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Results
20-Nov-21
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Analysis
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L G Balakrishnan & Bros
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Net up 180% on good operating show, lower dep & lower tax rate
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Consolidated net sales of L G Balakrishnan & Bros for the quarter
ended Sep 2021 has increased 38.30% to Rs 576.74 crore. Operating
profit margin has jumped from 14.01% to 18.49%, leading to 82.61% rise in
operating profit to Rs 106.66 crore. Raw material cost as a % of
total sales (net of stock adjustments) increased from 47.27% to 47.54%.
Employee cost decreased from 15.20% to 13.51%. Other
expenses fell from 22.66% to 20.97%. Other income rose 35.95% to Rs
2.08 crore. PBIDT rose 81.41% to Rs 108.74
crore. Provision for interest fell 43.53% to Rs 1.57 crore.
PBDT rose 87.49% to Rs 107.17 crore. Provision for depreciation rose
0.10% to Rs 20.99 crore. Profit before tax grew 138.13% to Rs 86.18
crore. Share of profit/loss were nil in both the
periods. Extraordinary items were increased to Rs 17.72 crore. Provision
for tax was expense of Rs 25.98 crore, compared to Rs 13.58
crore. Effective tax rate was 25.00% compared to 33.33%. Net profit
attributable to owners of the company increased 180.05% to Rs 77.91
crore.
Sales of Formed Metal & Assembled Products segment has gone up
86.34% to Rs 117.92 crore (accounting for 20.45% of total
sales). Sales of Transmission segment has gone up 29.71% to Rs
458.81 crore (accounting for 79.55% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has
jumped 123.30% to Rs 91.26 crore. PBIT of Formed Metal &
Assembled Products reported profit of Rs 16.67 crore compared to loss of Rs
8.75 crore. PBIT of Transmission segment rose 50.33% to Rs 74.59
crore (accounting for 81.73% of total PBIT).
PBIT margin of Formed Metal & Assembled Products segment rose from
negative 13.83% to 14.14%. PBIT margin of Transmission segment rose
from 14.03% to 16.26%. Overall PBIT margin rose from 9.80% to
15.82%.
Half yearly performance
Net sales has increased 58.47% to Rs 969.29 crore. Operating profit
margin has jumped from 11.91% to 17.33%, leading to 130.55% rise in operating
profit to Rs 167.93 crore. Raw material cost as a % of total sales
(net of stock adjustments) increased from 45.49% to 46.89%.
Employee cost decreased from 17.46% to 14.79%. Other
expenses fell from 23.90% to 21.82%. Other income rose 213.99% to
Rs 6.06 crore. PBIDT rose 132.70% to Rs 173.99
crore. Provision for interest fell 44.11% to Rs 3.18 crore. PBDT
rose 147.26% to Rs 170.81 crore. Provision for depreciation rose
0.02% to Rs 41.46 crore. Profit before tax grew 368.15% to Rs 129.35
crore. Share of profit/loss were nil in both the
periods. Extraordinary items were increased to Rs 17.72
crore. Provision for tax was expense of Rs 36.06 crore, compared to
Rs 11.58 crore. Effective tax rate was 24.52% compared to 35.46%. Net profit attributable to owners of
the company increased 409.75% to Rs 110.87 crore.
Sales of Metal Forming segment has gone
up 89.88% to Rs 208.07 crore (accounting for 21.47% of total
sales). Sales of Transmission segment has gone up 51.62% to Rs
761.22 crore (accounting for 78.53% of total sales).
Profit before interest, tax and other
unallocable items (PBIT) has jumped 281.95% to Rs 138.22 crore. PBIT
of Metal Forming reported profit of Rs 28.16 crore compared to loss of Rs 15.99
crore. PBIT of Transmission segment rose 110.92% to Rs 110.06 crore
(accounting for 79.63% of total PBIT).
PBIT margin of Metal Forming segment
rose from negative 14.60% to 13.53%. PBIT margin of Transmission
segment rose from 10.39% to 14.46%. Overall PBIT margin rose from
5.92% to 14.26%.
Other developments
The Committee of of RSAL Steel P ltd
(RSAL), through a Letter of Intent (LOI) have declared LG Balakrishnan &
Bros ltd as the successful bidder for RSAL, under the Insolvency &
Bankruptcy code 2016.The Implementation of the resolution plan Is subject to
the terms of the LOI and requiste approval from regulatory authorities.
Equity capital stood at Rs 31.39 crore
as of 30 September 2021 to Rs 31.39 crore as of 30 September
2020. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 40.05% as of 30
September 2021, compared to 44.07% as of 30 September 2020 .
Loan funds declined from Rs 97.52 crore
as of 30 September 2020 to Rs 71.86 crore as of 30 September
2021. Inventories rose to Rs 381.76 crore as of 30 September 2021
from Rs 218.61 crore as of 30 September 2020. Sundry debtors were
higher at Rs 270.07 crore as of 30 September 2021 compared to Rs 197.39 crore
as of 30 September 2020. Cash and bank balance rose to Rs 202.77
crore as of 30 September 2021 from Rs 149.47 crore as of 30 September
2020. Investments rose to Rs 74.57 crore as of 30 September 2021
from Rs 22.73 crore as of 30 September 2020 . Fixed assets declined
from Rs 564.85 crore as of 30 September 2020 to Rs 519.22 crore as of 30
September 2021. Intangible assets declined from Rs 17.42 crore to Rs
16.61 crore.
Cash flow from operating activities
decreased to Rs 105.60 crore for YTD ended September 2021 from Rs 163.64 crore
for YTD ended September 2020. Cash flow used in acquiring fixed
assets during the YTD ended September 2021 stood at Rs 18.50 crore, compared to
Rs 19.10 crore during the YTD ended September 2020.
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LG
Balakrishnan & Bros: Consolidated Results
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2109
(3)
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2009
(3)
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Var.(%)
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2109
(6)
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2009
(6)
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Var.
(%)
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2103
(12)
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2003
(12)
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Var.
(%)
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Sales
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576.74
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417.01
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38
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969.29
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611.64
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58
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1608.99
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1542.83
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4
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OPM (%)
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18.5
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14.0
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17.3
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11.9
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15.7
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12.1
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OP
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106.67
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58.41
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83
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167.93
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72.84
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131
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252.89
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186.25
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36
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Other
inc.
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2.08
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1.53
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36
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6.06
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1.93
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215
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6.97
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3.66
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90
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PBIDT
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108.75
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59.94
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81
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173.99
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74.77
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133
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259.85
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189.91
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37
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Interest
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1.57
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2.78
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-44
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3.18
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5.69
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-44
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10.04
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15.24
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-34
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PBDT
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107.18
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57.16
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88
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170.81
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69.07
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147
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249.81
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174.67
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43
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Dep.
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20.99
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20.97
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0
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41.46
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41.45
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0
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83.32
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78.66
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6
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PBT
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86.19
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36.19
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138
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129.35
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27.62
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368
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166.49
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96.01
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73
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EO
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-17.72
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-4.56
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289
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-17.72
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-5.03
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252
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-13.62
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-18.83
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-28
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PBT
after EO
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103.91
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40.75
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155
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147.07
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32.65
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350
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180.12
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114.84
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57
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Taxation
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25.98
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13.58
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91
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36.06
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11.58
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212
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47.27
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24.72
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91
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PAT
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77.92
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27.17
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187
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111.01
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21.08
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427
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132.84
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90.12
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47
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P/L on
Associates
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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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0.00
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1.16
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-100
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Minority
Interest (MI)
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0.01
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-0.65
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LP
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0.14
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-0.67
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LP
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-0.61
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-0.35
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75
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Net
profit after MI
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77.91
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27.82
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180
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110.87
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21.75
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410
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133.46
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91.63
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46
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EPS
(Rs)*
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#
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#
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39.3
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24.5
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* EPS
is on current equity of Rs 31.3924 crore, Face value of Rs 10
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# EPS
is not annualised due to seasonality of business
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**
Variance could not be calculated as no previous period figures
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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LG
Balakrishnan & Bros: Consolidated Segment Results
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Segment
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% to
total
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2109
(3)
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2009
(3)
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Var.
(%)
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% to
total
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2109
(6)
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2009
(6)
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Var.
(%)
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% to
total
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2103
(12)
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2003
(12)
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Var.(%)
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Sales
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Transmission
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80
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458.81
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353.73
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30
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79
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761.22
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502.06
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52
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81
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1302.06
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1188.36
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10
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Metal
Forming
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20
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117.92
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63.28
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86
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21
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208.07
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109.58
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90
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19
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306.93
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354.47
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-13
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Total
Sales
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100
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576.74
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417.01
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38
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100
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969.29
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611.64
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58
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100
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1608.99
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1542.83
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4
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Inter
Segment Revenue
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Net
sales
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576.74
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417.01
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969.29
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611.64
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1608.99
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1542.83
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PBIT
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Transmission
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82
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74.59
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49.62
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50
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80
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110.06
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52.18
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111
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98
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181.66
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105.58
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72
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Metal
Forming
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18
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16.67
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-8.75
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-291
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20
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28.16
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-15.99
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-276
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2
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4.25
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9.99
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-57
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Total
PBIT
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100
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91.26
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40.87
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123
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100
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138.22
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36.19
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282
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100
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185.91
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115.58
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61
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LESS:
Interest expenes
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1.57
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2.78
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-44
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3.18
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5.69
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-44
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10.04
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15.24
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-34
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Other
income & unallocable expenses
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-14.21
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-2.66
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434
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-12.03
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-2.16
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456
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-4.25
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-14.50
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PBT
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103.91
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40.75
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155
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147.07
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32.65
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350
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180.12
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114.84
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57
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Previous News |
L G Balakrishnan & Bros
(
Results
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Analysis
20-Nov-21
13:29
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L G Balakrishnan & Bros consolidated net profit declines 14.37% in the March 2023 quarter
(
Results
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07:39
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(
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13-Oct-17
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