For
the quarter ending Sept 2023, Consolidated Net sales (including other operating income) of Fiem Industries has declined 3.01% to Rs 509.38 crore compared to quarter ended Sept 2022. Sales of Automotive segment has gone down 2.77% to Rs 508.05 crore (accounting for 99.74% of total sales). Sales of Others segment has gone down 50.00% to Rs 1.33 crore (accounting for 0.26% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 2.86% to Rs 62.49 crore. PBIT of Automotive segment rose 2.87% to Rs 62.58 crore (accounting for 100.14% of total PBIT). PBIT of Others segment fell 6.70% to Rs -0.09 crore (accounting for -0.14% of total PBIT).
PBIT margin of Automotive segment rose from 11.64% to 12.32%. PBIT margin of Others segment fell from negative 3.13% to negative 6.69%. Overall PBIT margin rose from 11.57% to 12.27%.
Operating profit margin has declined from 13.75% to 13.36%, leading to 5.75% decline in operating profit to Rs 68.05 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 61.20% to 60.91%. Purchase of finished goods cost rose from 0.36% to 0.44%. Employee cost increased from 12.17% to 14.39%. Other expenses fell from 12.49% to 10.95%. Other income rose 116.30% to Rs 3.98 crore. PBIDT fell 2.71% to Rs 72.03 crore. Provision for interest fell 77.60% to Rs 0.41 crore. Loan funds declined from Rs 36.89 crore as of 30 September 2022 to Rs 23.49 crore as of 30 September 2023. Inventories rose to Rs 207.78 crore as of 30 September 2023 from Rs 176.01 crore as of 30 September 2022. Sundry debtors were lower at Rs 150.55 crore as of 30 September 2023 compared to Rs 185.15 crore as of 30 September 2022. Cash and bank balance rose to Rs 195.52 crore as of 30 September 2023 from Rs 134.30 crore as of 30 September 2022. Investments declined from Rs 30.93 crore as of 30 September 2022 to Rs 0.25 crore as of 30 September 2023.
PBDT fell 0.82% to Rs 71.62 crore. Provision for depreciation fell 14.03% to Rs 13.42 crore. Fixed assets increased to Rs 494.79 crore as of 30 September 2023 from Rs 490.20 crore as of 30 September 2022. Intangible assets increased from Rs 1.60 crore to Rs 2.01 crore.
Profit before tax grew 2.83% to Rs 58.20 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 14.72 crore, compared to Rs 15.83 crore. Effective tax rate was 25.29% compared to 27.97%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 6.65% to Rs 43.48 crore. Equity capital stood at Rs 13.16 crore as of 30 September 2023 to Rs 13.16 crore as of 30 September 2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 66.56% as of 30 September 2023 ,compared to 66.56% as of 30 September 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Fiem Industries has increased 1.47% to Rs 983.98 crore. Sales of Automotive segment has gone up 1.56% to Rs 981.04 crore (accounting for 99.70% of total sales). Sales of Others segment has gone down 22.68% to Rs 2.95 crore (accounting for 0.30% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 7.62% to Rs 114.34 crore. PBIT of Automotive segment rose 7.53% to Rs 114.49 crore (accounting for 100.14% of total PBIT). PBIT of Others segment rose 33.70% to Rs -0.15 crore (accounting for -0.14% of total PBIT).
PBIT margin of Automotive segment rose from 11.02% to 11.67%. PBIT margin of Others segment rose from negative 6.11% to negative 5.24%. Overall PBIT margin rose from 10.96% to 11.62%.
Operating profit margin has declined from 13.25% to 13.10%, leading to 0.30% rise in operating profit to Rs 128.88 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 61.59% to 61.36%. Purchase of finished goods cost fell from 0.41% to 0.33%. Employee cost increased from 12.43% to 14.29%. Other expenses fell from 12.33% to 11.01%. Other income rose 170.40% to Rs 7.49 crore. PBIDT rose 3.89% to Rs 136.37 crore. Provision for interest fell 38.81% to Rs 2.16 crore. Loan funds declined from Rs 36.89 crore as of 30 September 2022 to Rs 23.49 crore as of 30 September 2023. Inventories rose to Rs 207.78 crore as of 30 September 2023 from Rs 176.01 crore as of 30 September 2022. Sundry debtors were lower at Rs 150.55 crore as of 30 September 2023 compared to Rs 185.15 crore as of 30 September 2022. Cash and bank balance rose to Rs 195.52 crore as of 30 September 2023 from Rs 134.30 crore as of 30 September 2022. Investments declined from Rs 30.93 crore as of 30 September 2022 to Rs 0.25 crore as of 30 September 2023.
PBDT rose 5.06% to Rs 134.21 crore. Provision for depreciation fell 11.86% to Rs 27.73 crore. Fixed assets increased to Rs 494.79 crore as of 30 September 2023 from Rs 490.20 crore as of 30 September 2022. Intangible assets increased from Rs 1.60 crore to Rs 2.01 crore.
Profit before tax grew 10.59% to Rs 106.48 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 27.5 crore, compared to Rs 26.4 crore. Effective tax rate was 25.83% compared to 27.42%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 13.02% to Rs 78.98 crore.
Equity capital stood at Rs 13.16 crore as of 30 September 2023 to Rs 13.16 crore as of 30 September 2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 66.56% as of 30 September 2023 ,compared to 66.56% as of 30 September 2022 .
Full year results analysis.
Net sales (including other operating income) of Fiem Industries has increased 17.54% to Rs 1848.06 crore. Sales of Automotive segment has gone up 17.69% to Rs 1,840.53 crore (accounting for 99.59% of total sales). Sales of Others segment has gone down 10.47% to Rs 7.53 crore (accounting for 0.41% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 36.30% to Rs 206.81 crore. PBIT of Automotive segment rose 32.33% to Rs 207.35 crore (accounting for 100.26% of total PBIT). PBIT of Others segment rose 88.98% to Rs -0.55 crore (accounting for -0.26% of total PBIT).
PBIT margin of Automotive segment rose from 10.02% to 11.27%. PBIT margin of Others segment rose from negative 58.96% to negative 7.26%. Overall PBIT margin rose from 9.65% to 11.19%.
Operating profit margin has jumped from 12.34% to 13.45%, leading to 28.20% rise in operating profit to Rs 248.64 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 62.31% to 60.70%. Purchase of finished goods cost rose from 0.37% to 0.44%. Employee cost decreased from 13.22% to 13.07%. Other expenses rose from 11.75% to 12.30%. Other income rose 315.38% to Rs 10.8 crore. PBIDT rose 32% to Rs 259.44 crore. Provision for interest fell 13.50% to Rs 7.43 crore. Loan funds declined from Rs 45.67 crore as of 31 March 2022 to Rs 23.83 crore as of 31 March 2023. Inventories declined from Rs 184.74 crore as of 31 March 2022 to Rs 175.70 crore as of 31 March 2023. Sundry debtors were lower at Rs 140.80 crore as of 31 March 2023 compared to Rs 174.60 crore as of 31 March 2022. Cash and bank balance rose to Rs 183.12 crore as of 31 March 2023 from Rs 68.40 crore as of 31 March 2022. Investments declined from Rs 76.76 crore as of 31 March 2022 to Rs 0.25 crore as of 31 March 2023.
PBDT rose 34.08% to Rs 252.01 crore. Provision for depreciation rose 7.44% to Rs 63.39 crore. Fixed assets declined from Rs 507.28 crore as of 31 March 2022 to Rs 497.19 crore as of 31 March 2023. Intangible assets increased from Rs 1.37 crore to Rs 1.77 crore.
Profit before tax grew 46.26% to Rs 188.62 crore. Share of profit/loss was 95.65% higher at Rs -0.05 crore. Provision for tax was expense of Rs 48.74 crore, compared to Rs 33.65 crore. Effective tax rate was 25.85% compared to 26.33%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 48.50% to Rs 139.83 crore.
Equity capital stood at Rs 13.16 crore as of 31 March 2023 to Rs 13.16 crore as of 31 March 2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 66.56% as of 31 March 2023 ,compared to 66.56% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 130.89 crore for year ended March 2023 from Rs 92.25 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 55.17 crore, compared to Rs 19.30 crore during the year ended March 2022.
Business highlights
Part of one
building of Unit-7 situated at Plot No. 1915, Phase -V, Rai Industrial Estate,
Sonipat-131029 (Haryana) caught fire on June 13, 2023 around noon. There were
no human casualties reported. The carrying value of inventories of Rs 2583.74
Lakh (including GST reversals) and carrying value of property plant and
equipment of Rs 2519.37 Lakh have been written off in the statement of profit
and loss during the quarter ended on June 30, 2023. The company has a valid
insurance policy, which adequately covers the losses for the inventories and
reinstatement value of property plant and equipment. The recoverable amount
pertaining to the loss of the inventory as stated above and loss to the extent
of carrying amount of the property plant and equipment have been shown as
receivable as on September 30, 2023. An estimated claim of Rs 112.70 Crore on
the Reinstatement Value basis (including contingencies value upto 5%) has been
submitted to insurer. The loss is under evaluation by the surveyor and the
outcome of the claim is subject to final assessment by the insurer in due
course of time.