For
the quarter ending March 2024, consolidated Net sales (including other operating income) of M M Forgings has increased 2.37% to Rs 397.5 crore compared to quarter ended March 2023. Operating profit margin has jumped from 17.91% to 19.51%, leading to 11.52% rise in operating profit to Rs 77.54 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 51.55% to 46.82%. Employee cost increased from 8.80% to 9.92%. Other expenses rose from 22.86% to 24.73%. Power and Oil fuel cost rose from 8.16% to 8.81%. Other income rose 22.08% to Rs 5.75 crore. PBIDT rose 12.19% to Rs 83.29 crore. Provision for interest rose 83.03% to Rs 13.27 crore. Loan funds rose to Rs 803.68 crore as of 31 March 2024 from Rs 654.48 crore as of 31 March 2023. Inventories rose to Rs 344.91 crore as of 31 March 2024 from Rs 305.80 crore as of 31 March 2023. Sundry debtors were higher at Rs 275.17 crore as of 31 March 2024 compared to Rs 196.63 crore as of 31 March 2023. Cash and bank balance declined from Rs 218.60 crore as of 31 March 2023 to Rs 209.80 crore as of 31 March 2024. Investments rose to Rs 22.84 crore as of 31 March 2024 from Rs 22.29 crore as of 31 March 2023 .
PBDT rose 4.52% to Rs 70.02 crore. Provision for depreciation fell 1.46% to Rs 20.21 crore. Fixed assets increased to Rs 1,037.78 crore as of 31 March 2024 from Rs 866.78 crore as of 31 March 2023.
Profit before tax grew 7.16% to Rs 49.81 crore. Share of profit/loss were nil in both the periods. Extraordinary items were increased to Rs 0.60 crore. Provision for tax was expense of Rs 13.61 crore, compared to Rs 15.85 crore. Effective tax rate was 27.00% compared to 33.98%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 19.52% to Rs 36.80 crore. Equity capital stood at Rs 24.14 crore as of 31 March 2024 to Rs 24.14 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 56.34% as of 31 March 2024 ,compared to 56.34% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of M M Forgings has increased 6.92% to Rs 1563.07 crore. Operating profit margin has jumped from 18.66% to 18.73%, leading to 7.32% rise in operating profit to Rs 292.83 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 48.90% to 47.90%. Employee cost increased from 9.19% to 9.26%. Other expenses rose from 23.99% to 24.81%. Power and Oil fuel cost rose from 8.43% to 9.08%. Other income rose 70.18% to Rs 20.49 crore. PBIDT rose 9.98% to Rs 313.32 crore. Provision for interest rose 43.93% to Rs 42.56 crore. Loan funds rose to Rs 803.68 crore as of 31 March 2024 from Rs 654.48 crore as of 31 March 2023. Inventories rose to Rs 344.91 crore as of 31 March 2024 from Rs 305.80 crore as of 31 March 2023. Sundry debtors were higher at Rs 275.17 crore as of 31 March 2024 compared to Rs 196.63 crore as of 31 March 2023. Cash and bank balance declined from Rs 218.60 crore as of 31 March 2023 to Rs 209.80 crore as of 31 March 2024. Investments rose to Rs 22.84 crore as of 31 March 2024 from Rs 22.29 crore as of 31 March 2023 .
PBDT rose 6.05% to Rs 270.76 crore. Provision for depreciation rose 5.08% to Rs 82.81 crore. Fixed assets increased to Rs 1,037.78 crore as of 31 March 2024 from Rs 866.78 crore as of 31 March 2023.
Profit before tax grew 6.48% to Rs 187.95 crore. Share of profit/loss were nil in both the periods. Extraordinary items were increased to Rs 1.30 crore. Provision for tax was expense of Rs 54.45 crore, compared to Rs 49.01 crore. Effective tax rate was 28.77% compared to 27.70%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 5.35% to Rs 134.80 crore.
Equity capital stood at Rs 24.14 crore as of 31 March 2024 to Rs 24.14 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 56.34% as of 31 March 2024 ,compared to 56.34% as of 31 March 2023 .
Other highlights
The board recommended issue of Bonus shares
to the shareholders of the Company in the ratio of 1:1. Record Date for the
purpose is 16 July 2024.
The
board