For
the quarter ending March 2024, standalone net sales (including other operating income) of Automotive Axles has declined 17.53% to Rs 571.52 crore compared to quarter ended March 2023. Operating profit margin has declined from 11.22% to 11.15%, leading to 18.02% decline in operating profit to Rs 63.72 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 72.09% to 70.63%. Employee cost increased from 4.94% to 5.98%. Other expenses rose from 11.58% to 12.01%. Other income up 315.50% to Rs 5.36 crore. PBIDT fell 12.58% to Rs 69.08 crore. Provision for interest up 45.16% to Rs 0.9 crore. Loan funds declined from Rs 28.06 crore as of 31 March 2023 to Rs 21.78 crore as of 31 March 2024. Inventories rose to Rs 250.23 crore as of 31 March 2024 from Rs 230.71 crore as of 31 March 2023. Sundry debtors were lower at Rs 364.50 crore as of 31 March 2024 compared to Rs 498.60 crore as of 31 March 2023. Cash and bank balance rose to Rs 83.28 crore as of 31 March 2024 from Rs 46.48 crore as of 31 March 2023.
PBDT fell 13.04% to Rs 68.18 crore. Provision for depreciation down 12.73% to Rs 9.05 crore. Fixed assets declined from Rs 250.76 crore as of 31 March 2023 to Rs 232.22 crore as of 31 March 2024. Intangible assets declined from Rs 1.15 crore to Rs 0.73 crore.
Profit before tax down 13.08% to Rs 59.13 crore. Provision for tax was expense of Rs 15.03 crore, compared to Rs 17.22 crore. Effective tax rate was 25.42% compared to 25.31%.
Profit after tax fell 13.21% to Rs 44.10 crore.
Equity capital stood at Rs 15.11 crore as of 31 March 2024 to Rs 15.11 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 71.04% as of 31 March 2024 ,compared to 71.04% as of 31 March 2023 .
Full year results analysis
Net sales (including other operating income) of Automotive Axles has declined 4.07% to Rs 2,229.17 crore. Operating profit margin has declined from 11.08% to 11.05%, leading to 4.34% decline in operating profit to Rs 246.29 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 71.89% to 71.31%. Employee cost increased from 5.45% to 5.95%. Other expenses rose from 11.61% to 11.74%. Other income up 219.31% to Rs 15.71 crore. PBIDT fell 0.15% to Rs 262 crore. Provision for interest fell 9.25% to Rs 2.65 crore. Loan funds declined from Rs 28.06 crore as of 31 March 2023 to Rs 21.78 crore as of 31 March 2024. Inventories rose to Rs 250.23 crore as of 31 March 2024 from Rs 230.71 crore as of 31 March 2023. Sundry debtors were lower at Rs 364.50 crore as of 31 March 2024 compared to Rs 498.60 crore as of 31 March 2023. Cash and bank balance rose to Rs 83.28 crore as of 31 March 2024 from Rs 46.48 crore as of 31 March 2023.
PBDT fell 0.05% to Rs 259.35 crore. Provision for depreciation down 12.06% to Rs 36.38 crore. Fixed assets declined from Rs 250.76 crore as of 31 March 2023 to Rs 232.22 crore as of 31 March 2024. Intangible assets declined from Rs 1.15 crore to Rs 0.73 crore.
Profit before tax grew 2.23% to Rs 222.97 crore. Provision for tax was expense of Rs 56.81 crore, compared to Rs 56.07 crore. Effective tax rate was 25.48% compared to 25.71%.
Profit after tax rose 2.55% to Rs 166.16 crore.
Equity capital stood at Rs 15.11 crore as of 31 March 2024 to Rs 15.11 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 71.04% as of 31 March 2024 ,compared to 71.04% as of 31 March 2023 .
Cash flow from operating activities increased to Rs 260.16 crore for year ended March 2024 from Rs 51.61 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 18.99 crore, compared to Rs 16.00 crore during the year ended March 2023.
Dividend update
The Board has recommended a Final Dividend
of Rs 32 per share of Rs 10 each for the Financial Year 2023-24.