Capitaline

Results 11-Feb-22

Analysis

Esab India

Net up 29% on good operating show

Standalone net sales (including other operating income) of Esab India for teh quarter ended Dec 2021 has increased 22.71% to Rs 225.70 crore. Operating profit margin has jumped from 10.68% to 11.67%, leading to 33.99% rise in operating profit to Rs 26.33 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 51.00% to 51.72%. Purchase of finished goods cost fell from 14.63% to 12.82%. Employee cost decreased from 10.48% to 10.12%. Other expenses rose from 13.31% to 13.63%. Other income fell 24.03% to Rs 2.34 crore. PBIDT rose 26.13% to Rs 28.67 crore. Provision for interest fell 80% to Rs 0.02 crore. PBDT rose 26.60% to Rs 28.65 crore. Provision for depreciation down 1.39% to Rs 2.84 crore. Profit before tax grew 30.68% to Rs 25.81 crore. Provision for tax was expense of Rs 6.84 crore, compared to Rs 5.04 crore. Effective tax rate was 26.50% compared to 25.52%. Profit after tax rose 28.96% to Rs 18.97 crore.

Nine month performance

Net sales (including other operating income) of Esab India has increased 32.46% to Rs 628.09 crore. Operating profit margin has jumped from 11.12% to 13.79%, leading to 64.30% rise in operating profit to Rs 86.62 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 44.42% to 48.36%. Purchase of finished goods cost fell from 19.99% to 14.38%. Employee cost decreased from 11.69% to 10.51%. Other expenses rose from 12.66% to 13.09%.

Other income fell 28.25% to Rs 6.96 crore. PBIDT rose 49.92% to Rs 93.58 crore. Provision for interest fell 31.25% to Rs 0.22 crore.

PBDT rose 50.34% to Rs 93.36 crore. Provision for depreciation down 5.70% to Rs 8.44 crore. Profit before tax grew 59.77% to Rs 84.92 crore. Provision for tax was expense of Rs 21.94 crore, compared to Rs 13.58 crore. Effective tax rate was 25.84% compared to 25.55%.Profit after tax rose 59.16% to Rs 62.98 crore.

Promoters’ stake was 73.72% as of 31 December 2021 ,compared to 73.72% as of 31 December 2020 .

Esab India : Standalone Results

	Quarter ended			Year to Date			Year ended
Particulars	202112	202012	Var.(%)	202112	202012	Var.(%)	202103	202003	Var.(%)
Net Sales (including other operating income)	225.70	183.93	22.71	628.09	474.18	32.46	681.16	697.96	-2.41
OPM (%)	11.67	10.68	98 bps	13.79	11.12	267 bps	11.96	13.87	-191 bps
OP	26.33	19.65	33.99	86.62	52.72	64.30	81.47	96.81	-15.85
Other Inc.	2.34	3.08	-24.03	6.96	9.70	-28.25	11.18	13.51	-17.25
PBIDT	28.67	22.73	26.13	93.58	62.42	49.92	92.65	110.32	-16.02
Interest	0.02	0.1	-80.00	0.22	0.32	-31.25	0.41	0.5	-18.00
PBDT	28.65	22.63	26.60	93.36	62.10	50.34	92.24	109.82	-16.01
Depreciation	2.84	2.88	-1.39	8.44	8.95	-5.70	11.71	12.58	-6.92
PBT	25.81	19.75	30.68	84.92	53.15	59.77	80.53	97.24	-17.18
PBT before EO	25.81	19.75	30.68	84.92	53.15	59.77	80.53	97.24	-17.18
EO Income	0	0	-	0	0	-	0	0	-
PBT after EO	25.81	19.75	30.68	84.92	53.15	59.77	80.53	97.24	-17.18
Taxation	6.84	5.04	35.71	21.94	13.58	61.56	21.24	25.83	-17.77
PAT	18.97	14.71	28.96	62.98	39.57	59.16	59.29	71.41	-16.97
P/(L) from discontinued operations net of tax	0	0	-	0	0	-	0	0	-
Net profit after discontinued operations	18.97	14.71	28.96	62.98	39.57	59.16	59.29	71.41	-16.97
EPS (Rs)*	12.33	9.56	28.96	40.92	25.71	59.16	38.53	46.40	-16.97

* EPS is on current equity of Rs 15.39 crore, Face value of Rs 10, 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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