For quarter ended Dec 2023,
Consolidated Net sales (including other operating income) of CIE Automotive India has declined 0.29% to Rs 2240.4 crore compared to quarter ended Dec 2022. Sales of India segment has gone up 5.72% to Rs 1,487.32 crore (accounting for 66.27% of total sales). Sales of Europe segment has gone down 42.79% to Rs 757.00 crore (accounting for 33.73% of total sales). Inter-segment sales came down from Rs 9.12 crore to Rs 3.93 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 26.27% to Rs 267.45 crore. PBIT of India segment fell 8.22% to Rs 178.69 crore (accounting for 66.81% of total PBIT). PBIT of Europe segment fell 47.18% to Rs 88.76 crore (accounting for 33.19% of total PBIT).
PBIT margin of India segment fell from 13.84% to 12.01%. PBIT margin of Europe segment fell from 12.70% to 11.73%. Overall PBIT margin fell from 13.29% to 11.92%.
Operating profit margin has jumped from 13.01% to 14.62%, leading to 11.99% rise in operating profit to Rs 327.44 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 53.53% to 52.09%. Employee cost increased from 10.41% to 10.89%. Other expenses fell from 23.19% to 22.47%. Other income rose 8.61% to Rs 26.5 crore. PBIDT rose 11.73% to Rs 353.94 crore. Provision for interest rose 282.72% to Rs 30.35 crore. Loan funds declined from Rs 984.52 crore as of 31 December 2022 to Rs 855.42 crore as of 31 December 2023. Inventories declined from Rs 1,210.80 crore as of 31 December 2022 to Rs 1,162.61 crore as of 31 December 2023. Sundry debtors were lower at Rs 633.14 crore as of 31 December 2023 compared to Rs 860.75 crore as of 31 December 2022. Cash and bank balance rose to Rs 238.72 crore as of 31 December 2023 from Rs 85.92 crore as of 31 December 2022. Investments rose to Rs 820.55 crore as of 31 December 2023 from Rs 575.65 crore as of 31 December 2022 .
PBDT rose 4.77% to Rs 323.59 crore. Provision for depreciation rose 1.77% to Rs 78.09 crore. Fixed assets increased to Rs 3,010.10 crore as of 31 December 2023 from Rs 2,862.21 crore as of 31 December 2022. Intangible assets increased from Rs 2,803.95 crore to Rs 2,854.02 crore.
Profit before tax grew 5.76% to Rs 245.50 crore. Provision for tax was expense of Rs 68.16 crore, compared to Rs 75.55 crore. Effective tax rate was 27.80% compared to 27.94%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 9.13% to Rs 177.05 crore. Equity capital increased from Rs 379.32 crore as of 31 December 2022 to Rs 379.36 crore as of 31 December 2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 65.70% as of 31 December 2023 ,compared to 74.96% as of 31 December 2022 .
Full year results analysis.
Net sales (including other operating income) of CIE Automotive India has increased 6.02% to Rs 9280.35 crore. Sales of India segment has gone up 5.56% to Rs 5,945.91 crore (accounting for 57.16% of total sales). Sales of Europe segment has gone down 13.19% to Rs 4,457.08 crore (accounting for 42.84% of total sales). Inter-segment sales rose Rs 44.84 crore to Rs 47.40 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 59.02% to Rs 1,717.27 crore. PBIT of India segment rose 11.64% to Rs 708.79 crore (accounting for 41.27% of total PBIT). PBIT of Europe segment rose 126.63% to Rs 1,008.49 crore (accounting for 58.73% of total PBIT).
PBIT margin of India segment rose from 11.27% to 11.92%. PBIT margin of Europe segment rose from 8.67% to 22.63%. Overall PBIT margin rose from 10.03% to 16.51%.
Operating profit margin has jumped from 13.39% to 15.34%, leading to 21.49% rise in operating profit to Rs 1,423.90 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 55.00% to 52.62%. Employee cost increased from 10.21% to 10.78%. Other expenses fell from 21.53% to 21.16%. Other income rose 40.69% to Rs 82.01 crore. PBIDT rose 22.40% to Rs 1505.91 crore. Provision for interest rose 372.79% to Rs 107.37 crore. Loan funds declined from Rs 984.52 crore as of 31 December 2022 to Rs 855.42 crore as of 31 December 2023. Inventories declined from Rs 1,210.80 crore as of 31 December 2022 to Rs 1,162.61 crore as of 31 December 2023. Sundry debtors were lower at Rs 633.14 crore as of 31 December 2023 compared to Rs 860.75 crore as of 31 December 2022. Cash and bank balance rose to Rs 238.72 crore as of 31 December 2023 from Rs 85.92 crore as of 31 December 2022. Investments rose to Rs 820.55 crore as of 31 December 2023 from Rs 575.65 crore as of 31 December 2022 .
PBDT rose 15.81% to Rs 1398.54 crore. Provision for depreciation rose 8.77% to Rs 322.2 crore. Fixed assets increased to Rs 3,010.10 crore as of 31 December 2023 from Rs 2,862.21 crore as of 31 December 2022. Intangible assets increased from Rs 2,803.95 crore to Rs 2,854.02 crore.
Profit before tax grew 18.10% to Rs 1,076.34 crore. Provision for tax was expense of Rs 278.22 crore, compared to Rs 240.09 crore. Effective tax rate was 25.86% compared to 25.23%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 12.13% to Rs 797.63 crore.
Equity capital increased from Rs 379.32 crore as of 31 December 2022 to Rs 379.36 crore as of 31 December 2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 65.70% as of 31 December 2023 ,compared to 74.96% as of 31 December 2022 .
Cash flow from operating activities increased to Rs 1,383.26 crore for year ended December 2023 from Rs 1,118.24 crore for year ended December 2022. Cash flow used in acquiring fixed assets during the year ended December 2023 stood at Rs 530.32 crore, compared to Rs 501.41 crore during the year ended December 2022.
Dividend
update
Board approved dividend of Rs 5 per ordinary equity share of
face value of Rs 10 each for the financial year ended 31st December 2023.
Record date for the purpose is 13th June 2024.