Capitaline

Results 01-Jun-22

Analysis

Ingersoll-Rand (India)

PAT up 12% on higher sales and lower tax

Standalone net sales (including other operating income) of Ingersoll-Rand (India) for the quarter ended Mar 2022 has increased 18.40% to Rs 221.78 crore. Operating profit margin has declined from 21.25% to 18.25%, leading to 1.66% rise in operating profit to Rs 40.47 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 58.29% to 62.62%. Purchase of finished goods cost rose from 1.92% to 1.95%. Employee cost decreased from 12.85% to 9.17%. Other expenses rose from 5.82% to 9.10%. Other income up 15.95% to Rs 3.78 crore. PBIDT rose 2.74% to Rs 44.25 crore. Provision for interest up 49.46% to Rs 1.39 crore. PBDT rose 1.71% to Rs 42.86 crore. Provision for depreciation rose 11.68% to Rs 3.73 crore. Profit before tax grew 0.85% to Rs 39.13 crore. Provision for tax was expense of Rs 9.9 crore, compared to Rs 12.78 crore. Effective tax rate was 25.30% compared to 32.94%. Profit after tax rose 12.34% to Rs 29.23 crore.

Full year results analysis

Net sales (including other operating income) of Ingersoll-Rand (India) has increased 47.30% to Rs 909.92 crore. Operating profit margin has declined from 17.92% to 16.70%, leading to 37.30% rise in operating profit to Rs 151.96 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 57.51% to 61.43%. Purchase of finished goods cost fell from 1.99% to 1.83%. Employee cost decreased from 13.75% to 11.06%. Other expenses rose from 8.72% to 9.45%. PBIDT rose 33.36% to Rs 165.01 crore. Provision for interest up 50.89% to Rs 2.55 crore. PBDT rose 33.12% to Rs 162.46 crore. Provision for depreciation down 1.12% to Rs 14.1 crore. Profit before tax grew 37.65% to Rs 148.36 crore. Provision for tax was expense of Rs 38.21 crore, compared to Rs 35.43 crore. Effective tax rate was 25.75% compared to 32.87%. Profit after tax rose 52.25% to Rs 110.15 crore.

Other developments

Equity capital stood at Rs 31.57 crore as of 31 March 2022 to Rs 31.57 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 75.00% as of 31 March 2022 ,compared to 75.00% as of 31 March 2021.

Loan funds declined from Rs 9.54 crore as of 31 March 2021 to Rs 7.75 crore as of 31 March 2022. Inventories rose to Rs 160.73 crore as of 31 March 2022 from Rs 95.00 crore as of 31 March 2021. Sundry debtors were higher at Rs 241.37 crore as of 31 March 2022 compared to Rs 182.16 crore as of 31 March 2021. Cash and bank balance rose to Rs 293.75 crore as of 31 March 2022 from Rs 231.36 crore as of 31 March 2021. Fixed assets increased to Rs 116.70 crore as of 31 March 2022 from Rs 115.49 crore as of 31 March 2021. Intangible assets declined from Rs 0.33 crore to Rs 0.25 crore.

Ingersoll-Rand (India) : Standalone Results

	Quarter ended			Year ended
Particulars	202203	202103	Var.(%)	202203	202103	Var.(%)
Net Sales (including other operating income)	221.78	187.32	18.40	909.92	617.73	47.30
OPM (%)	18.25	21.25	-300 bps	16.70	17.92	-122 bps
OP	40.47	39.81	1.66	151.96	110.68	37.30
Other Inc.	3.78	3.26	15.95	13.05	13.05	0.00
PBIDT	44.25	43.07	2.74	165.01	123.73	33.36
Interest	1.39	0.93	49.46	2.55	1.69	50.89
PBDT	42.86	42.14	1.71	162.46	122.04	33.12
Depreciation	3.73	3.34	11.68	14.1	14.26	-1.12
PBT	39.13	38.80	0.85	148.36	107.78	37.65
PBT before EO	39.13	38.8	0.85	148.36	107.78	37.65
EO Income	0	0	-	0	0	-
PBT after EO	39.13	38.8	0.85	148.36	107.78	37.65
Taxation	9.9	12.78	-22.54	38.21	35.43	7.85
PAT	29.23	26.02	12.34	110.15	72.35	52.25
P/(L) from discontinued operations net of tax	0	0	-	0	0	-
Net profit after discontinued operations	29.23	26.02	12.34	110.15	72.35	52.25
EPS (Rs)*	9.26	8.24	12.34	34.89	22.92	52.25

* EPS is on current equity of Rs 31.57 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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