For
the quarter ending March 2024, consolidated net sales (including other operating income) of Fiem Industries has increased 27.80% to Rs 557.52 crore compared to quarter ended March 2023. Sales of Automotive segment has gone up 27.57% to Rs 554.61 crore (accounting for 99.48% of total sales). Sales of Others segment has gone up 92.89% to Rs 2.91 crore (accounting for 0.52% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 34.11% to Rs 69.87 crore. PBIT of Automotive segment rose 33.79% to Rs 69.91 crore (accounting for 100.06% of total PBIT). PBIT of Others segment rose 72.46% to Rs -0.04 crore (accounting for -0.06% of total PBIT).
PBIT margin of Automotive segment rose from 12.02% to 12.61%. PBIT margin of Others segment rose from negative 10.20% to negative 1.46%. Overall PBIT margin rose from 11.94% to 12.53%.
Operating profit margin has declined from 13.86% to 13.44%, leading to 23.88% rise in operating profit to Rs 74.92 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 58.24% to 61.06%. Purchase of finished goods cost fell from 0.54% to 0.31%. Employee cost decreased from 14.12% to 13.79%. Other expenses fell from 12.90% to 11.26%. Other income fell 23.53% to Rs 3.51 crore. PBIDT rose 20.53% to Rs 78.43 crore. Provision for interest fell 81.73% to Rs 0.38 crore. Loan funds declined from Rs 23.83 crore as of 31 March 2023 to Rs 23.11 crore as of 31 March 2024. Inventories rose to Rs 204.36 crore as of 31 March 2024 from Rs 175.70 crore as of 31 March 2023. Sundry debtors were higher at Rs 193.73 crore as of 31 March 2024 compared to Rs 140.80 crore as of 31 March 2023. Cash and bank balance rose to Rs 206.12 crore as of 31 March 2024 from Rs 183.12 crore as of 31 March 2023. Investments declined from Rs 0.25 crore as of 31 March 2023 to Rs 0.14 crore as of 31 March 2024.
PBDT rose 23.91% to Rs 78.05 crore. Provision for depreciation rose 2.50% to Rs 16.37 crore. Fixed assets increased to Rs 498.74 crore as of 31 March 2024 from Rs 497.19 crore as of 31 March 2023. Intangible assets increased from Rs 1.77 crore to Rs 2.41 crore.
Profit before tax grew 31.18% to Rs 61.68 crore. Share of profit/loss was 120% lower at Rs -0.11 crore. Provision for tax was expense of Rs 15.35 crore, compared to Rs 8.94 crore. Effective tax rate was 24.93% compared to 19.03%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 21.54% to Rs 46.22 crore. Equity capital increased from Rs 13.16 crore as of 31 March 2023 to Rs 26.32 crore as of 31 March 2024. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 66.56% as of 31 March 2024 ,compared to 66.56% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Fiem Industries has increased 9.78% to Rs 2028.79 crore. Sales of Automotive segment has gone up 9.81% to Rs 2,021.11 crore (accounting for 99.62% of total sales). Sales of Others segment has gone up 1.86% to Rs 7.67 crore (accounting for 0.38% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 17.24% to Rs 242.45 crore. PBIT of Automotive segment rose 17.05% to Rs 242.71 crore (accounting for 100.11% of total PBIT). PBIT of Others segment rose 52.33% to Rs -0.26 crore (accounting for -0.11% of total PBIT).
PBIT margin of Automotive segment rose from 11.27% to 12.01%. PBIT margin of Others segment rose from negative 7.26% to negative 3.40%. Overall PBIT margin rose from 11.19% to 11.95%.
Operating profit margin has declined from 13.45% to 13.24%, leading to 8.06% rise in operating profit to Rs 268.68 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 60.70% to 61.06%. Purchase of finished goods cost fell from 0.44% to 0.32%. Employee cost increased from 13.07% to 14.29%. Other expenses fell from 12.30% to 11.13%. Other income rose 47.87% to Rs 15.97 crore. PBIDT rose 9.72% to Rs 284.65 crore. Provision for interest fell 60.43% to Rs 2.94 crore. Loan funds declined from Rs 23.83 crore as of 31 March 2023 to Rs 23.11 crore as of 31 March 2024. Inventories rose to Rs 204.36 crore as of 31 March 2024 from Rs 175.70 crore as of 31 March 2023. Sundry debtors were higher at Rs 193.73 crore as of 31 March 2024 compared to Rs 140.80 crore as of 31 March 2023. Cash and bank balance rose to Rs 206.12 crore as of 31 March 2024 from Rs 183.12 crore as of 31 March 2023. Investments declined from Rs 0.25 crore as of 31 March 2023 to Rs 0.14 crore as of 31 March 2024.
PBDT rose 11.79% to Rs 281.71 crore. Provision for depreciation fell 7.48% to Rs 58.65 crore. Fixed assets increased to Rs 498.74 crore as of 31 March 2024 from Rs 497.19 crore as of 31 March 2023. Intangible assets increased from Rs 1.77 crore to Rs 2.41 crore.
Profit before tax grew 18.26% to Rs 223.06 crore. Share of profit/loss was 120% lower at Rs -0.11 crore. Provision for tax was expense of Rs 57.24 crore, compared to Rs 48.74 crore. Effective tax rate was 25.67% compared to 25.85%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 18.51% to Rs 165.71 crore.
Equity capital increased from Rs 13.16 crore as of 31 March 2023 to Rs 26.32 crore as of 31 March 2024. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 66.56% as of 31 March 2024 ,compared to 66.56% as of 31 March 2023 .
Cash flow from operating activities increased to Rs 134.88 crore for year ended March 2024 from Rs 130.89 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 84.29 crore, compared to Rs 55.17 crore during the year ended March 2023.
Business highlights
The
board recommended a final dividend of Rs 20 per equity share of face value of
Rs 10 each for Financial Year 2023-24. Record date for the purpose is 24 July 2024.
In
FY24, automotive segment contributed 99.62% to total revenue and IPIS & LED
luminaries 0.38%.
In terms of product mix, automotive lighting contributed
34.89% to total revenue in FY24, Automotive LED lighting 37.33%, plastic
moulded parts 10.80%, rear view mirrors 11.98% and others 5%.
During FY24, two-wheelers customers contributed 96.67% to
total revenue and four-wheelers 3.33%.
In FY24, Honda two-wheeler contributed 28.49% to total
revenue, TVS Motor 26.36%, India Yamaha 14.18%, Suzuki Motorcycle 9.45%,
Replacement market 7.04%, Eicher Royal Enfield 3.43% and other customers 11.05%.