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Results
27-Jan-23
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Analysis
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AIA Engineering
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PAT up 155% YoY to Rs 352.46 cr in Q3FY2023
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On consolidated basis
Quarter ended December 2022 compared
with Quarter ended December 2021.
Net sales (including other operating
income) of AIA Engineering has increased 44.66% to Rs 1226.85
crore.
Operating profit margin has jumped
from 19.01% to 29.81%, leading to 126.86% rise in operating profit to Rs 365.72
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 50.45% to 34.35%. Employee cost decreased
from 3.33% to 3.17%. Other expenses rose from 31.07% to 31.83%.
Power and Oil fuel cost fell from 8.48% to 7.04%.
Freight charges rose from 10.73% to 11.42%.
Other
income rose 178.84% to Rs 117.95 crore. PBIDT rose 137.66% to Rs
483.67 crore. Provision for interest rose 107.94% to Rs 5.24
crore.
PBDT
rose 138.04% to Rs 478.43 crore. Provision for depreciation fell
1.89% to Rs 24.44 crore.
Profit
before tax grew 157.83% to Rs 453.99 crore. Share of profit/loss
were nil in both the periods. Provision for tax was expense of Rs
101.53 crore, compared to Rs 37.56 crore. Effective tax rate was
22.36% compared to 21.33%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 155.11% to Rs 352.46 crore.
Promoters’
stake was 58.47% as of 31 December 2022 ,compared to 58.47% as of 31 December
2021 .
Year-to-date (YTD) results analysis
Net sales (including other operating income) of
AIA Engineering has increased 46.98% to Rs 3635.21 crore.
Operating profit margin has jumped
from 20.02% to 25.44%, leading to 86.84% rise in operating profit to Rs 924.90
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 47.29% to 41.51%. Employee cost
decreased from 3.70% to 3.05%. Other expenses fell from 31.33% to
30.24%. Power and Oil fuel cost fell from 8.58% to 7.41%.
Freight charges rose from 9.96% to 10.64%.
Other
income rose 45.25% to Rs 170.73 crore. PBIDT rose 78.86% to Rs
1095.63 crore. Provision for interest rose 151.48% to Rs 10.21
crore.
PBDT
rose 78.38% to Rs 1085.42 crore. Provision for depreciation fell
1.47% to Rs 69.79 crore.
Profit before tax grew 88.89% to Rs
1,015.63 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 226.79 crore, compared
to Rs 112.08 crore. Effective tax rate was 22.33% compared to
20.85%.
Minority
interest increased 111.54% to Rs 1.10 crore. Net profit attributable
to owners of the company increased 85.32% to Rs 787.74 crore.
Promoters’
stake was 58.47% as of 31 December 2022 ,compared to 58.47% as of 31 December
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 980.34 crore as of
31 March 2022 from Rs 952.48 crore as of 31 March 2021. Intangible
assets stood at Rs 19.89 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 FY2024
Expansion: The company has decided to go ahead with its
brownfield capacity expansion of grinding media. It plans to add 80,000 Mt of
capacity at an estimated capex of Rs. 200 Crores and commissioning by end of
FY2024.
Order
Book: Order book as at 1st Jan 2023: Rs. 683 cr.
| AIA Engineering : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,226.85 | 848.10 | 44.66 | 3,635.21 | 2,473.21 | 46.98 | 3,566.55 | 2,881.49 | 23.77 | | OPM (%) | 29.81 | 19.01 | 1,080 bps | 25.44 | 20.02 | 543 bps | 20.21 | 22.74 | -253 bps | | OP | 365.72 | 161.21 | 126.86 | 924.90 | 495.02 | 86.84 | 720.95 | 655.23 | 10.03 | | Other Inc. | 117.95 | 42.30 | 178.84 | 170.73 | 117.54 | 45.25 | 156.29 | 172.20 | -9.24 | | PBIDT | 483.67 | 203.51 | 137.66 | 1,095.63 | 612.56 | 78.86 | 877.24 | 827.43 | 6.02 | | Interest | 5.24 | 2.52 | 107.94 | 10.21 | 4.06 | 151.48 | 3.85 | 4.29 | -10.26 | | PBDT | 478.43 | 200.99 | 138.04 | 1,085.42 | 608.50 | 78.38 | 873.39 | 823.14 | 6.10 | | Depreciation | 24.44 | 24.91 | -1.89 | 69.79 | 70.83 | -1.47 | 92.12 | 93.5 | -1.48 | | PBT | 453.99 | 176.08 | 157.83 | 1015.63 | 537.67 | 88.89 | 781.27 | 729.64 | 7.08 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 453.99 | 176.08 | 157.83 | 1015.63 | 537.67 | 88.89 | 781.27 | 729.64 | 7.08 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 453.99 | 176.08 | 157.83 | 1015.63 | 537.67 | 88.89 | 781.27 | 729.64 | 7.08 | | Taxation | 101.53 | 37.56 | 170.31 | 226.79 | 112.08 | 102.35 | 161.65 | 163.94 | -1.40 | | PAT | 352.46 | 138.52 | 154.45 | 788.84 | 425.59 | 85.35 | 619.62 | 565.7 | 9.53 | | Minority Interest (MI) | 0 | 0.36 | - | 1.1 | 0.52 | 111.54 | -0.06 | -0.42 | 85.71 | | Net profit | 352.46 | 138.16 | 155.11 | 787.74 | 425.07 | 85.32 | 619.68 | 566.12 | 9.46 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 352.46 | 138.16 | 155.11 | 787.74 | 425.07 | 85.32 | 619.68 | 566.12 | 9.46 | | EPS (Rs)* | 37.37 | 14.65 | 155.11 | 83.52 | 45.07 | 85.32 | 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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