Capitaline

Results 26-Jul-22

Analysis

Shanthi Gears

PAT up 57% on strong operating show

Standalone net sales (including other operating income) of Shanthi Gears for the quarter ended Jun 2022 has increased 47.60% to Rs 98.85 crore. Operating profit margin has jumped from 17.90% to 18.33%, leading to 51.13% rise in operating profit to Rs 18.12 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 45.03% to 51.23%. Employee cost decreased from 19.78% to 14.95%. Other expenses fell from 17.28% to 16.02%.

Other income up 1.90% to Rs 2.14 crore. PBIDT rose 43.79% to Rs 20.26 crore. Provision for interest remained nil.

PBDT rose 43.79% to Rs 20.26 crore. Provision for depreciation down 0.77% to Rs 2.57 crore.

Profit before tax grew 53.83% to Rs 17.69 crore. Provision for tax was expense of Rs 4.25 crore, compared to Rs 2.92 crore. Effective tax rate was 24.02% compared to 25.39%.

Profit after tax rose 56.64% to Rs 13.44 crore.

Order book update

During the quarter the Company booked orders for ? 105 Crores(against ? 84 Crores for corresponding quarter of the previous year) and Pending order book as on 30 th June 2022 was ? 274 Crores (against ? 235 Crores in corresponding quarter of the previous year).

Other developments

Promoters’ stake was 70.47% as of 30 June 2022 ,compared to 70.47% as of 30 June 2021 .

Shanthi Gears : Standalone Results

	Quarter ended			Year ended
Particulars	202206	202106	Var.(%)	202203	202103	Var.(%)
Net Sales (including other operating income)	98.85	66.97	47.60	337.07	215.53	56.39
OPM (%)	18.33	17.90	43 bps	17.82	12.36	545 bps
OP	18.12	11.99	51.13	60.05	26.65	125.33
Other Inc.	2.14	2.10	1.90	9.05	8.28	9.30
PBIDT	20.26	14.09	43.79	69.10	34.93	97.82
Interest	0	0	-	0	0	-
PBDT	20.26	14.09	43.79	69.10	34.93	97.82
Depreciation	2.57	2.59	-0.77	10.37	8.86	17.04
PBT	17.69	11.50	53.83	58.73	26.07	125.28
PBT before EO	17.69	11.5	53.83	58.73	26.07	125.28
EO Income	0	0	-	0	0	-
PBT after EO	17.69	11.5	53.83	58.73	26.07	125.28
Taxation	4.25	2.92	45.55	16.26	5.9	175.59
PAT	13.44	8.58	56.64	42.47	20.17	110.56
P/(L) from discontinued operations net of tax	0	0	-	0	0	-
Net profit after discontinued operations	13.44	8.58	56.64	42.47	20.17	110.56
EPS (Rs)*	1.75	1.12	56.64	5.54	2.63	110.56

* EPS is on current equity of Rs 7.67 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

Peer Comparision (Standalone)	Q-202206
Peer Comparision (Standalone)	Sales (Rs. Crs)	var.(%)	OP (Rs. Crs)	var.(%)	Net Profit (Rs. Crs)	var.(%)	Share Price(Rs) 25-Jul-2022	var.(%) over One year	TTM EPS	TTM PE
Shanthi Gears Ltd	98.85	47.6	18.12	51.13	13.44	56.64	246.45	60.97	6.17	39.95
Automobile Corporation Of Goa Ltd	140.12	308.16	11.89	LP	7.66	LP	995.05	121.49	32.91	30.23
Bharat Gears Ltd	183.97	11.71	12.23	-31.06	4.30	-32.71	136.55	23.49	20.57	6.64
Craftsman Automation Ltd	675.83	56.57	163.43	54.35	55.58	143.35	2,643.75	32.34	91.44	28.91
Duncan Engineering Ltd	16.41	48.64	2.78	122.4	2.02	162.34	258.00	33.06	20.24	12.74
Pritika Auto Industries Ltd	83.22	27.19	8.91	25.14	4.27	-5.32	15.50	-22.89	0.98	15.83
Rane (Madras) Ltd	499.78	66.71	46.79	179.01	20.06	439.25	371.65	-8.54	32.55	11.42
Rane Engine Valve Ltd	114.91	52.34	2.21	LP	-3.11	46.29	235.20	-28.37	-8.38	-
Samkrg Pistons & Rings Ltd	58.60	11.79	7.12	408.57	3.03	LP	142.35	-31.40	18.26	7.80
Steel Strips Wheels Ltd	1,016.09	49.84	109.30	11.8	48.13	-5.78	812.45	28.64	64.69	12.56
Industry	2,887.78	53.62	382.78	52.04	155.38	77.17	10,736.79	39.07		24.51

Previous News

Shanthi Gears AGM scheduled
( Corporate News - 10-May-22 15:08 )

Shanthi Gears Ltd leads gainers in 'B' group
( Hot Pursuit - 23-Aug-22 12:15 )

Shanthi Gears standalone net profit rises 27.38% in the December 2022 quarter
( Results - Announcements 25-Jan-23 15:59 )

Shanthi Gears AGM scheduled
( Corporate News - 09-May-24 14:44 )

Shanthi Gears
( Results - Analysis 25-Jan-23 20:25 )

Shanthi Gears fixes record date for interim dividend
( Market Beat - Reports 25-Jan-23 15:49 )

Shanthi Gears announces board meeting date
( Corporate News - 19-Oct-18 09:39 )

Shanthi Gears to convene board meeting
( Corporate News - 27-Apr-22 16:15 )

Shanthi Gears standalone net profit rises 78.83% in the December 2021 quarter
( Results - Announcements 03-Feb-22 16:02 )

Shanthi Gears to conduct AGM
( Corporate News - 04-May-18 11:29 )

Board of Shanthi Gears accepts resignation of company secretary
( Corporate News - 25-Jan-23 15:51 )