Capitaline

Results 27-Oct-23

Analysis

Cords Cable Industries

Net up 19% thanks to higher sales, higher OI and lower tax

Standalone net sales (including other operating income) of Cords Cable Industries for the quarter ended Sep 2023 has increased 10.32% to Rs 145.33 crore. Operating profit margin has declined from 7.20% to 6.12%, leading to 6.32% decline in operating profit to Rs 8.89 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 77.86% to 81.11%. Employee cost increased from 5.00% to 5.02%. Other expenses fell from 9.45% to 7.82%. Other income up 645.71% to Rs 2.61 crore. PBIDT rose 16.87% to Rs 11.5 crore. Provision for interest up 22.63% to Rs 6.72 crore. PBDT rose 9.63% to Rs 4.78 crore. Provision for depreciation rose 1.02% to Rs 1.98 crore. Profit before tax grew 16.67% to Rs 2.80 crore. Provision for tax was expense of Rs 0.76 crore, compared to Rs 0.68 crore. Effective tax rate was 27.14% compared to 28.33%. Profit after tax rose 18.60% to Rs 2.04 crore.

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Cords Cable Industries for the half year ended Sep 2023 has increased 10.07% to Rs 280.59 crore. Operating profit margin has declined from 7.30% to 6.71%, leading to 1.13% rise in operating profit to Rs 18.82 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 79.25% to 80.83%. Employee cost increased from 4.87% to 5.07%. Other expenses fell from 8.28% to 7.31%. Other income up 319.48% to Rs 3.23 crore. PBIDT rose 13.78% to Rs 22.05 crore. Provision for interest up 20.67% to Rs 12.9 crore. PBDT rose 5.29% to Rs 9.15 crore. Provision for depreciation rose 0.52% to Rs 3.89 crore. Profit before tax grew 9.13% to Rs 5.26 crore. Provision for tax was expense of Rs 1.37 crore, compared to Rs 1.36 crore. Effective tax rate was 26.05% compared to 28.22%.Profit after tax rose 12.43% to Rs 3.89 crore.

Equity capital stood at Rs 12.93 crore as of 30 September 2023 to Rs 12.93 crore as of 30 September 2022. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 51.77% as of 30 September 2023 ,compared to 51.77% as of 30 September 2022 .

Cash flow from operating activities decreased to Rs 21.09 crore for YTD ended September 2023 from Rs 26.01 crore for YTD ended September 2022. Cash flow used in acquiring fixed assets during the YTD ended September 2023 stood at Rs 6.32 crore, compared to Rs 2.81 crore during the YTD ended September 2022.

Loan funds rose to Rs 75.57 crore as of 30 September 2023 from Rs 69.13 crore as of 30 September 2022. Inventories declined from Rs 62.35 crore as of 30 September 2022 to Rs 57.53 crore as of 30 September 2023. Sundry debtors were higher at Rs 160.81 crore as of 30 September 2023 compared to Rs 127.82 crore as of 30 September 2022. Cash and bank balance rose to Rs 24.47 crore as of 30 September 2023 from Rs 20.87 crore as of 30 September 2022. Investments declined from Rs 0.46 crore as of 30 September 2022 to Rs 0.38 crore as of 30 September 2023. Fixed assets increased to Rs 95.83 crore as of 30 September 2023 from Rs 94.16 crore as of 30 September 2022.

Cords Cable Industries : Standalone Results

	Quarter ended			Year to Date			Year ended
Particulars	202309	202209	Var.(%)	202309	202209	Var.(%)	202303	202203	Var.(%)
Net Sales (including other operating income)	145.33	131.74	10.32	280.59	254.91	10.07	526.26	437.99	20.15
OPM (%)	6.12	7.20	-109 bps	6.71	7.30	-59 bps	7.51	8.73	-121 bps
OP	8.89	9.49	-6.32	18.82	18.61	1.13	39.54	38.22	3.45
Other Inc.	2.61	0.35	645.71	3.23	0.77	319.48	1.39	1.23	13.01
PBIDT	11.50	9.84	16.87	22.05	19.38	13.78	40.93	39.45	3.75
Interest	6.72	5.48	22.63	12.9	10.69	20.67	23.49	23.52	-0.13
PBDT	4.78	4.36	9.63	9.15	8.69	5.29	17.44	15.93	9.48
Depreciation	1.98	1.96	1.02	3.89	3.87	0.52	7.69	7.33	4.91
PBT	2.80	2.40	16.67	5.26	4.82	9.13	9.75	8.6	13.37
PBT before EO	2.8	2.4	16.67	5.26	4.82	9.13	9.75	8.6	13.37
EO Income	0	0	-	0	0	-	0	0	-
PBT after EO	2.8	2.4	16.67	5.26	4.82	9.13	9.75	8.6	13.37
Taxation	0.76	0.68	11.76	1.37	1.36	0.74	2.53	2.23	13.45
PAT	2.04	1.72	18.60	3.89	3.46	12.43	7.22	6.37	13.34
P/(L) from discontinued operations net of tax	0	0	-	0	0	-	0	0	-
Net profit after discontinued operations	2.04	1.72	18.60	3.89	3.46	12.43	7.22	6.37	13.34
EPS (Rs)*	1.58	1.33	18.60	3.01	2.68	12.43	5.58	4.93	13.34

* EPS is on current equity of Rs 12.93 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

Previous News

Cords Cable Industries
( Results - Analysis 27-Oct-23 23:27 )

Cords Cable Industries standalone net profit declines 3.13% in the March 2022 quarter
( Results - Announcements 26-May-22 16:08 )

Cords Cable Industries standalone net profit declines 37.32% in the December 2020 quarter
( Results - Announcements 13-Feb-21 12:44 )

Cords Cable Industries to convene board meeting
( Corporate News - 02-Nov-21 14:39 )

Cords Cable Industries to conduct AGM
( Corporate News - 31-Jul-24 13:51 )

Cords Cable Industries
( Results - Analysis 25-May-24 08:48 )

Cords Cable Industries standalone net profit rises 26.70% in the September 2019 quarter
( Results - Announcements 14-Nov-19 09:02 )

Cords Cable Industries schedules board meeting
( Corporate News - 02-Feb-22 13:41 )

Cords Cable Industries standalone net profit rises 18.06% in the March 2016 quarter
( Results - Announcements 02-Jun-16 15:31 )

Cords Cable Industries bags an export order valuing over US$ 2.18 million
( Corporate News - 18-Sep-12 10:13 )

Cords Cable Industries net profit rises 36.31% in the March 2011 quarter
( Results - Announcements 28-May-11 19:22 )