For
the quarter ending June 2022, consolidated net sales (including other operating income) of Sona BLW Precision Forgings has increased 17.67% to Rs 589.22 crore compared to quarter ended june 2021. Operating profit margin has declined from 27.71% to 24.19%, leading to 2.72% rise in operating profit to Rs 142.52 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 44.69% to 45.51%. Employee cost decreased from 8.40% to 7.28%. Other expenses rose from 19.83% to 23.01%. Other income rose 500% to Rs 1.02 crore. PBIDT rose 3.33% to Rs 143.54 crore. Provision for interest fell 66.43% to Rs 2.89 crore.
PBDT rose 7.94% to Rs 140.65 crore. Provision for depreciation rose 19.83% to Rs 40.01 crore.
Profit before tax grew 3.85% to Rs 100.64 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 24.8 crore, compared to Rs 27.95 crore. Effective tax rate was 24.64% compared to 25.37%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 7.77% to Rs 75.84 crore. Promoters’ stake was 67.18% as of 30 June 2022 ,compared to 67.30% as of 30 June 2021 .
Full year results analysis.
Net sales (including other operating income) of Sona BLW Precision Forgings has increased 36.03% to Rs 2130.64 crore. Operating profit margin has declined from 28.16% to 26.24%, leading to 26.77% rise in operating profit to Rs 559.10 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 43.51% to 45.50%. Employee cost decreased from 9.04% to 7.77%. Other expenses rose from 20.39% to 21.02%. Other income rose 755.98% to Rs 20.03 crore. PBIDT rose 30.62% to Rs 579.13 crore. Provision for interest fell 43.85% to Rs 18.26 crore. Loan funds declined from Rs 447.20 crore as of 31 March 2021 to Rs 151.15 crore as of 31 March 2022. Inventories rose to Rs 363.38 crore as of 31 March 2022 from Rs 305.56 crore as of 31 March 2021. Sundry debtors were higher at Rs 445.19 crore as of 31 March 2022 compared to Rs 416.99 crore as of 31 March 2021. Cash and bank balance rose to Rs 77.25 crore as of 31 March 2022 from Rs 27.58 crore as of 31 March 2021.
PBDT rose 36.51% to Rs 560.87 crore. Provision for depreciation rose 46.45% to Rs 141.97 crore. Fixed assets declined from Rs 1,124.00 crore as of 31 March 2021 to Rs 860.19 crore as of 31 March 2022. Intangible assets increased from Rs 175.81 crore to Rs 671.32 crore.
Profit before tax grew 33.45% to Rs 418.90 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 70.63 crore, compared to Rs 84.83 crore. Effective tax rate was 16.34% compared to 28.28%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 68.03% to Rs 361.54 crore.
Equity capital increased from Rs 572.98 crore as of 31 March 2021 to Rs 584.35 crore as of 31 March 2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 67.18% as of 31 March 2022
Cash flow from operating activities increased to Rs 444.58 crore for year ended March 2022 from Rs 142.73 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 347.21 crore, compared to Rs 218.94 crore during the year ended March 2021.
Other Highlights
In
Q1 FY23, the net order book increased to Rs 20,500 crores from Rs 18,600 crores
as of March 31st, 2022. Company won six new BEV programs in Q1 FY23. The number
of awarded programs increased to 36 across 23 different customers.
66.7%
of net order book relates to EV segment.
The
company has received an order from a leading established Indian two-wheeler OEM
to supply traction motors for their flagship electric scooter model. This
program has added Rs 913 crore to its order book. The production is likely to
commence in FY23.
Revenue
from Battery EV grew 68% YoY Rs 163 crore in Q1 FY23 and contributed 29% of
total revenue against 20% in Q1 FY22.
The
revenue share of differential assemblies increased from 23.5% in Q1 FY22 to 27%
in Q1 FY23. Traction motors and controllers for electric two-wheelers
contributed 4% to its Q1 FY23 revenue, up from 0.1% in Q1 FY22.
Company’s
pure ICE dependence continues to reduce steadily going from 25% in FY21 to 17%
in Q1 FY23.
In
Q1 FY23, Europe contributed 13% of total revenue, North America 46%, India 32%,
Asia 8% and 1% ROW.
In
Q1 FY23, differential gears contributed 30% of total revenue, micro/hybrid starter
motors 17%, differential assembly 27%, conventional starter motors 17%, other
drivetrain parts 3%, traction motors 4% and others 2%.