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Results
17-Aug-22
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Analysis
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ISGEC Heavy Engineering
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Sales up 10%, net up 31%
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Consolidated net sales (including other operating income) of ISGEC Heavy Engineering for the quarter ended Jun 2022 has increased 10.18% to Rs 1246.71 crore. Operating profit margin has jumped from 4.54% to 5.76%, leading to 39.85% rise in operating profit to Rs 71.77 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 27.28% to 31.09%. Purchase of finished goods cost fell from 35.94% to 28.29%. Employee cost decreased from 8.68% to 8.37%. Other expenses rose from 23.67% to 26.89%. Other direct service cost rose from 9.68% to 12.47%. Other income rose 75.74% to Rs 3.55 crore. PBIDT rose 41.21% to Rs 75.32 crore. Provision for interest rose 77.14% to Rs 19.84 crore. PBDT rose 31.66% to Rs 55.48 crore. Provision for depreciation rose 6.79% to Rs 25.47 crore. Profit before tax grew 64.08% to Rs 30.01 crore. Provision for tax was expense of Rs 11.97 crore, compared to Rs 4.57 crore. Effective tax rate was 39.90% compared to 24.92%. Minority interest increased 42.86% to Rs 0.20 crore. Net profit attributable to owners of the company increased 30.81% to Rs 17.83 crore.
Sales of Manufactuirng of Machinery & Equipment segment has gone down 2.13% to Rs 328.75 crore (accounting for 24.82% of total sales). Sales of Engineering, Procurement and Construction segment has gone up 6.02% to Rs 727.39 crore (accounting for 54.91% of total sales). Sales of Sugar segment rose 39.94% to Rs 215.00 crore (accounting for 16.23% of total sales). Inter-segment sales rose Rs 46.21 crore to Rs 79.34 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 72.91% to Rs 55.21 crore. PBIT of Manufactuirng of Machinery & Equipment segment fell 19.91% to Rs 13.56 crore (accounting for 24.56% of total PBIT). PBIT of Engineering, Procurement and Construction segment rose 299.80% to Rs 39.50 crore (accounting for 71.55% of total PBIT). PBIT of Sugar segment rose 81.23% to Rs 20.95 crore (accounting for 37.95% of total PBIT). PBIT of Ethanol (Plant Under Construction) segment fell 252.33% to Rs -22.69 crore (accounting for -41.10% of total PBIT). PBIT margin of Manufactuirng of Machinery & Equipment segment fell from 5.04% to 4.12%. PBIT margin of Engineering, Procurement and Construction segment rose from 1.44% to 5.43%. PBIT margin of Sugar segment rose from 7.52% to 9.74%. PBIT margin of Ethanol (Plant Under Construction) segment fell from 325.25% to 3,845.76%. Overall PBIT margin rose from 2.72% to 4.17%. Promoters’ stake was 62.43% as of 30 June 2022 ,compared to 62.43% as of 30 June 2021 .
| ISGEC Heavy Engineering : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202206 | 202106 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 1,246.71 | 1,131.50 | 10.18 | 5,499.34 | 5,425.57 | 1.36 | | OPM (%) | 5.76 | 4.54 | 122 bps | 5.66 | 8.39 | -272 bps | | OP | 71.77 | 51.32 | 39.85 | 311.36 | 454.97 | -31.56 | | Other Inc. | 3.55 | 2.02 | 75.74 | 13.24 | 51.76 | -74.42 | | PBIDT | 75.32 | 53.34 | 41.21 | 324.60 | 506.73 | -35.94 | | Interest | 19.84 | 11.20 | 77.14 | 65.16 | 50.24 | 29.70 | | PBDT | 55.48 | 42.14 | 31.66 | 259.44 | 456.49 | -43.17 | | Depreciation | 25.47 | 23.85 | 6.79 | 101.36 | 100.86 | 0.50 | | PBT | 30.01 | 18.29 | 64.08 | 158.08 | 355.63 | -55.55 | | Share of Profit/(Loss) from Associates | -0.01 | 0.05 | PL | 0.02 | 0.18 | -88.89 | | PBT before EO | 30 | 18.34 | 63.58 | 158.1 | 355.81 | -55.57 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 30 | 18.34 | 63.58 | 158.1 | 355.81 | -55.57 | | Taxation | 11.97 | 4.57 | 161.93 | 43.11 | 102.74 | -58.04 | | PAT | 18.03 | 13.77 | 30.94 | 114.99 | 253.07 | -54.56 | | Minority Interest (MI) | 0.2 | 0.14 | 42.86 | 6.17 | 5.22 | 18.20 | | Net profit | 17.83 | 13.63 | 30.81 | 108.82 | 247.85 | -56.09 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 17.83 | 13.63 | 30.81 | 108.82 | 247.85 | -56.09 | | EPS (Rs)* | 2.42 | 1.85 | 30.81 | 14.80 | 33.71 | -56.09 | | | * EPS is on current equity of Rs 7.35 crore, Face value of Rs 1, 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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| ISGEC Heavy Engineering : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202206 | 202106 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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| Sales | | Manufactuirng of Machinery & Equipment | 24.82 | 328.75 | 335.91 | -2.13 | 29.50 | 1,698.24 | 1,562.84 | 8.66 | | Engineering, Procurement and Construction | 54.91 | 727.39 | 686.06 | 6.02 | 59.09 | 3,401.19 | 3,457.71 | -1.63 | | Sugar | 16.23 | 215.00 | 153.64 | 39.94 | 11.73 | 675.38 | 785.60 | -14.03 | | Ethanol (Plant Under Construction) | 0.04 | 0.59 | -1.98 | LP | -0.36 | -20.71 | 10.81 | PL | | Ethanol | 4.01 | 53.07 | 0.00 | - | | Total Reported Sales | 100.00 | 1,324.80 | 1,173.63 | 12.88 | 100.00 | 5,756.36 | 5,816.96 | -1.04 | | Less: Inter segment revenues | | 79.34 | 46.21 | 71.69 | | 310.86 | 392.51 | -20.80 | | Net Sales | 100.00 | 1,245.46 | 1,127.42 | 10.47 | 100.00 | 5,445.50 | 5,424.45 | 0.39 | | PBIT | | Manufactuirng of Machinery & Equipment | 24.56 | 13.56 | 16.93 | -19.91 | 48.17 | 116.65 | 164.47 | -29.08 | | Engineering, Procurement and Construction | 71.55 | 39.50 | 9.88 | 299.80 | 41.09 | 99.49 | 172.37 | -42.28 | | Sugar | 37.95 | 20.95 | 11.56 | 81.23 | 28.47 | 68.94 | 102.59 | -32.80 | | Ethanol (Plant Under Construction) | -41.10 | -22.69 | -6.44 | -252.33 | -16.89 | -40.89 | -8.70 | -370.00 | | Ethanol | 7.05 | 3.89 | 0.00 | - | | Total PBIT | 100.00 | 55.21 | 31.93 | 72.91 | 100.00 | 242.14 | 430.73 | -43.78 | | Less : Interest | | 18.91 | 10.55 | 79.24 | | 58.88 | 44.22 | 33.15 | | Add: Other un-allcoable | | -6.30 | -3.04 | -107.24 | | -25.16 | -30.70 | 18.05 | | PBIT Margin(%) | | Manufactuirng of Machinery & Equipment | | 4.12 | 5.04 | -91.53 | | 6.87 | 10.52 | -365.49 | | Engineering, Procurement and Construction | | 5.43 | 1.44 | 399.03 | | 2.93 | 4.99 | -205.99 | | Sugar | | 9.74 | 7.52 | 222.01 | | 10.21 | 13.06 | -285.12 | | Ethanol (Plant Under Construction) | | -3,845.76 | 325.25 | -4,17,101.52 | | 197.44 | -80.48 | 27,792.19 | | Ethanol | | 7.33 | 0.00 | 732.99 | | -90.71 | 0.00 | -9,070.80 | | PBT | 100.00 | 30.00 | 18.34 | 63.58 | 100.00 | 158.10 | 355.81 | -55.57 |
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