For the
quarter ending March 2022, consolidated net sales (including other operating income) of M M Forgings has increased 9.06% to Rs 322.37 crore compared to quarter ended march 2021.
Operating profit margin has declined from 20.03% to 16.86%, leading to 8.21% decline in operating profit to Rs 54.35 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 42.38% to 48.64%. Employee cost decreased from 10.69% to 10.27%. Other expenses fell from 25.85% to 25.30%. Power and Oil fuel cost fell from 9.11% to 7.70%. Other income rose 131.95% to Rs 5.59 crore. PBIDT fell 2.73% to Rs 59.94 crore. Provision for interest fell 23.12% to Rs 6.25 crore. Loan funds rose to Rs 595.81 crore as of 31 March 2022 from Rs 537.29 crore as of 31 March 2021. Inventories rose to Rs 203.80 crore as of 31 March 2022 from Rs 179.80 crore as of 31 March 2021. Sundry debtors were higher at Rs 172.21 crore as of 31 March 2022 compared to Rs 122.53 crore as of 31 March 2021. Cash and bank balance rose to Rs 226.55 crore as of 31 March 2022 from Rs 188.06 crore as of 31 March 2021. Investments rose to Rs 22.29 crore as of 31 March 2022 from Rs 3.29 crore as of 31 March 2021 . PBDT rose 0.37% to Rs 53.69 crore. Provision for depreciation fell 8.82% to Rs 16.85 crore. Fixed assets increased to Rs 744.55 crore as of 31 March 2022 from Rs 700.01 crore as of 31 March 2021. Profit before tax grew 5.23% to Rs 36.84 crore. Share of profit/loss were nil in both the periods. Extraordinary items were increased to Rs 0.95 crore. Provision for tax was expense of Rs 9.37 crore, compared to Rs 4.07 crore. Effective tax rate was 24.79% compared to 11.36%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 10.49% to Rs 28.42 crore. Equity capital stood at Rs 24.14 crore as of 31 March 2022 to Rs 24.14 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00. Promoters’ stake was 56.34% as of 31 March 2022 ,compared to 56.34% as of 31 March 2021 .
Full year results analysis.
Net sales (including other operating income) of M M Forgings has increased 49.35% to Rs 1122.97 crore. Operating profit margin has declined from 17.11% to 17.10%, leading to 49.23% rise in operating profit to Rs 191.98 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 44.46% to 45.92%. Employee cost decreased from 11.73% to 10.88%. Other expenses rose from 26.33% to 26.42%. Power and Oil fuel cost fell from 9.91% to 8.34%. Other income rose 74.28% to Rs 30.9 crore. PBIDT rose 52.26% to Rs 222.88 crore. Provision for interest fell 13.69% to Rs 27.73 crore. Loan funds rose to Rs 595.81 crore as of 31 March 2022 from Rs 537.29 crore as of 31 March 2021. Inventories rose to Rs 203.80 crore as of 31 March 2022 from Rs 179.80 crore as of 31 March 2021. Sundry debtors were higher at Rs 172.21 crore as of 31 March 2022 compared to Rs 122.53 crore as of 31 March 2021. Cash and bank balance rose to Rs 226.55 crore as of 31 March 2022 from Rs 188.06 crore as of 31 March 2021. Investments rose to Rs 22.29 crore as of 31 March 2022 from Rs 3.29 crore as of 31 March 2021 . PBDT rose 70.81% to Rs 195.15 crore. Provision for depreciation rose 4.94% to Rs 67.77 crore. Fixed assets increased to Rs 744.55 crore as of 31 March 2022 from Rs 700.01 crore as of 31 March 2021. Profit before tax grew 156.45% to Rs 127.38 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs 1.47 crore. Provision for tax was expense of Rs 17.85 crore, compared to Rs 5.57 crore. Effective tax rate was 13.85% compared to 10.79%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 140.99% to Rs 111.00 crore. Equity capital stood at Rs 24.14 crore as of 31 March 2022 to Rs 24.14 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00. Promoters’ stake was 56.34% as of 31 March 2022 ,compared to 56.34% as of 31 March 2021 .
Dividend update
The Board
has declared an interim dividend of 60 % ( Rs 6 per equity share) for FY22. The
Record Date for payment of Dividend will be 07 June 2022. The Dividend shall be
payable on or before 23 June 2022.
| M M Forgings : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 322.37 | 295.59 | 9.06 | 1,122.97 | 751.93 | 49.35 | | OPM (%) | 16.86 | 20.03 | -317 bps | 17.10 | 17.11 | -1 bps | | OP | 54.35 | 59.21 | -8.21 | 191.98 | 128.65 | 49.23 | | Other Inc. | 5.59 | 2.41 | 131.95 | 30.90 | 17.73 | 74.28 | | PBIDT | 59.94 | 61.62 | -2.73 | 222.88 | 146.38 | 52.26 | | Interest | 6.25 | 8.13 | -23.12 | 27.73 | 32.13 | -13.69 | | PBDT | 53.69 | 53.49 | 0.37 | 195.15 | 114.25 | 70.81 | | Depreciation | 16.85 | 18.48 | -8.82 | 67.77 | 64.58 | 4.94 | | PBT | 36.84 | 35.01 | 5.23 | 127.38 | 49.67 | 156.45 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 36.84 | 35.01 | 5.23 | 127.38 | 49.67 | 156.45 | | EO Income | 0.95 | 0.81 | 17.28 | 1.47 | 1.96 | -25.00 | | PBT after EO | 37.79 | 35.82 | 5.50 | 128.85 | 51.63 | 149.56 | | Taxation | 9.37 | 4.07 | 130.22 | 17.85 | 5.57 | 220.47 | | PAT | 28.42 | 31.75 | -10.49 | 111 | 46.06 | 140.99 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 28.42 | 31.75 | -10.49 | 111 | 46.06 | 140.99 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 28.42 | 31.75 | -10.49 | 111 | 46.06 | 140.99 | | EPS (Rs)* | 11.38 | 12.82 | -11.24 | 45.37 | 18.35 | 147.19 | | | * EPS is on current equity of Rs 24.14 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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