For
the quarter ending sept 2022, consolidated net sales (including other operating income) of M M Forgings has increased 30.90% to Rs 357.57 crore compared to quarter ended sept 2021.Operating profit margin has jumped from 18.04% to 18.73%, leading to 35.97% rise in operating profit to Rs 66.99 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 43.64% to 46.25%. Employee cost decreased from 11.18% to 9.76%. Other expenses fell from 26.05% to 25.91%. Power and Oil fuel cost rose from 8.16% to 8.47%. Other income fell 6.23% to Rs 3.61 crore. PBIDT rose 32.91% to Rs 70.6 crore. Provision for interest rose 3.19% to Rs 7.43 crore. Loan funds declined from Rs 546.32 crore as of 30 September 2021 to Rs 403.43 crore as of 30 September 2022. Inventories rose to Rs 232.77 crore as of 30 September 2022 from Rs 144.44 crore as of 30 September 2021. Sundry debtors were higher at Rs 180.86 crore as of 30 September 2022 compared to Rs 117.19 crore as of 30 September 2021. Cash and bank balance declined from Rs 218.65 crore as of 30 September 2021 to Rs 216.11 crore as of 30 September 2022. Investments rose to Rs 22.29 crore as of 30 September 2022 from Rs 3.29 crore as of 30 September 2021 .
PBDT rose 37.57% to Rs 63.17 crore. Provision for depreciation rose 18.62% to Rs 19.75 crore. Fixed assets increased to Rs 797.80 crore as of 30 September 2022 from Rs 712.48 crore as of 30 September 2021.
Profit before tax grew 48.34% to Rs 43.42 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 10.5 crore, compared to Rs 2.75 crore. Effective tax rate was 24.11% compared to 9.40%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 24.62% to Rs 33.05 crore. Equity capital stood at Rs 24.14 crore as of 30 September 2022 to Rs 24.14 crore as of 30 September 2021. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 56.34% as of 30 September 2022 ,compared to 56.34% as of 30 September 2021 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of M M Forgings has increased 34.95% to Rs 701.53 crore.
Operating profit margin has jumped from 18.18% to 18.56%, leading to 37.77% rise in operating profit to Rs 130.19 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 44.59% to 46.93%. Employee cost decreased from 11.19% to 9.66%. Other expenses fell from 25.75% to 25.42%. Power and Oil fuel cost rose from 8.29% to 8.63%. Other income fell 54.65% to Rs 3.27 crore. PBIDT rose 31.22% to Rs 133.46 crore. Provision for interest rose 6.33% to Rs 14.62 crore. Loan funds declined from Rs 546.32 crore as of 30 September 2021 to Rs 403.43 crore as of 30 September 2022. Inventories rose to Rs 232.77 crore as of 30 September 2022 from Rs 144.44 crore as of 30 September 2021. Sundry debtors were higher at Rs 180.86 crore as of 30 September 2022 compared to Rs 117.19 crore as of 30 September 2021. Cash and bank balance declined from Rs 218.65 crore as of 30 September 2021 to Rs 216.11 crore as of 30 September 2022. Investments rose to Rs 22.29 crore as of 30 September 2022 from Rs 3.29 crore as of 30 September 2021 .
PBDT rose 35.11% to Rs 118.84 crore. Provision for depreciation rose 13.22% to Rs 37.69 crore. Fixed assets increased to Rs 797.80 crore as of 30 September 2022 from Rs 712.48 crore as of 30 September 2021.
Profit before tax grew 48.44% to Rs 81.15 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 19.91 crore, compared to Rs 5.25 crore. Effective tax rate was 24.50% compared to 9.60%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 24.18% to Rs 61.37 crore.
Equity capital stood at Rs 24.14 crore as of 30 September 2022 to Rs 24.14 crore as of 30 September 2021. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 56.34% as of 30 September 2022 ,compared to 56.34% as of 30 September 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 declined from Rs 537.29 crore as of 31 March 2021 to Rs 464.99 crore as of 31 March 2022. Inventories rose to Rs 210.68 crore as of 31 March 2022 from Rs 179.80 crore as of 31 March 2021. Sundry debtors were higher at Rs 182.00 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 745.10 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 37.86 crore, compared to Rs 5.57 crore. Effective tax rate was 29.38% compared to 10.79%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 97.55% to Rs 90.99 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 .
Cash flow from operating activities increased to Rs 151.27 crore for year ended March 2022 from Rs 20.35 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 113.39 crore, compared to Rs 32.22 crore during the year ended March 2021.
| M M Forgings : Consolidated Results |
| | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202209 | 202109 | Var.(%) | 202209 | 202109 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 357.57 | 273.16 | 30.90 | 701.53 | 519.83 | 34.95 | 1,122.97 | 751.93 | 49.35 | | OPM (%) | 18.73 | 18.04 | 70 bps | 18.56 | 18.18 | 38 bps | 17.10 | 17.11 | -1 bps | | OP | 66.99 | 49.27 | 35.97 | 130.19 | 94.50 | 37.77 | 191.98 | 128.65 | 49.23 | | Other Inc. | 3.61 | 3.85 | -6.23 | 3.27 | 7.21 | -54.65 | 30.90 | 17.73 | 74.28 | | PBIDT | 70.60 | 53.12 | 32.91 | 133.46 | 101.71 | 31.22 | 222.88 | 146.38 | 52.26 | | Interest | 7.43 | 7.20 | 3.19 | 14.62 | 13.75 | 6.33 | 27.73 | 32.13 | -13.69 | | PBDT | 63.17 | 45.92 | 37.57 | 118.84 | 87.96 | 35.11 | 195.15 | 114.25 | 70.81 | | Depreciation | 19.75 | 16.65 | 18.62 | 37.69 | 33.29 | 13.22 | 67.77 | 64.58 | 4.94 | | PBT | 43.42 | 29.27 | 48.34 | 81.15 | 54.67 | 48.44 | 127.38 | 49.67 | 156.45 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 43.42 | 29.27 | 48.34 | 81.15 | 54.67 | 48.44 | 127.38 | 49.67 | 156.45 | | EO Income | 0.13 | 0 | - | 0.13 | 0 | - | 1.47 | 1.96 | -25.00 | | PBT after EO | 43.55 | 29.27 | 48.79 | 81.28 | 54.67 | 48.67 | 128.85 | 51.63 | 149.56 | | Taxation | 10.5 | 2.75 | 281.82 | 19.91 | 5.25 | 279.24 | 37.86 | 5.57 | 579.71 | | PAT | 33.05 | 26.52 | 24.62 | 61.37 | 49.42 | 24.18 | 90.99 | 46.06 | 97.55 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 33.05 | 26.52 | 24.62 | 61.37 | 49.42 | 24.18 | 90.99 | 46.06 | 97.55 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 33.05 | 26.52 | 24.62 | 61.37 | 49.42 | 24.18 | 90.99 | 46.06 | 97.55 | | EPS (Rs)* | 13.64 | 10.99 | 24.13 | 25.37 | 20.47 | 23.92 | 37.08 | 18.35 | 102.03 | | | * 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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