Capitaline

Results 28-May-24

Analysis

Goodluck India

Demand growth has been robust

Consolidated net sales (including other operating income) of Goodluck India has increased 18.04% to Rs 902.49 crore. Operating profit margin has declined from 7.57% to 7.34%, leading to 14.44% rise in operating profit to Rs 66.24 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 74.53% to 75.02%. Employee cost decreased from 4.22% to 4.01%. Other expenses fell from 13.76% to 13.67%.

Other income rose 258.02% to Rs 8.7 crore. PBIDT rose 24.26% to Rs 74.94 crore. Provision for interest rose 0.07% to Rs 15.29 crore. Loan funds rose to Rs 612.04 crore as of 31 March 2024 from Rs 597.54 crore as of 31 March 2023. Inventories rose to Rs 609.17 crore as of 31 March 2024 from Rs 520.11 crore as of 31 March 2023. Sundry debtors were higher at Rs 351.16 crore as of 31 March 2024 compared to Rs 350.86 crore as of 31 March 2023. Cash and bank balance rose to Rs 210.79 crore as of 31 March 2024 from Rs 11.80 crore as of 31 March 2023. Investments rose to Rs 3.61 crore as of 31 March 2024 from Rs 3.60 crore as of 31 March 2023 .

PBDT rose 32.47% to Rs 59.65 crore. Provision for depreciation rose 9.43% to Rs 9.4 crore. Fixed assets increased to Rs 597.48 crore as of 31 March 2024 from Rs 437.67 crore as of 31 March 2023. Intangible assets stood at Rs 0.77 crore.

Profit before tax grew 37.90% to Rs 50.25 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 13.04 crore, compared to Rs 8.48 crore. Effective tax rate was 25.95% compared to 23.27%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 31.87% to Rs 36.87 crore.

Equity capital increased from Rs 5.45 crore as of 31 March 2023 to Rs 15.45 crore as of 31 March 2024. Per share face Value remained same at Rs 2.00.

Promoters’ stake was 54.44% as of 31 March 2024 ,compared to 58.73% as of 31 March 2023 .

Commenting on the financial performance of the company, Mr. M C Garg, Chairman, Goodluck India, said, “In spite of adverse geo political conditions & tough market conditions, the company has succeeded in achieving the growth by reshuffling the product mix and the market mix. The demand growth has been robust overall and this has helped shore up our volume sales. We have also been witnessing a good demand from the value-added segment, which has contributed to higher margins. Our company recently supplied and fabricated steel bridges for the high-speed bullet train project and we expect a good demand for critical steel bridges in the country on the back of recent government proposal to initiate feasibility studies for bullet train corridors in North, South and East India.”

The company expects a good growth coming in the defence and aerospace segment in India which will bring down country’s dependence onimports in these sectors. This is likely to augur well for the company, which has set up a subsidiary, Goodluck Defence and Aerospace Private Limited, to cater to the extensive needs of defence & aerospace industry. The progress of establishing new facility for defence & aerospace industry is as per schedule.

Goodluck India recently raised close to Rs 200 crore through the Qualified Institutional Placement (QIP) route to fund its working capital requirements and other general corporate purpose.

Full year results analysis

Net sales (including other operating income) of Goodluck India has increased 14.74% to Rs 3524.77 crore. Operating profit margin has jumped from 6.65% to 8.01%, leading to 38.10% rise in operating profit to Rs 282.24 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 73.68% to 73.70%. Employee cost increased from 4.00% to 4.23%. Other expenses fell from 15.84% to 14.19%.

Other income fell 12.44% to Rs 12.95 crore. PBIDT rose 34.69% to Rs 295.19 crore. Provision for interest rose 18.25% to Rs 77.48 crore. Loan funds rose to Rs 612.04 crore as of 31 March 2024 from Rs 597.54 crore as of 31 March 2023. Inventories rose to Rs 609.17 crore as of 31 March 2024 from Rs 520.11 crore as of 31 March 2023. Sundry debtors were higher at Rs 351.16 crore as of 31 March 2024 compared to Rs 350.86 crore as of 31 March 2023. Cash and bank balance rose to Rs 210.79 crore as of 31 March 2024 from Rs 11.80 crore as of 31 March 2023. Investments rose to Rs 3.61 crore as of 31 March 2024 from Rs 3.60 crore as of 31 March 2023 .

PBDT rose 41.70% to Rs 217.71 crore. Provision for depreciation rose 8.28% to Rs 35.29 crore. Fixed assets increased to Rs 597.48 crore as of 31 March 2024 from Rs 437.67 crore as of 31 March 2023. Intangible assets stood at Rs 0.77 crore.

Profit before tax grew 50.70% to Rs 182.42 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 50.15 crore, compared to Rs 33.25 crore. Effective tax rate was 27.49% compared to 27.47%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 50.26% to Rs 131.93 crore.

Equity capital increased from Rs 5.45 crore as of 31 March 2023 to Rs 15.45 crore as of 31 March 2024. Per share face Value remained same at Rs 2.00.

Promoters’ stake was 54.44% as of 31 March 2024 ,compared to 58.73% as of 31 March 2023 .

Cash flow from operating activities has turned negative Rs 45.93 crore for year ended March 2024 from positive Rs 64.89 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 196.39 crore, compared to Rs 78.30 crore during the year ended March 2023.

The scrip trades at Rs 857

Goodluck India : Consolidated Results
Particulars	2403 (03)	2303 (03)	Var.(%)	2403 (12)	2303 (12)	Var.(%)
Net Sales	902.49	764.55	18	3,524.77	3,072.01	15
OPM (%)	7.3	7.6		8.0	6.7
OP	66.24	57.88	14	282.24	204.37	38
Other Inc.	8.7	2.43	258	12.95	14.79	-12
PBIDT	74.94	60.31	24	295.19	219.16	35
Interest	15.29	15.28	0	77.48	65.52	18
PBDT	59.65	45.03	32	217.71	153.64	42
Depreciation	9.4	8.59	9	35.29	32.59	8
PBT	50.25	36.44	38	182.42	121.05	51
Share of Profit/(Loss) from Associates	0	0		0	0
PBT before EO	50.25	36.44	38	182.42	121.05	51
EO Income	0	0		0	0
PBT after EO	50.25	36.44	38	182.42	121.05	51
Taxation	13.04	8.48	54	50.15	33.25	51
PAT	37.21	27.96	33	132.27	87.8	51
Minority Interest (MI)	0.34	0		0.34	0
Net profit	36.87	27.96	32	131.93	87.8	50
EPS (Rs)*	#	#		41.6	27.7
Notes
* EPS is on current equity of Rs 6.35 crore, Face value of Rs 2, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

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