For
the quarter ending sept 2023, standalone Net sales (including other operating income) of Gabriel India has increased 7.67% to Rs 864.45 crore compared to quarter ended Sept 2022. Operating profit margin has jumped from 7.36% to 8.54%, leading to 24.85% rise in operating profit to Rs 73.80 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 76.07% to 74.52%. Purchase of finished goods cost fell from 1.19% to 1.03%. Employee cost increased from 5.61% to 6.20%. Other expenses fell from 9.86% to 9.82%. Other income up 55.78% to Rs 4.58 crore. PBIDT rose 26.32% to Rs 78.38 crore. Provision for interest up 18.10% to Rs 1.24 crore. Loan funds declined from Rs 12.00 crore as of 30 September 2022 to Rs 10.41 crore as of 30 September 2023. Inventories declined from Rs 252.79 crore as of 30 September 2022 to Rs 243.12 crore as of 30 September 2023. Sundry debtors were lower at Rs 449.47 crore as of 30 September 2023 compared to Rs 479.65 crore as of 30 September 2022. Cash and bank balance rose to Rs 108.42 crore as of 30 September 2023 from Rs 90.31 crore as of 30 September 2022. Investments rose to Rs 113.60 crore as of 30 September 2023 from Rs 0.64 crore as of 30 September 2022 .
PBDT rose 26.46% to Rs 77.14 crore. Provision for depreciation rose 20.03% to Rs 14.14 crore. Fixed assets increased to Rs 446.01 crore as of 30 September 2023 from Rs 415.67 crore as of 30 September 2022. Intangible assets increased from Rs 7.00 crore to Rs 15.16 crore.
Profit before tax grew 28% to Rs 63.00 crore. Provision for tax was expense of Rs 16.05 crore, compared to Rs 12.65 crore. Effective tax rate was 25.48% compared to 25.70%.
Profit after tax rose 28.38% to Rs 46.95 crore.
Equity capital stood at Rs 14.36 crore as of 30 September 2023 to Rs 14.36 crore as of 30 September 2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 55.00% as of 30 September 2023 ,compared to 55.00% as of 30 September 2022 .
For year-to-date (YTD) results analysis
Net sales (including other operating income) of Gabriel India has increased 9.61% to Rs 1,670.22 crore.
Operating profit margin has jumped from 7.22% to 8.52%, leading to 29.44% rise in operating profit to Rs 142.35 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 75.81% to 74.10%. Purchase of finished goods cost rose from 1.11% to 1.16%. Employee cost increased from 5.85% to 6.16%. Other expenses rose from 10.07% to 10.14%. Other income up 6.61% to Rs 9.68 crore. PBIDT rose 27.70% to Rs 152.03 crore. Provision for interest up 43.39% to Rs 3.47 crore. Loan funds declined from Rs 12.00 crore as of 30 September 2022 to Rs 10.41 crore as of 30 September 2023. Inventories declined from Rs 252.79 crore as of 30 September 2022 to Rs 243.12 crore as of 30 September 2023. Sundry debtors were lower at Rs 449.47 crore as of 30 September 2023 compared to Rs 479.65 crore as of 30 September 2022. Cash and bank balance rose to Rs 108.42 crore as of 30 September 2023 from Rs 90.31 crore as of 30 September 2022. Investments rose to Rs 113.60 crore as of 30 September 2023 from Rs 0.64 crore as of 30 September 2022 .
PBDT rose 27.38% to Rs 148.56 crore. Provision for depreciation rose 21.49% to Rs 27.87 crore. Fixed assets increased to Rs 446.01 crore as of 30 September 2023 from Rs 415.67 crore as of 30 September 2022. Intangible assets increased from Rs 7.00 crore to Rs 15.16 crore. Profit before tax grew 28.82% to Rs 120.69 crore. Provision for tax was expense of Rs 31.25 crore, compared to Rs 24.22 crore. Effective tax rate was 25.89% compared to 25.85%.Profit after tax rose 28.75% to Rs 89.44 crore. Equity capital stood at Rs 14.36 crore as of 30 September 2023 to Rs 14.36 crore as of 30 September 2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 55.00% as of 30 September 2023 ,compared to 55.00% as of 30 September 2022 .
Cash flow from operating activities increased to Rs 71.79 crore for YTD ended September 2023 from Rs 25.53 crore for YTD ended September 2022. Cash flow used in acquiring fixed assets during the YTD ended September 2023 stood at Rs 38.21 crore, compared to Rs 38.67 crore during the YTD ended September 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 30 September 2023 to Rs 14.36 crore as of 30 September 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
approved Interim Dividend of Rs 1.50 per share having face value of Re 1 each.
The record date for the payment of interim dividend is Friday, November 17,
2023.
In
Q2 FY24, passenger cars (PC) contributed 25% of total revenue, CVR 12%, two
wheelers/ three wheelers 61% and trading 2%.
In
terms of channel mix, OE contributed 86% of total revenue in Q2 FY24,
replacement 12% and exports 2%.
In
Aftermarket segment, passenger cars (PC) contributed 36% of total revenue
during Sept 2023 quarter, CVR 9%, two wheelers/ three wheelers 42% and trading
13%.