For quarter ending Dec 2021, Consolidated net sales (including other operating income) of Mahindra CIE Automotive has increased 5.44% to Rs 2064.15 crore compared to quarter ended Dec 2020.
Operating profit margin has declined from 12.64% to 9.80%, leading to 18.31% decline in operating profit to Rs 202.21 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 46.46% to 50.01%. Employee cost decreased from 17.11% to 14.98%. Other expenses rose from 23.91% to 24.96%. Other income rose 131.54% to Rs 17.25 crore. PBIDT fell 13.93% to Rs 219.46 crore. Provision for interest rose 123.63% to Rs 12.68 crore. Loan funds declined from Rs 1,647.60 crore as of 31 December 2020 to Rs 1,281.57 crore as of 31 December 2021. Inventories rose to Rs 1,348.63 crore as of 31 December 2021 from Rs 1,006.16 crore as of 31 December 2020. Sundry debtors were lower at Rs 668.73 crore as of 31 December 2021 compared to Rs 706.44 crore as of 31 December 2020. Cash and bank balance declined from Rs 238.01 crore as of 31 December 2020 to Rs 159.52 crore as of 31 December 2021. Investments rose to Rs 437.97 crore as of 31 December 2021 from Rs 233.98 crore as of 31 December 2020 . PBDT fell 17.06% to Rs 206.78 crore. Provision for depreciation fell 6.21% to Rs 82.72 crore. Fixed assets increased to Rs 3,084.98 crore as of 31 December 2021 from Rs 2,998.24 crore as of 31 December 2020. Intangible assets declined from Rs 3,755.39 crore to Rs 3,626.46 crore. Profit before tax down 23% to Rs 124.06 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 32.32 crore, compared to Rs 49.25 crore. Effective tax rate was 28.74% compared to 30.57%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 28.36% to Rs 80.14 crore. Equity capital increased from Rs 379.01 crore as of 31 December 2020 to Rs 379.08 crore as of 31 December 2021. Per share face Value remained same at Rs 10.00. Promoters’ stake was 72.19% as of 31 December 2021 ,compared to 71.61% as of 31 December 2020 .
Full year results analysis.
Net sales (including other operating income) of Mahindra CIE Automotive has increased 38.62% to Rs 8386.71 crore. Operating profit margin has jumped from 8.29% to 12.13%, leading to 102.81% rise in operating profit to Rs 1,017.34 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 45.23% to 49.03%. Employee cost decreased from 21.30% to 15.69%. Other expenses fell from 24.99% to 23.44%. Other income rose 1.24% to Rs 55.57 crore. PBIDT rose 92.79% to Rs 1072.91 crore. Provision for interest fell 2.92% to Rs 53.25 crore. Loan funds declined from Rs 1,647.60 crore as of 31 December 2020 to Rs 1,281.57 crore as of 31 December 2021. Inventories rose to Rs 1,348.63 crore as of 31 December 2021 from Rs 1,006.16 crore as of 31 December 2020. Sundry debtors were lower at Rs 668.73 crore as of 31 December 2021 compared to Rs 706.44 crore as of 31 December 2020. Cash and bank balance declined from Rs 238.01 crore as of 31 December 2020 to Rs 159.52 crore as of 31 December 2021. Investments rose to Rs 437.97 crore as of 31 December 2021 from Rs 233.98 crore as of 31 December 2020 . PBDT rose 103.25% to Rs 1019.66 crore. Provision for depreciation rose 11.97% to Rs 343.08 crore. Fixed assets increased to Rs 3,084.98 crore as of 31 December 2021 from Rs 2,998.24 crore as of 31 December 2020. Intangible assets declined from Rs 3,755.39 crore to Rs 3,626.46 crore. Profit before tax grew 246.48% to Rs 676.58 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 272.14 crore, compared to Rs 88.64 crore. Effective tax rate was 40.92% compared to 45.39%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 268.41% to Rs 392.84 crore. Equity capital increased from Rs 379.01 crore as of 31 December 2020 to Rs 379.08 crore as of 31 December 2021. Per share face Value remained same at Rs 10.00. Promoters’ stake was 72.19% as of 31 December 2021 ,compared to 71.61% as of 31 December 2020 .
Other Highlights
Board approved dividend of Rs 2.50 per ordinary equity share
of face value of Rs 10 each for the financial year ended 31st December 2021. Record
date for the purpose is 18th April 2022.
In India Significant part of new orders (>20%) in many
divisions are for EV and Hybrid parts - especially in divisions focussed on two
wheelers.
In CY2021, forgings contributed 59% of total revenue,
aluminum 12%, stampings 11%, gears 10%, casting 6%, magnetics 2% and composites
1%.
In India, MHCV sales during Q4CY21 grew by 21.6%, tractors
sales fell by 27.4%, two wheelers sales fell by 22.7% and <6T vehicles (include
Passenger Vehicles, Utility Vehicles, Vans and Light Commercial Vehicles) fell
by 11.1% compared to Q4CY20.
In India, MHCV sales for CY2021 grew by 89.5%, tractors
sales grew by 23.7%, two wheelers sales grew by 10.7% and <6T vehicles (include
Passenger Vehicles, Utility Vehicles, Vans and Light Commercial Vehicles) grew
by 27.7% compared to CY2020.
Europe
Highlights
In Q4CY21, MHCV sales fell by 4.7% and <6T vehicles (include
Passenger Vehicles, Utility Vehicles, Vans and Light Commercial Vehicles) fell
by 25.3% compared to Q4CY20.
In CY2021, MHCV sales grew by 16.3% and <6T vehicles (include
Passenger Vehicles, Utility Vehicles, Vans and Light Commercial Vehicles) fell
by 4.4% compared to CY2020.
| Mahindra CIE Automotive : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,064.15 | 1,957.64 | 5.44 | 8,386.71 | 6,050.11 | 38.62 | | OPM (%) | 9.80 | 12.64 | -285 bps | 12.13 | 8.29 | 384 bps | | OP | 202.21 | 247.54 | -18.31 | 1,017.34 | 501.63 | 102.81 | | Other Inc. | 17.25 | 7.45 | 131.54 | 55.57 | 54.89 | 1.24 | | PBIDT | 219.46 | 254.99 | -13.93 | 1,072.91 | 556.52 | 92.79 | | Interest | 12.68 | 5.67 | 123.63 | 53.25 | 54.85 | -2.92 | | PBDT | 206.78 | 249.32 | -17.06 | 1,019.66 | 501.67 | 103.25 | | Depreciation | 82.72 | 88.2 | -6.21 | 343.08 | 306.4 | 11.97 | | PBT | 124.06 | 161.12 | -23.00 | 676.58 | 195.27 | 246.48 | | Share of Profit/(Loss) from Associates | 1.2 | 0 | - | 1.2 | 0 | - | | PBT before EO | 125.26 | 161.12 | -22.26 | 677.78 | 195.27 | 247.10 | | EO Income | -12.8 | 0 | - | -12.8 | 0 | - | | PBT after EO | 112.46 | 161.12 | -30.20 | 664.98 | 195.27 | 240.54 | | Taxation | 32.32 | 49.25 | -34.38 | 272.14 | 88.64 | 207.02 | | PAT | 80.14 | 111.87 | -28.36 | 392.84 | 106.63 | 268.41 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 80.14 | 111.87 | -28.36 | 392.84 | 106.63 | 268.41 | | P/(L) from discontinued operations net of tax | 0.09 | -0.2 | LP | 0 | -0.2 | - | | Net profit after discontinued operations | 80.23 | 111.67 | -28.15 | 392.84 | 106.43 | 269.11 | | EPS (Rs)* | 2.35 | 2.95 | -20.25 | 10.56 | 2.81 | 275.50 | | | * EPS is on current equity of Rs 379.08 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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