For
the quarter ending sept 2022, consolidated net sales (including other operating income) of L G Balakrishnan & Bros has increased 0.22% to Rs 577.98 crore compared to quarter ended sept 2021. Sales of Metal Forming segment has gone up 1.65% to Rs 119.87 crore (accounting for 20.74% of total sales). Sales of Transmission segment has gone down 0.15% to Rs 458.10 crore (accounting for 79.26% of total sales). Profit before interest, tax and other unallocable items (PBIT) fell 0,02% to Rs 91.25 crore. PBIT of Metal Forming segment fell 19.90% to Rs 13.35 crore (accounting for 14.63% of total PBIT). PBIT of Transmission segment rose 4.43% to Rs 77.89 crore (accounting for 85.37% of total PBIT).
PBIT margin of Metal Forming segment fell from 14.14% to 11.14%. PBIT margin of Transmission segment rose from 16.26% to 17%. Overall PBIT margin rose fell 15.82% to 15.79%.
Operating profit margin has declined from 18.49% to 17.65%, leading to 4.37% decline in operating profit to Rs 102.00 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 47.54% to 47.10%. Employee cost increased from 13.51% to 13.87%. Other expenses rose from 20.97% to 21.38%. Other income rose 143.27% to Rs 5.06 crore. PBIDT fell 1.54% to Rs 107.06 crore. Provision for interest fell 12.74% to Rs 1.37 crore. Loan funds rose to Rs 103.97 crore as of 30 September 2022 from Rs 71.86 crore as of 30 September 2021. Inventories rose to Rs 419.00 crore as of 30 September 2022 from Rs 381.76 crore as of 30 September 2021. Sundry debtors were higher at Rs 285.95 crore as of 30 September 2022 compared to Rs 270.07 crore as of 30 September 2021. Cash and bank balance rose to Rs 298.49 crore as of 30 September 2022 from Rs 202.77 crore as of 30 September 2021. Investments rose to Rs 138.51 crore as of 30 September 2022 from Rs 74.57 crore as of 30 September 2021 .
PBDT fell 1.38% to Rs 105.69 crore. Provision for depreciation fell 5.96% to Rs 19.74 crore. Fixed assets declined from Rs 519.22 crore as of 30 September 2021 to Rs 508.54 crore as of 30 September 2022. Intangible assets declined from Rs 16.61 crore to Rs 16.39 crore.
Profit before tax down 0.27% to Rs 85.95 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs 1.32 crore. Provision for tax was expense of Rs 20.08 crore, compared to Rs 25.98 crore. Effective tax rate was 23.01% compared to 25.00%.
Minority interest increased 800% to Rs 0.09 crore. Net profit attributable to owners of the company decreased 13.87% to Rs 67.10 crore. Equity capital stood at Rs 31.39 crore as of 30 September 2022 to Rs 31.39 crore as of 30 September 2021. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 34.32% as of 30 September 2022 ,compared to 40.05% as of 30 September 2021 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of L G Balakrishnan & Bros has increased 13.37% to Rs 1098.92 crore. Sales of Metal Forming segment has gone up 14.59% to Rs 238.42 crore (accounting for 21.70% of total sales). Sales of Transmission segment has gone up 13.04% to Rs 860.50 crore (accounting for 78.30% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 18.41% to Rs 163.67 crore. PBIT of Metal Forming segment rose 12.44% to Rs 31.66 crore (accounting for 19.35% of total PBIT). PBIT of Transmission segment rose 19.94% to Rs 132 crore (accounting for 80.65% of total PBIT).
PBIT margin of Metal Forming segment fell from 13.53% to 13.28%. PBIT margin of Transmission segment rose from 14.46% to 15.34%. Overall PBIT margin rose from 14.26% to 14.89%.
Operating profit margin has declined from 17.33% to 17.02%, leading to 11.38% rise in operating profit to Rs 187.04 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 46.89% to 47.07%. Employee cost decreased from 14.79% to 14.35%. Other expenses fell from 21.82% to 21.54%. Other income rose 40.92% to Rs 8.54 crore. PBIDT rose 12.41% to Rs 195.58 crore. Provision for interest fell 19.50% to Rs 2.56 crore. Loan funds rose to Rs 103.97 crore as of 30 September 2022 from Rs 71.86 crore as of 30 September 2021. Inventories rose to Rs 419.00 crore as of 30 September 2022 from Rs 381.76 crore as of 30 September 2021. Sundry debtors were higher at Rs 285.95 crore as of 30 September 2022 compared to Rs 270.07 crore as of 30 September 2021. Cash and bank balance rose to Rs 298.49 crore as of 30 September 2022 from Rs 202.77 crore as of 30 September 2021. Investments rose to Rs 138.51 crore as of 30 September 2022 from Rs 74.57 crore as of 30 September 2021 .
PBDT rose 13% to Rs 193.02 crore. Provision for depreciation fell 5.02% to Rs 39.38 crore. Fixed assets declined from Rs 519.22 crore as of 30 September 2021 to Rs 508.54 crore as of 30 September 2022. Intangible assets declined from Rs 16.61 crore to Rs 16.39 crore.
Profit before tax grew 18.78% to Rs 153.64 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs 10.76 crore. Provision for tax was expense of Rs 38.8 crore, compared to Rs 36.06 crore. Effective tax rate was 23.60% compared to 24.52%.Minority interest increased 57.14% to Rs 0.22 crore. Net profit attributable to owners of the company increased 13.09% to Rs 125.38 crore.
Equity capital stood at Rs 31.39 crore as of 30 September 2022 to Rs 31.39 crore as of 30 September 2021. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 34.32% as of 30 September 2022 ,compared to 40.05% as of 30 September 2021 .
Cash flow from operating activities decreased to Rs 76.79 crore for YTD ended September 2022 from Rs 105.60 crore for YTD ended September 2021. Cash flow used in acquiring fixed assets during the YTD ended September 2022 stood at Rs 39.20 crore, compared to Rs 18.50 crore during the YTD ended September 2021.
Full year results analysis.
Net sales (including other operating income) of L G Balakrishnan & Bros has increased 30.65% to Rs 2102.09 crore. Sales of Metal Forming segment has gone up 40.81% to Rs 432.20 crore (accounting for 20.56% of total sales). Sales of Transmission segment has gone up 28.25% to Rs 1,669.89 crore (accounting for 79.44% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 77.89% to Rs 330.72 crore. PBIT of Metal Forming segment rose 1,316.16% to Rs 60.16 crore (accounting for 18.19% of total PBIT). PBIT of Transmission segment rose 48.93% to Rs 270.56 crore (accounting for 81.81% of total PBIT).
PBIT margin of Metal Forming segment rose from 1.38% to 13.92%. PBIT margin of Transmission segment rose from 13.95% to 16.20%. Overall PBIT margin rose from 11.55% to 15.73%.
Operating profit margin has jumped from 15.72% to 18.48%, leading to 53.62% rise in operating profit to Rs 388.49 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 45.73% to 47.03%. Employee cost decreased from 15.37% to 13.64%. Other expenses fell from 23.10% to 21.49%. Other income rose 72.74% to Rs 12.04 crore. PBIDT rose 54.13% to Rs 400.53 crore. Provision for interest fell 16.73% to Rs 8.36 crore. Loan funds rose to Rs 89.96 crore as of 31 March 2022 from Rs 70.86 crore as of 31 March 2021. Inventories rose to Rs 435.78 crore as of 31 March 2022 from Rs 301.28 crore as of 31 March 2021. Sundry debtors were higher at Rs 293.78 crore as of 31 March 2022 compared to Rs 246.65 crore as of 31 March 2021. Cash and bank balance rose to Rs 286.55 crore as of 31 March 2022 from Rs 146.44 crore as of 31 March 2021. Investments rose to Rs 104.30 crore as of 31 March 2022 from Rs 62.94 crore as of 31 March 2021 .
PBDT rose 56.98% to Rs 392.17 crore. Provision for depreciation fell 0.12% to Rs 83.22 crore. Fixed assets declined from Rs 543.47 crore as of 31 March 2021 to Rs 507.60 crore as of 31 March 2022. Intangible assets increased from Rs 15.16 crore to Rs 15.42 crore.
Profit before tax grew 85.56% to Rs 308.95 crore. Share of profit/loss were nil in both the periods. Extraordinary items were increased to Rs 22.74 crore. Provision for tax was expense of Rs 85.94 crore, compared to Rs 47.27 crore. Effective tax rate was 25.91% compared to 26.24%.
Net profit attributable to owners of the company increased 83.94% to Rs 245.48 crore.
Equity capital stood at Rs 31.39 crore as of 31 March 2022 to Rs 31.39 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 34.32% as of 31 March 2022 ,compared to 43.36% as of 31 March 2021 .
Cash flow from operating activities decreased to Rs 202.46 crore for year ended March 2022 from Rs 211.00 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 47.69 crore, compared to Rs 38.39 crore during the year ended March 2021.
| L G Balakrishnan & Bros : Consolidated Results |
| | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202209 | 202109 | Var.(%) | 202209 | 202109 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 577.98 | 576.74 | 0.22 | 1,098.92 | 969.29 | 13.37 | 2,102.09 | 1,608.99 | 30.65 | | OPM (%) | 17.65 | 18.49 | -85 bps | 17.02 | 17.33 | -30 bps | 18.48 | 15.72 | 276 bps | | OP | 102.00 | 106.66 | -4.37 | 187.04 | 167.93 | 11.38 | 388.49 | 252.89 | 53.62 | | Other Inc. | 5.06 | 2.08 | 143.27 | 8.54 | 6.06 | 40.92 | 12.04 | 6.97 | 72.74 | | PBIDT | 107.06 | 108.74 | -1.54 | 195.58 | 173.99 | 12.41 | 400.53 | 259.86 | 54.13 | | Interest | 1.37 | 1.57 | -12.74 | 2.56 | 3.18 | -19.50 | 8.36 | 10.04 | -16.73 | | PBDT | 105.69 | 107.17 | -1.38 | 193.02 | 170.81 | 13.00 | 392.17 | 249.82 | 56.98 | | Depreciation | 19.74 | 20.99 | -5.96 | 39.38 | 41.46 | -5.02 | 83.22 | 83.32 | -0.12 | | PBT | 85.95 | 86.18 | -0.27 | 153.64 | 129.35 | 18.78 | 308.95 | 166.5 | 85.56 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 85.95 | 86.18 | -0.27 | 153.64 | 129.35 | 18.78 | 308.95 | 166.5 | 85.56 | | EO Income | 1.32 | 17.72 | -92.55 | 10.76 | 17.72 | -39.28 | 22.74 | 13.62 | 66.96 | | PBT after EO | 87.27 | 103.9 | -16.01 | 164.4 | 147.07 | 11.78 | 331.69 | 180.12 | 84.15 | | Taxation | 20.08 | 25.98 | -22.71 | 38.8 | 36.06 | 7.60 | 85.94 | 47.27 | 81.81 | | PAT | 67.19 | 77.92 | -13.77 | 125.6 | 111.01 | 13.14 | 245.75 | 132.85 | 84.98 | | Minority Interest (MI) | 0.09 | 0.01 | 800.00 | 0.22 | 0.14 | 57.14 | 0.27 | -0.61 | PL | | Net profit | 67.1 | 77.91 | -13.87 | 125.38 | 110.87 | 13.09 | 245.48 | 133.46 | 83.94 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 67.1 | 77.91 | -13.87 | 125.38 | 110.87 | 13.09 | 245.48 | 133.46 | 83.94 | | EPS (Rs)* | 21.05 | 20.58 | 2.26 | 37.33 | 31.06 | 20.16 | 72.84 | 39.30 | 85.35 | | | * EPS is on current equity of Rs 31.39 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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| LG
Balakrishnan & bros : Consolidated Segment results |
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| Sales |
%
of Total 2209 (3) |
2209 (3) |
2109 (3) |
Var. (%) |
%
of Total 2209 (6) |
2209 (6) |
2109 (6) |
Var. (%) |
%
of Total 2203 (12) |
2203 (12) |
2103 (12) |
Var. (%) |
| Transmission |
79.26% |
458.10 |
458.81 |
-0.15% |
78.30% |
860.50 |
761.22 |
13.04% |
79.44% |
1669.89 |
1302.06 |
28.25% |
| Metal Forming |
20.74% |
119.87 |
117.92 |
1.65% |
21.70% |
238.42 |
208.07 |
14.59% |
20.56% |
432.19 |
306.93 |
40.81% |
| Total
Reportable Segment |
|
577.98 |
576.74 |
0.22% |
|
1098.92 |
969.29 |
13.37% |
|
2102.08 |
1608.99 |
30.65% |
| eleminations |
|
0.00 |
0.00 |
0.00% |
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0.00 |
0.00 |
0.00% |
|
0.00 |
0.00 |
0.00% |
| Total |
|
577.98 |
576.74 |
0.22% |
|
1098.92 |
969.29 |
13.37% |
|
2102.08 |
1608.99 |
30.65% |
| Less: Inter
segment revenues |
|
0.00 |
0.00 |
0.00% |
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0.00 |
0.00 |
0.00% |
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0.00 |
0.00 |
0.00% |
| Net sales |
|
577.98 |
576.74 |
0.22% |
|
1098.92 |
969.29 |
13.37% |
|
2102.08 |
1608.99 |
30.65% |
| PBIT |
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| Transmission |
85.37% |
77.89 |
74.59 |
4.43% |
80.65% |
132.00 |
110.06 |
19.94% |
81.81% |
270.55 |
181.66 |
48.93% |
| Metal Forming |
14.63% |
13.35 |
16.67 |
-19.90% |
19.35% |
31.66 |
28.16 |
12.44% |
18.19% |
60.16 |
4.25 |
1315.53% |
| Total |
|
91.25 |
91.26 |
-0.02% |
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163.67 |
138.22 |
18.41% |
|
330.71 |
185.91 |
77.89% |
| Less: Finance
cost |
|
1.37 |
1.57 |
-12.83% |
|
2.56 |
3.18 |
-19.34% |
|
8.36 |
10.04 |
-16.74% |
| less:
unallocable income/ expenditure |
|
-2.61 |
14.21 |
-118.36% |
|
3.29 |
12.03 |
-72.61% |
|
9.32 |
4.25 |
119.25% |
| PBT |
|
87.27 |
103.91 |
-16.01% |
|
164.40 |
147.07 |
11.78% |
|
331.67 |
180.12 |
84.14% |
| LP: Loss to
profit |
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| PL: Profit to
Loss |
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| Figures in Rs
crore |
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| Source:
Capitaline Corporate Database |
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