Capitaline

Results 01-Feb-23

Analysis

Timken India

Sales up 19%, OP down 9%

Timken India standalone net sales increased 19.49% to Rs 609.40 crore in Q3FY23 compared to Q3FY22. Operating profit margin has declined from 22.37% to 17.02%, leading to 9.11% decline in operating profit to Rs 103.70 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 34.74% to 32.59%. Purchase of finished goods cost rose from 23.11% to 31.00%. Employee cost increased from 6.19% to 6.32%. Other expenses fell from 15.51% to 14.42%.

Other income up 414.29% to Rs 14.4 crore. PBIDT rose 1.03% to Rs 118.1 crore. Provision for interest up 66.67% to Rs 0.5 crore.

PBDT rose 0.86% to Rs 117.6 crore. Provision for depreciation rose 3.70% to Rs 22.4 crore.

Profit before tax grew 0.21% to Rs 95.20 crore. Provision for tax was expense of Rs 24.6 crore, compared to Rs 25.2 crore. Effective tax rate was 25.84% compared to 26.53%.

Profit after tax rose 1.15% to Rs 70.60 crore.

Promoters’ stake was 67.80% as of 31 December 2022 ,compared to 67.80% as of 31 December 2021 .

For year-to-date (YTD) results analysis

Net sales of Timken India have increased 30.49% to Rs 2,004.00 crore. Operating profit margin has declined from 21.53% to 20.33%, leading to 23.19% rise in operating profit to Rs 407.40 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 32.57% to 32.67%. Purchase of finished goods cost rose from 25.56% to 27.11%. Employee cost decreased from 6.32% to 5.76%. Other expenses fell from 15.50% to 14.91%.

Other income up 394.68% to Rs 46.5 crore. PBIDT rose 33.46% to Rs 453.9 crore. Provision for interest up 27.27% to Rs 1.4 crore.

PBDT rose 33.48% to Rs 452.5 crore. Provision for depreciation rose 6.46% to Rs 65.9 crore.

Profit before tax grew 39.52% to Rs 386.60 crore. Provision for tax was expense of Rs 100.3 crore, compared to Rs 71.4 crore. Effective tax rate was 25.94% compared to 25.77%.

Profit after tax rose 39.18% to Rs 286.30 crore.

Promoters’ stake was 67.80% as of 31 December 2022 ,compared to 67.80% as of 31 December 2021 .

Full year results analysis

Net sales of Timken India have increased 56.20% to Rs 2,203.20 crore. Operating profit margin has jumped from 17.85% to 23.18%, leading to 102.78% rise in operating profit to Rs 510.60 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 30.42% to 31.53%. Purchase of finished goods cost fell from 27.25% to 25.14%. Employee cost decreased from 8.08% to 6.04%. Other expenses fell from 17.18% to 15.37%.

Other income fell 27.04% to Rs 14.3 crore. PBIDT rose 93.40% to Rs 524.9 crore. Provision for interest up 71.43% to Rs 2.4 crore. Loan funds declined from Rs 35.40 crore as of 31 March 2021 to Rs 31.80 crore as of 31 March 2022. Inventories rose to Rs 558.50 crore as of 31 March 2022 from Rs 368.70 crore as of 31 March 2021. Sundry debtors were higher at Rs 538.80 crore as of 31 March 2022 compared to Rs 371.30 crore as of 31 March 2021. Cash and bank balance declined from Rs 174.20 crore as of 31 March 2021 to Rs 18.20 crore as of 31 March 2022.

PBDT rose 93.52% to Rs 522.5 crore. Provision for depreciation rose 12.55% to Rs 84.3 crore. Fixed assets declined from Rs 675.10 crore as of 31 March 2021 to Rs 673.40 crore as of 31 March 2022. Intangible assets declined from Rs 240.70 crore to Rs 236.30 crore.

Profit before tax grew 124.60% to Rs 438.20 crore. Provision for tax was expense of Rs 111.1 crore, compared to Rs 51.9 crore. Effective tax rate was 25.35% compared to 26.60%.

Profit after tax rose 128.42% to Rs 327.10 crore.

Equity capital stood at Rs 75.20 crore as of 31 March 2022 to Rs 75.20 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 67.80% as of 31 March 2022 compared to 67.80% as of 31 March 2021 .

Cash flow from operating activities decreased to Rs 32.90 crore for year ended March 2022 from Rs 188.70 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 80.30 crore, compared to Rs 78.30 crore during the year ended March 2021.

The scrip trades at Rs 3195

Timken India : Standalone Results
Particulars	2212 (03)	2112 (03)	Var.(%)	2212 (09)	2112 (09)	Var.(%)	2203 (12)	2103 (12)	Var.(%)
Net Sales	609.4	510	19	2004	1535.8	30	2,203.20	1,410.50	56
OPM (%)	17.0	22.4		20.3	21.5		23.2	17.9
OP	103.7	114.1	-9	407.4	330.7	23	510.6	251.8	103
Other Inc.	14.4	2.8	414	46.5	9.4	395	14.3	19.6	-27
PBIDT	118.1	116.9	1	453.9	340.1	33	524.9	271.4	93
Interest	0.5	0.3	67	1.4	1.1	27	2.4	1.4	71
PBDT	117.6	116.6	1	452.5	339	33	522.5	270	94
Depreciation	22.4	21.6	4	65.9	61.9	6	84.3	74.9	13
PBT	95.2	95	0	386.6	277.1	40	438.2	195.1	125
PBT before EO	95.2	95	0	386.6	277.1	40	438.2	195.1	125
EO Income	0	0		0	0		0	0
PBT after EO	95.2	95	0	386.6	277.1	40	438.2	195.1	125
Taxation	24.6	25.2	-2	100.3	71.4	40	111.1	51.9	114
PAT	70.6	69.8	1	286.3	205.7	39	327.1	143.2	128
EPS (Rs)*	#	#		#	#		43.5	19.0
Notes
* EPS is on current equity of Rs 75.22 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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