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Results
12-May-24
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Analysis
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Savita Oil Technologies
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OP down 32%
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Consolidated
net sales (including other operating income) of Savita Oil Technologies has
increased 1.85% to Rs 973.31 crore.
Sales of Petroleum Products segment has gone up 2.81% to Rs 979.60 crore
(accounting for 99.66% of total sales).
Sales of Wind Power segment has gone down 41.61% to Rs 3.35 crore
(accounting for 0.34% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has slumped 24.48% to
Rs 42.40 crore. PBIT of Petroleum
Products segment fell 22.82% to Rs 42.81 crore (accounting for 100.96% of total
PBIT). PBIT of Wind Power reported loss
of Rs 0.41 crore compared to profit of Rs 0.67 crore.
PBIT
margin of Petroleum Products segment fell from 5.82% to 4.37%. PBIT margin of Wind Power segment fell from
11.75% to 12.16%. Overall PBIT margin
fell from 5.86% to 4.31%.
Operating
profit margin has declined from 4.93% to 3.28%, leading to 32.28% decline in
operating profit to Rs 31.91 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
83.56% to 85.92%. Purchase of finished
goods cost fell from 1.75% to 0.07%.
Employee cost increased from 2.00% to 2.14%. Other expenses rose from 7.62% to
8.51%.
Other
income rose 66.83% to Rs 23.84 crore.
PBIDT fell 9.22% to Rs 55.75 crore.
Provision for interest rose 54.75% to Rs 10.09 crore. .
PBDT
fell 16.82% to Rs 45.66 crore. Provision
for depreciation rose 16.52% to Rs 6.7 crore.
Fixed assets increased to Rs 268.43 crore as of 31 March 2024 from Rs
198.56 crore as of 31 March 2023.
Intangible assets declined from Rs 1.07 crore to Rs 1.05 crore.
Profit
before tax down 20.72% to Rs 38.96 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 8.16
crore, compared to Rs 12.72 crore.
Effective tax rate was 20.94% compared to 25.89%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company decreased 15.43% to Rs
30.80 crore.
Equity
capital stood at Rs 13.82 crore as of 31 March 2024 to Rs 13.82 crore as of 31
March 2023. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 68.92% as of 31 March 2024 ,compared to 71.92% as of 31 March
2023.
Full year results
analysis
Net
sales (including other operating income) of Savita Oil Technologies has
increased 3.04% to Rs 3740.85 crore.
Sales of Petroleum Products segment has gone up 3.35% to Rs 3,726.36
crore (accounting for 99.12% of total sales).
Sales of Wind Power segment has gone down 4.28% to Rs 33.00 crore
(accounting for 0.88% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has slumped 19.73% to
Rs 281.93 crore. PBIT of Petroleum
Products segment fell 20.71% to Rs 265.71 crore (accounting for 94.25% of total
PBIT). PBIT of Wind Power segment rose
0.54% to Rs 16.22 crore (accounting for 5.75% of total PBIT).
PBIT
margin of Petroleum Products segment fell from 9.29% to 7.13%. PBIT margin of Wind Power segment rose from
46.79% to 49.15%. Overall PBIT margin
fell from 9.65% to 7.50%.
Operating
profit margin has declined from 9.25% to 6.78%, leading to 24.53% decline in
operating profit to Rs 253.45 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
76.55% to 82.45%. Purchase of finished
goods cost fell from 4.23% to 0.29%.
Employee cost increased from 2.13% to 2.26%. Other expenses rose from 7.94% to
8.24%.
Other
income rose 210.55% to Rs 71.24 crore.
PBIDT fell 9.50% to Rs 324.69 crore.
Provision for interest rose 6.72% to Rs 37.79 crore. Loan funds declined from Rs 0.12 crore as of
31 March 2023 to Rs 0.07 crore as of 31 March 2024. Inventories rose to Rs 849.89 crore as of 31
March 2024 from Rs 828.66 crore as of 31 March 2023. Sundry debtors were higher at Rs 783.81 crore
as of 31 March 2024 compared to Rs 749.88 crore as of 31 March 2023. Cash and bank balance rose to Rs 176.65 crore
as of 31 March 2024 from Rs 59.04 crore as of 31 March 2023. Investments declined from Rs 325.71 crore as
of 31 March 2023 to Rs 278.90 crore as of 31 March 2024.
PBDT
fell 11.28% to Rs 286.9 crore. Provision
for depreciation rose 12.48% to Rs 23.16 crore.
Fixed assets increased to Rs 268.43 crore as of 31 March 2024 from Rs
198.56 crore as of 31 March 2023.
Intangible assets declined from Rs 1.07 crore to Rs 1.05 crore.
Profit
before tax down 12.89% to Rs 263.74 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 62.98
crore, compared to Rs 77.07 crore.
Effective tax rate was 23.88% compared to 25.45%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company decreased 11.05% to Rs
200.76 crore.
Equity
capital stood at Rs 13.82 crore as of 31 March 2024 to Rs 13.82 crore as of 31
March 2023. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 68.92% as of 31 March 2024 ,compared to 71.92% as of 31 March 2023
. .
The
scrip is currently trading at Rs 560
Savita Oil Technologies: Results
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2403 (03)
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2303 (03)
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Var.(%)
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2403 (12)
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2303 (12)
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Var.(%)
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Net Sales
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973.31
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955.61
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2
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3,740.85
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3,630.44
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3
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OPM(%)
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3.3%
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4.9%
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6.8%
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9.3%
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OP
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31.91
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47.12
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-32
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253.45
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335.83
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-25
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Other Income
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23.84
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14.29
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67
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71.24
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22.94
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211
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PBIDT
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55.75
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61.41
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-9
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324.69
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358.77
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-9
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Interest
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10.09
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6.52
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55
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37.79
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35.41
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7
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PBDT
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45.66
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54.89
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-17
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286.90
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323.36
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-11
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Depreciation
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6.7
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5.75
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17
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23.16
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20.59
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12
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PBT
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38.96
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49.14
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-21
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263.74
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302.77
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-13
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EO
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0.00
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0.00
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0.00
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0.00
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PBT after EO
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38.96
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49.14
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-21
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263.74
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302.77
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-13
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Total Tax
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8.16
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12.72
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-36
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62.98
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77.07
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-18
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PAT
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30.80
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36.42
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-15
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200.76
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225.70
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-11
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PPI
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0.00
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0.00
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0.00
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0.00
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PAT after PPI
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30.80
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36.42
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-15
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200.76
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225.70
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-11
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EPS*
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#
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#
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29.1
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32.7
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* Annualized On Current
Equity Of Rs 13.82 Crore of face value of Rs 2 each
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#EPS not annualised due to
seasonality of business, PPI: Prior Period Item
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EO: Extraordinary Items,
PL: Profit to Loss, LP: Loss to Profit
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EPS Is Calculated After
Excluding EO And Relevant Tax
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Figures In Rs Crore
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Source: Capitaline Database
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Savita Oil Technologies :
Consolidated Segment Results
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% of (Total)
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2403 (03)
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2303 (03)
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Var.(%)
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% of (Total)
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2403 (12)
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2303 (12)
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Var.(%)
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Sales
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Petroleum Products
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100
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979.6
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952.84
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3
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99
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3,726.36
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3,605.49
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3
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Wind Power
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0
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3.35
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5.74
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-42
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1
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33
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34.48
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-4
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Total Reported Sales
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100
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982.95
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958.58
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3
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100
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3759.36
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3639.97
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3
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PBIT
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Petroleum Products
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101
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42.81
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55.47
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-23
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94
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265.71
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335.11
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-21
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Wind Power
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-1
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-0.41
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0.67
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PL
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6
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16.22
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16.13
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PL
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Total PBIT
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100
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42.4
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56.14
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-24
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100
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281.93
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351.24
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-20
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Less : Interest
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10.09
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6.52
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55
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37.78
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35.41
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7
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Add: Other un-allcoable
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6.65
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-0.49
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LP
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19.6
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-13.07
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LP
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PBT
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38.96
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49.13
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-21
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263.75
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302.76
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-13
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