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Results
14-Aug-19
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Analysis
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Mazda
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Net up 7% on higher sales
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Mazda has registered 38% growth in sales to Rs 35.83 crore for the quarter ended June 2019. But with operating profit margin contract by 90 bps to 11.2%, the growth at operating profit was restricted at 28% to Rs 4.01 crore. Other income was lower by 68% to Rs 0.09 crore and thus the PBIDT was up by 20% to Rs 4.10 crore. The interest cost was up by 124% to Rs 0.32 crore and depreciation was lower by 2% (to Rs 0.70 crore). Thus the growth at PBT was limited at 20% to Rs 3.08 crore. But with taxation higher by 87% to Rs 0.77 crore, the PAT was higher by just 7% to Rs 2.30 crore.
- Value of production for the quarter was up by 44% to Rs 40.15 crore even while the operating income was up by 38% to Rs 35.83 crore. Sales were just 89.2% and 92.7% of their respective value of production for the quarter and corresponding previous period. Sales lower than value of production reflects inventory built up which will get liquidated in coming quarters.
- Upside in Sales is largely due to higher revenue from engineering business. While segment revenue of engineering was higher by strong 49% to Rs 33.37 crore (or 93% of total sales) the segment revenue of food was down by 30% to Rs 2.46 crore (or 7% of total sales).
- OPM contracted by 90 bps to 11.2% and that was largely due to higher material cost. Staff cost as proportion to sales net of stocks was higher by 840 bps to 60.4%. The labour cost, staff cost and OE though stood lower that could not fully offset the rise in material cost. The labour charges was down by 80 bps (to 8.9%), the staff cost was down by 220 (to 11.3%) and that of other cost was lower by 420 bps to 9.4%.
- EBIT was higher by 11% to Rs 6.62 crore. Upside in EBIT is largely due to higher segment profit from engineering business. Segment profit of engineering was up by 15% to Rs 6.25 crore despite strong revenue growth in high forties was largely due to 550 bps decline in segment margin to 18.7%. Similarly the segment profit of foods was lower by 34% to Rs 0.36 crore, hurt by lower sales and 100 bps contraction in segment margin to 14.7%.
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