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Results
19-Feb-24
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Analysis
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Schaeffler India
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Revenue growth and margins impacted by sharp decline in exports
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Net sales (including other
operating income) of Schaeffler India has increased 4.45% to Rs 1874.55 crore
in the quarter ended December 2023 (Q4CY2023). Sales of Mobility components
segment has gone up 3.09% to Rs 1475.14 crore (accounting for 78.69% of total
sales). Sales of Other segment has gone up 9.80% to Rs 399.41 crore (accounting
for 21.31% of total sales).
Profit before interest, tax
and other unallocable items (PBIT) has slumped 9.77% to Rs 263.67 crore. PBIT
of Mobility components segment fell 14.75% to Rs 190.05 crore (accounting for
72.08% of total PBIT). PBIT of Other segment rose 6.22% to Rs 73.62 crore
(accounting for 27.92% of total PBIT). PBIT margin of Mobility components
segment fell from 15.58% to 12.88%. PBIT margin of Other segment fell from
19.05% to 18.43%. Overall PBIT margin fell from 16.28% to 14.07%.
The sales of automotive
technologies segment moved up 9% to Rs 766 crore, automotive aftermarket 21% to
Rs 205 crore and industrial 17% to Rs 693 crore. However, the exports and other
segment revenues dipped 36% to Rs 211 crore in Q3CY2023.
Operating profit margin has
declined from 19.24% to 17.29%, leading to 6.12% decline in operating profit to
Rs 324.10 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 38.31% to 41.17%. Purchase of finished goods cost
fell from 20.35% to 20.21%. Employee cost decreased from 6.38% to 6.35%. Other
expenses fell from 14.58% to 14.30%.
Other income surged 65.30%
to Rs 30.2 crore. PBIDT fell 2.53% to Rs 354.3 crore. Provision for interest
rose 10.75% to Rs 1.03 crore. PBDT fell 2.56% to Rs 353.27 crore. Provision for
depreciation rose 14.04% to Rs 60.43 crore. Profit before tax declined 5.40% to
Rs 292.84 crore. Share of profit/loss were nil in both the periods. Provision
for tax was expense of Rs 78.53 crore, compared to Rs 78.59 crore. Effective
tax rate was 27.25% compared to 25.39%.
Minority interest was nil in
both the periods. Net profit attributable to owners of the company decreased
9.25% to Rs 209.61 crore.
Promoters’ stake was 74.13%
as of 31 December 2023, compared to 74.13% as of 31 December 2022.
Full
year financial performance CY2023
Net sales (including other
operating income) of Schaeffler India has increased 5.58% to Rs 7250.91 crore
in CY2023. Sales of Mobility components segment has gone up 6.01% to Rs 5711.61
crore (accounting for 78.77% of total sales). Sales of Other segment has gone
up 4.03% to Rs 1539.30 crore (accounting for 21.23% of total sales).
Profit before interest, tax
and other unallocable items (PBIT) has jumped 0.94% to Rs 1098.19 crore. PBIT
of Mobility components segment fell 2.70% to Rs 790.22 crore (accounting for
71.96% of total PBIT). PBIT of Other segment rose 11.68% to Rs 307.97 crore
(accounting for 28.04% of total PBIT).
PBIT margin of Mobility
components segment fell from 15.07% to 13.84%. PBIT margin of Other segment
rose from 18.64% to 20.01%. Overall PBIT margin fell from 15.84% to 15.15%.
The sales of automotive
technologies segment moved up 12% to Rs 3023 crore, automotive aftermarket 19%
to Rs 706 crore and industrial 5% to Rs 2548 crore. However, the exports and
other segment revenues dipped 15% to Rs 974 crore in CY2023.
Operating profit margin has
declined from 18.85% to 18.22%, leading to 2.07% rise in operating profit to Rs
1321.20 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 40.04% to 42.09%. Purchase of finished goods cost
fell from 22.19% to 20.40%. Employee cost increased from 6.22% to 6.31%. Other
expenses rose from 12.86% to 13.17%.
Other income surged 60.34%
to Rs 124.55 crore. PBIDT rose 5.37% to Rs 1445.75 crore. Provision for
interest rose 20.28% to Rs 4.27 crore. Loan funds declined from Rs 57.38 crore
as of 31 December 2022 to Rs 51.10 crore as of 31 December 2023. Inventories
rose to Rs 1315.61 crore as of 31 December 2023 from Rs 1243.37 crore as of 31
December 2022. Sundry debtors were higher at Rs 1055.59 crore as of 31 December
2023 compared to Rs 1032.41 crore as of 31 December 2022. Cash and bank balance
rose to Rs 1585.66 crore as of 31 December 2023 from Rs 1554.53 crore as of 31
December 2022.
PBDT rose 5.33% to Rs
1441.48 crore. Provision for depreciation rose 8.02% to Rs 223.01 crore. Fixed
assets increased to Rs 1849.73 crore as of 31 December 2023 from Rs 1371.48
crore as of 31 December 2022. Intangible assets increased from Rs 0.57 crore to
Rs 82.23 crore.
Profit before tax grew 4.85%
to Rs 1218.47 crore. Share of profit/loss were nil in both the periods.
Provision for tax was expense of Rs 314.75 crore, compared to Rs 297.83 crore.
Effective tax rate was 25.93% compared to 25.30%.
Minority interest was nil in
both the periods. Net profit attributable to owners of the company increased
2.25% to Rs 899.02 crore.
Cash flow from operating
activities increased to Rs 884.46 crore for year ended December 2023 from Rs
750.53 crore for year ended December 2022. Cash flow used in acquiring fixed
assets during the year ended December 2023 stood at Rs 520.10 crore, compared
to Rs 483.04 crore during the year ended December 2022.
Schaeffler India :
Standalone Results
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Particulars
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2312 (3)
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2212 (3)
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Var.(%)
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2312 (12)
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2212 (12)
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Var.(%)
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Net Sales
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1874.55
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1794.65
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4
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7250.91
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6867.42
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6
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OPM (%)
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17.29
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19.24
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18.22
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18.85
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OP
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324.10
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345.22
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-6
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1321.20
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1294.39
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2
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Other Inc.
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30.20
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18.27
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65
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124.55
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77.68
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60
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PBIDT
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354.30
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363.49
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-3
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1445.75
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1372.07
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5
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Interest
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1.03
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0.93
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11
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4.27
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3.55
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20
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PBDT
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353.27
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362.56
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-3
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1441.48
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1368.52
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5
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Depreciation
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60.43
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52.99
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14
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223.01
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206.46
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8
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PBT
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292.84
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309.57
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-5
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1218.47
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1162.06
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5
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EO Income
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-4.70
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0.00
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-
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-4.70
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14.98
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-
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PBT after EO
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288.14
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309.57
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-7
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1213.77
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1177.04
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3
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Taxation
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78.53
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78.59
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0
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314.75
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297.83
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6
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PAT
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209.61
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230.98
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-9
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899.02
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879.21
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2
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EPS (Rs)*
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54.5
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59.1
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57.7
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55.5
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* EPS is annualized on
current equity of Rs 31.26 crore, Face value of Rs 2, Excluding extraordinary
items.
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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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Schaeffler India :
Standalone Segment Results
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% of total
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2312 (3)
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2212 (3)
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Var.(%)
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% of total
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2312 (12)
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2212 (12)
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Var.(%)
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Sales
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Mobility Compoents
& Related Solutions
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78.7
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1475.14
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1430.89
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3
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78.8
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5711.61
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5387.68
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6
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Others
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21.3
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399.41
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363.76
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10
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21.2
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1539.30
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1479.74
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4
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Total Reported Sales
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100.0
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1874.55
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1794.65
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4
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100.0
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7250.91
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6867.42
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6
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Less: Inter segment
revenues
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0.0
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0.00
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0.00
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-
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0.0
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0.00
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0.00
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-
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Net Sales
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100.0
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1874.55
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1794.65
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4
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100.0
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7250.91
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6867.42
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6
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PBIT
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Mobility Compoents
& Related Solutions
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72.1
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190.05
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222.92
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-15
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72.0
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790.22
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812.16
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-3
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Others
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27.9
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73.62
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69.31
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6
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28.0
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307.97
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275.77
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12
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Total PBIT
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100.0
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263.67
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292.23
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-10
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100.0
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1098.19
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1087.93
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1
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Less : Interest
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1.03
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0.93
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11
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4.27
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3.55
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20
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Add: Other
un-allcoable
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25.50
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18.27
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40
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119.85
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92.66
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29
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PBIT Margin(%)
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Mobility Compoents
& Related Solutions
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12.88
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15.58
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-270
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13.84
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15.07
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-123
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Others
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18.43
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19.05
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-62
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20.01
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18.64
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137
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PBT
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288.14
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309.57
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-7
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1213.77
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1177.04
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3
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Previous News |
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(
Results
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08:45
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(
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(
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