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Results
26-May-23
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Analysis
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AIA Engineering
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Net sales up 16.5% YoY to Rs 1273.6 cr in Q4FY2023
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On consolidated basis
Quarter ended March 2023 compared
with Quarter ended March 2022.
Net sales (including other operating
income) of AIA Engineering has increased 16.49% to Rs 1273.57
crore.
Operating profit margin has jumped
from 20.66% to 24.79%, leading to 39.76% rise in operating profit to Rs 315.74
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 45.56% to 42.62%. Employee cost
increased from 3.15% to 3.29%. Other expenses fell from 31.45% to
28.05%. Power and Oil fuel cost rose from 7.76% to 8.62%.
Freight charges fell from 12.56% to 7.08%.
Other
income rose 64.67% to Rs 63.81 crore. PBIDT rose 43.40% to Rs 379.55
crore. Loan funds rose to Rs 502.55 crore as of 31 March 2023 from
Rs 9.83 crore as of 31 March 2022. Inventories declined from Rs
1,226.01 crore as of 31 March 2022 to Rs 1,218.02 crore as of 31 March
2023. Sundry debtors were higher at Rs 860.84 crore as of 31 March
2023 compared to Rs 800.15 crore as of 31 March 2022. Cash and bank
balance rose to Rs 805.99 crore as of 31 March 2023 from Rs 506.10 crore as of
31 March 2022. Investments rose to Rs 2,254.32 crore as of 31 March
2023 from Rs 1,055.41 crore as of 31 March 2022 .
PBDT
rose 39.56% to Rs 369.66 crore. Provision for depreciation rose 9.21%
to Rs 23.25 crore. Fixed assets increased to Rs 1,090.30 crore as of
31 March 2023 from Rs 980.34 crore as of 31 March 2022. Intangible
assets stood at Rs 19.89 crore.
Profit
before tax grew 42.21% to Rs 346.41 crore. Share of profit/loss were
nil in both the periods. Provision for tax was expense of Rs 78.75
crore, compared to Rs 49.57 crore. Effective tax rate was 22.73%
compared to 20.35%.
Minority interest increased 10.17%
to Rs -0.53 crore. Net profit attributable to owners of the company
increased 37.81% to Rs 268.19 crore.
Equity
capital stood at Rs 18.86 crore as of 31 March 2023 to Rs 18.86 crore as of 31
March 2022. Per share face Value remained same at Rs
2.00.
Promoters’
stake was 58.47% as of 31 March 2023 ,compared to 58.47% as of 31 March 2022
.
Full year results analysis.
Net sales (including other operating
income) of AIA Engineering has increased 37.63% to Rs 4908.76
crore.
Operating profit margin has jumped
from 20.21% to 25.27%, leading to 72.08% rise in operating profit to Rs
1,240.64 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 46.79% to 41.79%. Employee cost
decreased from 3.54% to 3.11%. Other expenses fell from 31.37% to
29.70%. Power and Oil fuel cost fell from 8.34% to 7.71%.
Freight charges fell from 10.71% to 9.76%.
Other
income rose 50.07% to Rs 234.54 crore. PBIDT rose 68.16% to Rs
1475.18 crore. Provision for interest rose 422.08% to Rs 20.1
crore. Loan funds rose to Rs 502.55 crore as of 31 March 2023 from
Rs 9.83 crore as of 31 March 2022. Inventories declined from Rs
1,226.01 crore as of 31 March 2022 to Rs 1,218.02 crore as of 31 March
2023. Sundry debtors were higher at Rs 860.84 crore as of 31 March
2023 compared to Rs 800.15 crore as of 31 March 2022. Cash and bank
balance rose to Rs 805.99 crore as of 31 March 2023 from Rs 506.10 crore as of
31 March 2022. Investments rose to Rs 2,254.32 crore as of 31 March
2023 from Rs 1,055.41 crore as of 31 March 2022 .
PBDT
rose 66.60% to Rs 1455.08 crore. Provision for depreciation rose 1%
to Rs 93.04 crore. Fixed assets increased to Rs 1,090.30 crore as of
31 March 2023 from Rs 980.34 crore as of 31 March 2022. Intangible
assets stood at Rs 19.89 crore.
Profit
before tax grew 74.34% to Rs 1,362.04 crore. Share of profit/loss
were nil in both the periods. Provision for tax was expense of Rs
305.54 crore, compared to Rs 161.65 crore. Effective tax rate was
22.43% compared to 20.69%.
Net
profit attributable to owners of the company increased 70.40% to Rs 1,055.93
crore.
Equity
capital stood at Rs 18.86 crore as of 31 March 2023 to Rs 18.86 crore as of 31
March 2022. Per share face Value remained same at Rs
2.00.
Promoters’
stake was 58.47% as of 31 March 2023 ,compared to 58.47% as of 31 March 2022
.
Cash
flow from operating activities has turned positive Rs 867.72 crore for year
ended March 2023 from negative Rs 39.55 crore for year ended March
2022. Cash flow used in acquiring fixed assets during the year ended
March 2023 stood at Rs 194.78 crore, compared to Rs 125.47 crore during the
year ended March 2022.
Others:
CAPEX:
The Company has commissioned Mill
Liners plant with a capacity of 50,000 Mt per Annum.
Kerala GIDC Projects: 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
F.Y.2024.
Order
Book: Order book as at 1st April 2023: Rs. 770 cr
Dividend:
The Board has recommended dividend of Rs 16/- per Equity Share of face value of Rs 2/- each fully paid up for the Financial Year 2022-23.
| AIA Engineering : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,273.57 | 1,093.33 | 16.49 | 4,908.76 | 3,566.55 | 37.63 | | OPM (%) | 24.79 | 20.66 | 413 bps | 25.27 | 20.21 | 506 bps | | OP | 315.74 | 225.92 | 39.76 | 1,240.64 | 720.95 | 72.08 | | Other Inc. | 63.81 | 38.75 | 64.67 | 234.54 | 156.29 | 50.07 | | PBIDT | 379.55 | 264.67 | 43.40 | 1,475.18 | 877.24 | 68.16 | | Interest | 9.89 | -0.21 | PL | 20.10 | 3.85 | 422.08 | | PBDT | 369.66 | 264.88 | 39.56 | 1,455.08 | 873.39 | 66.60 | | Depreciation | 23.25 | 21.29 | 9.21 | 93.04 | 92.12 | 1.00 | | PBT | 346.41 | 243.59 | 42.21 | 1362.04 | 781.27 | 74.34 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 346.41 | 243.59 | 42.21 | 1362.04 | 781.27 | 74.34 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 346.41 | 243.59 | 42.21 | 1362.04 | 781.27 | 74.34 | | Taxation | 78.75 | 49.57 | 58.87 | 305.54 | 161.65 | 89.01 | | PAT | 267.66 | 194.02 | 37.95 | 1056.5 | 619.62 | 70.51 | | Minority Interest (MI) | -0.53 | -0.59 | 10.17 | 0.57 | -0.06 | PL | | Net profit | 268.19 | 194.61 | 37.81 | 1055.93 | 619.68 | 70.40 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 268.19 | 194.61 | 37.81 | 1055.93 | 619.68 | 70.40 | | EPS (Rs)* | 28.43 | 20.63 | 37.81 | 111.95 | 65.70 | 70.40 | | | * 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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