Capitaline

Results 11-Aug-22

Analysis

Banco Products (India)

Sales up 17%, OP down 7%

Banco Products (India) consolidated net sales increased 16.92% to Rs 585.52 crore in Q1FY23 compared to Q1FY22. Operating profit margin has declined from 14.32% to 11.38%, leading to 7.10% decline in operating profit to Rs 66.61 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 59.69% to 69.97%. Employee cost decreased from 9.46% to 7.28%. Other expenses fell from 16.17% to 13.34%.

Other income fell 83.69% to Rs 1.3 crore. PBIDT fell 14.76% to Rs 67.91 crore. Provision for interest rose 163.93% to Rs 1.61 crore.

PBDT fell 16.14% to Rs 66.3 crore. Provision for depreciation rose 48.28% to Rs 11.67 crore.

Profit before tax down 23.26% to Rs 54.63 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 20.04 crore, compared to Rs 25.29 crore. Effective tax rate was 36.68% compared to 35.52%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 24.64% to Rs 34.59 crore.

Promoters’ stake was 67.88% as of 30 June 2022 compared to 67.88% as of 30 June 2021.

Full year results analysis

Net sales of Banco Products (India) have increased 27.75% to Rs 1957.85 crore.

Operating profit margin has jumped from 11.62% to 13.88%, leading to 52.57% rise in operating profit to Rs 271.74 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 58.88% to 62.26%. Employee cost decreased from 11.67% to 9.38%. Other expenses fell from 18.24% to 15.36%.

Other income fell 42.97% to Rs 5.15 crore. PBIDT rose 47.96% to Rs 276.89 crore. Provision for interest rose 45.30% to Rs 5.26 crore. Loan funds rose to Rs 115.21 crore as of 31 March 2022 from Rs 14.23 crore as of 31 March 2021. Inventories rose to Rs 720.49 crore as of 31 March 2022 from Rs 563.91 crore as of 31 March 2021. Sundry debtors were higher at Rs 324.25 crore as of 31 March 2022 compared to Rs 270.29 crore as of 31 March 2021. Cash and bank balance declined from Rs 122.62 crore as of 31 March 2021 to Rs 81.56 crore as of 31 March 2022. Investments declined from Rs 0.81 crore as of 31 March 2021 to Rs 0.51 crore as of 31 March 2022.

PBDT rose 48.01% to Rs 271.63 crore. Provision for depreciation rose 42.13% to Rs 47.87 crore. Fixed assets increased to Rs 301.39 crore as of 31 March 2022 from Rs 178.42 crore as of 31 March 2021. Intangible assets declined from Rs 12.39 crore to Rs 10.04 crore.

Profit before tax grew 49.33% to Rs 223.76 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 71.34 crore, compared to Rs 36.11 crore. Effective tax rate was 31.88% compared to 24.10%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 34.02% to Rs 152.42 crore.

Equity capital stood at Rs 14.30 crore as of 31 March 2022 to Rs 14.30 crore as of 31 March 2021. Per share face Value remained same at Rs 2.00.

Promoters’ stake was 67.88% as of 31 March 2022 ,compared to 67.88% as of 31 March 2021 .

Cash flow from operating activities decreased to Rs 57.24 crore for year ended March 2022 from Rs 156.80 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 75.00 crore, compared to Rs 32.02 crore during the year ended March 2021.

The scrip trades at Rs 189.

Banco Products (India) : Consolidated Results
Particulars	2206 (03)	2106 (03)	Var.(%)	2203 (12)	2103 (12)	Var.(%)
Net Sales	585.52	500.8	17	1,958.01	1,532.58	28
OPM (%)	11.4	14.3		13.9	11.6
OP	66.61	71.7	-7	271.9	178.11	53
Other Inc.	1.3	7.97	PL	4.99	9.03	-45
PBIDT	67.91	79.67	-15	276.89	187.14	48
Interest	1.61	0.61	164	5.26	3.62	45
PBDT	66.3	79.06	-16	271.63	183.52	48
Depreciation	11.67	7.87	48	47.87	33.68	42
PBT	54.63	71.19	-23	223.76	149.84	49
Share of Profit/(Loss) from Associates	0	0		0	0	-
PBT before EO	54.63	71.19	-23	223.76	149.84	49
EO Income	0	0		0	0	-
PBT after EO	54.63	71.19	-23	223.76	149.84	49
Taxation	20.04	25.29	PL	71.34	36.11	98
PAT	34.59	45.9	-25	152.42	113.73	34
Minority Interest (MI)	0	0		0	0	-
Net profit	34.59	45.9	-25	152.42	113.73	34
EPS (Rs)*	#	#		21.3	15.9
Notes
* EPS is on current equity of Rs 14.30 crore, Face value of Rs 2, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

Previous News

Banco Products (India) standalone net profit declines 71.50% in the September 2019 quarter
( Results - Announcements 14-Nov-19 09:02 )

Banco Products (India) standalone net profit rises 398.51% in the June 2021 quarter
( Results - Announcements 14-Aug-21 08:01 )

Banco Products (India) to pay interim dividend
( Market Beat - Reports 11-Jan-17 13:33 )

Banco Products (India) consolidated net profit declines 56.66% in the September 2019 quarter
( Results - Announcements 14-Nov-19 09:55 )

Board of Banco Products (India) recommends Final Dividend
( Corporate News - 27-May-22 10:25 )

Banco Products (India) consolidated net profit rises 68.50% in the December 2017 quarter
( Results - Announcements 15-Feb-18 15:18 )

Banco Products (India) Ltd leads gainers in 'B' group
( Hot Pursuit - 12-Mar-20 12:15 )

Banco Products (India) fixes record date for interim dividend
( Market Beat - Reports 11-Jan-17 13:37 )

Banco Products (India) to conduct board meeting
( Corporate News - 03-Feb-20 17:40 )

Board of Banco Products (India) recommends Interim Dividend
( Corporate News - 14-Feb-23 11:54 )

Banco Products (India) consolidated net profit declines 4.10% in the June 2019 quarter
( Results - Announcements 10-Aug-19 11:24 )