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Consolidated net sales (including other operating income) of Salzer Electronics for the quarter ended Mar 2024 has increased 7.88% to Rs 326.57 crore. Operating profit margin has jumped from 8.15% to 10.13%, leading to 34.18% rise in operating profit to Rs 33.09 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 79.31% to 74.38%. Employee cost increased from 3.56% to 4.07%. Other expenses rose from 8.89% to 11.40%. Other income fell 24.24% to Rs 0.25 crore. PBIDT rose 33.41% to Rs 33.34 crore. Provision for interest rose 17.82% to Rs 9.06 crore. PBDT rose 40.35% to Rs 24.28 crore. Provision for depreciation rose 25.17% to Rs 5.42 crore. Profit before tax grew 45.41% to Rs 18.86 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 5.54 crore, compared to Rs 3.13 crore. Effective tax rate was 29.37% compared to 24.13%. Minority interest increased 82.61% to Rs 0.42 crore. Net profit attributable to owners of the company increased 34.24% to Rs 12.90 crore.
Full year results analysis.
Net sales (including other operating income) of Salzer Electronics has increased 12.45% to Rs 1166.31 crore. Operating profit margin has jumped from 9.25% to 10.03%, leading to 21.98% rise in operating profit to Rs 116.98 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 78.24% to 76.34%. Employee cost increased from 3.72% to 3.92%. Other expenses rose from 8.96% to 9.69%. Other income rose 14.71% to Rs 1.95 crore. PBIDT rose 21.85% to Rs 118.93 crore. Provision for interest rose 30.51% to Rs 34.09 crore. PBDT rose 18.69% to Rs 84.84 crore. Provision for depreciation rose 21.14% to Rs 20.11 crore. Profit before tax grew 17.95% to Rs 64.73 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 17.66 crore, compared to Rs 15.28 crore. Effective tax rate was 27.28% compared to 27.83%. Minority interest increased 30.77% to Rs 1.19 crore. Net profit attributable to owners of the company increased 18.52% to Rs 45.88 crore. Promoters’ stake was 37.32% as of 31 March 2024 ,compared to 33.18% as of 31 March 2023 . Promoters pledged stake was 22.92% as of 31 March 2024
Management Comments :
Commenting on this, Mr. Rajesh Doraiswamy, Joint Managing Director, Salzer Electronics Ltd said:
“During the fourth quarter of the fiscal year, the consolidated revenue grew over 8% to Rs. 326.57 crore. The
EBITDA was at Rs 33.08 crore, a year on year increase of 34.1% while the PAT increased by 35.2% to Rs 13.32
crore.
The consolidated revenue for the full year was Rs 1,166.31 crore, a year on year growth of over 12%. The
EBITDA grew by 22.0% at Rs 116.98 crore while the PAT growth was 18.8% at Rs 47.07 crore.
We have observed a positive trend in the increase of our sales prices, and we anticipate this momentum to
persist, contributing to the improvement of our EBITDA Margins. Our strategic focus is on sustaining a wellbalanced business mix between industrial switchgear and wires & cables products to effectively improve the
overall gross margin.
We are committed to sustaining this growth trajectory as we aim for new heights of accomplishment. The
company has demonstrated robust performance, with sales revenue and profitability showing growth in Q4 &
full year driven by businesses of Industrial Switchgear and Wires & Cables. Export markets have also been
instrumental in revenue generation, with Salzer actively pursuing expansion initiatives in regions such as
Australia, New Zealand, and the Middle East, while anticipating continued growth in its switchgear business.
This year, Salzer Electronics achieved noteworthy milestones in product development. Most notably, we
successfully created a Smart Meter facility and received BIS certification.
At Salzer, innovation is ingrained in our strategy, and our robust product offerings and strong brand position
in the market position us to establish new benchmarks for the future. With a positive outlook on both
domestic and export prospects, we maintain optimism regarding our overall business performance.
I thank the entire team at Salzer Electronics for their untiring efforts and all our stakeholders for their
continued support and faith in our Company.”
| Salzer Electronics : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
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| Net Sales (including other operating income) | 326.57 | 302.73 | 7.88 | 1,166.31 | 1,037.17 | 12.45 | | OPM (%) | 10.13 | 8.15 | 199 bps | 10.03 | 9.25 | 78 bps | | OP | 33.09 | 24.66 | 34.18 | 116.98 | 95.90 | 21.98 | | Other Inc. | 0.25 | 0.33 | -24.24 | 1.95 | 1.70 | 14.71 | | PBIDT | 33.34 | 24.99 | 33.41 | 118.93 | 97.60 | 21.85 | | Interest | 9.06 | 7.69 | 17.82 | 34.09 | 26.12 | 30.51 | | PBDT | 24.28 | 17.30 | 40.35 | 84.84 | 71.48 | 18.69 | | Depreciation | 5.42 | 4.33 | 25.17 | 20.11 | 16.6 | 21.14 | | PBT | 18.86 | 12.97 | 45.41 | 64.73 | 54.88 | 17.95 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 18.86 | 12.97 | 45.41 | 64.73 | 54.88 | 17.95 | | EO Income | 0 | 0 | - | 0 | 0.02 | - | | PBT after EO | 18.86 | 12.97 | 45.41 | 64.73 | 54.9 | 17.91 | | Taxation | 5.54 | 3.13 | 77.00 | 17.66 | 15.28 | 15.58 | | PAT | 13.32 | 9.84 | 35.37 | 47.07 | 39.62 | 18.80 | | Minority Interest (MI) | 0.42 | 0.23 | 82.61 | 1.19 | 0.91 | 30.77 | | Net profit | 12.9 | 9.61 | 34.24 | 45.88 | 38.71 | 18.52 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 12.9 | 9.61 | 34.24 | 45.88 | 38.71 | 18.52 | | EPS (Rs)* | 7.42 | 5.53 | 34.24 | 26.39 | 22.26 | 18.58 | | | * EPS is on current equity of Rs 17.38 crore, Face value of Rs 10, 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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