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Consolidated net sales (including other operating income) of Shivalik Bimetal Controls for the quarter ended Mar 2024 has increased 3.37% to Rs 127.76 crore. Operating profit margin has declined from 22.55% to 17.05%, leading to 21.85% decline in operating profit to Rs 21.78 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 49.74% to 60.02%. Employee cost decreased from 9.61% to 8.74%. Other expenses fell from 16.94% to 15.19%. Other income rose 712.79% to Rs 13.98 crore. PLI Incentive aggregating to Rs 11.5510 crore has been recognized as other Income which includes Rs 3.00 crore received during FY 2023-24 for FY 202L-22. & Rs 4.3010 crore for FY 2022-23 received after balmce sheet date. Further the stated aggregate amount also includes the PLI incentive
Income amomting to Rs 4.75 crore for FY2023-24 . The Compmy has recognired Income from PLI Incentive Scheme for FY23-24 based on
successfuI acceptability md receipt of PLI Incentives for ealier two years PBIDT rose 20.85% to Rs 35.76 crore. Provision for interest fell 30.91% to Rs 1.14 crore. PBDT rose 23.91% to Rs 34.62 crore. Provision for depreciation rose 12.32% to Rs 3.1 crore. Profit before tax grew 25.18% to Rs 31.52 crore. Share of profit/loss was 274% higher at Rs 1.87 crore. Provision for tax was expense of Rs 7.71 crore, compared to Rs 4.17 crore. Effective tax rate was 23.09% compared to 16.24%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 19.39% to Rs 25.68 crore. Full year results analysis.
Net sales (including other operating income) of Shivalik Bimetal Controls has increased 8.20% to Rs 508.93 crore. Operating profit margin has declined from 23.16% to 20.89%, leading to 2.42% decline in operating profit to Rs 106.30 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 53.83% to 56.79%. Employee cost increased from 7.81% to 8.17%. Other expenses fell from 16.02% to 14.73%. Other income rose 92.74% to Rs 19.12 crore. PLI Incentive aggregating to Rs 11.5510 crore has been recognized as other Income which includes Rs 3.00 crore received during FY 2023-24 for FY 202L-22. & Rs 4.3010 crore for FY 2022-23 received after balmce sheet date. Further the stated aggregate amount also includes the PLI incentive Income amomting to Rs 4.75 crore for FY2023-24 . The Compmy has recognired Income from PLI Incentive Scheme for FY23-24 based on successfuI acceptability md receipt of PLI Incentives for ealier two years. PBIDT rose 5.52% to Rs 125.42 crore. Provision for interest fell 29.97% to Rs 4.93 crore. PBDT rose 7.75% to Rs 120.49 crore. Provision for depreciation rose 14.22% to Rs 12.05 crore. Profit before tax grew 7.08% to Rs 108.44 crore. Share of profit/loss was 222.33% higher at Rs 3.32 crore. Provision for tax was expense of Rs 27.49 crore, compared to Rs 23.2 crore. Effective tax rate was 24.60% compared to 22.68%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 6.54% to Rs 84.27 crore. Equity capital stood at Rs 11.52 crore as of 31 March 2024 to Rs 11.52 crore as of 31 March 2023. Per share face Value remained same at Rs 2.00. Promoters’ stake was 51.13% as of 31 March 2024 ,compared to 60.61% as of 31 March 2023 . Loan funds declined from Rs 58.45 crore as of 31 March 2023 to Rs 42.37 crore as of 31 March 2024. Inventories declined from Rs 131.97 crore as of 31 March 2023 to Rs 127.94 crore as of 31 March 2024. Sundry debtors were higher at Rs 113.74 crore as of 31 March 2024 compared to Rs 93.22 crore as of 31 March 2023. Cash and bank balance rose to Rs 38.89 crore as of 31 March 2024 from Rs 17.91 crore as of 31 March 2023. Investments rose to Rs 11.17 crore as of 31 March 2024 from Rs 7.86 crore as of 31 March 2023 . Fixed assets increased to Rs 131.68 crore as of 31 March 2024 from Rs 122.20 crore as of 31 March 2023. Intangible assets stood at Rs 2.04 crore. Cash flow from operating activities increased to Rs 68.51 crore for year ended March 2024 from Rs 65.82 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 20.66 crore, compared to Rs 30.93 crore during the year ended March 2023.
Management Comments :
Mr. S.S. Sandhu, Chairman, commented, "Over the past five years, we have built a solid foundation for
growth and profitability, and I am confident that our strategic initiatives will continue to drive success in
the years to come. Our focus on expanding domestic demand, coupled with the pursuit of global
partnerships, particularly in the silver contacts segment, positions us favourably for future success. We
expect robust growth in the domestic market to continue, and we are prepared to take advantage of the
anticipated rebound in the USA. Strategically, we remain focused on expanding our product lines and
leveraging our research and development capabilities to drive forward integration. Our financial strength
ensures that we remain a debt-free company and are ready for any inorganic expansion should a strong
opportunity present itself."
CFO Mr. Rajeev Ranjan added, "Shivalik is well-positioned for long-term growth, underpinned by strong
market tailwinds, a robust balance sheet, and solid financial performance. The Company also benefitted
from a Production Linked Incentive (PLI) scheme, adding ~?8 crore in cash and ~?12 crore as other
income for a significantly raised PAT. Our consistent earnings growth, highlighted by the 43.98% CAGR in
EPS, demonstrates our commitment to delivering substantial shareholder value. Looking ahead, we
anticipate steady growth recovery in the Atlantic region and continued robust demand from Asia. During
FY2024, we formalized major contracts, foreshadowing a promising business pipeline. Additionally, the
recent addition of a property provides sufficient headroom for our forward integration and expansion of
assembly lines."
| Shivalik Bimetal Controls : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
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| Net Sales (including other operating income) | 127.76 | 123.60 | 3.37 | 508.93 | 470.37 | 8.20 | | OPM (%) | 17.05 | 22.55 | -550 bps | 20.89 | 23.16 | -227 bps | | OP | 21.78 | 27.87 | -21.85 | 106.30 | 108.94 | -2.42 | | Other Inc. | 13.98 | 1.72 | 712.79 | 19.12 | 9.92 | 92.74 | | PBIDT | 35.76 | 29.59 | 20.85 | 125.42 | 118.86 | 5.52 | | Interest | 1.14 | 1.65 | -30.91 | 4.93 | 7.04 | -29.97 | | PBDT | 34.62 | 27.94 | 23.91 | 120.49 | 111.82 | 7.75 | | Depreciation | 3.1 | 2.76 | 12.32 | 12.05 | 10.55 | 14.22 | | PBT | 31.52 | 25.18 | 25.18 | 108.44 | 101.27 | 7.08 | | Share of Profit/(Loss) from Associates | 1.87 | 0.5 | 274.00 | 3.32 | 1.03 | 222.33 | | PBT before EO | 33.39 | 25.68 | 30.02 | 111.76 | 102.3 | 9.25 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 33.39 | 25.68 | 30.02 | 111.76 | 102.3 | 9.25 | | Taxation | 7.71 | 4.17 | 84.89 | 27.49 | 23.2 | 18.49 | | PAT | 25.68 | 21.51 | 19.39 | 84.27 | 79.1 | 6.54 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 25.68 | 21.51 | 19.39 | 84.27 | 79.1 | 6.54 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 25.68 | 21.51 | 19.39 | 84.27 | 79.1 | 6.54 | | EPS (Rs)* | 4.46 | 3.73 | 19.39 | 14.63 | 13.73 | 6.54 | | | * EPS is on current equity of Rs 11.52 crore, Face value of Rs 2, 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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