For
the quarter ending March 2024, consolidated Net sales (including other operating income) of Hindustan Composites has increased 0.76% to Rs 78.57 crore compared to quarter ended March 2023. Sales of Composite Products segment has gone up 3.12% to Rs 67.17 crore (accounting for 85.49% of total sales). Sales of Investment segment has gone down 11.21% to Rs 11.40 crore (accounting for 14.51% of total sales). Profit before interest, tax and other unallocable items (PBIT) has slumped 5.46% to Rs 13.69 crore. PBIT of Composite Products segment rose 13.72% to Rs 5.72 crore (accounting for 41.78% of total PBIT). PBIT of Investment segment fell 15.66% to Rs 7.97 crore (accounting for 58.22% of total PBIT).
PBIT margin of Composite Products segment rose from 7.72% to 8.52%. PBIT margin of Investment segment fell from 73.60% to 69.91%. Overall PBIT margin fell from 18.57% to 17.42%.
Operating profit margin has declined from 16.26% to 15.60%, leading to 3.31% decline in operating profit to Rs 12.26 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.45% to 43.27%. Employee cost increased from 12.10% to 12.63%. Other expenses rose from 25.84% to 28.26%. Other income fell 8.33% to Rs 0.22 crore. PBIDT fell 3.41% to Rs 12.48 crore. Provision for interest remained nil. Loan funds declined from Rs 1.01 crore as of 31 March 2023 to Rs 0.12 crore as of 31 March 2024. Inventories rose to Rs 14.27 crore as of 31 March 2024 from Rs 13.50 crore as of 31 March 2023. Sundry debtors were lower at Rs 36.99 crore as of 31 March 2024 compared to Rs 39.34 crore as of 31 March 2023. Cash and bank balance rose to Rs 1.63 crore as of 31 March 2024 from Rs 1.53 crore as of 31 March 2023. Investments rose to Rs 872.17 crore as of 31 March 2024 from Rs 807.08 crore as of 31 March 2023 .
PBDT fell 3.26% to Rs 12.48 crore. Provision for depreciation rose 19.42% to Rs 2.46 crore. Fixed assets increased to Rs 136.52 crore as of 31 March 2024 from Rs 110.52 crore as of 31 March 2023. Intangible assets increased from Rs 0.83 crore to Rs 0.98 crore.
Profit before tax down 7.56% to Rs 10.02 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 2.05 crore, compared to Rs 1.34 crore. Effective tax rate was 20.46% compared to 12.36%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 16.11% to Rs 7.97 crore. Equity capital stood at Rs 7.38 crore as of 31 March 2024 to Rs 7.38 crore as of 31 March 2023. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 74.97% as of 31 March 2024 ,compared to 74.97% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Hindustan Composites has increased 5.30% to Rs 297.68 crore. Sales of Composite Products segment has gone up 6.50% to Rs 250.68 crore (accounting for 84.21% of total sales). Sales of Investment segment has gone down 0.68% to Rs 47.00 crore (accounting for 15.79% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 18.98% to Rs 55.53 crore. PBIT of Composite Products segment rose 91.26% to Rs 20.35 crore (accounting for 36.65% of total PBIT). PBIT of Investment segment fell 2.36% to Rs 35.18 crore (accounting for 63.35% of total PBIT).
PBIT margin of Composite Products segment rose from 4.52% to 8.12%. PBIT margin of Investment segment fell from 76.14% to 74.85%. Overall PBIT margin rose from 16.51% to 18.65%.
Operating profit margin has jumped from 14.37% to 17.23%, leading to 26.30% rise in operating profit to Rs 51.29 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 47.09% to 44.05%. Employee cost decreased from 13.75% to 13.17%. Other expenses rose from 24.76% to 25.51%. Other income rose 9.41% to Rs 0.93 crore. PBIDT rose 25.95% to Rs 52.22 crore. Provision for interest fell 30.77% to Rs 0.09 crore. Loan funds declined from Rs 1.01 crore as of 31 March 2023 to Rs 0.12 crore as of 31 March 2024. Inventories rose to Rs 14.27 crore as of 31 March 2024 from Rs 13.50 crore as of 31 March 2023. Sundry debtors were lower at Rs 36.99 crore as of 31 March 2024 compared to Rs 39.34 crore as of 31 March 2023. Cash and bank balance rose to Rs 1.63 crore as of 31 March 2024 from Rs 1.53 crore as of 31 March 2023. Investments rose to Rs 872.17 crore as of 31 March 2024 from Rs 807.08 crore as of 31 March 2023 .
PBDT rose 26.13% to Rs 52.13 crore. Provision for depreciation rose 9.16% to Rs 9.53 crore. Fixed assets increased to Rs 136.52 crore as of 31 March 2024 from Rs 110.52 crore as of 31 March 2023. Intangible assets increased from Rs 0.83 crore to Rs 0.98 crore.
Profit before tax grew 30.67% to Rs 42.60 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 8.19 crore, compared to Rs 5.13 crore. Effective tax rate was 19.23% compared to 15.74%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 25.26% to Rs 34.41 crore.
Equity capital stood at Rs 7.38 crore as of 31 March 2024 to Rs 7.38 crore as of 31 March 2023. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 74.97% as of 31 March 2024 ,compared to 74.97% as of 31 March 2023 .
Other Highlights
The
Board recommended a dividend of Rs 2 per equity share for the financial year
ended 31 March 2024.
To
cater to additional demand, the company approved