For
the quarter ending June 2023, consolidated Net sales (including other operating income) of Craftsman Automation has increased 53.28% to Rs 1037.63 crore compared to quarter ended June 2022. Sales of Automotive-Powertrain & Other segment has gone up 9.95% to Rs 382.40 crore (accounting for 36.85% of total sales). Sales of Automotive-Aluminium Products segment has gone up 184.68% to Rs 487.92 crore (accounting for 47.02% of total sales). Sales of Industrial & Engineering segment rose 6.04% to Rs 167.31 crore (accounting for 16.12% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 26.19% to Rs 161.55 crore. PBIT of Automotive-Powertrain & Other segment fell 12.13% to Rs 83.81 crore (accounting for 51.88% of total PBIT). PBIT of Automotive-Aluminium Products segment rose 226.86% to Rs 66.68 crore (accounting for 41.28% of total PBIT). PBIT of Industrial & Engineering segment fell 9.64% to Rs 11.06 crore (accounting for 6.85% of total PBIT).
PBIT margin of Automotive-Powertrain & Other segment fell from 27.42% to 21.92%. PBIT margin of Automotive-Aluminium Products segment rose from 11.90% to 13.67%. PBIT margin of Industrial & Engineering segment fell from 7.76% to 6.61%. Overall PBIT margin fell from 18.91% to 15.57%.
Operating profit margin has declined from 24.33% to 20.65%, leading to 30.09% rise in operating profit to Rs 214.23 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 48.22% to 53.65%. Employee cost decreased from 8.30% to 6.30%. Other expenses rose from 19.43% to 19.90%. Other income rose 183.21% to Rs 3.71 crore. PBIDT rose 31.30% to Rs 217.94 crore. Provision for interest rose 66.82% to Rs 42.39 crore.
PBDT rose 24.88% to Rs 175.55 crore. Provision for depreciation rose 28.29% to Rs 68.29 crore.
Profit before tax grew 22.79% to Rs 107.26 crore. Share of profit/loss was 280% higher at Rs 0.19 crore. Provision for tax was expense of Rs 26.61 crore, compared to Rs 30.76 crore. Effective tax rate was 24.77% compared to 35.19%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 31.50% to Rs 74.48 crore. Promoters’ stake was 54.99% as of 30 June 2023 ,compared to 59.48% as of 30 June 2022 .
Full year results analysis.
Net sales (including other operating income) of Craftsman Automation has increased 43.55% to Rs 3182.6 crore. Sales of Automotive-Powertrain & Other segment has gone up 32.29% to Rs 1,527.09 crore (accounting for 47.98% of total sales). Sales of Automotive-Aluminium Products segment has gone up 69.31% to Rs 934.61 crore (accounting for 29.37% of total sales). Sales of Industrial & Engineering segment rose 41.17% to Rs 720.90 crore (accounting for 22.65% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 37.66% to Rs 526.58 crore. PBIT of Automotive-Powertrain & Other segment rose 25.78% to Rs 382.04 crore (accounting for 72.55% of total PBIT). PBIT of Automotive-Aluminium Products segment rose 88.72% to Rs 77.32 crore (accounting for 14.68% of total PBIT). PBIT of Industrial & Engineering segment rose 77.83% to Rs 67.22 crore (accounting for 12.77% of total PBIT).
PBIT margin of Automotive-Powertrain & Other segment fell from 26.31% to 25.02%. PBIT margin of Automotive-Aluminium Products segment rose from 7.42% to 8.27%. PBIT margin of Industrial & Engineering segment rose from 7.40% to 9.32%. Overall PBIT margin fell from 17.25% to 16.55%.
Operating profit margin has declined from 24.09% to 21.48%, leading to 27.98% rise in operating profit to Rs 683.61 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 47.39% to 52.25%. Employee cost decreased from 8.35% to 7.18%. Other expenses fell from 20.51% to 19.55%. Other income rose 69.46% to Rs 12.54 crore. PBIDT rose 28.55% to Rs 696.15 crore. Provision for interest rose 42.76% to Rs 120.23 crore. Loan funds rose to Rs 1,240.23 crore as of 31 March 2023 from Rs 799.55 crore as of 31 March 2022. Inventories rose to Rs 836.01 crore as of 31 March 2023 from Rs 626.41 crore as of 31 March 2022. Sundry debtors were higher at Rs 535.29 crore as of 31 March 2023 compared to Rs 296.21 crore as of 31 March 2022. Cash and bank balance rose to Rs 47.34 crore as of 31 March 2023 from Rs 43.48 crore as of 31 March 2022. Investments rose to Rs 3.43 crore as of 31 March 2023 from Rs 2.65 crore as of 31 March 2022 .
PBDT rose 25.93% to Rs 575.92 crore. Provision for depreciation rose 7.58% to Rs 221.61 crore. Fixed assets increased to Rs 2,027.37 crore as of 31 March 2023 from Rs 1,581.52 crore as of 31 March 2022. Intangible assets increased from Rs 4.24 crore to Rs 193.14 crore.
Profit before tax grew 40.96% to Rs 354.31 crore. Share of profit/loss was 26.32% higher at Rs 0.48 crore. Provision for tax was expense of Rs 103.83 crore, compared to Rs 88.64 crore. Effective tax rate was 29.27% compared to 35.21%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 52.30% to Rs 248.39 crore.
Equity capital stood at Rs 10.56 crore as of 31 March 2023 to Rs 10.56 crore as of 31 March 2022. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 58.77% as of 31 March 2023 ,compared to 59.76% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 607.66 crore for year ended March 2023 from Rs 327.21 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 345.25 crore, compared to Rs 212.89 crore during the year ended March 2022.
| Craftsman Automation : Consolidated Results |
| | Quarter ended | Year ended |
|---|
| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,037.63 | 676.96 | 53.28 | 3,182.60 | 2,217.02 | 43.55 | | OPM (%) | 20.65 | 24.33 | -368 bps | 21.48 | 24.09 | -261 bps | | OP | 214.23 | 164.68 | 30.09 | 683.61 | 534.16 | 27.98 | | Other Inc. | 3.71 | 1.31 | 183.21 | 12.54 | 7.40 | 69.46 | | PBIDT | 217.94 | 165.99 | 31.30 | 696.15 | 541.56 | 28.55 | | Interest | 42.39 | 25.41 | 66.82 | 120.23 | 84.22 | 42.76 | | PBDT | 175.55 | 140.58 | 24.88 | 575.92 | 457.34 | 25.93 | | Depreciation | 68.29 | 53.23 | 28.29 | 221.61 | 205.99 | 7.58 | | PBT | 107.26 | 87.35 | 22.79 | 354.31 | 251.35 | 40.96 | | Share of Profit/(Loss) from Associates | 0.19 | 0.05 | 280.00 | 0.48 | 0.38 | 26.32 | | PBT before EO | 107.45 | 87.4 | 22.94 | 354.79 | 251.73 | 40.94 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 107.45 | 87.4 | 22.94 | 354.79 | 251.73 | 40.94 | | Taxation | 26.61 | 30.76 | -13.49 | 103.83 | 88.64 | 17.14 | | PAT | 80.84 | 56.64 | 42.73 | 250.96 | 163.09 | 53.88 | | Minority Interest (MI) | 6.36 | 0 | - | 2.57 | 0 | - | | Net profit | 74.48 | 56.64 | 31.50 | 248.39 | 163.09 | 52.30 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 74.48 | 56.64 | 31.50 | 248.39 | 163.09 | 52.30 | | EPS (Rs)* | 35.25 | 26.81 | 31.50 | 117.56 | 77.19 | 52.30 | | | * EPS is on current equity of Rs 10.56 crore, Face value of Rs 5, 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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| Craftsman Automation : Consolidated Segment Results |
| | Quarter ended | Year ended |
|---|
| % of (Total) | 202306 | 202206 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
|---|
| Sales | | Automotive-Powertrain & Other | 36.85 | 382.40 | 347.79 | 9.95 | 47.98 | 1,527.09 | 1,154.35 | 32.29 | | Automotive-Aluminium Products | 47.02 | 487.92 | 171.39 | 184.68 | 29.37 | 934.61 | 552.01 | 69.31 | | Industrial & Engineering | 16.12 | 167.31 | 157.78 | 6.04 | 22.65 | 720.90 | 510.66 | 41.17 | | Total Reported Sales | 100.00 | 1,037.63 | 676.96 | 53.28 | 100.00 | 3,182.60 | 2,217.02 | 43.55 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 1,037.63 | 676.96 | 53.28 | 100.00 | 3,182.60 | 2,217.02 | 43.55 | | PBIT | | Automotive-Powertrain & Other | 51.88 | 83.81 | 95.38 | -12.13 | 72.55 | 382.04 | 303.74 | 25.78 | | Automotive-Aluminium Products | 41.28 | 66.68 | 20.40 | 226.86 | 14.68 | 77.32 | 40.97 | 88.72 | | Industrial & Engineering | 6.85 | 11.06 | 12.24 | -9.64 | 12.77 | 67.22 | 37.80 | 77.83 | | Total PBIT | 100.00 | 161.55 | 128.02 | 26.19 | 100.00 | 526.58 | 382.51 | 37.66 | | Less : Interest | | 42.39 | 25.41 | 66.82 | | 120.23 | 84.22 | 42.76 | | Add: Other un-allcoable | | -11.71 | -15.21 | 23.01 | | -51.56 | -46.56 | -10.74 | | PBIT Margin(%) | | Automotive-Powertrain & Other | | 21.92 | 27.42 | -550.78 | | 25.02 | 26.31 | -129.51 | | Automotive-Aluminium Products | | 13.67 | 11.90 | 176.35 | | 8.27 | 7.42 | 85.10 | | Industrial & Engineering | | 6.61 | 7.76 | -114.72 | | 9.32 | 7.40 | 192.23 | | PBT | 100.00 | 107.45 | 87.40 | 22.94 | 100.00 | 354.79 | 251.73 | 40.94 |
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