On standalone basis
Quarter ended June 2023 compared
with Quarter ended June 2022.
Net sales (including other operating income) of Satia Industries has increased
15.38% to Rs 481.17 crore. Sales of Paper segment has gone up 15.37%
to Rs 480.81 crore (accounting for 84.26% of total sales). Sales of
Agriculture segment has gone up 16.65% to Rs 0.36 crore (accounting for 0.06%
of total sales). Sales of Co Generation segment has gone up 41.60%
to Rs 89.42 crore (accounting for 15.67% of total
sales). Inter-segment sales rose Rs 63.15 crore to Rs 89.42
crore.
Profit before interest, tax and
other unallocable items (PBIT) has jumped 173.98% to Rs 120.18
crore. PBIT of Paper segment rose 229.78% to Rs 86.52 crore
(accounting for 71.99% of total PBIT). PBIT of Agriculture segment
rose 3,127.50% to Rs 0.90 crore (accounting for 0.75% of total
PBIT). PBIT of Co Generation segment rose 86.10% to Rs 32.75 crore
(accounting for 27.25% of total PBIT).
PBIT margin of Paper segment rose
from 6.30% to 18.00%. PBIT margin of Agriculture segment rose from
8.97% to 248.06%. PBIT margin of Co Generation segment rose from
27.87% to 36.63%. Overall PBIT margin rose from 9.13% to
21.06%.
Operating profit margin has jumped
from 16.75% to 31.03%, leading to 113.71% rise in operating profit to Rs 149.30
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 50.20% to 40.97%. Purchase of finished
goods cost fell from 1.94% to 0.31%. Employee cost increased from
4.36% to 5.07%. Other expenses fell from 26.69% to 22.82%.
Other income fell 12.34% to Rs 3.48
crore. PBIDT rose 106.93% to Rs 152.78 crore. Provision
for interest up 4.03% to Rs 7.75 crore.
PBDT rose 118.48% to Rs 145.03
crore. Provision for depreciation rose 8.81% to Rs 32.6
crore.
Profit before tax grew 208.70% to Rs
112.43 crore. Provision for tax was expense of Rs 28.28 crore,
compared to Rs 6.18 crore. Effective tax rate was 25.15% compared to
16.97%.
Profit after tax rose 178.27% to Rs
84.15 crore.
Promoters’ stake was 52.46% as of 30
June 2023 ,compared to 51.79% as of 30 June 2022 .
Full year results analysis
Net sales (including other operating income) of Satia
Industries has increased 111.44% to Rs 1,883.74 crore. Sales of
Paper segment has gone up 112.15% to Rs 1,882.74 crore (accounting for 83.08%
of total sales). Sales of Agriculture segment has gone down 61.58%
to Rs 1.01 crore (accounting for 0.04% of total sales). Sales of Co
Generation Division segment has gone up 134.64% to Rs 382.30 crore (accounting
for 16.87% of total sales). Inter-segment sales rose Rs 162.93 crore
to Rs 382.30 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 51.29% to Rs
218.70 crore. PBIT of Paper segment rose 5.91% to Rs 73.11 crore
(accounting for 33.43% of total PBIT). PBIT of Agriculture segment
fell 44.10% to Rs 3.33 crore (accounting for 1.52% of total
PBIT). PBIT of Co Generation Division segment rose 109.02% to Rs
142.26 crore (accounting for 65.05% of total PBIT).
PBIT
margin of Paper segment fell from 7.78% to 3.88%. PBIT margin of
Agriculture segment rose from 227.40% to 330.86%. PBIT margin of Co
Generation Division segment fell from 41.77% to 37.21%. Overall PBIT
margin fell from 13.72% to 9.65%.
Operating profit margin has jumped
from 20.72% to 21.86%, leading to 123.01% rise in operating profit to Rs 411.76
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 43.57% to 46.16%. Purchase of finished
goods cost rose from 0.81% to 1.27%. Employee cost decreased from
6.72% to 4.85%. Other expenses fell from 28.16% to 25.92%.
Other
income fell 45.55% to Rs 14.06 crore. PBIDT rose 102.33% to Rs
425.82 crore. Provision for interest up 60.79% to Rs 35.18
crore. Loan funds declined from Rs 442.71 crore as of 31 March 2022
to Rs 434.71 crore as of 31 March 2023. Inventories rose to Rs
159.65 crore as of 31 March 2023 from Rs 146.67 crore as of 31 March
2022. Sundry debtors were higher at Rs 190.44 crore as of 31 March
2023 compared to Rs 106.46 crore as of 31 March 2022. Cash and bank
balance rose to Rs 18.43 crore as of 31 March 2023 from Rs 12.71 crore as of 31
March 2022. Investments declined from Rs 7.46 crore as of 31 March
2022 to Rs 6.52 crore as of 31 March 2023.
PBDT
rose 107.15% to Rs 390.64 crore. Provision for depreciation rose
214.21% to Rs 207.13 crore. Fixed assets declined from Rs 892.47
crore as of 31 March 2022 to Rs 839.36 crore as of 31 March
2023. Intangible assets declined from Rs 2.47 crore to Rs 2.20
crore.
Profit
before tax grew 49.61% to Rs 183.51 crore. Provision for tax was
credit of Rs 8.66 crore, compared to debit of Rs 21.99
crore. Effective tax rate was negative 4.72% compared to 17.93%.
Profit
after tax rose 90.89% to Rs 192.17 crore.
Equity
capital stood at Rs 10.00 crore as of 31 March 2023 to Rs 10.00 crore as of 31
March 2022. Per share face Value remained same at Rs
1.00.
Promoters’
stake was 51.79% as of 31 March 2023 ,compared to 51.79% as of 31 March 2022
.
Cash
flow from operating activities increased to Rs 282.10 crore for year ended
March 2023 from Rs 159.57 crore for year ended March 2022. Cash flow
used in acquiring fixed assets during the year ended March 2023 stood at Rs
202.96 crore, compared to Rs 218.96 crore during the year ended March
2022.
Dividend: The Board has declared an interim dividend of Rs 1/- per
equity share of face value Rs 1/- each.
Management
Commentary:
Commenting on the financial results,
Executive Director Mr. Chirag Satia, said: “We are thrilled to unveil our
company`s exceptional performance in the face of a challenging external
landscape. Despite these challenges, our dedication and strategic approach have
yielded remarkable results. The Revenue from Operations has increased by 15%
yoy in Q1FY24. Notably, our EBITDA also achieved significant progress as well,
and increased by 114% yoy to reach INR 1,493 Mn. This impressive growth can be
attributed to a combination of factors, including a robust upswing in volume
and the favorable effects of improved economies of scale. As a result, our EBITDA
margins have soared to 31.0% during this quarter, representing the highest
margin achievement in our company`s history.
These remarkable results are a
direct outcome of our commitment to streamlining operations, optimizing
resource allocation, and enhancing overall operational efficiency. These
efforts have had a direct impact on our improved EBITDA margins, further
reinforcing our ability to navigate challenges effectively.
Looking ahead, we maintain a
positive outlook for the coming year, as we expect to witness sustained healthy
volume growth. Our strong partnerships with state boards, coupled with a promising
demand outlook for the Printing & Writing Papers segment, provide a solid
foundation for this anticipated growth trajectory.
Furthermore, our company`s
commanding position in the state`s textbook segment translates into substantial
revenue visibility for the medium term. This robust order book underscores our
stability and positions us favorably to capitalize on market opportunities.
| Satia Industries : Standalone Results | | Quarter ended | Year ended |
|---|
| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 481.17 | 417.04 | 15.38 | 1,883.74 | 890.93 | 111.44 | | OPM (%) | 31.03 | 16.75 | 1,428 bps | 21.86 | 20.72 | 113 bps | | OP | 149.30 | 69.86 | 113.71 | 411.76 | 184.64 | 123.01 | | Other Inc. | 3.48 | 3.97 | -12.34 | 14.06 | 25.82 | -45.55 | | PBIDT | 152.78 | 73.83 | 106.93 | 425.82 | 210.46 | 102.33 | | Interest | 7.75 | 7.45 | 4.03 | 35.18 | 21.88 | 60.79 | | PBDT | 145.03 | 66.38 | 118.48 | 390.64 | 188.58 | 107.15 | | Depreciation | 32.6 | 29.96 | 8.81 | 207.13 | 65.92 | 214.21 | | PBT | 112.43 | 36.42 | 208.70 | 183.51 | 122.66 | 49.61 | | PBT before EO | 112.43 | 36.42 | 208.70 | 183.51 | 122.66 | 49.61 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 112.43 | 36.42 | 208.70 | 183.51 | 122.66 | 49.61 | | Taxation | 28.28 | 6.18 | 357.61 | -8.66 | 21.99 | LP | | PAT | 84.15 | 30.24 | 178.27 | 192.17 | 100.67 | 90.89 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 84.15 | 30.24 | 178.27 | 192.17 | 100.67 | 90.89 | | EPS (Rs)* | 8.42 | 3.02 | 178.27 | 19.22 | 10.07 | 90.89 | | | * EPS is on current equity of Rs 10.00 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Satia Industries : Standalone Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202306 | 202206 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
|---|
| Sales | | Paper | 84.26 | 480.81 | 416.73 | 15.37 | 83.08 | 1,882.74 | 887.45 | 112.15 | | Yarn & Cotton | 0.00 | 0.00 | 0.00 | - | | Agriculture | 0.06 | 0.36 | 0.31 | 16.65 | 0.04 | 1.01 | 2.62 | -61.58 | | Co Generation | 15.67 | 89.42 | 63.15 | 41.60 | 16.87 | 382.30 | 162.93 | 134.64 | | Solar DivisionSolar Division | 0.00 | 0.00 | 0.00 | - | | Total Reported Sales | 100.00 | 570.59 | 480.20 | 18.82 | 100.00 | 2,266.05 | 1,053.86 | 115.02 | | Less: Inter segment revenues | | 89.42 | 63.15 | 41.60 | | 382.30 | 162.93 | 134.64 | | Net Sales | 100.00 | 481.17 | 417.04 | 15.38 | 100.00 | 1,883.74 | 890.93 | 111.44 | | PBIT | | Paper | 71.99 | 86.52 | 26.24 | 229.78 | 33.43 | 73.11 | 69.03 | 5.91 | | Yarn & Cotton | 0.00 | 0.00 | 0.00 | - | | Agriculture | 0.75 | 0.90 | 0.03 | 3,127.50 | 1.52 | 3.33 | 5.96 | -44.10 | | Co Generation | 27.25 | 32.75 | 17.60 | 86.10 | 65.05 | 142.26 | 68.06 | 109.02 | | Solar DivisionSolar Division | 0.00 | 0.00 | 0.00 | - | | Total PBIT | 100.00 | 120.18 | 43.86 | 173.98 | 100.00 | 218.70 | 144.55 | 51.29 | | Less : Interest | | 7.75 | 7.45 | 4.13 | | 35.18 | 21.88 | 60.76 | | Add: Other un-allcoable | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | PBIT Margin(%) | | Paper | | 18.00 | 6.30 | 1,169.94 | | 3.88 | 7.78 | -389.51 | | Yarn & Cotton | | 0.00 | 0.00 | 0.00 | | Agriculture | | 248.06 | 8.97 | 23,909.90 | | 330.86 | 227.40 | 10,346.07 | | Co Generation | | 36.63 | 27.87 | 875.93 | | 37.21 | 41.77 | -456.01 | | Solar DivisionSolar Division | | 0.00 | 0.00 | 0.00 | | 0.00 | 174.98 | -17,498.26 | | PBT | 100.00 | 112.43 | 36.42 | 208.70 | 100.00 | 183.52 | 122.67 | 49.60 |
|
|
Peer Comparision (Standalone)
|
Q-202306
|
Sales
(Rs. Crs)
|
var.(%)
|
OP
(Rs. Crs)
|
var.(%)
|
Net Profit
(Rs. Crs)
|
var.(%)
|
Share Price(Rs)
10-Aug-2023
|
var.(%)
over
One year
|
TTM EPS
|
TTM PE
|
|
Satia Industries Ltd
|
481.17
|
15.38
|
149.30
|
113.71
|
84.15
|
178.27
|
112.25
|
-2.56
|
24.61
|
4.56
|
|
Andhra Paper Ltd
|
477.59
|
5.66
|
154.86
|
25.26
|
118.55
|
39.55
|
412.05
|
-2.77
|
142.68
|
2.89
|
|
Cella Space Ltd
|
1.85
|
-2.63
|
1.42
|
2.9
|
0.22
|
-37.14
|
8.14
|
13.53
|
0.50
|
16.40
|
|
Century Textiles & Industries Ltd
|
1,106.25
|
-5.44
|
32.64
|
-79.67
|
75.29
|
19.34
|
1,006.45
|
18.13
|
24.13
|
41.71
|
|
Coral Newsprints Ltd
|
0.58
|
-78.36
|
-0.62
|
-8.77
|
-0.48
|
20
|
10.93
|
-15.34
|
-0.73
|
-
|
|
Emami Paper Mills Ltd
|
518.59
|
-13.29
|
33.48
|
-67.74
|
1.33
|
-97.54
|
125.60
|
-29.95
|
2.73
|
46.05
|
|
Ganga Papers India Ltd
|
62.16
|
-27.96
|
1.68
|
-42.47
|
0.31
|
-76.52
|
72.60
|
-9.81
|
2.09
|
34.82
|
|
Gratex Industries Ltd
|
1.05
|
15.38
|
0.07
|
0
|
0.03
|
0
|
19.38
|
54.55
|
0.59
|
32.61
|
|
Hi-Tech Winding Systems Ltd
|
0.00
|
-
|
-0.01
|
50
|
0.00
|
-
|
1.66
|
-34.90
|
-0.02
|
-
|
|
JK Paper Ltd
|
1,394.96
|
-2.93
|
350.71
|
-4.32
|
230.87
|
12.71
|
331.10
|
-21.70
|
54.69
|
6.05
|
|
Kuantum Papers Ltd
|
312.38
|
14.48
|
109.46
|
LP
|
65.13
|
298.59
|
197.55
|
138.01
|
27.52
|
7.18
|
|
Magnum Ventures Ltd
|
112.31
|
-3.16
|
13.60
|
-85.11
|
3.45
|
78.76
|
36.01
|
175.31
|
7.90
|
4.56
|
|
Malu Paper Mills Ltd
|
69.85
|
10.5
|
4.14
|
18.62
|
0.26
|
44.44
|
33.06
|
-11.72
|
-6.09
|
-
|
|
N R Agarwal Industries Ltd
|
368.67
|
-25.58
|
46.62
|
-21.79
|
40.56
|
24.07
|
321.80
|
5.94
|
62.97
|
5.11
|
|
Nath Industries Ltd
|
83.72
|
-31.46
|
2.87
|
-52.72
|
0.17
|
-92.13
|
57.00
|
-16.18
|
0.36
|
156.96
|
|
Orient Paper & Industries Ltd
|
243.27
|
15.17
|
54.39
|
451.06
|
32.18
|
1343.05
|
44.64
|
48.80
|
6.09
|
7.33
|
|
Pudumjee Paper Products Ltd
|
180.96
|
-1.41
|
17.80
|
-30.82
|
11.24
|
-36.82
|
43.09
|
0.80
|
5.57
|
7.74
|
|
Ruchira Papers Ltd
|
169.07
|
-14.95
|
34.09
|
66.37
|
21.76
|
87.1
|
116.85
|
-7.43
|
26.05
|
4.49
|
|
Sangal Papers Ltd
|
49.57
|
-4.89
|
2.16
|
-25.52
|
0.91
|
-51.08
|
148.25
|
36.01
|
18.55
|
7.99
|
|
Seshasayee Paper & Boards Ltd
|
426.50
|
-1.01
|
95.05
|
8.31
|
71.37
|
19.63
|
265.40
|
3.29
|
63.15
|
4.20
|
|
Shree Krishna Paper Mills & Industries Ltd
|
43.24
|
-4.88
|
3.77
|
-11.08
|
1.38
|
2660
|
23.15
|
40.30
|
2.44
|
9.48
|
|
Shreyans Industries Ltd
|
187.81
|
-4.28
|
39.22
|
175.23
|
31.97
|
281.05
|
225.65
|
86.41
|
70.21
|
3.21
|
|
South India Paper Mills Ltd
|
76.93
|
-4.46
|
2.61
|
-64.59
|
-4.14
|
PL
|
112.80
|
-10.87
|
-18.21
|
-
|
|
West Coast Paper Mills Ltd
|
651.38
|
-1.31
|
237.76
|
21.36
|
160.48
|
30.1
|
499.85
|
-5.93
|
94.51
|
5.29
|
|
Industry
|
7,019.86
|
-3.76
|
1,387.07
|
7.42
|
946.99
|
32.16
|
28,357.83
|
20.73
|
|
5.46
|
|