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Results
17-Feb-23
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Analysis
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Schaeffler India
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Strong show with improved margins
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Schaeffler
India has recorded healthy 21% growth in the net profit to Rs 230.98 crore in
the quarter ended December 2022 (Q4CY2022). Its net sales moved up 18% to Rs
1794.65 crore as sales of Mobility Components & Related Solutions segment
moved up 12.07% to Rs 1430.89 crore (accounting for 79.73% of total sales) and
sales of Others segment has gone up 47.63% to Rs 363.76 crore (accounting for
20.27% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) jumped 23.85% to Rs
292.23 crore. PBIT of Mobility Components & Related Solutions segment
increased 12.38% to Rs 222.92 crore (accounting for 76.28% of total PBIT),
while PBIT of Others segment surged 84.38% to Rs 69.31 crore (accounting for
23.72% of total PBIT).
PBIT
margin of Mobility Components & Related Solutions segment rose from 15.54%
to 15.58%, while PBIT margin of others segment rose from 15.26% to 19.05%.
Overall PBIT margin improved from 15.49% to 16.28%.
Operating
profit margin has jumped from 18.85% to 19.24%, leading to 20.23% rise in
operating profit to Rs 345.22 crore. Raw material cost as a % of total sales
(net of stock adjustments) increased from 37.56% to 38.31%. Purchase of
finished goods cost fell from 23.17% to 20.35%. Employee cost decreased
from 6.59% to 6.38%. Other expenses rose from 13.67% to 14.58%.
Other
income fell 16.15% to Rs 18.27 crore. PBIDT rose 17.66% to Rs 363.49 crore.
Provision for interest rose 6.90% to Rs 0.93 crore. Loan funds declined from Rs
60.70 crore end December 2021 to Rs 57.38 crore end December 2022. Inventories
rose to Rs 1243.37 crore end December 2022 from Rs 1086.49 crore end December
2021. Sundry debtors were higher at Rs 1032.41 crore end December 2022 compared
to Rs 846.27 crore end December 2021. Cash and bank balance rose to Rs 1554.53
crore end December 2022 from Rs 1415.67 crore end December 2021.
PBDT
rose 17.70% to Rs 362.56 crore. Provision for depreciation increased 3.56% to
Rs 52.99 crore. Fixed assets increased to Rs 1371.48 crore end December 2022
from Rs 1157.71 crore end December 2021. Intangible assets declined from Rs
1.22 crore to Rs 0.57 crore.
Profit
before tax grew 20.51% to Rs 309.57 crore. Provision for tax was expense of Rs
78.59 crore, compared to Rs 66.24 crore. Effective tax rate was 25.39% compared
to 25.79%. Profit after tax moved up 21.16% to Rs 230.98 crore.
Commenting
on the results, Harsha Kadam, Managing Director, said, “Our quarterly growth
momentum continued on the back of favourable sales mix and our emphasis on
deploying sustainable countermeasures to enable a strong quality of earnings,
while navigating the headwinds in a highly volatile environment. Our annual
results for the year were aided by trajectory of wins across our businesses and
focus on operational efficiency, reflecting our commitment on customer
centricity, innovation and agility. As we enter 2023, we stand by our
commitment to enhance stakeholder value by working on both our financial and
non financial metrics. We wish to thank all our stakeholders for reposing the
confidence and continued support.”
Full Year Financial Performance CY2022
Net
sales increased 23.50% to Rs 6,867.42 crore in year ended December 2022
(CY2022), as sales of Mobility Components & Related Solutions segment moved
up 22.87% to Rs 5387.68 crore (accounting for 78.45% of total sales) and sales
of Others segment has gone up 25.88% to Rs 1479.74 crore (accounting for 21.55%
of total sales).
Profit
before interest, tax and other unallocable items (PBIT) have jumped 40.48% to
Rs 1087.93 crore. PBIT of Mobility Components & Related Solutions segment
increased 39.12% to Rs 812.16 crore (accounting for 74.65% of total PBIT). PBIT
of Others segment surged 44.65% to Rs 275.77 crore (accounting for 25.35% of total
PBIT).
PBIT
margin of Mobility Components & Related Solutions segment rose from 13.31%
to 15.07%. PBIT margin of others segment rose from 16.22% to 18.64%. Overall
PBIT margin rose from 13.93% to 15.84%.
Operating
profit margin has jumped from 17.47% to 18.85%, leading to 33.23% rise in
operating profit to Rs 1294.39 crore. Raw material cost as a % of total sales
(net of stock adjustments) increased from 39.28% to 40.04%. Purchase of
finished goods cost fell from 24.51% to 22.19%. Employee cost decreased
from 6.82% to 6.22%. Other expenses rose from 12.62% to 12.86%.
Other
income up 7.32% to Rs 77.68 crore. PBIDT rose 31.43% to Rs 1372.07 crore.
Provision for interest fell 3.27% to Rs 3.55 crore. PBDT rose 31.56% to Rs
1368.52 crore. Provision for depreciation moved up 4.74% to Rs 206.46 crore.
Profit
before tax grew 37.83% to Rs 1162.06 crore. Provision for tax was expense of Rs
297.83 crore, compared to Rs 214.02 crore. Effective tax rate was 25.30%
compared to 25.38%. Profit after tax increased 39.75% to Rs 879.21 crore.
Schaeffler India :
Results
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Particulars
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2212 (3)
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2112 (3)
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Var.(%)
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2212 (12)
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2112 (12)
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Var.(%)
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Net Sales
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1794.65
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1523.22
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18
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6867.42
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5560.51
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24
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OPM (%)
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19.24
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18.85
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18.85
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17.47
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OP
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345.22
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287.13
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20
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1294.39
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971.54
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33
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Other Inc.
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18.27
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21.79
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-16
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77.68
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72.38
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7
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PBIDT
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363.49
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308.92
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18
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1372.07
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1043.92
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31
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Interest
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0.93
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0.87
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7
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3.55
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3.67
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-3
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PBDT
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362.56
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308.05
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18
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1368.52
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1040.25
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32
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Depreciation
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52.99
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51.17
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4
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206.46
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197.11
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5
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PBT
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309.57
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256.88
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21
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1162.06
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843.14
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38
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EO Income
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0.00
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0.00
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-
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14.98
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0.00
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-
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PBT after EO
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309.57
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256.88
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21
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1177.04
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843.14
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40
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Taxation
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78.59
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66.24
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19
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297.83
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214.02
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39
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PAT
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230.98
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190.64
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21
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879.21
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629.12
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40
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EPS (Rs)*
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59.1
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48.8
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56.3
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40.3
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* EPS is annualized on
current equity of Rs 31.26 crore, Face value of Rs 2, Excluding extraordinary
items.
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EO : Extraordinary
items
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Figures in Rs crore
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Source: Capitaline
Corporate Database
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Schaeffler India :
Segment Results
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% of total
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2212 (3)
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2112 (3)
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Var (%)
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% of total
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2112 (12)
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2012 (12)
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Var (%)
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Sales
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Mobility Components
& Related Solutions
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79.7
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1430.89
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1276.82
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12
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78.5
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5387.68
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4384.99
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23
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Others
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20.3
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363.76
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246.40
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48
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21.5
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1479.74
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1175.52
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26
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Total Reported Sales
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100.0
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1794.65
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1523.22
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18
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100.0
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6867.42
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5560.51
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24
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Less: Inter segment
revenues
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0.0
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0.00
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0.00
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-
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0.0
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0.00
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0.00
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-
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Net Sales
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100.0
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1794.65
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1523.22
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18
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100.0
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6867.42
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5560.51
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24
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PBIT
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Mobility Components
& Related Solutions
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76.3
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222.92
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198.37
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12
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74.7
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812.16
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583.78
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39
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Others
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23.7
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69.31
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37.59
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84
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25.3
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275.77
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190.65
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45
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Total PBIT
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100.0
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292.23
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235.96
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24
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100.0
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1087.93
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774.43
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40
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Less : Interest
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0.93
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0.87
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7
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3.55
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3.67
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-3
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Add: Other
un-allcoable
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18.27
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21.79
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-16
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92.66
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72.38
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28
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PBIT Margin(%)
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Mobility Components
& Related Solutions
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15.58
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15.54
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4
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15.07
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13.31
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176
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Others
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19.05
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15.26
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379
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18.64
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16.22
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242
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PBT
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309.57
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256.88
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21
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1177.04
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843.14
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40
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