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Results
14-Feb-24
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Analysis
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India Nippon Electricals
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OP up 24%, NP down 11%
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India Nippon Electricals consolidated net
sales increased 14.51% to Rs 178.86 crore in Q3FY24 compared to Q3FY23.
Operating profit margin has jumped from 7.86% to 8.50%, leading to 23.78% rise
in operating profit to Rs 15.20 crore.
Raw material cost as a % of total sales (net of stock adjustments)
decreased from 66.84% to 66.56%.
Purchase of finished goods cost rose from 2.70% to 3.47%. Employee cost decreased from 13.13% to 12.16%. Other expenses fell from 9.66% to
9.55%. Other direct service cost fell
from 5.11% to 3.84%.
Other income fell 6.61% to Rs 5.93
crore. PBIDT rose 13.42% to Rs 21.13
crore. Provision for interest rose
11.11% to Rs 0.1 crore.
PBDT rose 13.43% to Rs 21.03 crore. Provision for depreciation rose 1.09% to Rs
3.72 crore.
Profit before tax grew 16.49% to Rs 17.31
crore. Share of profit/loss were nil in
both the periods. Provision for tax was
expense of Rs 5.23 crore, compared to Rs 1.3 crore. Effective tax rate was 30.21% compared to
8.75%.
Minority interest was nil in both the
periods. Net profit attributable to
owners of the company decreased 10.91% to Rs 12.08 crore.
Promoters’ stake was 70.37% as of 31 December
2023 ,compared to 70.39% as of 31 December 2022 .
For
year-to-date (YTD) results analysis
Net sales (including other operating income)
of India Nippon Electricals has increased 6.04% to Rs 528.4 crore.
Operating profit margin has jumped from 8.18%
to 8.47%, leading to 9.84% rise in operating profit to Rs 44.78 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 67.52% to 66.71%. Purchase of finished goods cost rose from
2.59% to 3.14%. Employee cost decreased
from 12.14% to 12.12%. Other direct
service cost fell from 4.36% to 3.88%.
Other income rose 12.20% to Rs 16.56
crore. PBIDT rose 10.46% to Rs 61.34
crore. Provision for interest fell 9.09%
to Rs 0.3 crore.
PBDT rose 10.58% to Rs 61.04 crore. Provision for depreciation rose 4.26% to Rs
11.27 crore.
Profit before tax grew 12.12% to Rs 49.77
crore. Share of profit/loss were nil in
both the periods. Provision for tax was
expense of Rs 10.89 crore, compared to Rs 10.37 crore. Effective tax rate was 21.88% compared to
23.36%.
Minority interest was nil in both the
periods. Net profit attributable to
owners of the company increased 14.29% to Rs 38.88 crore.
Promoters’ stake was 70.37% as of 31 December
2023 ,compared to 70.39% as of 31 December 2022 .
The scrip is
currently trading at Rs 650
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India Nippon Electricals :
Consolidated Results
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Particulars
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2312 (03)
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2212 (03)
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Var.(%)
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2312 (09)
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2212 (09)
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Var.(%)
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2303 (12)
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2203 (12)
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Var.(%)
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Net Sales
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178.86
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156.19
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15
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528.4
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498.28
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6
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656.25
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566.27
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16
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OPM (%)
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10.4
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10.2
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10.4
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10.2
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8.1
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8.8
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OP
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15.2
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12.28
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24
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44.78
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40.76
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10
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52.9
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49.59
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7
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Other Inc.
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5.93
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6.35
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-7
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16.56
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14.76
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12
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22.56
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25.29
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-11
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PBIDT
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21.13
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18.63
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13
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61.34
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55.52
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10
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75.46
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74.88
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1
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Interest
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0.1
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0.09
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11
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0.3
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0.32
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-6
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0.42
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0.49
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-14
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PBDT
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21.03
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18.54
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13
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61.04
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55.2
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11
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75.04
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74.39
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1
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Depreciation
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3.72
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3.68
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1
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11.27
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10.81
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4
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14.62
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12.85
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14
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PBT
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17.31
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14.86
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16
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49.77
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44.39
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12
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60.42
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61.54
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-2
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Share of Profit/(Loss) from Associates
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0
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0
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0
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0
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0
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0
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-
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PBT before EO
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17.31
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14.86
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16
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49.77
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44.39
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12
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60.42
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61.54
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-2
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EO Income
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0
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0
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0
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0
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0
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0
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-
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PBT after EO
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17.31
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14.86
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16
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49.77
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44.39
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12
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60.42
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61.54
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-2
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Taxation
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5.23
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1.3
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302
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10.89
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10.37
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5
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12.19
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11.29
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8
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PAT
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12.08
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13.56
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-11
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38.88
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34.02
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14
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48.23
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50.25
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-4
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Minority Interest (MI)
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0
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0
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0
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0
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0
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0
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-
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Net profit
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12.08
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13.56
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-11
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38.88
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34.02
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14
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48.23
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50.25
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-4
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EPS (Rs)*
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#
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#
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#
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#
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21.32
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22.21
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Notes
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* EPS is on current equity of Rs 11.31 crore, Face value of Rs
5, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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