Capitaline

Results 12-Nov-22

Analysis

Tega Industries

Strong performance continues

Tega Industries consolidated net sales increased 19.71% to Rs 276.19 crore in Q2FY23 compared to Q2FY22. Operating profit margin has jumped from 17.05% to 19.59%, leading to 37.52% rise in operating profit to Rs 54.10 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 43.30% to 44.05%. Employee cost decreased from 15.74% to 14.87%. Other expenses fell from 24.20% to 22.11%.

Other income rose 229.27% to Rs 6.75 crore. PBIDT rose 47.02% to Rs 60.85 crore. Provision for interest rose 89.49% to Rs 4.87 crore. Loan funds remained nil.

PBDT rose 44.20% to Rs 55.98 crore. Provision for depreciation fell 5.49% to Rs 9.64 crore.

Profit before tax grew 61.91% to Rs 46.34 crore. Share of profit/loss was 35.38% higher at Rs 0.88 crore. Provision for tax was expense of Rs 11.87 crore, compared to Rs 6.72 crore. Effective tax rate was 25.14% compared to 22.96%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 56.76% to Rs 35.35 crore.

Promoters’ stake was 79.17% as of 30 September 2022 compared to 98.02% as of 30 September 2021 .

For year-to-date (YTD) results analysis

Net sales of Tega Industries have increased 28.89% to Rs 520.63 crore. Operating profit margin has jumped from 15.57% to 19.27%, leading to 59.46% rise in operating profit to Rs 100.30 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 42.82% to 43.39%. Employee cost decreased from 17.31% to 15.12%. Other expenses fell from 24.74% to 22.76%.

Other income fell 57.53% to Rs 3.47 crore. PBIDT rose 46.01% to Rs 103.77 crore. Provision for interest rose 59.39% to Rs 9.85 crore. Loan funds remained nil.

PBDT rose 44.74% to Rs 93.92 crore. Provision for depreciation fell 9.28% to Rs 18.78 crore.

Profit before tax grew 70.04% to Rs 75.14 crore. Share of profit/loss was 47.62% higher at Rs 1.86 crore. Provision for tax was expense of Rs 18.6 crore, compared to Rs 11.02 crore. Effective tax rate was 24.16% compared to 24.25%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 69.62% to Rs 58.40 crore.

Promoters’ stake was 79.17% as of 30 September 2022 ,compared to 98.02% as of 30 September 2021.

Full year results analysis

Net sales of Tega Industries have increased 18.15% to Rs 951.76 crore. Operating profit margin has declined from 23.28% to 19.21%, leading to 2.47% decline in operating profit to Rs 182.85 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 40.52% to 42.36%. Employee cost decreased from 15.15% to 15.05%. Other expenses rose from 21.18% to 23.39%.

Other income fell 52.70% to Rs 24.2 crore. PBIDT fell 13.24% to Rs 207.05 crore. Provision for interest fell 6.25% to Rs 16.2 crore. Loan funds rose to Rs 245.17 crore as of 31 March 2022 from Rs 219.67 crore as of 31 March 2021. Inventories rose to Rs 252.14 crore as of 31 March 2022 from Rs 158.63 crore as of 31 March 2021. Sundry debtors were higher at Rs 276.52 crore as of 31 March 2022 compared to Rs 220.86 crore as of 31 March 2021. Cash and bank balance declined from Rs 48.41 crore as of 31 March 2021 to Rs 40.20 crore as of 31 March 2022. Investments declined from Rs 201.30 crore as of 31 March 2021 to Rs 198.53 crore as of 31 March 2022.

PBDT fell 13.79% to Rs 190.85 crore. Provision for depreciation fell 3.68% to Rs 38.7 crore. Fixed assets increased to Rs 242.57 crore as of 31 March 2022 from Rs 239.72 crore as of 31 March 2021. Intangible assets increased from Rs 63.28 crore to Rs 65.90 crore.

Profit before tax down 16.03% to Rs 152.15 crore. Share of profit/loss was 5.22% higher at Rs 2.82 crore. Provision for tax was expense of Rs 38.07 crore, compared to Rs 47.46 crore. Effective tax rate was 24.57% compared to 25.81%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 14.30% to Rs 116.90 crore.

Equity capital stood at Rs 66.29 crore as of 31 March 2022 to Rs 66.29 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 79.17% as of 31 March 2022

Cash flow from operating activities decreased to Rs 13.71 crore for year ended March 2022 from Rs 170.25 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 41.00 crore, compared to Rs 48.61 crore during the year ended March 2021.

The scrip is currently trading at Rs 556

Tega Industries : Consolidated Results
Particulars	2209 (03)	2109 (03)	Var.(%)	2209 (06)	2109 (06)	Var.(%)	2203 (12)	2103 (12)	Var.(%)
Net Sales	276.19	230.71	20	520.63	403.92	29	951.76	805.52	18
OPM (%)	19.6	17.1		19.3	15.6		19.2	23.3
OP	54.1	39.34	38	100.3	62.9	59	182.85	187.49	-2
Other Inc.	6.75	2.05	PL	3.47	8.17	PL	24.2	51.16	-53
PBIDT	60.85	41.39	47	103.77	71.07	46	207.05	238.65	-13
Interest	4.87	2.57	89	9.85	6.18	59	16.2	17.28	-6
PBDT	55.98	38.82	44	93.92	64.89	45	190.85	221.37	-14
Depreciation	9.64	10.2	-5	18.78	20.7	-9	38.7	40.18	-4
PBT	46.34	28.62	62	75.14	44.19	70	152.15	181.19	-16
Share of Profit/(Loss) from Associates	0.88	0.65	35	1.86	1.26	48	2.82	2.68	5
PBT before EO	47.22	29.27	61	77	45.45	69	154.97	183.87	-16
EO Income	0	0		0	0		0	0	-
PBT after EO	47.22	29.27		77	45.45		154.97	183.87	-16
Taxation	11.87	6.72	77	18.6	11.02	69	38.07	47.46	-20
PAT	35.35	22.55	57	58.4	34.43	70	116.9	136.41	-14
Minority Interest (MI)	0	0		0	0		0	0	-
Net profit	35.35	22.55	57	58.4	34.43	70	116.9	136.41	-14
EPS (Rs)*	#	#		#	#		17.6	20.6
Notes
* EPS is on current equity of Rs 66.29 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

Previous News

Tega Industries schedules board meeting
( Corporate News - 21-Jan-23 11:29 )

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( Results - Announcements 08-Aug-22 08:22 )

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Tega Industries IPO ends with blockbuster subscription
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( Results - Announcements 09-Feb-24 15:04 )

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( Results - Analysis 12-Nov-22 11:30 )

Tega Industries to declare Quarterly Result
( Corporate News - 17-May-22 19:09 )