PBIDT rose 7.63% to Rs 27.08 crore.  Provision for interest rose 35.50% to Rs 8.32 crore.  PBDT fell 1.37% to Rs 18.76 crore.  Provision for depreciation rose 26.16% to Rs 5.16 crore.  Profit before tax down 8.91% to Rs 13.60 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 3.5 crore, compared to Rs 5.32 crore.  Effective tax rate was 25.74% compared to 35.63%.  Minority interest increased 18.18% to Rs 0.26 crore.  Net profit attributable to owners of the company increased 4.79% to Rs 9.84 crore.  

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Salzer Electronics for the half year ended Sep 2023 has increased 16.50% to Rs 569.4 crore.  

Other income rose 36% to Rs 1.02 crore.  PBIDT rose 14.51% to Rs 53.91 crore.  Provision for interest rose 38.66% to Rs 16.32 crore.   

PBDT rose 6.46% to Rs 37.59 crore.  Provision for depreciation rose 21.09% to Rs 9.82 crore.   

Minority interest increased 11.36% to Rs 0.49 crore.  Net profit attributable to owners of the company increased 5.16% to Rs 19.78 crore.  

Commenting on this, Mr. Rajesh Doraiswamy, Joint Managing Director, Salzer Electronics Ltd said: “During the Second quarter of the financial year, we registered a consolidated revenue of Rs. 280.72 crores with EBITDA (excluding other income) and PAT of Rs. 26.79 crore and Rs. 10.10 crore, respectively. Overall market has been bit slow due to international geopolitical uncertainty, high oil prices etc. Despite we have seen growth coming in from Industrial switchgear and wires and cable businesses especially in high demand products like three phase transformers, Wire harness, relays and new products like contactors etc. Our revenues from exports were largely from Asia, North & South America, Middle East / Africa as well as Europe. We have seen positive trend in decreasing raw material cost, expect this to continue which helped to improve our EBITDA Margins. We are focusing on maintaining a balanced business mix between industrial switchgear and wires & cables products to manage overall gross margin percentage. On the EV front, we completed the developmental activities for DC Fast charger, and we are taking steps to roll out the product in the current fiscal after securing clearances from the regulatory bodies. We have recently developed lot of new products for a new segment HVAC (Heating, Ventilation, and Air Conditioning). This segment comprises products like Definite purpose contactor, AC disconnect Switches and Whips and disconnects. These products are being used in both domestic and Industrial AC systems. We strive to maintain this growth trajectory to set our eyes on new summits of achievement. At Salzer, innovation is in our manifesto, and our strong product offerings and brand position in the market has placed us in a position to achieve new benchmarks for the future. Based on the domestic and export outlook, we are optimistic on our overall business performance. 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.” 

Others

Equity capital increased from Rs 15.98 crore as of 30 September 2022 to Rs 16.68 crore as of 30 September 2023.  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 35.13% as of 30 September 2023 ,compared to 32.34% as of 30 September 2022 .