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Results
04-Nov-22
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Analysis
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Elecon Engineering Company
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Net up 82% largely due to strong operating show, higher OI and lower interest
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Consolidated net sales of Elecon
Engineering Company for the quarter ended Sep 2022 has increased 23.75% to Rs
388.59 crore. Operating profit margin has jumped from 21.23% to 23.83%,
leading to 38.88% rise in operating profit to Rs 92.59 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
47.25% to 48.93%. Employee cost decreased from 9.69% to 9.13%.
Other expenses fell from 21.71% to 19.13%. Other direct
service cost fell from 8.45% to 7.57%. Other income rose 164.81% to
Rs 4.29 crore. PBIDT rose 41.87% to Rs 96.88 crore. Provision
for interest fell 76.33% to Rs 2.76 crore. PBDT rose 66.20% to Rs
94.12 crore. Provision for depreciation fell 3.72% to Rs 11.9
crore. Profit before tax grew 85.72% to Rs 82.22 crore. Share
of profit/loss was 380.95% higher at Rs 1.01 crore. Provision for
tax was expense of Rs 18.72 crore, compared to Rs 9.1
crore. Effective tax rate was 22.49% compared to 20.46%. Minority
interest was nil in both the periods. Net profit attributable to
owners of the company increased 82.33% to Rs 64.51 crore.
Sales of Material Handling Equipment segment has gone up 13.52% to
Rs 55.36 crore (accounting for 14.25% of total sales). Sales of
Transmission Equipment segment has gone up 25.63% to Rs 333.24 crore
(accounting for 85.75% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has
jumped 55.84% to Rs 87.37 crore. PBIT of Material Handling Equipment
segment rose 19.13% to Rs 7.76 crore (accounting for 8.88% of total
PBIT). PBIT of Transmission Equipment segment rose 60.67% to Rs
79.62 crore (accounting for 91.12% of total PBIT).
PBIT margin of Material Handling Equipment segment rose from
13.35% to 14.01%. PBIT margin of Transmission Equipment segment rose
from 18.68% to 23.89%. Overall PBIT margin rose from 17.85% to
22.48%.
Half Yearly performance
Consolidated net-sales has increased 17.77% to Rs 716.31 crore.
Operating profit margin has jumped from 20.64% to 21.98%, leading to 25.44%
rise in operating profit to Rs 157.48 crore. Raw material cost as a
% of total sales (net of stock adjustments) decreased from 48.18% to 46.72%.
Employee cost increased from 10.17% to 10.67%. Other
expenses fell from 21.47% to 21.19%. Other direct service cost rose
from 7.59% to 7.91%. Other income rose 158.88% to Rs 8.75
crore. PBIDT rose 28.94% to Rs 166.23 crore. Provision
for interest fell 72.69% to Rs 6.88 crore. PBDT rose 53.62% to Rs
159.35 crore. Provision for depreciation fell 5.20% to Rs 23.32
crore. Profit before tax grew 71.91% to Rs 136.03
crore. Share of profit/loss was 60% higher at Rs 0.8
crore. Provision for tax was expense of Rs 30.02 crore, compared to
Rs 16.98 crore. Effective tax rate was 21.94% compared to 21.32%. Minority
interest was nil in both the periods. Net profit attributable to
owners of the company increased 70.49% to Rs 106.81 crore.
Sales of Material
Handling Equipment segment has gone up 25.07% to Rs 98.11 crore (accounting for
13.70% of total sales). Sales of Transmission Equipment segment has
gone up 16.69% to Rs 618.20 crore (accounting for 86.30% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has
jumped 38.99% to Rs 147.29 crore. PBIT of Material Handling
Equipment segment rose 100.37% to Rs 12.39 crore (accounting for 8.41% of total
PBIT). PBIT of Transmission Equipment segment rose 35.18% to Rs
134.90 crore (accounting for 91.59% of total PBIT).
PBIT margin of Material Handling Equipment segment rose from 7.88%
to 12.63%. PBIT margin of Transmission Equipment segment rose from
18.84% to 21.82%. Overall PBIT margin rose from 17.42% to 20.56%.
Order book
The company during Q2FY23
booked orders worth Rs 307 crore in gear business and this translates to an
order backlog of Rs 452 crore for
execution in the near to medium term. In the material handling business, it closed orders worth Rs 49 crore
and the pending order book for MHE business now stands at Rs 112 crore.
Other Developments
Equity capital stood at Rs 22.44 crore as of 30 September 2022 to
Rs 22.44 crore as of 30 September 2021. Per share face Value
remained same at Rs 2.00.
Promoters’ stake was 59.26% as of 30 September 2022 ,compared to
59.21% as of 30 September 2021 . Promoters pledged stake was 3.76%
as of 30 September 2022 ,compared to 11.29% as of 30 September 2021
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Loan funds declined from Rs 243.46 crore as of 30 September 2021
to Rs 56.88 crore as of 30 September 2022. Inventories rose to Rs
281.29 crore as of 30 September 2022 from Rs 253.45 crore as of 30 September
2021. Sundry debtors were lower at Rs 374.76 crore as of 30
September 2022 compared to Rs 440.01 crore as of 30 September
2021. Cash and bank balance declined from Rs 147.30 crore as of 30
September 2021 to Rs 106.22 crore as of 30 September
2022. Investments rose to Rs 54.61 crore as of 30 September 2022
from Rs 53.45 crore as of 30 September 2021. Fixed assets increased to Rs
639.66 crore as of 30 September 2022 from Rs 620.32 crore as of 30 September
2021. Intangible assets declined from Rs 122.36 crore to Rs 96.49
crore.
Cash flow from operating activities increased to Rs 140.74 crore
for YTD ended September 2022 from Rs 131.04 crore for YTD ended September
2021. Cash flow used in acquiring fixed assets during the YTD ended
September 2022 stood at Rs 15.64 crore, compared to Rs 11.03 crore during the
YTD ended September 2021.
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Elecon Engineering: Consolidated
Results
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2209 (3)
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2109 (3)
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Var.(%)
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2209 (6)
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2109 (6)
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Var.(%)
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2203 (12)
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2103 (12)
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Var. (%)
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Sales
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388.59
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314.02
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24
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716.31
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608.23
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18
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1211.95
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1044.71
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16
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OPM (%)
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23.8
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21.2
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22.0
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20.6
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20.3
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17.8
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OP
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92.59
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66.67
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39
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157.48
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125.54
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25
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246.44
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185.61
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33
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Other inc.
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4.29
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1.62
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165
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8.75
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3.38
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159
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8.56
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5.73
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49
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PBIDT
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96.88
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68.29
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42
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166.23
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128.92
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29
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255.00
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191.34
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33
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Interest
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2.76
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11.66
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-76
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6.88
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25.19
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-73
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37.34
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59.81
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-38
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PBDT
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94.12
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56.63
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66
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159.35
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103.73
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54
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217.66
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131.53
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65
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Dep.
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11.90
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12.36
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-4
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23.32
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24.60
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-5
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48.58
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52.11
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-7
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PBT before EO
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82.22
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44.28
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86
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136.03
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79.13
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72
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169.08
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79.42
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113
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EO Exp
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0.00
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0.00
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0.00
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0.00
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0.00
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0.00
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PBT after EO
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82.22
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44.28
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86
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136.03
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79.13
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72
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169.08
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79.42
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113
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Taxation
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18.70
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9.10
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105
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29.93
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16.98
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76
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28.80
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23.36
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PL
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PAT
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63.52
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35.17
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81
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106.10
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62.15
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71
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140.28
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56.06
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150
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PPT
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0.03
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0.00
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0.09
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0.00
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1.23
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0.30
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PAT after PPT
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63.49
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35.17
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81
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106.01
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62.15
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71
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139.05
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55.76
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149
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Share of Profit/(Loss) from
Associates
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1.01
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0.21
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388
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0.80
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0.50
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60
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1.44
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1.87
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-23
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Minority Interest
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0.00
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0.00
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0.00
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0.00
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0.00
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0.00
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Net profit
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64.51
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35.38
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82
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106.81
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62.65
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70
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140.49
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57.63
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144
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EPS (Rs)*
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#
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#
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#
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#
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12.6
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5.2
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* EPS is on current equity of Rs
22.44 crore, Face value of Rs 2
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# EPS is not annualised due to
seasonality of business
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Figures in Rs crore
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Source: Capitaline Corporate
Database
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Elecon Engineering: Consolidated
Segment Results
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Particulars
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% to total
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2209 (3)
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2109 (3)
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Var. (%)
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% to total
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2209 (6)
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2109 (6)
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Var. (%)
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% to total
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2203 (12)
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2103 (12)
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Var.(%)
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Sales
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Material Handling Equipment
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14
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55.36
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48.76
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14
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14
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98.11
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78.44
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25
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11
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136.25
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139.25
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-2
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Transmission Equipment
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86
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333.24
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265.26
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26
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86
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618.20
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529.79
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17
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89
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1075.70
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905.46
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19
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Total
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100
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388.59
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314.02
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24
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100
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716.31
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608.23
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18
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100
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1211.95
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1044.71
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16
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Less Inter segment revenue
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####
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####
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###
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Net sales
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388.59
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314.02
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24
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716.31
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608.23
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18
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1211.95
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1044.71
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16
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PBIT
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Material Handling Equipment
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9
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7.76
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6.51
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19
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8
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12.39
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6.18
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100
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0
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-0.88
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-50.43
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-98
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Transmission Equipment
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91
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79.62
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49.55
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61
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92
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134.90
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99.79
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35
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100
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211.30
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196.01
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8
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Total
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100
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87.37
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56.07
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56
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100
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147.29
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105.97
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39
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100
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210.42
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145.58
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45
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Less: Interest (net)
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2.76
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11.66
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-76
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6.88
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25.19
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-73
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37.34
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59.81
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-38
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Less: Others Un-allocable
Exp/Income (net)
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1.38
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-0.08
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####
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3.59
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1.15
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211
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2.55
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4.48
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-43
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Add: EO
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PBT
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83.23
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44.48
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87
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136.83
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79.63
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72
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170.53
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81.29
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110
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Note: Figures in Rs crore
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Source: Capitaline 2000
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Previous News |
Elecon Engineering Company consolidated net profit rises 44.09% in the December 2023 quarter
(
Results
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Announcements
25-Jan-24
13:36
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Elecon Engineering Company consolidated net profit declines 81.02% in the March 2019 quarter
(
Results
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Announcements
08-May-19
14:13
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Elecon Engineering Company to conduct AGM
(
Corporate News
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27-May-23
14:15
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Elecon Engineering Company to declare Quarterly Result
(
Corporate News
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30-Mar-24
17:15
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Elecon Engineering Company to convene board meeting
(
Corporate News
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25-Apr-22
12:40
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Elecon Engineering Company schedules board meeting
(
Corporate News
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01-Jul-23
10:26
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Elecon Engineering Company announces board meeting date
(
Corporate News
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17-Jan-23
10:42
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Elecon Engineering Company schedules AGM
(
Corporate News
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20-May-24
11:01
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Elecon Engineering Company consolidated net profit declines 80.23% in the September 2019 quarter
(
Results
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Announcements
23-Oct-19
10:35
)
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Elecon Engineering Company consolidated net profit rises 77.64% in the March 2018 quarter
(
Results
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Announcements
04-May-18
17:26
)
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Elecon Engineering Company standalone net profit declines 95.26% in the March 2019 quarter
(
Results
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Announcements
08-May-19
14:13
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