|
For the
quarter ending Dec 2021, consolidated net sales (including other operating income) of Ashok Leyland has increased 11.85% to Rs 6659.82 crore compared to quarter ended Dec 2020. Sales of Commercial Vehicle segment has gone up 14.18% to Rs 5,849.23 crore (accounting for 87.83% of total sales). Sales of Financial Service segment has gone down 2.61% to Rs 810.59 crore (accounting for 12.17% of total sales). Profit before interest, tax and other unallocable items (PBIT) has slumped 61.61% to Rs 53.10 crore. PBIT of Commercial Vehicle reported loss of Rs 52.15 crore compared to profit of Rs 24.69 crore. PBIT of Financial Service segment fell 7.36% to Rs 105.25 crore (accounting for 198.21% of total PBIT). PBIT margin of Commercial Vehicle segment fell from 0.48% to 0.89%. PBIT margin of Financial Service segment fell from 13.65% to 12.98%. Overall PBIT margin fell from 2.32% to 0.80%. Operating profit margin has declined from 12.55% to 9.88%, leading to 11.93% decline in operating profit to Rs 657.89 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 61.06% to 64.33%. Purchase of finished goods cost rose from 3.81% to 3.87%. Employee cost increased from 9.84% to 9.89%. Other expenses fell from 13.17% to 12.18%. Other income fell 65.28% to Rs 16.01 crore. PBIDT fell 15.03% to Rs 673.9 crore. Provision for interest fell 0.66% to Rs 465.36 crore. PBDT fell 35.76% to Rs 208.54 crore. Provision for depreciation rose 0.54% to Rs 214.06 crore. Profit before tax reported loss of Rs 5.52 crore compared to profit of Rs 111.74 crore. Extraordinary items were decreased to Rs -55.99 crore. Provision for tax was expense of Rs 51.65 crore, compared to Rs 27.3 crore. Effective tax rate was negative 92.36% compared to 41.60%. Minority interest decreased 41.90% to Rs 13.99 crore. Promoters’ stake was 51.12% as of 31 December 2021 ,compared to 51.12% as of 31 December 2020 . Promoters pledged stake was 17.40% as of 31 December 2021 ,compared to 10.88% as of 31 December 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Ashok Leyland has increased 44.18% to Rs 16310.18 crore. Sales of Commercial Vehicle segment has gone up 55.22% to Rs 13,947.02 crore (accounting for 85.51% of total sales). Sales of Financial Service segment has gone up 1.54% to Rs 2,363.73 crore (accounting for 14.49% of total sales). Inter-segment sales came down from Rs 0.87 crore to Rs 0.57 crore. Profit before interest, tax and other unallocable items (PBIT) reported loss of Rs -219.26 crore compared to loss / profit of Rs. -335.14 Cr.PBIT of Commercial Vehicle segment rose 14.84% to Rs -558.86 crore (accounting for 254.88% of total PBIT). PBIT of Financial Service segment rose 5.77% to Rs 339.60 crore (accounting for -154.88% of total PBIT). PBIT margin of Commercial Vehicle segment rose from negative 7.30% to negative 4.01%. PBIT margin of Financial Service segment rose from 13.79% to 14.37%. Overall PBIT margin rose from 2.96% to -1.34%. Operating profit margin has declined from 12.81% to 9.63%, leading to 8.42% rise in operating profit to Rs 1,571.13 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 53.97% to 61.00%. Purchase of finished goods cost fell from 4.57% to 4.16%. Employee cost decreased from 13.63% to 11.76%. Other expenses fell from 15.40% to 13.53%. Other income fell 42.17% to Rs 55.83 crore. PBIDT rose 5.26% to Rs 1626.96 crore. Provision for interest fell 2.58% to Rs 1405.9 crore. PBDT rose 115.69% to Rs 221.06 crore. Provision for depreciation rose 7.07% to Rs 632.42 crore. Loss before tax has fallen 15.74% to Rs -411.36 crore. Extraordinary items were decreased to Rs -57.44 crore. Provision for tax was credit of Rs 20.57 crore, compared to credit of Rs 93.82 crore. Effective tax rate was 4.43% compared to 17.36%.Minority interest decreased 21.83% to Rs 55.55 crore. Net profit attributable to owners of the company increased 3.66% to Rs -498.85 crore. Promoters’ stake was 51.12% as of 31 December 2021 ,compared to 51.12% as of 31 December 2020 . Promoters pledged stake was 17.40% as of 31 December 2021 ,compared to 10.88% as of 31 December 2020 .
Full year results analysis.
Net sales (including other operating income) of Ashok Leyland has declined 11.38% to Rs 19454.1 crore. Sales of Commercial Vehicle segment has gone down 13.32% to Rs 16,308.09 crore (accounting for 83.82% of total sales). Sales of Financial Service segment has gone up 0.35% to Rs 3,147.26 crore (accounting for 16.18% of total sales). Inter-segment sales rose Rs 0.07 crore to Rs 1.25 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 92.50% to Rs 61.31 crore. PBIT of Commercial Vehicle reported loss of Rs 371.36 crore compared to profit of Rs 337.83 crore. PBIT of Financial Service segment fell 9.88% to Rs 432.67 crore (accounting for 705.71% of total PBIT). PBIT margin of Commercial Vehicle segment fell from 1.80% to 2.28%. PBIT margin of Financial Service segment fell from 15.31% to 13.75%. Overall PBIT margin fell from 3.73% to 0.32%. Operating profit margin has declined from 14.73% to 12.66%, leading to 23.84% decline in operating profit to Rs 2,462.44 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 54.08% to 58.89%. Purchase of finished goods cost fell from 4.24% to 4.04%. Employee cost increased from 10.61% to 10.81%. Other expenses fell from 15.41% to 13.94%. Other income rose 21.64% to Rs 131.16 crore. PBIDT fell 22.37% to Rs 2593.6 crore. Provision for interest rose 5.49% to Rs 1900.64 crore. Loan funds rose to Rs 18,351.42 crore as of 31 March 2021 from Rs 16,330.90 crore as of 31 March 2020. Inventories rose to Rs 2,495.85 crore as of 31 March 2021 from Rs 1,536.39 crore as of 31 March 2020. Sundry debtors were higher at Rs 3,020.91 crore as of 31 March 2021 compared to Rs 1,496.16 crore as of 31 March 2020. Cash and bank balance declined from Rs 2,235.30 crore as of 31 March 2020 to Rs 1,778.53 crore as of 31 March 2021. Investments rose to Rs 1,095.63 crore as of 31 March 2021 from Rs 960.34 crore as of 31 March 2020 . PBDT fell 54.99% to Rs 692.96 crore. Provision for depreciation rose 11.42% to Rs 835.62 crore. Fixed assets increased to Rs 7,578.99 crore as of 31 March 2021 from Rs 7,489.26 crore as of 31 March 2020. Intangible assets increased from Rs 1,115.56 crore to Rs 1,240.77 crore. Profit before tax reported loss of Rs 142.66 crore compared to profit of Rs 789.55 crore. Provision for tax was expense of Rs 2.52 crore, compared to Rs 279.36 crore. Effective tax rate was negative 3.76% compared to 37.79%. Minority interest decreased 22.33% to Rs 95.63 crore. Equity capital stood at Rs 293.55 crore as of 31 March 2021 to Rs 293.55 crore as of 31 March 2020. Per share face Value remained same at Rs 1.00. Promoters’ stake was 51.12% as of 31 March 2021 ,compared to 51.12% as of 31 March 2020 . Promoters pledged stake was 17.62% as of 31 March 2021 ,compared to 9.26% as of 31 March 2020 . Cash flow from operating activities has turned negative Rs 1,065.13 crore for year ended March 2021 from positive Rs 383.18 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 751.67 crore, compared to Rs 1,349.08 crore during the year ended March 2020.
Other Highlights
Board approved the issuance
of secured, rated, listed, redeemable Non-Convertible Debentures aggregating
upto Rs 250 crore on a private placement basis in one or more tranches/series.
In Q3 FY 22,
company’s domestic LCV volumes stood at 14,233 units constrained by
semi-conductor shortage. Export volumes (MHCV & LCV) for Q3 FY22 was 3177
units which was higher 8% as against Q3 FY21.
In Q3 FY22,
Ashok Leyland MHCV domestic truck and bus volumes have grown at almost twice
that of industry at 39% compared to the TIV growth of 20%.
In Q3 FY22,
Switch won a 300 Electric Bus order from Bangalore Metropolitan Transport
Corporation.
The company
plans to launch further vehicles in Q4 FY22 of the current year under the CNG
range which will further strengthen its presence in this segment.
Management Comments :
Mr. Dheeraj
Hinduja, Executive Chairman, Ashok Leyland, said “The CV industry is on a
recovery owing to the improvement in the macroeconomic environment and healthy
demand from the end-user industries. The MHCV segment is expected to lead the
recovery in the coming months riding on the back of growth in core sectors such
as construction & mining, increased capital outlay for infrastructure
projects, conducive financing environment and pent up replacement demand. The
response for AVTR and our BS6 performance is very good. Together with the
introduction of CNG, we are confident of recovering our market share. LCV
volumes should grow further owing to the increased demand for last mile
connectivity, especially from the e-commerce segment. The focus on Exports,
Defence, Power Solutions and Parts businesses will ensure a balanced growth, even
as we expand the reach and the products of our core MHCV business. We are
hoping that the commodity prices will decrease further and the situation on the
semi-conductor will ease. I am very happy with the progress made by Switch and
am excited by the prospects it holds in the future growth of electric vehicles.
This complements well with the further developments that Ashok Leyland is
making across a spectrum of alternate fuels”
Mr. Gopal
Mahadevan, Director & CFO, Ashok Leyland, added, “The higher volumes and
our cost management initiatives have helped us improve our bottom line. We have
generated close to INR 300 Cr in cash this quarter owing to improved working
capital, and we will continue to focus on driving operational efficiency.”
| Ashok Leyland : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
|---|
| Net Sales (including other operating income) | 6,659.82 | 5,954.17 | 11.85 | 16,310.18 | 11,311.99 | 44.18 | 19,454.10 | 21,951.27 | -11.38 | | OPM (%) | 9.88 | 12.55 | -267 bps | 9.63 | 12.81 | -318 bps | 12.66 | 14.73 | -207 bps | | OP | 657.89 | 747.00 | -11.93 | 1,571.13 | 1,449.14 | 8.42 | 2,462.44 | 3,233.36 | -23.84 | | Other Inc. | 16.01 | 46.11 | -65.28 | 55.83 | 96.54 | -42.17 | 131.16 | 107.83 | 21.64 | | PBIDT | 673.90 | 793.11 | -15.03 | 1,626.96 | 1,545.68 | 5.26 | 2,593.60 | 3,341.19 | -22.37 | | Interest | 465.36 | 468.47 | -0.66 | 1,405.90 | 1,443.19 | -2.58 | 1,900.64 | 1,801.65 | 5.49 | | PBDT | 208.54 | 324.64 | -35.76 | 221.06 | 102.49 | 115.69 | 692.96 | 1,539.54 | -54.99 | | Depreciation | 214.06 | 212.9 | 0.54 | 632.42 | 590.67 | 7.07 | 835.62 | 749.99 | 11.42 | | PBT | -5.52 | 111.74 | PL | -411.36 | -488.18 | 15.74 | -142.66 | 789.55 | PL | | Share of Profit/(Loss) from Associates | 5.59 | -0.09 | LP | 4.93 | -2.97 | LP | -0.5 | 2.89 | PL | | PBT before EO | 0.07 | 111.65 | -99.94 | -406.43 | -491.15 | 17.25 | -143.16 | 792.44 | PL | | EO Income | -55.99 | -46.03 | -21.64 | -57.44 | -49.4 | -16.28 | 76.08 | -53.28 | LP | | PBT after EO | -55.92 | 65.62 | PL | -463.87 | -540.55 | 14.19 | -67.08 | 739.16 | PL | | Taxation | 51.65 | 27.3 | 89.19 | -20.57 | -93.82 | 78.08 | 2.52 | 279.36 | -99.10 | | PAT | -107.57 | 38.32 | PL | -443.3 | -446.73 | 0.77 | -69.6 | 459.8 | PL | | Minority Interest (MI) | 13.99 | 24.08 | -41.90 | 55.55 | 71.06 | -21.83 | 95.63 | 123.13 | -22.33 | | Net profit | -121.56 | 14.24 | PL | -498.85 | -517.79 | 3.66 | -165.23 | 336.67 | PL | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | -121.56 | 14.24 | PL | -498.85 | -517.79 | 3.66 | -165.23 | 336.67 | PL | | EPS (Rs)* | 0.00 | 0.08 | PL | -1.48 | -1.57 | 5.69 | -1.16 | 1.23 | PL | | | * EPS is on current equity of Rs 293.55 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Ashok Leyland : Consolidated Segment Results | | | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
|---|
| Sales | | Commercial Vehicle | 87.83 | 5,849.23 | 5,122.76 | 14.18 | 85.51 | 13,947.02 | 8,985.08 | 55.22 | 83.82 | 16,308.09 | 18,814.93 | -13.32 | | Financial Service | 12.17 | 810.59 | 832.28 | -2.61 | 14.49 | 2,363.73 | 2,327.78 | 1.54 | 16.18 | 3,147.26 | 3,136.41 | 0.35 | | Total Reported Sales | 100.00 | 6,659.82 | 5,955.04 | 11.84 | 100.00 | 16,310.75 | 11,312.86 | 44.18 | 100.00 | 19,455.35 | 21,951.34 | -11.37 | | Less: Inter segment revenues | | 0.00 | 0.87 | - | | 0.57 | 0.87 | -34.48 | | 1.25 | 0.07 | 1,685.71 | | Net Sales | 100.00 | 6,659.82 | 5,954.17 | 11.85 | 100.00 | 16,310.18 | 11,311.99 | 44.18 | 100.00 | 19,454.10 | 21,951.27 | -11.38 | | PBIT | | Commercial Vehicle | -98.21 | -52.15 | 24.69 | PL | 254.88 | -558.86 | -656.21 | 14.84 | -605.71 | -371.36 | 337.83 | PL | | Financial Service | 198.21 | 105.25 | 113.61 | -7.36 | -154.88 | 339.60 | 321.07 | 5.77 | 705.71 | 432.67 | 480.08 | -9.88 | | Total PBIT | 100.00 | 53.10 | 138.30 | -61.61 | 100.00 | -219.26 | -335.14 | 34.58 | 100.00 | 61.31 | 817.91 | -92.50 | | Less : Interest | | 74.63 | 72.67 | 2.70 | | 247.93 | 249.58 | -0.66 | | 335.13 | 136.19 | 146.08 | | Add: Other un-allcoable | | -34.39 | -0.01 | -3,43,800.00 | | 3.32 | 44.17 | -92.48 | | 206.74 | 57.44 | 259.92 | | PBIT Margin(%) | | Commercial Vehicle | | -0.89 | 0.48 | -137.35 | | -4.01 | -7.30 | 329.63 | | -2.28 | 1.80 | -407.27 | | Financial Service | | 12.98 | 13.65 | -66.61 | | 14.37 | 13.79 | 57.42 | | 13.75 | 15.31 | -155.92 | | PBT | 100.00 | -55.92 | 65.62 | PL | 100.00 | -463.87 | -540.55 | 14.19 | 100.00 | -67.08 | 739.16 | PL |
|
|