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Results
08-Aug-23
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Analysis
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Salzer Electronics
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Sales up 21%, net up 23%
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Consolidated net sales (including other operating income) of Salzer Electronics for the quarter ended Jun 2023 has increased 21.34% to Rs 288.67 crore. Operating profit margin has jumped from 8.70% to 9.03%, leading to 26.05% rise in operating profit to Rs 26.08 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 84.76% to 78.72%. Purchase of finished goods cost fell from 5.29% to 0.61%. Employee cost decreased from 3.82% to 3.61%. Other expenses rose from 8.01% to 9.25%. Other income fell 39.84% to Rs 0.74 crore. PBIDT rose 22.35% to Rs 26.82 crore. Provision for interest rose 42.35% to Rs 8 crore. PBDT rose 15.46% to Rs 18.82 crore. Provision for depreciation rose 15.63% to Rs 4.66 crore. Profit before tax grew 15.40% to Rs 14.16 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 3.99 crore, compared to Rs 2.63 crore. Effective tax rate was 28.18% compared to 21.43%. Minority interest decreased 84.97% to Rs 0.23 crore. Net profit attributable to owners of the company increased 22.56% to Rs 9.94 crore. Management Comments :
Commenting on this, Mr. Rajesh Doraiswamy, Joint Managing Director, Salzer Electronics Ltd said: “During the First quarter of the financial year, we registered a consolidated revenue of Rs. 288.67 crores with EBITDA (excluding other income) and PAT of Rs. 26.07 crore and Rs. 10.17 crore, respectively. This growth was mainly driven by the higher margin switchgear business that led to margin improvement. Our revenues from exports were largely from Asia, North & South America as well as Europe. We expect to continue with a similar growth trajectory with our strong product offerings and brand position in the market. Based on domestic and export outlook, we are cautiously optimistic about the overall business performance. I am also happy to share that to further strengthen & professionalize our Board, we have appointed two non Executive Independent Directors – Mr Sharat Chandra Bhargav and Ms Priya Bhansali. Both are experienced professionals with over two decades of experience and hold directorship positions in various capacities in Indian organizations. Sharat, an engineer from IIT Kharagpur with a Management degree from Wharton Business School while Priya is a CA and a Managing Partner in Kumbhat & Co. I welcome them both and look forward to their valued inputs to help us take our Company to new heights. I thank the entire team at Salzer Electronics for their untiring efforts and all our stakeholders for their continued support and faith in our Company.”
Promoters’ stake was 33.94% as of 30 June 2023 ,compared to 32.34% as of 30 June 2022 .
| Salzer Electronics : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 288.67 | 237.90 | 21.34 | 1,037.09 | 803.54 | 29.07 | | OPM (%) | 9.03 | 8.70 | 34 bps | 9.25 | 8.24 | 101 bps | | OP | 26.08 | 20.69 | 26.05 | 95.92 | 66.23 | 44.83 | | Other Inc. | 0.74 | 1.23 | -39.84 | 1.70 | 2.48 | -31.45 | | PBIDT | 26.82 | 21.92 | 22.35 | 97.62 | 68.71 | 42.08 | | Interest | 8.00 | 5.62 | 42.35 | 26.12 | 19.88 | 31.39 | | PBDT | 18.82 | 16.30 | 15.46 | 71.50 | 48.83 | 46.43 | | Depreciation | 4.66 | 4.03 | 15.63 | 16.6 | 16.33 | 1.65 | | PBT | 14.16 | 12.27 | 15.40 | 54.9 | 32.5 | 68.92 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 14.16 | 12.27 | 15.40 | 54.9 | 32.5 | 68.92 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 14.16 | 12.27 | 15.40 | 54.9 | 32.5 | 68.92 | | Taxation | 3.99 | 2.63 | 51.71 | 15.28 | 8.3 | 84.10 | | PAT | 10.17 | 9.64 | 5.50 | 39.62 | 24.2 | 63.72 | | Minority Interest (MI) | 0.23 | 1.53 | -84.97 | 0.91 | 1.61 | -43.48 | | Net profit | 9.94 | 8.11 | 22.56 | 38.71 | 22.59 | 71.36 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 9.94 | 8.11 | 22.56 | 38.71 | 22.59 | 71.36 | | EPS (Rs)* | 6.07 | 4.95 | 22.56 | 23.63 | 13.79 | 71.36 | | | * EPS is on current equity of Rs 16.38 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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