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Results
28-Jan-22
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Analysis
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KEI Industries
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Sales up 36, net up 33%
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Standalone net sales of KEI Industries has increased 36% to Rs 1,563.85
crore. Operating profit margin has declined from 10.7% to 10.0%, leading
to 27% rise in operating profit to Rs 156.84 crore. Raw material
cost as a % of total sales (net of stock adjustments) increased from 69.23% to
77.01%. Employee cost decreased from 4.36% to 3.02%.
Other expenses fell from 14.94% to 10.70%. Contract job
process charges fell from 3.31% to 1.53%. Other income fell 68% to
Rs 1.71 crore. PBIDT rose 23% to Rs 158.55
crore. Provision for interest fell 31% to Rs 8.99 crore. PBDT
rose 29.02% to Rs 149.56 crore. Provision for depreciation down 5%
to Rs 13.74 crore. Profit before tax grew 34% to Rs 135.82
crore. Provision for tax was expense of Rs 34.57 crore, compared to
Rs 25.24 crore. Effective tax rate was 25.45% compared to 24.89%. Profit
after tax rose 33% to Rs 101.25 crore.
Sales of Segment - Cables segment has gone up 42.01% to Rs 1,405.67
crore (accounting for 82.03% of total sales). Sales of Segment -
Stainless Steel Wire segment has gone up 58.24% to Rs 65.20 crore (accounting
for 3.80% of total sales). Sales of Segment-EPC Projects segment has
gone down 17.11% to Rs 242.80 crore (accounting for 14.17% of total
sales). Inter-segment sales came down from Rs 165.24 crore to Rs
150.58 crore.
Profit before interest, tax and other unallocable items (PBIT) has
jumped 4.95% to Rs 162.95 crore. PBIT of Segment - Cables segment
rose 13.18% to Rs 136.58 crore (accounting for 83.82% of total
PBIT). PBIT of Segment - Stainless Steel Wire segment fell 3.06% to
Rs 3.07 crore (accounting for 1.89% of total PBIT). PBIT of
Segment-EPC Projects segment fell 25.85% to Rs 23.29 crore (accounting for
14.29% of total PBIT).
PBIT margin of Segment - Cables segment fell from 12.19% to
9.72%. PBIT margin of Segment - Stainless Steel Wire segment fell
from 7.70% to 4.71%. PBIT margin of Segment-EPC Projects segment
fell from 10.72% to 9.59%. Overall PBIT margin fell from 11.73% to
9.51%.
Consolidated net
sales for the quarter has increased
35.64% to Rs 1563.85 crore. Operating profit margin has declined
from 10.73% to 10.03%, leading to 26.77% rise in operating profit to Rs 156.82
crore. Other income fell 67.98% to Rs 1.71 crore. Provision
for interest fell 31.11% to Rs 8.99 crore. Provision for
depreciation fell 5.44% to Rs 13.74 crore. Profit before tax grew
33.85% to Rs 135.80 crore. Provision for tax was expense of Rs
34.57 crore, compared to Rs 25.24 crore. Effective tax rate was
25.46% compared to 24.88%. Eventually
the net profit attributable to owners of the company increased 32.83% to Rs
101.23 crore.
Nine month performance
Net sales (including other operating
income) of KEI Industries has increased 34.06% to Rs 3,934.84
crore. Sales of Segment - Cables segment has gone up 39.68% to Rs
3,501.33 crore (accounting for 81.01% of total sales). Sales of
Segment - Stainless Steel Wire segment has gone up 72.53% to Rs 164.75 crore
(accounting for 3.81% of total sales). Sales of Segment-EPC Projects
segment has gone down 8.50% to Rs 656.04 crore (accounting for 15.18% of total
sales). Inter-segment sales rose Rs 376.42 crore to Rs 386.97
crore. Profit before interest, tax and other unallocable items
(PBIT) has jumped 9.04% to Rs 422.50 crore. PBIT of Segment - Cables
segment rose 14.73% to Rs 355.16 crore (accounting for 84.06% of total
PBIT). PBIT of Segment - Stainless Steel Wire segment rose 38.50% to
Rs 10.25 crore (accounting for 2.43% of total PBIT). PBIT of
Segment-EPC Projects segment fell 19.01% to Rs 57.09 crore (accounting for
13.51% of total PBIT). PBIT margin of Segment - Cables segment fell
from 12.35% to 10.14%. PBIT margin of Segment - Stainless Steel Wire
segment fell from 7.75% to 6.22%. PBIT margin of Segment-EPC
Projects segment fell from 9.83% to 8.70%. Overall PBIT margin fell
from 11.67% to 9.78%. Operating profit margin has declined from
10.84% to 10.59%, leading to 31.04% rise in operating profit to Rs 416.81
crore. Other income fell 59.79% to Rs 7.06 crore. PBIDT
rose 26.28% to Rs 423.87 crore. Provision for interest fell 32.25%
to Rs 30.34 crore. PBDT rose 35.29% to Rs 393.53
crore. Provision for depreciation down 3.97% to Rs 41.59
crore. Profit before tax grew 42.16% to Rs 351.94
crore. Provision for tax was expense of Rs 91.6 crore, compared to
Rs 64.09 crore. Effective tax rate was 26.03% compared to 25.89%. Profit
after tax rose 41.90% to Rs 260.34 crore.
Consolidated net sales has increased 34.06% to Rs 3934.84
crore. Operating profit margin has declined from 10.84% to 10.59%,
leading to 31.02% rise in operating profit to Rs 416.75 crore. Other income
fell 61.45% to Rs 6.77 crore. Provision for interest
fell 32.25% to Rs 30.34 crore. Provision for depreciation fell 3.97%
to Rs 41.59 crore. Profit before tax grew 42.02% to Rs 351.59
crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 91.6 crore, compared to
Rs 64.09 crore. Effective tax rate was 26.05% compared to 25.89%. Eventually net profit attributable to owners
of the company increased 41.82% to Rs 260.04 crore.
Others
Promoters’ stake was 38.02% as of 31
December 2021, compared to 40.34% as of 31 December 2020.
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KEI
Industries : Standalone Results
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2112
(3)
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2012
(3)
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Var.(%)
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2112
(9)
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2012
(9)
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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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1563.85
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1152.94
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36
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3934.84
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2935.18
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34
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4181.49
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4884.27
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-14
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OPM (%)
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10.0
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10.7
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10.6
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10.8
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10.9
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10.2
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OP
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156.84
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123.63
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27
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416.80
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318.06
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31
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455.47
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496.04
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-8
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Other
inc.
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1.71
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5.34
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-68
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7.06
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17.56
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-60
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20.06
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16.47
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22
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PBIDT
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158.55
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128.97
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23
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423.87
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335.62
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26
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475.53
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512.51
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-7
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Interest
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8.99
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13.05
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-31
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30.34
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44.78
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-32
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57.31
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129.15
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-56
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PBDT
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149.56
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115.93
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29
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393.52
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290.84
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35
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418.22
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383.36
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9
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Dep.
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13.74
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14.53
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-5
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41.59
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43.31
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-4
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57.81
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56.69
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2
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PBT
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135.82
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101.39
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34
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351.93
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247.53
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42
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360.41
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326.67
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10
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EO Exp
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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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0.00
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PBT
after EO
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135.82
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101.39
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34
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351.93
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247.53
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42
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360.41
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326.67
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10
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Taxation
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34.57
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25.24
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37
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91.60
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64.09
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43
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90.86
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71.56
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27
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PAT
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101.25
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76.15
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33
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260.34
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183.44
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42
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269.55
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255.10
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6
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EPS
(Rs)*
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#
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#
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#
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#
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29.9
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28.3
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* EPS
is on current equity of Rs 18.021 crore, Face value of Rs 2
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# EPS
is not annualised due to seasonality of business
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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KEI
Industries: Segment Results
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Segment
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% to
total
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2112
(3)
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2012
(3)
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Var.
(%)
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% to
total
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2112
(9)
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2012
(9)
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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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Cables
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82
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1405.67
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989.86
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42
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81
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3501.33
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2506.76
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40
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76
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3574.21
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3982.41
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-10
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Stainless
Steel Wire
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4
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65.20
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41.21
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58
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4
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164.75
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95.49
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73
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3
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141.65
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137.53
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3
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EPC
Projects
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14
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242.80
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292.91
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-17
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15
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656.04
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716.95
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-8
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21
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976.70
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1396.66
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-30
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Total
Sales
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100
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1713.67
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1323.98
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29
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100
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4322.12
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3319.20
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30
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100
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4692.56
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5516.60
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-15
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Less:
Inter Segment Elimination
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-0.75
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5.80
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0.32
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7.60
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9.22
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3.87
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Less
:Inter Segment Revenue
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150.58
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165.24
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386.97
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376.42
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501.86
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628.47
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Net
sales
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1563.85
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1152.94
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36
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3934.84
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2935.18
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34
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4181.49
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4884.27
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-14
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PBIT
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Cables
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84
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136.58
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120.67
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13
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84
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355.16
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309.57
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15
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81
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416.43
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440.32
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-5
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Stainless
Steel Wire
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2
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3.07
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3.17
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-3
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2
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10.25
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7.40
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39
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1
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6.50
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8.76
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-26
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EPC
Projects
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14
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23.29
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31.41
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-26
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14
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57.09
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70.49
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-19
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18
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90.74
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163.69
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-45
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Total
PBIT
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100
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162.95
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155.25
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5
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100
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422.50
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387.46
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9
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100
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513.68
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612.77
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-16
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Less:
Intersegment Elimination
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9.53
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22.10
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-57
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19.01
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44.29
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-57
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54.18
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27.08
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100
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PBIT
after IS Elimination
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153.42
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133.16
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15
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403.49
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343.18
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459.49
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585.70
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LESS:
Interest expenes
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8.99
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13.05
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-31
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30.34
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44.78
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-32
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57.31
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129.15
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-56
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Add:
Interest Income
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Other
income & unallocable expenses
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8.61
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18.72
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-54
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21.22
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50.86
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-58
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36.75
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129.88
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-72
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PBT
before EO
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135.82
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101.39
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34
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351.93
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247.53
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42
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365.43
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326.67
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12
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Note:
Figures in Rs crore
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| KEI Industries : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
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| Net Sales (including other operating income) | 1,563.85 | 1,152.94 | 35.64 | 3,934.84 | 2,935.23 | 34.06 | 4,181.54 | 4,887.80 | -14.45 | | OPM (%) | 10.03 | 10.73 | -70 bps | 10.59 | 10.84 | -25 bps | 10.89 | 10.17 | 72 bps | | OP | 156.82 | 123.70 | 26.77 | 416.75 | 318.09 | 31.02 | 455.47 | 497.05 | -8.37 | | Other Inc. | 1.71 | 5.34 | -67.98 | 6.77 | 17.56 | -61.45 | 20.06 | 16.65 | 20.48 | | PBIDT | 158.53 | 129.04 | 22.85 | 423.52 | 335.65 | 26.18 | 475.53 | 513.70 | -7.43 | | Interest | 8.99 | 13.05 | -31.11 | 30.34 | 44.78 | -32.25 | 57.31 | 129.15 | -55.63 | | PBDT | 149.54 | 115.99 | 28.92 | 393.18 | 290.87 | 35.17 | 418.22 | 384.55 | 8.76 | | Depreciation | 13.74 | 14.53 | -5.44 | 41.59 | 43.31 | -3.97 | 57.81 | 56.69 | 1.98 | | PBT | 135.80 | 101.46 | 33.85 | 351.59 | 247.56 | 42.02 | 360.41 | 327.86 | 9.93 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0.04 | 0 | - | 0.1 | -0.01 | LP | | PBT before EO | 135.8 | 101.46 | 33.85 | 351.63 | 247.56 | 42.04 | 360.51 | 327.85 | 9.96 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 135.8 | 101.46 | 33.85 | 351.63 | 247.56 | 42.04 | 360.51 | 327.85 | 9.96 | | Taxation | 34.57 | 25.24 | 36.97 | 91.6 | 64.09 | 42.92 | 90.86 | 71.56 | 26.97 | | PAT | 101.23 | 76.22 | 32.81 | 260.03 | 183.47 | 41.73 | 269.65 | 256.29 | 5.21 | | Minority Interest (MI) | 0 | 0.01 | - | -0.01 | 0.11 | LP | 0.1 | -0.01 | PL | | Net profit | 101.23 | 76.21 | 32.83 | 260.04 | 183.36 | 41.82 | 269.55 | 256.3 | 5.17 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 101.23 | 76.21 | 32.83 | 260.04 | 183.36 | 41.82 | 269.55 | 256.3 | 5.17 | | EPS (Rs)* | 11.23 | 8.46 | 32.83 | 28.86 | 20.35 | 41.82 | 29.92 | 28.44 | 5.17 | | | * EPS is on current equity of Rs 18.02 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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| KEI Industries : Consolidated Segment Results | | | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
|---|
| Sales | | Segment-Cables | 82.03 | 1,405.67 | 989.86 | 42.01 | 81.01 | 3,501.33 | 2,506.81 | 39.67 | 76.17 | 3,574.26 | 3,985.95 | -10.33 | | Segment-Stainees Steel Wire | 3.80 | 65.20 | 41.21 | 58.24 | 3.81 | 164.75 | 95.49 | 72.53 | 3.02 | 141.65 | 137.53 | 3.00 | | Segment-EPC projects | 14.17 | 242.80 | 292.91 | -17.11 | 15.18 | 656.04 | 716.95 | -8.50 | 20.81 | 976.70 | 1,396.66 | -30.07 | | Total Reported Sales | 100.00 | 1,713.67 | 1,323.98 | 29.43 | 100.00 | 4,322.12 | 3,319.25 | 30.21 | 100.00 | 4,692.61 | 5,520.14 | -14.99 | | Less: Inter segment revenues | | 150.58 | 165.24 | -8.87 | | 386.97 | 376.42 | 2.80 | | 501.86 | 628.47 | -20.15 | | Net Sales | 100.00 | 1,563.09 | 1,158.74 | 34.90 | 100.00 | 3,935.16 | 2,942.83 | 33.72 | 100.00 | 4,190.75 | 4,891.67 | -14.33 | | PBIT | | Segment-Cables | 83.82 | 136.56 | 120.74 | 13.10 | 84.06 | 355.11 | 309.59 | 14.70 | 80.51 | 409.47 | 441.37 | -7.23 | | Segment-Stainees Steel Wire | 1.89 | 3.07 | 3.17 | -3.06 | 2.43 | 10.25 | 7.40 | 38.50 | 1.65 | 8.39 | 8.76 | -4.26 | | Segment-EPC projects | 14.30 | 23.29 | 31.41 | -25.85 | 13.51 | 57.09 | 70.49 | -19.01 | 17.84 | 90.74 | 163.69 | -44.57 | | Total PBIT | 100.00 | 162.92 | 155.32 | 4.89 | 100.00 | 422.46 | 387.49 | 9.02 | 100.00 | 508.59 | 613.82 | -17.14 | | Less : Interest | | 8.99 | 13.05 | -31.11 | | 30.34 | 44.78 | -32.24 | | 57.31 | 129.15 | -55.63 | | Add: Other un-allcoable | | -18.14 | -40.82 | 55.55 | | -40.48 | -95.15 | 57.45 | | -90.78 | -156.82 | 42.11 | | PBIT Margin(%) | | Segment-Cables | | 9.71 | 12.20 | -248.30 | | 10.14 | 12.35 | -220.79 | | 11.46 | 11.07 | 38.29 | | Segment-Stainees Steel Wire | | 4.71 | 7.70 | -298.11 | | 6.22 | 7.75 | -152.87 | | 5.92 | 6.37 | -44.88 | | Segment-EPC projects | | 9.59 | 10.72 | -113.15 | | 8.70 | 9.83 | -113.01 | | 9.29 | 11.72 | -242.99 | | PBT | 100.00 | 135.80 | 101.46 | 33.84 | 100.00 | 351.63 | 247.56 | 42.04 | 100.00 | 360.51 | 327.86 | 9.96 |
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Previous News |
KEI Industries
(
Results
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Analysis
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10:47
)
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06:03
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