For quarter ended June 2022, consolidated net sales (including other operating income) of Mahindra CIE Automotive has increased 32.54% to Rs 2707.2 crore compared to quarter ended june 2021.
Operating profit margin has declined from 12.72% to 11.24%, leading to 17.18% rise in operating profit to Rs 304.42 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 48.05% to 51.12%. Employee cost decreased from 16.83% to 12.41%. Other expenses rose from 23.00% to 25.21%. Other income rose 208.48% to Rs 35.66 crore. PBIDT rose 25.33% to Rs 340.08 crore. Provision for interest fell 66.26% to Rs 4.41 crore. Loan funds declined from Rs 1,266.39 crore as of 30 June 2021 to Rs 1,247.13 crore as of 30 June 2022. Inventories rose to Rs 1,434.52 crore as of 30 June 2022 from Rs 1,229.17 crore as of 30 June 2021. Sundry debtors were higher at Rs 1,247.16 crore as of 30 June 2022 compared to Rs 928.92 crore as of 30 June 2021. Cash and bank balance rose to Rs 146.48 crore as of 30 June 2022 from Rs 125.85 crore as of 30 June 2021. Investments declined from Rs 104.66 crore as of 30 June 2021 to Rs 46.90 crore as of 30 June 2022. PBDT rose 29.96% to Rs 335.67 crore. Provision for depreciation rose 0.81% to Rs 89.32 crore. Fixed assets increased to Rs 3,152.42 crore as of 30 June 2022 from Rs 3,004.76 crore as of 30 June 2021. Intangible assets declined from Rs 3,750.77 crore to Rs 3,576.11 crore. Profit before tax grew 45.19% to Rs 246.35 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 58.63 crore, compared to Rs 33.48 crore. Effective tax rate was 23.69% compared to 19.73%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 38.66% to Rs 188.85 crore. Equity capital increased from Rs 379.03 crore as of 30 June 2021 to Rs 379.13 crore as of 30 June 2022. Per share face Value remained same at Rs 10.00. Promoters’ stake was 74.87% as of 30 June 2022 ,compared to 72.19% as of 30 June 2021 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Mahindra CIE Automotive has increased 24.72% to Rs 5278.06 crore. Operating profit margin has declined from 12.92% to 11.06%, leading to 6.81% rise in operating profit to Rs 583.86 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 47.92% to 49.36%. Employee cost decreased from 16.49% to 12.82%. Other expenses rose from 23.13% to 26.81%. Other income rose 106.66% to Rs 63.9 crore. PBIDT rose 12.16% to Rs 647.76 crore. Provision for interest fell 52.75% to Rs 12.88 crore. Loan funds declined from Rs 1,266.39 crore as of 30 June 2021 to Rs 1,247.13 crore as of 30 June 2022. Inventories rose to Rs 1,434.52 crore as of 30 June 2022 from Rs 1,229.17 crore as of 30 June 2021. Sundry debtors were higher at Rs 1,247.16 crore as of 30 June 2022 compared to Rs 928.92 crore as of 30 June 2021. Cash and bank balance rose to Rs 146.48 crore as of 30 June 2022 from Rs 125.85 crore as of 30 June 2021. Investments declined from Rs 104.66 crore as of 30 June 2021 to Rs 46.90 crore as of 30 June 2022. PBDT rose 15.37% to Rs 634.88 crore. Provision for depreciation fell 0.54% to Rs 175.94 crore. Fixed assets increased to Rs 3,152.42 crore as of 30 June 2022 from Rs 3,004.76 crore as of 30 June 2021. Intangible assets declined from Rs 3,750.77 crore to Rs 3,576.11 crore. Profit before tax grew 22.91% to Rs 458.94 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 110.18 crore, compared to Rs 227.11 crore. Effective tax rate was 23.93% compared to 60.82%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 139.44% to Rs 350.28 crore. Equity capital increased from Rs 379.03 crore as of 30 June 2021 to Rs 379.13 crore as of 30 June 2022. Per share face Value remained same at Rs 10.00. Promoters’ stake was 74.87% as of 30 June 2022 ,compared to 72.19% as of 30 June 2021 . Cash flow from operating activities decreased to Rs 240.01 crore for YTD ended June 2022 from Rs 385.20 crore for YTD ended June 2021. Cash flow used in acquiring fixed assets during the YTD ended June 2022 stood at Rs 245.72 crore, compared to Rs 235.39 crore during the YTD ended June 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 1,313.14 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 . 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,
Sales evolution remains strong despite 2W and tractor sector weakness.
In India, tractors sales during Q2 CY22 grew by 14.4%, two
wheelers sales went up 38.2%, MHCV sales went up 68.5% and <6T vehicles (include
Passenger Vehicles, Utility Vehicles, Vans and Light Commercial Vehicles) went
up by 31.7% compared to Q2 CY21.
In India, tractors sales in H1 CY22 fell by 12.6%, two
wheelers sales went up 1.6%, MHCV sales went up 22.6% and <6T vehicles (include
Passenger Vehicles, Utility Vehicles, Vans and Light Commercial Vehicles) went
up by 16.4% compared to H1 CY21.
Europe
Highlights
In Q2 CY22, <6T vehicles (include Passenger Vehicles,
Utility Vehicles, Vans and Light Commercial Vehicles) fell by 5.4% and MHCV
sales fell 19.8% compared to Q2 CY21.
In H1 CY22, <6T vehicles (include Passenger Vehicles,
Utility Vehicles, Vans and Light Commercial Vehicles) fell by 12.5% and MHCV
sales fell 15% compared to H1 CY21.
In Europe, Margins were affected by raw material, energy and
inflation impacts.
| Mahindra CIE Automotive : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202206 | 202106 | Var.(%) | 202206 | 202106 | Var.(%) | 202112 | 202012 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,707.20 | 2,042.48 | 32.54 | 5,278.06 | 4,231.88 | 24.72 | 8,386.71 | 6,050.11 | 38.62 | | OPM (%) | 11.24 | 12.72 | -147 bps | 11.06 | 12.92 | -185 bps | 12.13 | 8.29 | 384 bps | | OP | 304.42 | 259.79 | 17.18 | 583.86 | 546.63 | 6.81 | 1,017.34 | 501.63 | 102.81 | | Other Inc. | 35.66 | 11.56 | 208.48 | 63.90 | 30.92 | 106.66 | 55.57 | 54.89 | 1.24 | | PBIDT | 340.08 | 271.35 | 25.33 | 647.76 | 577.55 | 12.16 | 1,072.91 | 556.52 | 92.79 | | Interest | 4.41 | 13.07 | -66.26 | 12.88 | 27.26 | -52.75 | 53.25 | 54.85 | -2.92 | | PBDT | 335.67 | 258.28 | 29.96 | 634.88 | 550.29 | 15.37 | 1,019.66 | 501.67 | 103.25 | | Depreciation | 89.32 | 88.6 | 0.81 | 175.94 | 176.89 | -0.54 | 343.08 | 306.4 | 11.97 | | PBT | 246.35 | 169.68 | 45.19 | 458.94 | 373.4 | 22.91 | 676.58 | 195.27 | 246.48 | | Share of Profit/(Loss) from Associates | 1.13 | 0 | - | 1.52 | 0 | - | 1.2 | 0 | - | | PBT before EO | 247.48 | 169.68 | 45.85 | 460.46 | 373.4 | 23.32 | 677.78 | 195.27 | 247.10 | | EO Income | 0 | 0 | - | 0 | 0 | - | -12.8 | 0 | - | | PBT after EO | 247.48 | 169.68 | 45.85 | 460.46 | 373.4 | 23.32 | 664.98 | 195.27 | 240.54 | | Taxation | 58.63 | 33.48 | 75.12 | 110.18 | 227.11 | -51.49 | 272.14 | 88.64 | 207.02 | | PAT | 188.85 | 136.2 | 38.66 | 350.28 | 146.29 | 139.44 | 392.84 | 106.63 | 268.41 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 188.85 | 136.2 | 38.66 | 350.28 | 146.29 | 139.44 | 392.84 | 106.63 | 268.41 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | -0.2 | - | | Net profit after discontinued operations | 188.85 | 136.2 | 38.66 | 350.28 | 146.29 | 139.44 | 392.84 | 106.43 | 269.11 | | EPS (Rs)* | 4.98 | 3.59 | 38.66 | 9.24 | 3.86 | 139.44 | 10.56 | 2.81 | 275.50 | | | * EPS is on current equity of Rs 379.13 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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