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Results
24-Aug-21
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Analysis
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ISGEC Heavy Engineering
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Sales up 5%, PAT down 67%
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Consolidated net sales (including other operating income) of ISGEC Heavy
Engineering has increased 5% to Rs 1128.38 crore. Operating profit
margin has jumped from 8.6% to 4.3%, leading to 48% decline in operating profit
to Rs 48.20 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 28.85% to 27.35%. Purchase of
finished goods cost rose from 32.75% to 36.03%. Employee cost decreased
from 9.36% to 8.70%. Other expenses rose from 20.14% to 23.74%.
Other direct service cost rose from 7.53% to 9.71%. Other
income rose 28% to Rs 5.14 crore. PBIDT fell 45% to Rs 53.34
crore. Provision for interest fell 13% to Rs 11.2 crore. PBDT
fell 50% to Rs 42.14 crore. Provision for depreciation fell 12% to
Rs 23.85 crore. Profit before tax down 68% to Rs 18.29
crore. Share of profit/loss was 29% lower at Rs 0.05
crore. Thus PBT after shore of profit from associate was down 68% to
Rs 18.34 crore. Provision for tax was expense of Rs 4.57 crore, compared to Rs
14.67 crore. Effective tax rate was 24.92% compared to 25.95%. Thus
PAT was down 67% to Rs 13.77 crore. Minority interest decreased 78% to Rs 0.14
crore. Net profit attributable to owners of the company decreased 67%
to Rs 13.63 crore.
Sales of Mfg of Machinery & Equipment segment has gone down 1.58% to
Rs 335.91 crore (accounting for 28.62% of total sales). Sales of
Engineering Procurement & Construct segment has gone up 14.01% to Rs 686.06
crore (accounting for 58.46% of total sales). Sales of Sugar segment
fell 17.86% to Rs 153.64 crore (accounting for 13.09% of total
sales). Inter-segment sales came down from Rs 64.94 crore to Rs
46.21 crore.
Profit before interest, tax and other unallocable items (PBIT) has
slumped 55.63% to Rs 31.93 crore. PBIT of Mfg of Machinery &
Equipment segment fell 20.89% to Rs 16.93 crore (accounting for 53.02% of total
PBIT). PBIT of Engineering Procurement & Construct segment fell
65.38% to Rs 9.88 crore (accounting for 30.94% of total PBIT). PBIT
of Sugar segment fell 46.85% to Rs 11.56 crore (accounting for 36.20% of total
PBIT). PBIT of Plant Under Construction reported loss of Rs 6.44
crore compared to profit of Rs 0.28 crore.
PBIT margin of Mfg of Machinery & Equipment segment fell from 6.27%
to 5.04%. PBIT margin of Engineering Procurement & Construct
segment fell from 4.74% to 1.44%. PBIT margin of Sugar segment fell
from 11.63% to 7.52%. PBIT margin of Plant Under Construction
segment rose from 5.57% to 325.25%. Overall PBIT margin fell from
6.34% to 2.72%.
Promoters’ stake was 62.43% as of 30
June 2021, compared to 62.39% as of 30 June 2020.
ISGEC
Heavy Engineering: Consolidated Results
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2106
(3)
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2006
(3)
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Var.
(%)
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2103
(12)
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2003
(12)
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Var.
(%)
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Sales
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1128.38
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1070.82
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5
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5425.57
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5882.06
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-8
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OPM (%)
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4.3
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8.6
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8.4
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5.5
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OP
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48.20
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92.28
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-48
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454.97
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324.59
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40
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Other
inc.
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5.14
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4.03
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28
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51.76
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32.09
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61
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PBIDT
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53.34
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96.31
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-45
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506.73
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356.68
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42
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Interest
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11.20
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12.85
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-13
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50.24
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41.14
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22
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PBDT
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42.14
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83.46
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-50
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456.49
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315.54
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45
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Dep.
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23.85
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27.00
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-12
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100.86
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101.19
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0
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PBT
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18.29
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56.46
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-68
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355.63
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214.35
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66
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Share
of Profit from Associates
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0.05
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0.07
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-29
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0.18
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0.10
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80
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PBT
before EO
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18.34
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56.53
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-68
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355.81
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214.45
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66
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EO Exp
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0.00
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0.00
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0.00
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0.00
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PBT
after EO
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18.34
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56.53
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-68
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355.81
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214.45
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66
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Taxation
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4.57
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14.67
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-69
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102.74
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65.32
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57
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PAT
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13.77
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41.86
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-67
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253.07
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149.13
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70
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Minority
Interest (MI)/Loss from Discontinued operations
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0.14
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0.64
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-78
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5.22
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4.62
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13
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PAT
after MI
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13.63
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41.22
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-67
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247.85
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144.51
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72
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EPS
(Rs)*
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#
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#
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33.7
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19.7
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* EPS
is on current equity of Rs 7.35 crore, Face value of Rs 1
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# EPS
is not annualised due to seasonality of business
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**
Variance could not be calculated as no previous period figures
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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ISGEC
Heavy Engineering: Consolidated Segment Results
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Segment
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% to
total
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2106
(3)
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2006
(3)
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Var.(%)
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% to
total
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2103
(12)
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2003
(12)
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Var.(%)
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Sales
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Machinery
& Equipment - Mfg
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29
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335.91
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341.29
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-2
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27
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1562.84
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1612.58
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-3
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EPC
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58
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686.06
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601.77
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14
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59
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3457.71
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3929.01
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-12
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Sugar
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13
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153.64
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187.05
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-18
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14
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785.60
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584.41
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34
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Others/
Unallocated
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0
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-1.02
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5.65
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-118
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0
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11.93
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4.17
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186
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Total
Sales
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100
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1174.59
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1135.76
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3
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100
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5818.08
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6130.17
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-5
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Inter
Segment Revenue
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46.21
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64.94
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-29
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392.51
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248.11
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58
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Net
sales
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1128.38
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1070.82
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5
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5425.57
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5882.06
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-8
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PBIT
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Machinery
& Equipment - Mfg
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57
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16.93
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21.40
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-21
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41
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164.47
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84.41
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95
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EPC
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33
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9.88
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28.54
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-65
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43
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172.37
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151.62
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14
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Sugar
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39
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11.56
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21.75
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-47
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26
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102.59
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48.30
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112
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Others/
Unallocated
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-29
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-8.73
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-2.60
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236
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-9
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-37.81
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-18.58
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103
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Total
PBIT
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100
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29.64
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69.09
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-57
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100
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401.62
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265.75
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51
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LESS:
Interest expenes
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10.55
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12.22
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44.22
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37.94
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Other
income & unallocable expenses
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0.75
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0.34
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1.59
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13.36
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PBT
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18.34
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56.53
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-68
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355.81
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214.45
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66
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Note:
Figures in Rs crore
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