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Isgec Heavy Engineering has a history of 80 years and is a diversified heavy engineering company with interests in Process Equipment, EPC Power Plants, Boilers, Sugar Plants & Machinery, Mechanical & Hydraulic Presses, Castings, Contract Manufacturing, and Trading.
In FY 2011 the company changed its name from Saraswati Industrial Syndicate Ltd. to Isgec Heavy Engineering Ltd. All businesses were consolidated and now marketed under a common brand name – Isgec.
March 2017 quarter results
Sales for the quarter ended March 2017 slumped 18% to Rs 963.78 crore. OPM fell 50 basis points from 7.4% to 6.9% which saw OP fall 23% to Rs 66.61 crore.
Other income jumped 69% to Rs 29.15 crore. As interest cost rose 74% to Rs 6.94 crore and depreciation grew 3% to Rs 16.61 crore, PBT went down 14% to Rs 72.20 crore.
Provision for taxation was down 48% to Rs 13.92 crore. Finally PAT grew 2% to Rs 58.28 crore.
FY 2017 results
In FY 2017 sales fell 21% to Rs 3110.99 crore. OPM grew 60 basis points to 8.3% which saw OP fall 15% to Rs 259.05 crore.
Other income jumped 53% to Rs 93.23 crore. As interest cost grew 5% to Rs 20.80 crore and depreciation fell 1% to Rs 63.82 crore, PBT fell 5% to Rs 267.66 crore.
Provision for taxation fell 15% to Rs 79.30 crore after which PAT fell 1% to Rs 188.63 crore.
Consolidated FY 2017 results
In FY 2017 consolidated sales fell 12% to Rs 4055.89 crore. OPM grew 240 basis points to 9.7% which saw OP rise 16% to Rs 391.71 crore.
Cost of traded goods fell 39% to Rs 1178.74 crore. As a % to sales it fell from 41.6% to 29.1%.
Other income jumped 22% to Rs 93.62 crore. As interest cost fell 19% to Rs 43.12 crore and depreciation fell 1% to Rs 75.29 crore, PBT grew 29% to Rs 366.92 crore.
Provision for taxation grew 27% to Rs 118.58 crore after which PAT went up 30% to Rs 248.34 crore.
Consolidated FY 2017 Segment results
In FY 2017, consolidated sales from the Sugar Division fell jumped 50% to Rs 627.50 crore and accounted for 15% of total. PBIT from the same jumped from Rs 8.84 crore to Rs 106.69 crore and accounted for 26% of total.
In FY 2017, sales from the Engineering Division fell 19% to Rs 3428.96 crore and accounted for 85% of total. PBIT from the same fell 8% to Rs 301.22 crore and accounted for 74% of total.
Valuation
The share price trades at Rs 6210.
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