Sharp jump in net was largely due to strong operating show as well as lower interest and depreciation as % of sales.
Sales of Manufactuirng of Machinery & Equipment segment has gone up 43.63% to Rs 569.25 crore (accounting for 35.08% of total sales). Sales of Engineering, Procurement and Construction segment has gone down 10.49% to Rs 788.51 crore (accounting for 48.60% of total sales). Sales of Sugar segment rose 23.56% to Rs 207.40 crore (accounting for 12.78% of total sales). Sales of Ethanol (Plant Under Construction) segment has gone up 99.92% to Rs -0.01 crore (accounting for 0.00% of total sales). Inter-segment sales rose Rs 54.52 crore to Rs 108.95 crore.
Profit before interest, tax and other unallocable items (PBIT) has jumped 83.79% to Rs 73.02 crore. PBIT of Manufactuirng of Machinery & Equipment segment rose 133.05% to Rs 48.94 crore (accounting for 67.02% of total PBIT). PBIT of Engineering, Procurement and Construction segment rose 130.91% to Rs 31.15 crore (accounting for 42.66% of total PBIT). PBIT of Sugar segment fell 17.01% to Rs 18.74 crore (accounting for 25.66% of total PBIT). PBIT of Ethanol (Plant Under Construction) segment fell 59.86% to Rs -27.72 crore (accounting for -37.96% of total PBIT).
PBIT margin of Manufactuirng of Machinery & Equipment segment rose from 5.30% to 8.60%. PBIT margin of Engineering, Procurement and Construction segment rose from 1.53% to 3.95%. PBIT margin of Sugar segment fell from 13.45% to 9.04%. PBIT margin of Ethanol (Plant Under Construction) segment rose from 130.57% to 2,77,200.00%. Overall PBIT margin rose from 2.77% to 4.50%.
Half yearly performance
Consolidated net sales ISGEC Heavy Engineering has increased 10.03% to Rs 2759.24 crore. Operating profit margin has jumped from 3.90% to 5.89%, leading to 66.18% rise in operating profit to Rs 162.47 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 22.56% to 27.83%. Purchase of finished goods cost fell from 39.73% to 31.51%. Employee cost decreased from 8.41% to 8.39%. Other expenses rose from 25.29% to 26.19%. Other direct service cost fell from 11.44% to 10.43%. Other income rose 19.57% to Rs 6.11 crore. PBIDT rose 63.86% to Rs 168.58 crore. Provision for interest rose 67.59% to Rs 38.06 crore. PBDT rose 62.80% to Rs 130.52 crore. Provision for depreciation rose 6.49% to Rs 51.33 crore. Profit before tax grew 147.70% to Rs 79.19 crore. Provision for tax was expense of Rs 32.63 crore, compared to Rs 8.14 crore. Effective tax rate was 41.23% compared to 25.45%. Minority interest decreased 183.87% to Rs -0.88 crore. Net profit attributable to owners of the company increased 96.27% to Rs 47.40 crore.
Sales of Manufactuirng of Machinery & Equipment segment has gone up 22.64% to Rs 898.00 crore (accounting for 30.47% of total sales). Sales of Engineering, Procurement and Construction segment has gone down 3.26% to Rs 1,515.90 crore (accounting for 51.43% of total sales). Sales of Sugar segment rose 30.13% to Rs 422.40 crore (accounting for 14.33% of total sales). Inter-segment sales rose Rs 100.73 crore to Rs 188.29 crore.
Profit before interest, tax and other unallocable items (PBIT) has jumped 78.94% to Rs 128.23 crore. PBIT of Manufactuirng of Machinery & Equipment segment rose 64.78% to Rs 62.50 crore (accounting for 48.74% of total PBIT). PBIT of Engineering, Procurement and Construction segment rose 202.31% to Rs 70.65 crore (accounting for 55.10% of total PBIT). PBIT of Sugar segment rose 16.26% to Rs 39.69 crore (accounting for 30.95% of total PBIT). PBIT of Ethanol (Plant Under Construction) segment fell 111.98% to Rs -50.41 crore (accounting for -39.31% of total PBIT).
PBIT margin of Manufactuirng of Machinery & Equipment segment rose from 5.18% to 6.96%. PBIT margin of Engineering, Procurement and Construction segment rose from 1.49% to 4.66%. PBIT margin of Sugar segment fell from 10.52% to 9.40%. PBIT margin of Ethanol (Plant Under Construction) segment fell from 155.83% to 8,691.38%. Overall PBIT margin rose from 2.75% to 4.35%.
Other developments
Equity capital stood at Rs 7.35 crore as of 30 September 2022 to Rs 7.35 crore as of 30 September 2021. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 62.43% as of 30 September 2022 ,compared to 62.43% as of 30 September 2021 .
Loan funds rose to Rs 1,210.20 crore as of 30 September 2022 from Rs 1,056.84 crore as of 30 September 2021. Inventories rose to Rs 1,309.49 crore as of 30 September 2022 from Rs 1,087.42 crore as of 30 September 2021. Sundry debtors were higher at Rs 2,167.14 crore as of 30 September 2022 compared to Rs 2,149.28 crore as of 30 September 2021. Cash and bank balance rose to Rs 196.77 crore as of 30 September 2022 from Rs 143.26 crore as of 30 September 2021. Investments declined from Rs 81.16 crore as of 30 September 2021 to Rs 33.71 crore as of 30 September 2022. Fixed assets declined from Rs 1,627.62 crore as of 30 September 2021 to Rs 1,577.55 crore as of 30 September 2022. Intangible assets increased from Rs 59.21 crore to Rs 63.97 crore.
Cash flow from operating activities has turned positive Rs 32.27 crore for YTD ended September 2022 from negative Rs 12.13 crore for YTD ended September 2021. Cash flow used in acquiring fixed assets during the YTD ended September 2022 stood at Rs 7.82 crore, compared to Rs 31.93 crore during the YTD ended September 2021.