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Results
09-Aug-22
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Analysis
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AIA Engineering
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Net sales up 45.9% YoY to Rs 1079.7 cr in Q1FY2023
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On consolidated basis
Quarter ended June 2022 compared
with Quarter ended June 2021.
Net sales (including other operating
income) of AIA Engineering has increased 45.92% to Rs 1079.7 crore.
Operating profit margin has declined
from 23.23% to 22.89%, leading to 43.79% rise in operating profit to Rs 247.19
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 43.91% to 46.49%. Employee cost
decreased from 4.15% to 3.22%. Other expenses fell from 30.85% to 28.60%.
Power and Oil fuel cost fell from 9.16% to 7.47%.
Freight charges rose from 8.29% to 10.21%.
Other
income fell 47.77% to Rs 20.64 crore. PBIDT rose 26.68% to Rs 267.83
crore. Provision for interest rose 47.30% to Rs 1.09
crore.
PBDT
rose 26.60% to Rs 266.74 crore. Provision for depreciation fell
13.94% to Rs 20.8 crore.
Profit
before tax grew 31.86% to Rs 245.94 crore. Share of profit/loss were
nil in both the periods. Provision for tax was expense of Rs 54.47
crore, compared to Rs 37.42 crore. Effective tax rate was 22.15%
compared to 20.06%.
Net profit attributable to owners of
the company increased 27.55% to Rs 190.47 crore.
Promoters’ stake was 58.47% as of 30 June 2022 ,compared to
58.47% as of 30 June 2021 .
Full
year results analysis.
Net sales (including other operating income) of AIA
Engineering has increased 23.77% to Rs 3566.55 crore.
Operating profit margin has declined
from 22.74% to 20.21%, leading to 10.03% rise in operating profit to Rs 720.95
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 39.49% to 46.79%. Employee cost
decreased from 4.65% to 3.54%. Other expenses fell from 33.06% to
31.37%. Power and Oil fuel cost fell from 9.98% to 8.34%.
Freight charges rose from 7.98% to 10.71%.
Other
income fell 9.24% to Rs 156.29 crore. PBIDT rose 6.02% to Rs 877.24
crore. Provision for interest fell 10.26% to Rs 3.85
crore. Loan funds declined from Rs 192.94 crore as of 31 March 2021
to Rs 9.83 crore as of 31 March 2022. Inventories rose to Rs
1,226.01 crore as of 31 March 2022 from Rs 754.78 crore as of 31 March
2021. Sundry debtors were higher at Rs 800.15 crore as of 31 March
2022 compared to Rs 638.47 crore as of 31 March 2021. Cash and bank
balance declined from Rs 1,395.45 crore as of 31 March 2021 to Rs 506.10 crore
as of 31 March 2022. Investments rose to Rs 1,055.41 crore as of 31
March 2022 from Rs 808.58 crore as of 31 March 2021 .
PBDT
rose 6.10% to Rs 873.39 crore. Provision for depreciation fell 1.48%
to Rs 92.12 crore. Fixed assets increased to Rs 977.50 crore as of
31 March 2022 from Rs 952.48 crore as of 31 March 2021. Intangible
assets increased from Rs 19.89 crore to Rs 22.73 crore.
Profit
before tax grew 7.08% to Rs 781.27 crore. Share of profit/loss were
nil in both the periods. Provision for tax was expense of Rs 161.65
crore, compared to Rs 163.94 crore. Effective tax rate was 20.69%
compared to 22.47%.
Minority
interest increased 85.71% to Rs -0.06 crore. Net profit attributable
to owners of the company increased 9.46% to Rs 619.68 crore.
Equity
capital stood at Rs 18.86 crore as of 31 March 2022 to Rs 18.86 crore as of 31
March 2021. Per share face Value remained same at Rs
2.00.
Promoters’
stake was 58.47% as of 31 March 2022, compared to 58.47% as of 31 March 2021
.
Cash
flow from operating activities has turned negative Rs 39.22 crore for year
ended March 2022 from positive Rs 598.46 crore for year ended March
2021. Cash flow used in acquiring fixed assets during the year ended
March 2022 stood at Rs 125.47 crore, compared to Rs 124.17 crore during the
year ended March 2021.
Others:
CAPEX: Company
plans to incur CAPEX of Rs 300 cr in FY2023 which includes Mill Lining Project,
Grinding Media Expansion Project and Hybrid Power Project Wind and Solar Power
in addition to general capex.
The
company has nearly completed setting up a manufacturing plant of Mill Liners
with a capacity of 50,000 Mt and it is expected to be commissioned in Q2 FY
2022-23. Company is awaiting statutory
clearances to commission the plant and expects to receive the same in Q2
FY2023.
Order
Book: Order book as at 1st July 2022: Rs. 700 cr
| AIA Engineering : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202206 | 202106 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,079.70 | 739.94 | 45.92 | 3,566.55 | 2,881.49 | 23.77 | | OPM (%) | 22.89 | 23.23 | -34 bps | 20.21 | 22.74 | -253 bps | | OP | 247.19 | 171.91 | 43.79 | 720.95 | 655.23 | 10.03 | | Other Inc. | 20.64 | 39.52 | -47.77 | 156.29 | 172.20 | -9.24 | | PBIDT | 267.83 | 211.43 | 26.68 | 877.24 | 827.43 | 6.02 | | Interest | 1.09 | 0.74 | 47.30 | 3.85 | 4.29 | -10.26 | | PBDT | 266.74 | 210.69 | 26.60 | 873.39 | 823.14 | 6.10 | | Depreciation | 20.8 | 24.17 | -13.94 | 92.12 | 93.5 | -1.48 | | PBT | 245.94 | 186.52 | 31.86 | 781.27 | 729.64 | 7.08 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 245.94 | 186.52 | 31.86 | 781.27 | 729.64 | 7.08 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 245.94 | 186.52 | 31.86 | 781.27 | 729.64 | 7.08 | | Taxation | 54.47 | 37.42 | 45.56 | 161.65 | 163.94 | -1.40 | | PAT | 191.47 | 149.1 | 28.42 | 619.62 | 565.7 | 9.53 | | Minority Interest (MI) | 1 | -0.23 | PL | -0.06 | -0.42 | 85.71 | | Net profit | 190.47 | 149.33 | 27.55 | 619.68 | 566.12 | 9.46 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 190.47 | 149.33 | 27.55 | 619.68 | 566.12 | 9.46 | | EPS (Rs)* | 20.19 | 15.83 | 27.55 | 65.70 | 60.02 | 9.46 | | | * EPS is on current equity of Rs 18.86 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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