For
the quarter ending Dec 2023, consolidated Net sales (including other operating income) of Sona BLW Precision Forgings has increased 15.78% to Rs 781.8 crore compared to quarter ended Dec 2022. Operating profit margin has jumped from 26.13% to 29.74%, leading to 31.77% rise in operating profit to Rs 232.53 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 43.32% to 41.45%. Employee cost increased from 7.27% to 9.23%. Other expenses fell from 22.54% to 19.98%. PBIDT rose 22.63% to Rs 232.29 crore. Provision for interest rose 43.92% to Rs 7.34 crore.
PBDT rose 22.04% to Rs 224.95 crore. Provision for depreciation rose 19.01% to Rs 55.91 crore.
Profit before tax grew 23.08% to Rs 169.04 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 35.44 crore, compared to Rs 30.24 crore. Effective tax rate was 20.97% compared to 22.02%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 23.91% to Rs 132.71 crore. Promoters’ stake was 29.71% as of 31 December 2023 ,compared to 53.53% as of 31 December 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Sona BLW Precision Forgings has increased 19.11% to Rs 2300.65 crore.
Operating profit margin has jumped from 25.60% to 28.48%, leading to 32.51% rise in operating profit to Rs 655.12 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.00% to 43.70%. Employee cost increased from 7.05% to 7.61%. Other expenses fell from 22.09% to 20.59%. Other income rose 115.59% to Rs 15.35 crore. PBIDT rose 33.69% to Rs 670.47 crore. Provision for interest rose 51.75% to Rs 18.68 crore.
PBDT rose 33.24% to Rs 651.79 crore. Provision for depreciation rose 23.45% to Rs 160.38 crore.
Profit before tax grew 36.77% to Rs 491.41 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 112.99 crore, compared to Rs 83.8 crore. Effective tax rate was 23.41% compared to 23.32%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 33.79% to Rs 368.59 crore.
Promoters’ stake was 29.71% as of 31 December 2023 ,compared to 53.53% as of 31 December 2022 .
Full year results analysis.
Net sales (including other operating income) of Sona BLW Precision Forgings has increased 25.85% to Rs 2655.01 crore. Operating profit margin has declined from 25.51% to 25.43%, leading to 25.48% rise in operating profit to Rs 675.24 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.94% to 45.11%. Employee cost decreased from 7.84% to 6.90%. Other expenses rose from 21.23% to 22.16%. Other income fell 21.52% to Rs 32.17 crore. PBIDT rose 22.15% to Rs 707.41 crore. Provision for interest fell 7.28% to Rs 16.93 crore. Loan funds rose to Rs 295.19 crore as of 31 March 2023 from Rs 151.15 crore as of 31 March 2022. Inventories declined from Rs 363.38 crore as of 31 March 2022 to Rs 322.94 crore as of 31 March 2023. Sundry debtors were higher at Rs 608.85 crore as of 31 March 2023 compared to Rs 445.19 crore as of 31 March 2022. Cash and bank balance declined from Rs 77.25 crore as of 31 March 2022 to Rs 69.84 crore as of 31 March 2023. Investments rose to Rs 232.57 crore as of 31 March 2023 from Rs 6.53 crore as of 31 March 2022 .
PBDT rose 23.11% to Rs 690.48 crore. Provision for depreciation rose 25.38% to Rs 178 crore. Fixed assets increased to Rs 1,502.94 crore as of 31 March 2023 from Rs 860.19 crore as of 31 March 2022. Intangible assets declined from Rs 671.32 crore to Rs 175.81 crore.
Profit before tax grew 22.34% to Rs 512.48 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 113.81 crore, compared to Rs 70.63 crore. Effective tax rate was 22.35% compared to 16.34%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 9.34% to Rs 395.30 crore.
Equity capital increased from Rs 584.35 crore as of 31 March 2022 to Rs 585.41 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 33.00% as of 31 March 2023 ,compared to 67.18% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 533.29 crore for year ended March 2023 from Rs 444.58 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 335.24 crore, compared to Rs 347.21 crore during the year ended March 2022.
Other Highlights
Board declared an interim dividend of Rs
1.53 per equity share having face value of Rs 10 each for the financial year
2023-24. Record date fixed for the purpose is 5th February, 2024.
In Q3 FY24, net order book increased to Rs
24,000 crore. EVs programs contribute 79% to the net order book.
Company Won five new BEV programs and and
two new customers in Q3 FY24.
During the quarter, company developed a new
product, Integrated Motor Controller, for electric two-wheelers.
The company has received an order from a
new customer, an Indian OEM of ICE and electric two-wheelers, to supply
integrated motor controllers for their upcoming high-performance electric
bikes. Production is likely to commence in Q1 FY26.