For quarter ended March 2022, Consolidated net sales (including other operating income) of Mahindra CIE Automotive has increased 18.22% to Rs 2588.36 crore compared to quarter ending march 2021.
Operating profit margin has declined from 13.10% to 11.47%, leading to 3.52% rise in operating profit to Rs 296.94 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 47.79% to 47.19%. Employee cost decreased from 16.16% to 14.13%. Other expenses rose from 23.26% to 27.30%. Other income fell 44.52% to Rs 10.74 crore. PBIDT rose 0.48% to Rs 307.68 crore. Provision for interest fell 40.31% to Rs 8.47 crore. PBDT rose 2.46% to Rs 299.21 crore. Provision for depreciation fell 1.89% to Rs 86.62 crore. Profit before tax grew 4.35% to Rs 212.59 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 51.55 crore, compared to Rs 193.64 crore. Effective tax rate was 24.20% compared to 95.05%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 1,499.90% to Rs 161.43 crore. Promoters’ stake was 72.17% as of 31 March 2022 ,compared to 71.61% as of 31 March 2021 .
Full year results analysis.
Net sales (including other operating income) of Mahindra CIE Automotive has increased 38.62% to Rs 8386.71 crore. Sales of India segment has gone up 47.94% to Rs 4,394.50 crore (accounting for 51.98% of total sales). Sales of Europe segment has gone up 30.10% to Rs 4,058.99 crore (accounting for 48.02% of total sales). Inter-segment sales rose Rs 40.33 crore to Rs 66.78 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 187.16% to Rs 718.24 crore. PBIT of India segment rose 148.39% to Rs 391.77 crore (accounting for 54.55% of total PBIT). PBIT of Europe segment rose 253.31% to Rs 326.47 crore (accounting for 45.45% of total PBIT). PBIT margin of India segment rose from 5.31% to 8.91%. PBIT margin of Europe segment rose from 2.96% to 8.04%. Overall PBIT margin rose from 4.11% to 8.50%. 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 3,058.63 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 3,652.80 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 . Cash flow from operating activities increased to Rs 1,051.14 crore for year ended December 2021 from Rs 539.44 crore for year ended December 2020. Cash flow used in acquiring fixed assets during the year ended December 2021 stood at Rs 526.67 crore, compared to Rs 334.30 crore during the year ended December 2020.
India Highlights
In India, despite weak 2W and tractor segments evolution in
last quarter, all verticals are showing good performance and positive
expectations.
In India, tractors sales during Q1 CY22 degrew by 35.3%, two
wheelers sales fell by 21% and <6T vehicles (include Passenger Vehicles,
Utility Vehicles, Vans and Light Commercial Vehicles) fell by 2.2% compared to
Q1 CY21.
Europe
Highlights
In Q1 CY22, <6T vehicles (include Passenger Vehicles,
Utility Vehicles, Vans and Light Commercial Vehicles) fell by 19.1% compared to
Q1 CY21.
| Mahindra CIE Automotive : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202203 | 202103 | Var.(%) | 202112 | 202012 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,588.36 | 2,189.40 | 18.22 | 8,386.71 | 6,050.11 | 38.62 | | OPM (%) | 11.47 | 13.10 | -163 bps | 12.13 | 8.29 | 384 bps | | OP | 296.94 | 286.85 | 3.52 | 1,017.34 | 501.63 | 102.81 | | Other Inc. | 10.74 | 19.36 | -44.52 | 55.57 | 54.89 | 1.24 | | PBIDT | 307.68 | 306.21 | 0.48 | 1,072.91 | 556.52 | 92.79 | | Interest | 8.47 | 14.19 | -40.31 | 53.25 | 54.85 | -2.92 | | PBDT | 299.21 | 292.02 | 2.46 | 1,019.66 | 501.67 | 103.25 | | Depreciation | 86.62 | 88.29 | -1.89 | 343.08 | 306.4 | 11.97 | | PBT | 212.59 | 203.73 | 4.35 | 676.58 | 195.27 | 246.48 | | Share of Profit/(Loss) from Associates | 0.39 | 0 | - | 1.2 | 0 | - | | PBT before EO | 212.98 | 203.73 | 4.54 | 677.78 | 195.27 | 247.10 | | EO Income | 0 | 0 | - | -12.8 | 0 | - | | PBT after EO | 212.98 | 203.73 | 4.54 | 664.98 | 195.27 | 240.54 | | Taxation | 51.55 | 193.64 | -73.38 | 272.14 | 88.64 | 207.02 | | PAT | 161.43 | 10.09 | 1,499.90 | 392.84 | 106.63 | 268.41 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 161.43 | 10.09 | 1,499.90 | 392.84 | 106.63 | 268.41 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | -0.2 | - | | Net profit after discontinued operations | 161.43 | 10.09 | 1,499.90 | 392.84 | 106.43 | 269.11 | | EPS (Rs)* | 4.26 | 0.27 | 1,499.90 | 10.56 | 2.81 | 275.50 | | | * EPS is on current equity of Rs 379.12 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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