For
quarter ended March 2023, consolidated Net sales (including other operating income) of ZF Commercial Vehicle Control System India has increased 24.93% to Rs 976.94 crore compared to quarter ended Mar 2022. Operating profit margin has jumped from 11.39% to 14.74%, leading to 61.79% rise in operating profit to Rs 144.04 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 66.02% to 63.88%. Employee cost decreased from 11.40% to 10.42%. Other expenses fell from 11.33% to 11.07%. Other income rose 97.26% to Rs 18.03 crore. PBIDT rose 65.09% to Rs 162.07 crore. Provision for interest fell 11.32% to Rs 0.47 crore. Loan funds rose to Rs 65.35 crore as of 31 March 2023 from Rs 3.89 crore as of 31 March 2022. Inventories rose to Rs 156.96 crore as of 31 March 2023 from Rs 144.77 crore as of 31 March 2022. Sundry debtors were higher at Rs 757.56 crore as of 31 March 2023 compared to Rs 666.38 crore as of 31 March 2022. Cash and bank balance rose to Rs 1,169.41 crore as of 31 March 2023 from Rs 670.10 crore as of 31 March 2022. Investments declined from Rs 398.11 crore as of 31 March 2022 to Rs 100.14 crore as of 31 March 2023.
PBDT rose 65.51% to Rs 161.6 crore. Provision for depreciation rose 27.76% to Rs 26.74 crore. Fixed assets increased to Rs 652.26 crore as of 31 March 2023 from Rs 546.44 crore as of 31 March 2022. Intangible assets increased from Rs 9.48 crore to Rs 11.55 crore.
Profit before tax grew 75.80% to Rs 134.86 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 33.65 crore, compared to Rs 20.11 crore. Effective tax rate was 24.95% compared to 26.22%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 78.82% to Rs 101.21 crore. Equity capital stood at Rs 9.48 crore as of 31 March 2023 to Rs 9.48 crore as of 31 March 2022. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 75.00% as of 31 March 2023 ,compared to 75.00% as of 31 March 2022 .
Full year results analysis.
Net sales (including other operating income) of ZF Commercial Vehicle Control System India has increased 35.42% to Rs 3444.25 crore. Operating profit margin has jumped from 9.93% to 13.66%, leading to 86.25% rise in operating profit to Rs 470.36 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 64.70% to 63.77%. Employee cost decreased from 12.89% to 10.94%. Other expenses fell from 12.51% to 11.63%. Other income rose 78.47% to Rs 66.98 crore. PBIDT rose 85.24% to Rs 537.34 crore. Provision for interest rose 198.42% to Rs 5.67 crore. Loan funds rose to Rs 65.35 crore as of 31 March 2023 from Rs 3.89 crore as of 31 March 2022. Inventories rose to Rs 156.96 crore as of 31 March 2023 from Rs 144.77 crore as of 31 March 2022. Sundry debtors were higher at Rs 757.56 crore as of 31 March 2023 compared to Rs 666.38 crore as of 31 March 2022. Cash and bank balance rose to Rs 1,169.41 crore as of 31 March 2023 from Rs 670.10 crore as of 31 March 2022. Investments declined from Rs 398.11 crore as of 31 March 2022 to Rs 100.14 crore as of 31 March 2023.
PBDT rose 84.50% to Rs 531.67 crore. Provision for depreciation rose 13.36% to Rs 104.78 crore. Fixed assets increased to Rs 652.26 crore as of 31 March 2023 from Rs 546.44 crore as of 31 March 2022. Intangible assets increased from Rs 9.48 crore to Rs 11.55 crore.
Profit before tax grew 118.09% to Rs 426.89 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 109.22 crore, compared to Rs 53.67 crore. Effective tax rate was 25.59% compared to 27.42%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 123.60% to Rs 317.67 crore.
Equity capital stood at Rs 9.48 crore as of 31 March 2023 to Rs 9.48 crore as of 31 March 2022. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 75.00% as of 31 March 2023 ,compared to 75.00% as of 31 March 2022 .
Dividend update
Board recommended final dividend of Rs 13
per share of the face value of Rs 5 each for the financial year 2022-23.