automotive Axles : Standalone Results |
| Quarter ended | Year ended |
|---|
| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 531.91 | 500.20 | 6.34 | 2,323.70 | 1,490.62 | 55.89 | | OPM (%) | 11.03 | 10.30 | 73 bps | 11.08 | 9.04 | 205 bps | | OP | 58.65 | 51.52 | 13.84 | 257.47 | 134.68 | 91.17 | | Other Inc. | 2.25 | 1.09 | 106.42 | 4.92 | 4.26 | 15.49 | | PBIDT | 60.90 | 52.61 | 15.76 | 262.39 | 138.94 | 88.85 | | Interest | 0.6 | 0.75 | -20.00 | 2.92 | 2.47 | 18.22 | | PBDT | 60.30 | 51.86 | 16.27 | 259.47 | 136.47 | 90.13 | | Depreciation | 9.41 | 10.29 | -8.55 | 41.37 | 36.42 | 13.59 | | PBT | 50.89 | 41.57 | 22.42 | 218.1 | 100.05 | 117.99 | | PBT before EO | 50.89 | 41.57 | 22.42 | 218.1 | 100.05 | 117.99 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 50.89 | 41.57 | 22.42 | 218.1 | 100.05 | 117.99 | | Taxation | 13.06 | 11.17 | 16.92 | 56.07 | 25.69 | 118.26 | | PAT | 37.83 | 30.4 | 24.44 | 162.03 | 74.36 | 117.90 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 37.83 | 30.4 | 24.44 | 162.03 | 74.36 | 117.90 | | EPS (Rs)* | 25.04 | 20.12 | 24.44 | 107.23 | 49.21 | 117.90 | | | * EPS is on current equity of Rs 15.11 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 |
|