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Results
04-Feb-22
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Analysis
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Kennametal India
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Sales up 10%, Net up 85%
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Consolidated net sales (including other operating income) of Kennametal India
has increased 10.24% to Rs 239 crore. Operating profit margin has
jumped from 14.39% to 19.25%, leading to 47.44% rise in operating profit to Rs
46.00 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 25.51% to 28.15%. Purchase of finished
goods cost fell from 27.36% to 24.00%. Employee cost decreased from
14.63% to 13.94%. Other expenses fell from 17.35% to 15.54%.
Other income rose 250% to Rs 3.5 crore. PBIDT rose
53.73% to Rs 49.5 crore. Provision for interest remained
nil. PBDT rose 54.21% to Rs 49.5 crore. Provision for
depreciation fell 6.32% to Rs 8.9 crore. Profit before tax
grew 79.65% to Rs 40.60 crore. Share of profit/loss were nil in both
the periods. Provision for tax was expense of Rs 10 crore, compared
to Rs 6.1 crore. Effective tax rate was 24.63% compared to 26.99%. Minority
interest was nil in both the periods. Net profit attributable to
owners of the company increased 85.45% to Rs 30.60 crore.
Sales of Maching Solutions segment has gone up 32.95% to Rs 34.70 crore
(accounting for 14.52% of total sales). Sales of Hard Metal and Hard
Metal Products segment has gone up 7.13% to Rs 204.30 crore (accounting for
85.48% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has
jumped 60.69% to Rs 46.60 crore. PBIT of Maching Solutions segment
rose 657.14% to Rs 5.30 crore (accounting for 11.37% of total
PBIT). PBIT of Hard Metal and Hard Metal Products segment rose
45.94% to Rs 41.30 crore (accounting for 88.63% of total PBIT).
PBIT margin of Maching Solutions segment rose from 2.68% to
15.27%. PBIT margin of Hard Metal and Hard Metal Products segment
rose from 14.84% to 20.22%. Overall PBIT margin rose from 13.38% to
19.50%.
Half-yearly performance
Net sales (including other operating income) of Kennametal India has increased
15.12% to Rs 476.5 crore. Sales of Machining solutions segment has
gone up 20.83% to Rs 64.40 crore (accounting for 13.52% of total
sales). Sales of Hard metal and hard metal products segment has gone
up 14.28% to Rs 412.10 crore (accounting for 86.48% of total sales).
Profit before interest, tax and other
unallocable items (PBIT) has jumped 65.64% to Rs 91.10 crore. PBIT
of Machining solutions segment rose 357.89% to Rs 8.70 crore (accounting for
9.55% of total PBIT). PBIT of Hard metal and hard metal products segment
rose 55.18% to Rs 82.40 crore (accounting for 90.45% of total
PBIT).
PBIT margin of Machining solutions
segment rose from 3.56% to 13.51%. PBIT margin of Hard metal and
hard metal products segment rose from 14.73% to 20.00%. Overall PBIT
margin rose from 13.29% to 19.12%.
Operating profit margin has jumped from 14.16% to 19.14%, leading to
55.63% rise in operating profit to Rs 91.20 crore. Raw material cost
as a % of total sales (net of stock adjustments) increased from 26.35% to
27.54%. Purchase of finished goods cost fell from 26.09% to 24.47%.
Employee cost decreased from 15.30% to 13.80%. Other
expenses fell from 17.18% to 15.90%. Other income rose 120.83% to
Rs 5.3 crore. PBIDT rose 58.20% to Rs 96.5
crore. Provision for interest remained nil. PBDT rose
58.98% to Rs 96.5 crore. Provision for depreciation fell 5.24% to Rs
18.1 crore. Profit before tax grew 88.46% to Rs 78.40
crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 19.5 crore, compared to
Rs 10.9 crore. Effective tax rate was 24.87% compared to 26.85%. Minority
interest was nil in both the periods. Net profit attributable to
owners of the company increased 98.32% to Rs 58.90 crore.
Other developments
Promoters’ stake was 75.00% as of 31
December 2021 ,compared to 75.00% as of 31 December 2020 .
Equity capital stood at Rs 22.00 crore
as of 31 December 2021 to Rs 22.00 crore as of 31 December 2020. Per
share face Value remained same at Rs 10.00.
Loan funds remained
nil. Inventories rose to Rs 242.60 crore as of 31 December 2021 from
Rs 170.80 crore as of 31 December 2020. Sundry debtors were higher
at Rs 130.30 crore as of 31 December 2021 compared to Rs 128.40 crore as of 31
December 2020. Cash and bank balance rose to Rs 127.70 crore as of
31 December 2021 from Rs 93.20 crore as of 31 December 2020. Fixed
assets declined from Rs 279.00 crore as of 31 December 2020 to Rs 265.20 crore
as of 31 December 2021. Intangible assets declined from Rs 0.70
crore to Rs 0.40 crore.
Cash flow from operating activities
decreased to Rs 6.30 crore for YTD ended December 2021 from Rs 72.30 crore for
YTD ended December 2020. Cash flow used in acquiring fixed assets
during the YTD ended December 2021 stood at Rs 8.80 crore, compared to Rs 10.90
crore during the YTD ended December 2020.
Kennametal
India : Consolidated Results
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2112
(3)
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2012
(3)
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Var.
(%)
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2112
(6)
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2012
(6)
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Var.
(%)
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2106
(12)
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2006
(12)
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Var.
(%)
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Sales
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239.00
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216.80
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10
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476.50
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413.90
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15
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853.70
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705.00
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21
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OPM (%)
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19.2
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14.4
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19.1
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14.2
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15.3
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10.1
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OP
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46.00
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31.20
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47
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91.20
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58.60
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56
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130.80
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70.90
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84
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Other
inc.
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3.50
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1.00
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250
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5.30
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2.40
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121
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6.90
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12.60
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-45
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PBIDT
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49.50
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32.20
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54
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96.50
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61.00
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58
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137.70
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83.50
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65
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Interest
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0.00
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0.10
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-100
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0.00
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0.30
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-100
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0.30
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1.90
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-84
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PBDT
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49.50
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32.10
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54
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96.50
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60.70
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59
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137.40
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81.60
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68
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Dep.
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8.90
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9.50
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-6
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18.10
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19.10
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-5
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37.90
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34.40
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10
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PBT
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40.60
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22.60
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80
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78.40
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41.60
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88
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99.50
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47.20
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111
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EO Exp
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0.00
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0.00
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####
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0.00
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1.00
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-100
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1.00
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5.10
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-80
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PBT
after EO
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40.60
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22.60
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80
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78.40
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40.60
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93
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98.50
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42.10
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134
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Taxation
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10.00
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6.10
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64
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19.50
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10.90
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79
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25.20
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9.20
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174
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PAT
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30.60
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16.50
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85
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58.90
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29.70
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98
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73.30
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32.90
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123
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PPT
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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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####
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0.00
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-1.00
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-100
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Net
profit
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30.60
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16.50
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85
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58.90
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29.70
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98
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73.30
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33.90
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116
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EPS
(Rs)*
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#
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#
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#
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#
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33.7
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16.8
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* EPS
is on current equity of Rs 21.98 crore, Face value of Rs 10
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# EPS
is not annualised due to seasonality of business
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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Kennametal India : Consolidated Segment Results | td>- | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202106 | 202006 | Var.(%) |
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Sales | Maching Solutions | 14.52 | 34.70 | 26.10 | 32.95 | 13.52 | 64.40 | 53.30 | 20.83 | 12.93 | 110.40 | 148.10 | -25.46 | Hard Metal and Hard Metal Products | 85.48 | 204.30 | 190.70 | 7.13 | 86.48 | 412.10 | 360.60 | 14.28 | 87.07 | 743.30 | 556.90 | 33.47 | Total Reported Sales | 100.00 | 239.00 | 216.80 | 10.24 | 100.00 | 476.50 | 413.90 | 15.12 | 100.00 | 853.70 | 705.00 | 21.09 | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | Net Sales | 100.00 | 239.00 | 216.80 | 10.24 | 100.00 | 476.50 | 413.90 | 15.12 | 100.00 | 853.70 | 705.00 | 21.09 | PBIT | Maching Solutions | 11.37 | 5.30 | 0.70 | 657.14 | 9.55 | 8.70 | 1.90 | 357.89 | 5.62 | 7.00 | 29.60 | -76.35 | Hard Metal and Hard Metal Products | 88.63 | 41.30 | 28.30 | 45.94 | 90.45 | 82.40 | 53.10 | 55.18 | 94.38 | 117.50 | 43.80 | 168.26 | Total PBIT | 100.00 | 46.60 | 29.00 | 60.69 | 100.00 | 91.10 | 55.00 | 65.64 | 100.00 | 124.50 | 73.40 | 69.62 | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | Add: Other un-allcoable | | -6.00 | -6.40 | 6.25 | | -12.70 | -14.40 | 11.81 | | -26.00 | -31.20 | 16.67 | PBIT Margin(%) | Maching Solutions | | 15.27 | 2.68 | 1,259.18 | | 13.51 | 3.56 | 994.46 | | 6.34 | 19.99 | -1,364.59 | Hard Metal and Hard Metal Products | | 20.22 | 14.84 | 537.53 | | 20.00 | 14.73 | 526.97 | | 15.81 | 7.86 | 794.29 | PBT | 100.00 | 40.60 | 22.60 | 79.65 | 100.00 | 78.40 | 40.60 | 93.10 | 100.00 | 98.50 | 42.20 | 133.41 |
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