For
the quarter ending Dec 2023, standalone Net sales (including other operating income) of Automotive Axles has declined 17.45% to Rs 541.33 crore compared to quarter ended Dec 2022. Operating profit margin has declined from 11.86% to 10.70%, leading to 25.55% decline in operating profit to Rs 57.90 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 71.97% to 71.02%. Employee cost increased from 4.93% to 6.32%. Other expenses rose from 11.30% to 12.01%. Other income up 217.04% to Rs 4.28 crore. PBIDT fell 21.41% to Rs 62.18 crore. Provision for interest fell 25.93% to Rs 0.6 crore.
PBDT fell 21.36% to Rs 61.58 crore. Provision for depreciation down 13.50% to Rs 8.97 crore.
Profit before tax down 22.56% to Rs 52.61 crore. Provision for tax was expense of Rs 13.46 crore, compared to Rs 17.26 crore. Effective tax rate was 25.58% compared to 25.40%.
Profit after tax fell 22.75% to Rs 39.15 crore.
Promoters’ stake was 71.04% as of 31 December 2023 ,compared to 71.04% as of 31 December 2022 .
For year-to-date (YTD) results analysis
Net sales (including other operating income) of Automotive Axles has increased 1.65% to Rs 1,657.65 crore.
Operating profit margin has declined from 11.02% to 11.01%, leading to 1.57% rise in operating profit to Rs 182.58 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 71.81% to 71.54%. Employee cost increased from 5.66% to 5.94%. Other expenses rose from 11.62% to 11.65%. Other income up 185.12% to Rs 10.35 crore. PBIDT rose 5.21% to Rs 192.93 crore. Provision for interest fell 23.48% to Rs 1.76 crore.
PBDT rose 5.57% to Rs 191.17 crore. Provision for depreciation down 11.87% to Rs 27.33 crore. Profit before tax grew 9.18% to Rs 163.84 crore. Provision for tax was expense of Rs 41.78 crore, compared to Rs 38.85 crore. Effective tax rate was 25.50% compared to 25.89%.Profit after tax rose 9.75% to Rs 122.06 crore. Promoters’ stake was 71.04% as of 31 December 2023 ,compared to 71.04% as of 31 December 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 to Date | Year ended |
|---|
| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 541.33 | 655.78 | -17.45 | 1,657.65 | 1,630.69 | 1.65 | 2,323.70 | 1,490.62 | 55.89 | | OPM (%) | 10.70 | 11.86 | -116 bps | 11.01 | 11.02 | -1 bps | 11.08 | 9.04 | 205 bps | | OP | 57.90 | 77.77 | -25.55 | 182.58 | 179.75 | 1.57 | 257.47 | 134.68 | 91.17 | | Other Inc. | 4.28 | 1.35 | 217.04 | 10.35 | 3.63 | 185.12 | 4.92 | 4.26 | 15.49 | | PBIDT | 62.18 | 79.12 | -21.41 | 192.93 | 183.38 | 5.21 | 262.39 | 138.94 | 88.85 | | Interest | 0.6 | 0.81 | -25.93 | 1.76 | 2.3 | -23.48 | 2.92 | 2.47 | 18.22 | | PBDT | 61.58 | 78.31 | -21.36 | 191.17 | 181.08 | 5.57 | 259.47 | 136.47 | 90.13 | | Depreciation | 8.97 | 10.37 | -13.50 | 27.33 | 31.01 | -11.87 | 41.37 | 36.42 | 13.59 | | PBT | 52.61 | 67.94 | -22.56 | 163.84 | 150.07 | 9.18 | 218.1 | 100.05 | 117.99 | | PBT before EO | 52.61 | 67.94 | -22.56 | 163.84 | 150.07 | 9.18 | 218.1 | 100.05 | 117.99 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 52.61 | 67.94 | -22.56 | 163.84 | 150.07 | 9.18 | 218.1 | 100.05 | 117.99 | | Taxation | 13.46 | 17.26 | -22.02 | 41.78 | 38.85 | 7.54 | 56.07 | 25.69 | 118.26 | | PAT | 39.15 | 50.68 | -22.75 | 122.06 | 111.22 | 9.75 | 162.03 | 74.36 | 117.90 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 39.15 | 50.68 | -22.75 | 122.06 | 111.22 | 9.75 | 162.03 | 74.36 | 117.90 | | EPS (Rs)* | 25.91 | 33.54 | -22.75 | 80.78 | 73.61 | 9.75 | 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 |
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