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For the
quarter ending March 2022, consolidated net sales (including other operating income) of L G Balakrishnan & Bros has increased 11.98% to Rs 558.89 crore compared to quarter ending March 2021. Sales of Metal Forming segment has gone up 16.25% to Rs 114.52 crore (accounting for 20.49% of total sales). Sales of Transmission segment has gone up 10.93% to Rs 444.37 crore (accounting for 79.51% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 24.35% to Rs 92.42 crore. PBIT of Metal Forming segment rose 101.72% to Rs 18.53 crore (accounting for 20.05% of total PBIT). PBIT of Transmission segment rose 13.44% to Rs 73.89 crore (accounting for 79.95% of total PBIT). PBIT margin of Metal Forming segment rose from 9.33% to 16.18%. PBIT margin of Transmission segment rose from 16.26% to 16.63%. Overall PBIT margin rose from 14.89% to 16.54%. Operating profit margin has jumped from 17.77% to 18.77%, leading to 18.23% rise in operating profit to Rs 104.88 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 46.79% to 47.69%. Employee cost decreased from 13.54% to 12.63%. Other expenses fell from 22.89% to 21.27%. Other income rose 5.38% to Rs 3.33 crore. PBIDT rose 17.79% to Rs 108.21 crore. Provision for interest rose 34.69% to Rs 2.64 crore. Loan funds rose to Rs 89.96 crore as of 31 March 2022 from Rs 70.86 crore as of 31 March 2021. Inventories rose to Rs 435.78 crore as of 31 March 2022 from Rs 301.28 crore as of 31 March 2021. Sundry debtors were higher at Rs 293.78 crore as of 31 March 2022 compared to Rs 246.65 crore as of 31 March 2021. Cash and bank balance rose to Rs 286.55 crore as of 31 March 2022 from Rs 146.44 crore as of 31 March 2021. Investments rose to Rs 104.30 crore as of 31 March 2022 from Rs 62.94 crore as of 31 March 2021 . PBDT rose 17.42% to Rs 105.57 crore. Provision for depreciation fell 0.72% to Rs 20.6 crore. Fixed assets declined from Rs 543.47 crore as of 31 March 2021 to Rs 507.60 crore as of 31 March 2022. Intangible assets increased from Rs 15.16 crore to Rs 15.42 crore. Profit before tax grew 22.86% to Rs 84.97 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs 5.02 crore. Provision for tax was expense of Rs 26.39 crore, compared to Rs 19.61 crore. Effective tax rate was 29.33% compared to 25.26%. Minority interest increased 133.33% to Rs 0.07 crore. Net profit attributable to owners of the company increased 9.55% to Rs 63.53 crore. Equity capital stood at Rs 31.39 crore as of 31 March 2022 to Rs 31.39 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00. Promoters’ stake was 34.32% as of 31 March 2022 ,compared to 43.36% as of 31 March 2021 .
Full year results analysis.
Net sales (including other operating income) of L G Balakrishnan & Bros has increased 30.65% to Rs 2102.09 crore. Sales of Metal Forming segment has gone up 40.81% to Rs 432.20 crore (accounting for 20.56% of total sales). Sales of Transmission segment has gone up 28.25% to Rs 1,669.89 crore (accounting for 79.44% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 77.89% to Rs 330.72 crore. PBIT of Metal Forming segment rose 1,316.16% to Rs 60.16 crore (accounting for 18.19% of total PBIT). PBIT of Transmission segment rose 48.93% to Rs 270.56 crore (accounting for 81.81% of total PBIT). PBIT margin of Metal Forming segment rose from 1.38% to 13.92%. PBIT margin of Transmission segment rose from 13.95% to 16.20%. Overall PBIT margin rose from 11.55% to 15.73%. Operating profit margin has jumped from 15.72% to 18.48%, leading to 53.62% rise in operating profit to Rs 388.49 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 45.73% to 47.03%. Employee cost decreased from 15.37% to 13.64%. Other expenses fell from 23.10% to 21.49%. Other income rose 72.74% to Rs 12.04 crore. PBIDT rose 54.13% to Rs 400.53 crore. Provision for interest fell 16.73% to Rs 8.36 crore. Loan funds rose to Rs 89.96 crore as of 31 March 2022 from Rs 70.86 crore as of 31 March 2021. Inventories rose to Rs 435.78 crore as of 31 March 2022 from Rs 301.28 crore as of 31 March 2021. Sundry debtors were higher at Rs 293.78 crore as of 31 March 2022 compared to Rs 246.65 crore as of 31 March 2021. Cash and bank balance rose to Rs 286.55 crore as of 31 March 2022 from Rs 146.44 crore as of 31 March 2021. Investments rose to Rs 104.30 crore as of 31 March 2022 from Rs 62.94 crore as of 31 March 2021 . PBDT rose 56.98% to Rs 392.17 crore. Provision for depreciation fell 0.12% to Rs 83.22 crore. Fixed assets declined from Rs 543.47 crore as of 31 March 2021 to Rs 507.60 crore as of 31 March 2022. Intangible assets increased from Rs 15.16 crore to Rs 15.42 crore. Profit before tax grew 85.56% to Rs 308.95 crore. Share of profit/loss were nil in both the periods. Extraordinary items were increased to Rs 22.74 crore. Provision for tax was expense of Rs 85.94 crore, compared to Rs 47.27 crore. Effective tax rate was 25.91% compared to 26.24%. Net profit attributable to owners of the company increased 83.94% to Rs 245.48 crore. Equity capital stood at Rs 31.39 crore as of 31 March 2022 to Rs 31.39 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00. Promoters’ stake was 34.32% as of 31 March 2022 ,compared to 43.36% as of 31 March 2021 .
| L G Balakrishnan & Bros : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 558.89 | 499.08 | 11.98 | 2,102.09 | 1,608.99 | 30.65 | | OPM (%) | 18.77 | 17.77 | 99 bps | 18.48 | 15.72 | 276 bps | | OP | 104.88 | 88.71 | 18.23 | 388.49 | 252.89 | 53.62 | | Other Inc. | 3.33 | 3.16 | 5.38 | 12.04 | 6.97 | 72.74 | | PBIDT | 108.21 | 91.87 | 17.79 | 400.53 | 259.86 | 54.13 | | Interest | 2.64 | 1.96 | 34.69 | 8.36 | 10.04 | -16.73 | | PBDT | 105.57 | 89.91 | 17.42 | 392.17 | 249.82 | 56.98 | | Depreciation | 20.6 | 20.75 | -0.72 | 83.22 | 83.32 | -0.12 | | PBT | 84.97 | 69.16 | 22.86 | 308.95 | 166.5 | 85.56 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 84.97 | 69.16 | 22.86 | 308.95 | 166.5 | 85.56 | | EO Income | 5.02 | 8.47 | -40.73 | 22.74 | 13.62 | 66.96 | | PBT after EO | 89.99 | 77.63 | 15.92 | 331.69 | 180.12 | 84.15 | | Taxation | 26.39 | 19.61 | 34.57 | 85.94 | 47.27 | 81.81 | | PAT | 63.6 | 58.02 | 9.62 | 245.75 | 132.85 | 84.98 | | Minority Interest (MI) | 0.07 | 0.03 | 133.33 | 0.27 | -0.61 | PL | | Net profit | 63.53 | 57.99 | 9.55 | 245.48 | 133.46 | 83.94 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 63.53 | 57.99 | 9.55 | 245.48 | 133.46 | 83.94 | | EPS (Rs)* | 19.11 | 16.46 | 16.11 | 72.84 | 39.30 | 85.35 | | | * EPS is on current equity of Rs 31.39 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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| L G Balakrishnan & Bros : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202203 | 202103 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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| Sales | | Metal Forming | 20.49 | 114.52 | 98.51 | 16.25 | 20.56 | 432.20 | 306.93 | 40.81 | | Textiles | 0.00 | 0.00 | 0.00 | - | | Transmission | 79.51 | 444.37 | 400.57 | 10.93 | 79.44 | 1,669.89 | 1,302.06 | 28.25 | | Total Reported Sales | 100.00 | 558.89 | 499.08 | 11.98 | 100.00 | 2,102.09 | 1,608.99 | 30.65 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 558.89 | 499.08 | 11.98 | 100.00 | 2,102.09 | 1,608.99 | 30.65 | | PBIT | | Metal Forming | 20.05 | 18.53 | 9.19 | 101.72 | 18.19 | 60.16 | 4.25 | 1,316.16 | | Textiles | 0.00 | 0.00 | 0.00 | - | | Transmission | 79.95 | 73.89 | 65.14 | 13.44 | 81.81 | 270.56 | 181.66 | 48.93 | | Total PBIT | 100.00 | 92.42 | 74.32 | 24.35 | 100.00 | 330.72 | 185.91 | 77.89 | | Less : Interest | | 2.64 | 1.96 | 35.18 | | 8.36 | 10.04 | -16.75 | | Add: Other un-allcoable | | 0.21 | 5.27 | -96.01 | | 9.32 | 4.25 | 119.32 | | PBIT Margin(%) | | Metal Forming | | 16.18 | 9.33 | 685.59 | | 13.92 | 1.38 | 1,253.58 | | Textiles | | 0.00 | 0.00 | 0.00 | | Transmission | | 16.63 | 16.26 | 36.72 | | 16.20 | 13.95 | 225.02 | | PBT | 100.00 | 89.99 | 77.63 | 15.91 | 100.00 | 331.68 | 180.12 | 84.15 |
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