For
the quarter ending March 2024, Standalone net sales (including other operating income) of Igarashi Motors India has increased 18.31% to Rs 204.60 crore compared to quarter ended March 2023. Sales of Automotive segment has gone up 4.72% to Rs 160.01 crore (accounting for 78.21% of total sales). Sales of non-Automotive segment has gone up 121.54% to Rs 44.59 crore (accounting for 21.79% of total sales). Profit before interest, tax and other unallocable items (PBIT) has slumped 6.64% to Rs 25.26 crore. PBIT of Automotive segment fell 8.07% to Rs 25.16 crore (accounting for 99.58% of total PBIT). PBIT of non-Automotive reported profit of Rs 0.11 crore compared to loss of Rs 0.30 crore.
PBIT margin of Automotive segment fell from 17.91% to 15.72%. PBIT margin of non-Automotive segment rose from negative 1.51% to 0.24%. Overall PBIT margin fell from 15.65% to 12.35%.
Operating profit margin has declined from 12.65% to 10.97%, leading to 2.61% rise in operating profit to Rs 22.44 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 65.06% to 67.23%. Employee cost decreased from 9.33% to 8.02%. Other expenses rose from 12.94% to 14.01%. Other income fell 89.79% to Rs 0.34 crore. PBIDT fell 9.60% to Rs 22.78 crore. Provision for interest fell 12.58% to Rs 2.78 crore. Loan funds rose to Rs 138.08 crore as of 31 March 2024 from Rs 120.78 crore as of 31 March 2023. Inventories rose to Rs 113.20 crore as of 31 March 2024 from Rs 108.60 crore as of 31 March 2023. Sundry debtors were higher at Rs 207.39 crore as of 31 March 2024 compared to Rs 175.54 crore as of 31 March 2023. Cash and bank balance declined from Rs 5.38 crore as of 31 March 2023 to Rs 4.56 crore as of 31 March 2024. Investments declined from Rs 17.37 crore as of 31 March 2023 to Rs 15.86 crore as of 31 March 2024.
PBDT fell 9.17% to Rs 20 crore. Provision for depreciation rose 1.59% to Rs 12.13 crore. Fixed assets increased to Rs 395.22 crore as of 31 March 2024 from Rs 381.89 crore as of 31 March 2023. Intangible assets declined from Rs 9.33 crore to Rs 5.87 crore.
Profit before tax down 21.92% to Rs 7.87 crore. Provision for tax was expense of Rs 2.73 crore, compared to Rs 2.45 crore. Effective tax rate was 34.69% compared to 24.31%.
Profit after tax fell 32.63% to Rs 5.14 crore.
Equity capital stood at Rs 31.48 crore as of 31 March 2024 to Rs 31.48 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 75.00% as of 31 March 2024 ,compared to 75.00% as of 31 March 2023 .
Full year results analysis
Net sales (including other operating income) of Igarashi Motors India has increased 10.48% to Rs 725.04 crore. Sales of Automotive segment has gone up 1.38% to Rs 581.04 crore (accounting for 80.14% of total sales). Sales of non-Automotive segment has gone up 73.28% to Rs 144.00 crore (accounting for 19.86% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 10.06% to Rs 78.44 crore. PBIT of Automotive segment rose 2.14% to Rs 77.88 crore (accounting for 99.28% of total PBIT). PBIT of non-Automotive reported profit of Rs 0.57 crore compared to loss of Rs 4.97 crore.
PBIT margin of Automotive segment rose from 13.30% to 13.40%. PBIT margin of non-Automotive segment rose from negative 5.99% to 0.39%. Overall PBIT margin fell from 10.86% to 10.82%.
Operating profit margin has jumped from 9.20% to 10.22%, leading to 22.71% rise in operating profit to Rs 74.09 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 66.95% to 66.69%. Employee cost increased from 8.79% to 8.84%. Other expenses fell from 15.19% to 14.28%. Other income fell 79.80% to Rs 1.62 crore. PBIDT rose 10.69% to Rs 75.71 crore. Provision for interest up 5.02% to Rs 12.75 crore. Loan funds rose to Rs 138.08 crore as of 31 March 2024 from Rs 120.78 crore as of 31 March 2023. Inventories rose to Rs 113.20 crore as of 31 March 2024 from Rs 108.60 crore as of 31 March 2023. Sundry debtors were higher at Rs 207.39 crore as of 31 March 2024 compared to Rs 175.54 crore as of 31 March 2023. Cash and bank balance declined from Rs 5.38 crore as of 31 March 2023 to Rs 4.56 crore as of 31 March 2024. Investments declined from Rs 17.37 crore as of 31 March 2023 to Rs 15.86 crore as of 31 March 2024.
PBDT rose 11.91% to Rs 62.96 crore. Provision for depreciation rose 4.07% to Rs 49.08 crore. Fixed assets increased to Rs 395.22 crore as of 31 March 2024 from Rs 381.89 crore as of 31 March 2023. Intangible assets declined from Rs 9.33 crore to Rs 5.87 crore.
Profit before tax grew 52.53% to Rs 13.88 crore. Provision for tax was expense of Rs 4.31 crore, compared to Rs 3.86 crore. Effective tax rate was 31.05% compared to 42.42%.
Profit after tax rose 82.63% to Rs 9.57 crore.
Equity capital stood at Rs 31.48 crore as of 31 March 2024 to Rs 31.48 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 75.00% as of 31 March 2024 ,compared to 75.00% as of 31 March 2023 .
Cash flow from operating activities increased to Rs 50.34 crore for year ended March 2024 from Rs 34.03 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 53.72 crore, compared to Rs 36.04 crore during the year ended March 2023.
Business highlights
The
board recommended dividend of Re 1 per equity share of
face value of Rs 10 each for the financial year ended March 31, 2024.