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Results
23-Feb-22
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Analysis
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Elantas Beck India
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OP down 20%
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Elantas
Beck India standalone net sales increased 23.32% to Rs 145.51 crore. Sales of Electrical Insulations segment has
gone up 18.70% to Rs 122.69 crore (accounting for 83.86% of total sales). Sales of Engineering & Electronic Resins
and segment has gone up 55.31% to Rs 23.61 crore (accounting for 16.14% of
total sales).
Operating
profit margin has declined from 22.99% to 14.95%, leading to 19.80% decline in
operating profit to Rs 21.75 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
57.04% to 68.07%. Purchase of finished
goods cost fell from 2.49% to 0.33%. Employee cost decreased from 6.44% to 5.28%. Other expenses fell from 11.62% to
11.56%.
Other
income fell 27.61% to Rs 4.09 crore.
PBIDT fell 21.15% to Rs 25.84 crore.
Profit before interest, tax and other unallocable items (PBIT) has
slumped 19.30% to Rs 20.53 crore. PBIT
of Electrical Insulations segment fell 26.94% to Rs 16.38 crore (accounting for
79.78% of total PBIT). PBIT of Engineering
& Electronic Resins and segment rose 37.36% to Rs 4.15 crore (accounting for
20.22% of total PBIT).
PBIT
margin of Electrical Insulations segment fell from 21.69% to 13.35%. PBIT margin of Engineering & Electronic
Resins and segment fell from 19.88% to 17.59%.
Overall PBIT margin fell from 21.46% to 14.04%.
Provision
for interest remained nil. Loan funds
remained nil. PBDT fell 21.15% to Rs
25.84 crore. Provision for depreciation
rose 7.90% to Rs 3.14 crore. Profit
before EO was down 23.98% to Rs 22.70 crore.
The company reported net EO expense of Rs 37 lakh (Rs 7.26 lakh towards
profit on sale of office space at pimpri and Rs 44.44 lakh of loss due to fire
accident) compared to nil EO items during the quarter. PBT after EO was down
25% to Rs 22.33 crore.
A
fire incident occurred at the company`s factory situated at Pimpri, Pune. The
company accounted for a loss of Rs. 44.44 lakh on account of destruction of
machinery and inventory in this fire.
On
September 16, 2021, the company sold the office space ("EDP Budding")
at Pimpri for a consideration of Rs. 21.32 crore which resulted in a profit of
Rs. 19.19 crore.
Provision
for tax was expense of Rs 5.73 crore, compared to Rs 7.31 crore. Effective tax rate was 25.66% compared to
24.48%. Profit after tax fell 26.39% to Rs 16.60 crore.
Promoters’
stake was 75.00% as of 31 December 2021 compared to 75.00% as of 31 December
2020.
Full year results
analysis
Net
sales of Elantas Beck India have increased 36.28% to Rs 522.13 crore. Operating profit margin has declined from
18.36% to 14.99%, leading to 11.27% rise in operating profit to Rs 78.27
crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 55.84% to 67.46%. Purchase of finished goods cost fell from
4.58% to 0.26%. Employee cost decreased from 7.34% to 5.85%. Other expenses
fell from 13.90% to 11.70%.
Other
income fell 25.06% to Rs 16.33 crore.
PBIDT rose 2.68% to Rs 94.6 crore.
Provision for interest up 13.64% to Rs 0.25 crore. Loan funds remained nil.
Inventories
rose to Rs 83.93 crore as of 31 December 2021 from Rs 52.68 crore as of 31
December 2020. Sundry debtors were
higher at Rs 86.84 crore as of 31 December 2021 compared to Rs 70.51 crore as
of 31 December 2020. Cash and bank balance
declined from Rs 26.62 crore as of 31 December 2020 to Rs 17.64 crore as of 31
December 2021. Investments rose to Rs
261.35 crore as of 31 December 2021 from Rs 217.72 crore as of 31 December 2020
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PBDT
rose 2.65% to Rs 94.35 crore. Provision
for depreciation rose 3.50% to Rs 12.11 crore.
Fixed assets increased to Rs 79.40 crore as of 31 December 2021 from Rs
76.30 crore as of 31 December 2020.
Intangible assets declined from Rs 44.07 crore to Rs 37.84 crore.
Profit
before EO grew 2.53% to Rs 82.24 crore.
The company reported net EO income of Rs 9.14 crore (Rs 19.19 crore
towards profit on sale of office space at pimpri, Rs 9.6 crore of provision for
capital advance and related expense
incurred due to termination of project and Rs 44.44 lakh of loss due to fire
accident) compared to nil EO items during the period. PBT after EO was up 14%
to Rs 91.38 crore.
The
company terminated the Memorandum of Understanding (MoU) which was entered with
Talegaon industrial Parks Private Limited (TIPPL) for acquisition of land
situated al Navlakhumbre, Tal Maval, Pune. The company has made a provision of
Rs 9.60 crore for expenditure incurred so far in relation to this project.
Provision
for tax was expense of Rs 24.5 crore, compared to Rs 18.45 crore. Effective tax rate was 26.81% compared to
23.00%. Profit after tax rose 8.29% to Rs 66.88 crore.
Promoters’
stake was 75.00% as of 31 December 2021 compared to 75.00% as of 31 December
2020.
0n
March 6, 2019, the company was directed for closure of its operations in
Ankleshwar by the Gujarat Pollution Control Board (GPCB) due to a suspected
ground water contamination issue, The GPCB through its subsequent orders had
granted temporary revocation of the closure order. The company is representing
to the GPCB for a permanent revocation of the closure order.
The
stock trades at Rs 3450.
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Elantas Beck India : Standalone Results
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Particulars
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2112 (03)
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2012 (03)
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Var.(%)
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2112 (12)
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2012 (12)
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Var.(%)
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Net Sales
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145.51
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117.99
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23
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522.13
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383.13
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36
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OPM (%)
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14.9
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23.0
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15.0
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18.4
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OP
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21.75
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27.12
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-20
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78.27
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70.34
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11
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Other Inc.
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4.09
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5.65
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-28
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16.33
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21.79
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-25
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PBIDT
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25.84
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32.77
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-21
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94.6
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92.13
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3
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Interest
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0
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0
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0.25
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0.22
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14
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PBDT
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25.84
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32.77
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-21
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94.35
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91.91
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3
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Depreciation
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3.14
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2.91
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8
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12.11
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11.7
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4
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PBT before EO
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22.7
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29.86
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-24
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82.24
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80.21
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3
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EO Income
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-0.37
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0
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9.14
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0
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-
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PBT after EO
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22.33
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29.86
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-25
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91.38
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80.21
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14
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Taxation
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5.73
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7.31
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-22
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24.5
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18.45
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33
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PAT
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16.60
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22.55
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-26
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66.88
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61.76
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8
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EPS (Rs)*
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#
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#
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75.9
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77.9
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-3
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bps : Basis points
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* EPS is on current equity of Rs 7.93 crore, Face value of Rs
10, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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Elantas Beck India : Standalone Segment Results
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% of (Total)
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2112 (03)
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2012 (03)
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Var.(%)
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% of (Total)
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2112 (12)
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2012 (12)
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Var.(%)
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Sales
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Electrical Insulations
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84
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122.69
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103.37
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19
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84
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440.29
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340.50
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29
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Engineering & Electronic Resins and Materials
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16
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23.61
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15.2
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55
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16
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84.39
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44.84
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88
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Net Sales
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100
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146.3
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118.57
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23
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100
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524.69
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385.35
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36
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PBIT
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Electrical Insulations
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80
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16.38
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22.42
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-27
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82
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59.92
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57.87
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4
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Engineering & Electronic Resins and Materials
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20
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4.15
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3.02
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37
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18
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12.80
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6.73
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90
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Total PBIT
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100
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20.53
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25.44
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-19
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100
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72.72
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64.60
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13
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Less : Interest
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0
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0
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-
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0.25
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0.22
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13
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Add: Other un-allcoable
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1.79
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4.42
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-60
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9.76
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15.83
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-38
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PBT
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22.32
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29.86
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-25
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82.23
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80.21
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3
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