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Results
08-Feb-23
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Analysis
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Shivalik Bimetal Controls
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Net up 7% even as OP up 39%
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Consolidated net sales (including other operating income) of Shivalik Bimetal Controls for the quarter ended Dec 2022 has increased 34.34% to Rs 118.39 crore. Operating profit margin has jumped from 23.33% to 24.23%, leading to 39.49% rise in operating profit to Rs 28.68 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 50.64% to 55.70%. Employee cost increased from 8.00% to 8.04%. Other expenses fell from 17.90% to 13.70%. Other income fell 64.86% to Rs 0.65 crore. PBIDT rose 30.88% to Rs 29.33 crore. Provision for interest rose 156.58% to Rs 1.95 crore. PBDT rose 26.47% to Rs 27.38 crore. Provision for depreciation rose 70.63% to Rs 2.73 crore. Profit before tax grew 22.94% to Rs 24.65 crore. Provision for tax was expense of Rs 6.44 crore, compared to Rs 5.44 crore. Effective tax rate was 27.88% compared to 25.98%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 7.48% to Rs 16.66 crore. Nine month performance Net sales (including other operating income) of Shivalik Bimetal Controls has increased 47.77% to Rs 346.77 crore. Operating profit margin has jumped from 23.11% to 23.39%, leading to 49.52% rise in operating profit to Rs 81.10 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 51.73% to 55.13%. Employee cost decreased from 8.13% to 7.89%. Other expenses fell from 17.98% to 15.08%. Other income rose 155.87% to Rs 10.03 crore. PBIDT rose 56.69% to Rs 91.13 crore. Provision for interest rose 246.15% to Rs 5.4 crore. PBDT rose 51.47% to Rs 85.73 crore. Provision for depreciation rose 72.51% to Rs 7.78 crore. Profit before tax grew 49.64% to Rs 77.95 crore. Share of profit/loss was 76.58% lower at Rs 0.52 crore. Provision for tax was expense of Rs 20.87 crore, compared to Rs 13.66 crore. Effective tax rate was 26.60% compared to 25.15%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 41.70% to Rs 57.60 crore. Management Comments : Mr. Rajeev Ranjan, Chief Financial Officer, added, “Our Total Revenue for Q3FY23 grew
by 22.02% YoY on the back of robust organic volume growth with existing longstanding
customers, and the addition of multiple new technical approvals with leading global OEMs.
Over Q3FY23, we successfully onboarded many new market-leading clients, and as we
translate pilot approval volumes to scalable production volumes, we expect to sustain our
continuing growth incline going forward. Our 9MFY23 results also demonstrate our ability
to deliver sustained quality earnings. Our YoY widening EBITDA margin by 184 basis
points to 24.95% for 9MFY23 reflects our ability to produce strong operational
performance, and thus a sustained PAT margin exceeding the mid-teens for the 9MFY23
period.”
“Our sustained growth in the 9MFY23 period is a testament to persistently surging market
demand and new commercial relationships initiated with leading OEMs. While we are
successfully leveraging our longstanding relationships, we are also aggressively adding new
quality clients that position us in new high-growth opportunities, such as EV (Electric
Vehicles) and smart metering, products necessary for an environmentally sustainable
future,” said Mr. S. S. Sandhu, Chairman. “This growth strategy is a result of consistent
investment in our intellectual capital and our commitment to excellence in quality and
reliability for our global OEMs,” he added.
Others
The Board of Directors have announced the payment of Interim Dividend @ 25% i.e. Rs 0.50 per equity share of face value of Rs. 2/- each for the F.Y. 2022-23.
Promoters’ stake was 60.61% as of 31 December 2022 ,compared to 60.61% as of 31 December 2021 .
Shivalik Bimetal Controls : Consolidated Results | | Quarter ended | Year to Date | Year ended |
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Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
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Net Sales (including other operating income) | 118.39 | 88.13 | 34.34 | 346.77 | 234.67 | 47.77 | 323.99 | 203.72 | 59.04 | OPM (%) | 24.23 | 23.33 | 90 bps | 23.39 | 23.11 | 27 bps | 22.68 | 17.74 | 494 bps | OP | 28.68 | 20.56 | 39.49 | 81.10 | 54.24 | 49.52 | 73.48 | 36.14 | 103.32 | Other Inc. | 0.65 | 1.85 | -64.86 | 10.03 | 3.92 | 155.87 | 5.45 | 4.05 | 34.57 | PBIDT | 29.33 | 22.41 | 30.88 | 91.13 | 58.16 | 56.69 | 78.93 | 40.19 | 96.39 | Interest | 1.95 | 0.76 | 156.58 | 5.40 | 1.56 | 246.15 | 2.76 | 1.63 | 69.33 | PBDT | 27.38 | 21.65 | 26.47 | 85.73 | 56.60 | 51.47 | 76.17 | 38.56 | 97.54 | Depreciation | 2.73 | 1.6 | 70.63 | 7.78 | 4.51 | 72.51 | 6.38 | 5.9 | 8.14 | PBT | 24.65 | 20.05 | 22.94 | 77.95 | 52.09 | 49.64 | 69.79 | 32.66 | 113.69 | Share of Profit/(Loss) from Associates | -1.55 | 0.89 | PL | 0.52 | 2.22 | -76.58 | 3.51 | 1.67 | 110.18 | PBT before EO | 23.1 | 20.94 | 10.32 | 78.47 | 54.31 | 44.49 | 73.3 | 34.33 | 113.52 | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | PBT after EO | 23.1 | 20.94 | 10.32 | 78.47 | 54.31 | 44.49 | 73.3 | 34.33 | 113.52 | Taxation | 6.44 | 5.44 | 18.38 | 20.87 | 13.66 | 52.78 | 18.19 | 8.84 | 105.77 | PAT | 16.66 | 15.5 | 7.48 | 57.6 | 40.65 | 41.70 | 55.11 | 25.49 | 116.20 | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | Net profit | 16.66 | 15.5 | 7.48 | 57.6 | 40.65 | 41.70 | 55.11 | 25.49 | 116.20 | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | Net profit after discontinued operations | 16.66 | 15.5 | 7.48 | 57.6 | 40.65 | 41.70 | 55.11 | 25.49 | 116.20 | EPS (Rs)* | 2.89 | 2.69 | 7.48 | 10.00 | 7.06 | 41.70 | 9.57 | 4.43 | 116.20 | | * EPS is on current equity of Rs 11.52 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 |
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