Capitaline

Results 31-May-24

Analysis

India Nippon Electricals

Solid performance

Consolidated net sales (including other operating income) of India Nippon Electricals has increased 23.87% to Rs 195.68 crore. Operating profit margin has jumped from 9.43% to 11.04%, leading to 45.03% rise in operating profit to Rs 21.61 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 64.54% to 62.65%. Purchase of finished goods cost rose from 2.61% to 4.00%. Employee cost increased from 11.93% to 12.22%. Other expenses fell from 11.46% to 9.84%. Other direct service cost fell from 4.43% to 4.34%.

Other income rose 64.88% to Rs 8.31 crore. PBIDT rose 50.05% to Rs 29.92 crore. Loan funds declined from Rs 3.65 crore as of 31 March 2023 to Rs 2.94 crore as of 31 March 2024. Inventories rose to Rs 69.17 crore as of 31 March 2024 from Rs 56.06 crore as of 31 March 2023. Sundry debtors were higher at Rs 141.75 crore as of 31 March 2024 compared to Rs 119.47 crore as of 31 March 2023. Cash and bank balance declined from Rs 22.82 crore as of 31 March 2023 to Rs 18.91 crore as of 31 March 2024. Investments rose to Rs 431.86 crore as of 31 March 2024 from Rs 355.02 crore as of 31 March 2023 .

PBDT rose 50.28% to Rs 29.83 crore. Provision for depreciation rose 0.26% to Rs 3.82 crore. Fixed assets increased to Rs 154.79 crore as of 31 March 2024 from Rs 145.65 crore as of 31 March 2023. Intangible assets declined from Rs 1.59 crore to Rs 1.45 crore.

Profit before tax grew 62.16% to Rs 26.01 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 5.59 crore, compared to Rs 1.83 crore. Effective tax rate was 21.49% compared to 11.41%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 43.70% to Rs 20.42 crore.

Equity capital stood at Rs 11.31 crore as of 31 March 2024 to Rs 11.31 crore as of 31 March 2023. Per share face Value remained same at Rs 5.00.

Promoters’ stake was 70.37% as of 31 March 2024 compared to 70.39% as of 31 March 2023.

Full year results analysis

Net sales (including other operating income) of India Nippon Electricals has increased 10.34% to Rs 724.08 crore. Operating profit margin has jumped from 8.06% to 9.17%, leading to 25.50% rise in operating profit to Rs 66.39 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 66.91% to 65.64%. Purchase of finished goods cost rose from 2.50% to 3.37%. Employee cost increased from 12.09% to 12.14%. Other expenses fell from 10.49% to 9.69%. Other direct service cost fell from 4.38% to 4.00%.

Other income rose 10.24% to Rs 24.87 crore. PBIDT rose 20.94% to Rs 91.26 crore. Provision for interest fell 7.14% to Rs 0.39 crore. Loan funds declined from Rs 3.65 crore as of 31 March 2023 to Rs 2.94 crore as of 31 March 2024. Inventories rose to Rs 69.17 crore as of 31 March 2024 from Rs 56.06 crore as of 31 March 2023. Sundry debtors were higher at Rs 141.75 crore as of 31 March 2024 compared to Rs 119.47 crore as of 31 March 2023. Cash and bank balance declined from Rs 22.82 crore as of 31 March 2023 to Rs 18.91 crore as of 31 March 2024. Investments rose to Rs 431.86 crore as of 31 March 2024 from Rs 355.02 crore as of 31 March 2023 .

PBDT rose 21.10% to Rs 90.87 crore. Provision for depreciation rose 3.21% to Rs 15.09 crore. Fixed assets increased to Rs 154.79 crore as of 31 March 2024 from Rs 145.65 crore as of 31 March 2023. Intangible assets declined from Rs 1.59 crore to Rs 1.45 crore.

Profit before tax grew 25.42% to Rs 75.78 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 16.48 crore, compared to Rs 12.19 crore. Effective tax rate was 21.75% compared to 20.18%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 22.95% to Rs 59.30 crore.

Equity capital stood at Rs 11.31 crore as of 31 March 2024 to Rs 11.31 crore as of 31 March 2023. Per share face Value remained same at Rs 5.00.

Promoters’ stake was 70.37% as of 31 March 2024 compared to 70.39% as of 31 March 2023 .

The scrip is currently trading at Rs 655

India Nippon Electricals : Consolidated Results
Particulars	2403 (03)	2303 (03)	Var.(%)	2403 (12)	2303 (12)	Var.(%)
Net Sales	195.68	157.97	24	724.08	656.25	10
OPM (%)	11.0	9.4		9.2	8.1
OP	21.61	14.9	45	66.39	52.9	26
Other Inc.	8.31	5.04	65	24.87	22.56	10
PBIDT	29.92	19.94	50	91.26	75.46	21
Interest	0.09	0.09	0	0.39	0.42	-7
PBDT	29.83	19.85	50	90.87	75.04	21
Depreciation	3.82	3.81	0	15.09	14.62	3
PBT	26.01	16.04	62	75.78	60.42	25
Share of Profit/(Loss) from Associates	0	0		0	0
PBT before EO	26.01	16.04	62	75.78	60.42	25
EO Income	0	0		0	0
PBT after EO	26.01	16.04	62	75.78	60.42	25
Taxation	5.59	1.83	205	16.48	12.19	35
PAT	20.42	14.21	44	59.3	48.23	23
Minority Interest (MI)	0	0		0	0
Net profit	20.42	14.21	44	59.3	48.23	23
EPS (Rs)*	#	#		26.2	21.3
Notes
* EPS is on current equity of Rs 11.31 crore, Face value of Rs 5, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

Previous News

India Nippon Electricals standalone net profit rises 105.54% in the December 2020 quarter
( Results - Announcements 13-Feb-21 08:23 )

India Nippon Electricals standalone net profit rises 128.64% in the March 2018 quarter
( Results - Announcements 08-May-18 17:39 )

Board of India Nippon Electricals recommends Interim Dividend
( Corporate News - 17-Mar-20 10:34 )

India Nippon Electricals schedules AGM
( Corporate News - 12-Aug-23 14:10 )

India Nippon Electricals to hold board meeting
( Corporate News - 31-Oct-23 15:20 )

India Nippon Electricals schedules AGM
( Corporate News - 13-Aug-22 11:01 )

India Nippon Electricals to table results
( Corporate News - 02-Nov-20 11:01 )

India Nippon Electricals schedules board meeting
( Corporate News - 07-Feb-24 16:28 )

Indian Nippon Electricals
( Results - Analysis 30-Aug-16 10:19 )

India Nippon Electricals consolidated net profit declines 7.65% in the September 2019 quarter
( Results - Announcements 30-Oct-19 19:02 )

India Nippon Electricals standalone net profit declines 5.69% in the September 2019 quarter
( Results - Announcements 30-Oct-19 18:35 )