Capitaline

Results 26-May-23

Analysis

Ingersoll-Rand (India)

Sales up 37%, net up 130%

Standalone net sales (including other operating income) of Ingersoll-Rand (India) for the quarter ended Mar 2023 has increased 37.25% to Rs 304.40 crore. Operating profit margin has jumped from 18.06% to 29.72%, leading to 125.92% rise in operating profit to Rs 90.48 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 62.62% to 52.71%. Purchase of finished goods cost fell from 1.95% to 1.54%. Employee cost decreased from 9.31% to 8.62%. Other expenses fell from 9.14% to 8.47%. Other income up 3.33% to Rs 4.34 crore. PBIDT rose 114.28% to Rs 94.82 crore. Provision for interest fell 85.61% to Rs 0.2 crore. PBDT rose 120.77% to Rs 94.62 crore. Provision for depreciation rose 15.55% to Rs 4.31 crore. Profit before tax grew 130.79% to Rs 90.31 crore. Provision for tax was expense of Rs 23.2 crore, compared to Rs 9.9 crore. Effective tax rate was 25.69% compared to 25.30%. Profit after tax rose 129.59% to Rs 67.11 crore.

Full year results analysis

Net sales (including other operating income) of Ingersoll-Rand (India) has increased 26.47% to Rs 1,150.79 crore. Operating profit margin has jumped from 16.65% to 21.36%, leading to 62.18% rise in operating profit to Rs 245.76 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 61.43% to 57.95%. Purchase of finished goods cost fell from 1.83% to 1.69%. Employee cost decreased from 11.18% to 9.66%. Other expenses fell from 9.37% to 9.31%. Other income up 43.13% to Rs 19.28 crore. PBIDT rose 60.62% to Rs 265.04 crore. Provision for interest fell 5.49% to Rs 2.41 crore. PBDT rose 61.66% to Rs 262.63 crore. Provision for depreciation rose 15.82% to Rs 16.33 crore. Profit before tax grew 66.02% to Rs 246.30 crore. Provision for tax was expense of Rs 63.66 crore, compared to Rs 38.21 crore. Effective tax rate was 25.85% compared to 25.75%. Profit after tax rose 65.81% to Rs 182.64 crore.

Other developments

Equity capital stood at Rs 31.57 crore as of 31 March 2023 to Rs 31.57 crore as of 31 March 2022. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 75.00% as of 31 March 2023 ,compared to 75.00% as of 31 March 2022 .

Loan funds declined from Rs 7.75 crore as of 31 March 2022 to Rs 4.62 crore as of 31 March 2023. Inventories rose to Rs 162.09 crore as of 31 March 2023 from Rs 160.73 crore as of 31 March 2022. Sundry debtors were higher at Rs 267.91 crore as of 31 March 2023 compared to Rs 241.37 crore as of 31 March 2022. Cash and bank balance declined from Rs 293.75 crore as of 31 March 2022 to Rs 275.23 crore as of 31 March 2023. Fixed assets declined from Rs 116.70 crore as of 31 March 2022 to Rs 114.23 crore as of 31 March 2023. Intangible assets declined from Rs 0.25 crore to Rs 0.18 crore.

Cash flow from operating activities increased to Rs 148.06 crore for year ended March 2023 from Rs 80.91 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 14.83 crore, compared to Rs 12.25 crore during the year ended March 2022.

Ingersoll-Rand (India) : Standalone Results

	Quarter ended			Year ended
Particulars	202303	202203	Var.(%)	202303	202203	Var.(%)
Net Sales (including other operating income)	304.40	221.78	37.25	1,150.79	909.92	26.47
OPM (%)	29.72	18.06	1,167 bps	21.36	16.65	470 bps
OP	90.48	40.05	125.92	245.76	151.54	62.18
Other Inc.	4.34	4.20	3.33	19.28	13.47	43.13
PBIDT	94.82	44.25	114.28	265.04	165.01	60.62
Interest	0.2	1.39	-85.61	2.41	2.55	-5.49
PBDT	94.62	42.86	120.77	262.63	162.46	61.66
Depreciation	4.31	3.73	15.55	16.33	14.1	15.82
PBT	90.31	39.13	130.79	246.3	148.36	66.02
PBT before EO	90.31	39.13	130.79	246.3	148.36	66.02
EO Income	0	0	-	0	0	-
PBT after EO	90.31	39.13	130.79	246.3	148.36	66.02
Taxation	23.2	9.9	134.34	63.66	38.21	66.61
PAT	67.11	29.23	129.59	182.64	110.15	65.81
P/(L) from discontinued operations net of tax	0	0	-	0	0	-
Net profit after discontinued operations	67.11	29.23	129.59	182.64	110.15	65.81
EPS (Rs)*	21.26	9.26	129.59	57.86	34.89	65.81

* EPS is on current equity of Rs 31.57 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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