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Results
23-Feb-23
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Analysis
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Mahindra CIE Automotive
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Q4 CY22 includes one-time loss Rs 852.64 crore
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For quarter ended Dec 2022,
Consolidated Net sales (including other operating income) of Mahindra CIE Automotive has increased 34.60% to Rs 2246.84 crore compared to quarter ended Dec 2021. Sales of India segment has gone up 21.71% to Rs 1406.86 crore (accounting for 51.53% of total sales). Sales of Europe segment has gone up 43.08% to Rs 1,323.11 crore (accounting for 48.47% of total sales). Inter-segment sales came down from Rs 16.49 crore to Rs 9.12 crore.
Profit before interest, tax and other unallocable items (PBIT) has jumped 146.17% to Rs 270.39 crore. PBIT of India segment rose 137.37% to Rs 194.69 crore (accounting for 53.67% of total PBIT). PBIT of Europe segment rose 288.95% to Rs 168.04 crore (accounting for 46.33% of total PBIT). PBIT margin of India segment rose from 7.10% to 13.84%. PBIT margin of Europe segment rose from 4.67% to 12.70%. Overall PBIT margin rose from 6.02% to 13.29%. Operating profit margin has jumped from 10.80% to 13.01%, leading to 62.18% rise in operating profit to Rs 292.39 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 51.70% to 53.53%. Employee cost decreased from 13.68% to 10.41%. Other expenses fell from 23.53% to 23.19%. Other income rose 49.33% to Rs 24.4 crore. PBIDT rose 61.11% to Rs 316.79 crore. Provision for interest fell 12.95% to Rs 7.93 crore. Loan funds declined from Rs 1,486.88 crore as of 31 December 2021 to Rs 984.52 crore as of 31 December 2022. Inventories declined from Rs 1,348.63 crore as of 31 December 2021 to Rs 1,210.80 crore as of 31 December 2022. Sundry debtors were higher at Rs 860.75 crore as of 31 December 2022 compared to Rs 668.73 crore as of 31 December 2021. Cash and bank balance declined from Rs 159.52 crore as of 31 December 2021 to Rs 85.92 crore as of 31 December 2022. Investments rose to Rs 575.65 crore as of 31 December 2022 from Rs 437.97 crore as of 31 December 2021 . PBDT rose 64.71% to Rs 308.86 crore. Provision for depreciation rose 16.12% to Rs 76.73 crore. Fixed assets declined from Rs 3,084.98 crore as of 31 December 2021 to Rs 2,862.21 crore as of 31 December 2022. Intangible assets declined from Rs 3,626.46 crore to Rs 2,803.95 crore. Profit before tax grew 91.15% to Rs 232.13 crore. Share of profit/loss was 68.33% lower at Rs 0.38 crore. Provision for tax was expense of Rs 75.55 crore, compared to Rs 32.71 crore. Effective tax rate was 27.94% compared to 29.78%. Minority interest was nil in both the periods. PAT increased 152.60% to Rs 194.83 crore. Loss from discontinued operations was Rs 852.64 crore compared to profit of Rs 3.1 crore. Net loss after discontinued operations was Rs 657.81 crore compared to profit of Rs 80.23 crore.Equity capital increased from Rs 379.08 crore as of 31 December 2021 to Rs 379.32 crore as of 31 December 2022. Per share face Value remained same at Rs 10.00. Promoters’ stake was 74.96% as of 31 December 2022 ,compared to 72.19% as of 31 December 2021 . Full year results analysis. Net sales (including other operating income) of Mahindra CIE Automotive has increased 29.38% to Rs 8753.04 crore. Sales of India segment has gone up 28.17% to Rs 5632.59 crore (accounting for 52.31% of total sales). Sales of Europe segment has gone up 26.49% to Rs 5134.31 crore (accounting for 47.69% of total sales). Inter-segment sales came down from Rs 66.78 crore to Rs 44.84 crore.
Profit before interest, tax and other unallocable items (PBIT) has jumped 50.35% to Rs 1079.89 crore. PBIT of India segment rose 62.06% to Rs 634.9 crore (accounting for 58.79% of total PBIT). PBIT of Europe segment rose 36.30% to Rs 444.99 crore (accounting for 41.21% of total PBIT). PBIT margin of India segment rose from 8.91% to 11.27%. PBIT margin of Europe segment rose from 8.04% to 8.67%. Overall PBIT margin rose from 8.50% to 10.03%. Other income rose 24.55% to Rs 58.29 crore. PBIDT rose 24.46% to Rs 1230.29 crore. Provision for interest fell 34.67% to Rs 22.71 crore. Loan funds declined from Rs 1,486.88 crore as of 31 December 2021 to Rs 984.52 crore as of 31 December 2022. Inventories declined from Rs 1,348.63 crore as of 31 December 2021 to Rs 1,210.80 crore as of 31 December 2022. Sundry debtors were higher at Rs 860.75 crore as of 31 December 2022 compared to Rs 668.73 crore as of 31 December 2021. Cash and bank balance declined from Rs 159.52 crore as of 31 December 2021 to Rs 85.92 crore as of 31 December 2022. Investments rose to Rs 575.65 crore as of 31 December 2022 from Rs 437.97 crore as of 31 December 2021 . PBDT rose 26.61% to Rs 1207.58 crore. Provision for depreciation rose 8.39% to Rs 296.22 crore. Fixed assets declined from Rs 3,084.98 crore as of 31 December 2021 to Rs 2,862.21 crore as of 31 December 2022. Intangible assets declined from Rs 3,626.46 crore to Rs 2,803.95 crore. Profit before tax grew 33.93% to Rs 911.36 crore. Share of profit/loss was 83.33% higher at Rs 2.2 crore. Provision for tax was expense of Rs 240.09 crore, compared to Rs 273.06 crore. Effective tax rate was 25.23% compared to 40.82%. Minority interest was nil in both the periods. PAT increased 79.71% to Rs 711.34 crore. Loss from discontinued operations was Rs 847.51 crore compared to loss of Rs 2.99 crore. Net loss after discontinued operations was Rs 136.17 crore compared to profit of Rs 392.84 crore. Equity capital increased from Rs 379.08 crore as of 31 December 2021 to Rs 379.32 crore as of 31 December 2022. Per share face Value remained same at Rs 10.00. Promoters’ stake was 74.96% as of 31 December 2022 ,compared to 72.19% as of 31 December 2021 . Cash flow from operating activities increased to Rs 1,118.24 crore for year ended December 2022 from Rs 1,051.14 crore for year ended December 2021. Cash flow used in acquiring fixed assets during the year ended December 2022 stood at Rs 501.41 crore, compared to Rs 526.67 crore during the year ended December 2021. Business
Highlights
Board recommended dividend of Rs
2.50 per equity share of face value of Rs 10 each for the financial year ended
31st December 2022.
During the quarter, CIE increased
stake in MCIE from 60.76% to 65.71%.
EBITDA includes a one time impact of
Rs 37.8 crore of profit on land sale.
Q4 CY22 PAT includes Rs 852.6 crore
of losses coming from discontinued operations. About Rs 200 crore of positive
FEFR impact (exchange rate) on CFG goodwill and net assets is pending, and to
be allocated to P/L in 2023. This will be done once the CFG sale transaction is
done.
In CY22, forgings contributed 78% to
total revenue and gears/machining contributed 22%.
India
Highlights
In India, tractors sales during Q4
CY22 increased by 28.7%, two wheelers sales went up 1.2%, MHCV sales went up 4%
and <6T vehicles (include Passenger Vehicles, Utility Vehicles, Vans and
Light Commercial Vehicles) went up by 18.7% compared to Q4 CY21.
In India, tractors sales in CY22
fell by 2.3%, two wheelers sales went up 3%, MHCV sales went up 27.4% and
<6T vehicles (include Passenger Vehicles, Utility Vehicles, Vans and Light Commercial
Vehicles) went up by 23.5% compared to CY21.
Europe
Highlights
In Q4 CY22, <6T vehicles (include
Passenger Vehicles, Utility Vehicles, Vans and Light Commercial Vehicles) sales
increased by 6.6% and MHCV sales went down 7.6% compared to Q4 CY21.
In CY22, <6T vehicles (include
Passenger Vehicles, Utility Vehicles, Vans and Light Commercial Vehicles) sales
fell by 1.3% and MHCV sales fell by 0.5% compared to CY21.
| Mahindra CIE Automotive : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) |
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| Net Sales (including other operating income) | 2,246.84 | 1,669.24 | 34.60 | 8,753.04 | 6,765.17 | 29.38 | | OPM (%) | 13.01 | 10.80 | 221 bps | 13.39 | 13.92 | -53 bps | | OP | 292.39 | 180.29 | 62.18 | 1,172.00 | 941.74 | 24.45 | | Other Inc. | 24.40 | 16.34 | 49.33 | 58.29 | 46.80 | 24.55 | | PBIDT | 316.79 | 196.63 | 61.11 | 1,230.29 | 988.54 | 24.46 | | Interest | 7.93 | 9.11 | -12.95 | 22.71 | 34.76 | -34.67 | | PBDT | 308.86 | 187.52 | 64.71 | 1,207.58 | 953.78 | 26.61 | | Depreciation | 76.73 | 66.08 | 16.12 | 296.22 | 273.29 | 8.39 | | PBT | 232.13 | 121.44 | 91.15 | 911.36 | 680.49 | 33.93 | | Share of Profit/(Loss) from Associates | 0.38 | 1.2 | -68.33 | 2.2 | 1.2 | 83.33 | | PBT before EO | 232.51 | 122.64 | 89.59 | 913.56 | 681.69 | 34.01 | | EO Income | 37.87 | -12.8 | LP | 37.87 | -12.8 | LP | | PBT after EO | 270.38 | 109.84 | 146.16 | 951.43 | 668.89 | 42.24 | | Taxation | 75.55 | 32.71 | 130.97 | 240.09 | 273.06 | -12.07 | | PAT | 194.83 | 77.13 | 152.60 | 711.34 | 395.83 | 79.71 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 194.83 | 77.13 | 152.60 | 711.34 | 395.83 | 79.71 | | P/(L) from discontinued operations net of tax | -852.64 | 3.1 | PL | -847.51 | -2.99 | -28,244.80 | | Net profit after discontinued operations | -657.81 | 80.23 | PL | -136.17 | 392.84 | PL | | EPS (Rs)* | 4.42 | 2.27 | 94.68 | 18.01 | 10.63 | 69.33 | | | * EPS is on current equity of Rs 379.32 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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| Mahindra
CIE Automotive : Consolidated Segment
results |
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| Sales |
%
of Total 2212 (3) |
2212 (3) |
2112 (3) |
Var. (%) |
%
of Total 2212(12) |
2212 (12) |
2112 (12) |
Var. (%) |
| India |
51.53% |
1406.86 |
1155.91 |
21.71% |
52.31% |
5632.595 |
4394.498 |
28.17% |
| Europe |
48.47% |
1323.11 |
924.74 |
43.08% |
47.69% |
5134.31 |
4058.99 |
26.49% |
| Total
Reportable Segment |
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2729.97 |
2080.64 |
31.21% |
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10766.91 |
8453.49 |
27.37% |
| revenue from
discontinued operations |
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474.02 |
394.90 |
0.00% |
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1969.03 |
1621.55 |
0.00% |
| Total |
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2255.95 |
1685.74 |
33.83% |
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8797.88 |
6831.94 |
28.78% |
| Less: Inter
segment revenues |
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9.12 |
16.49 |
-44.72% |
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44.84 |
66.78 |
0.00% |
| Net sales |
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2246.84 |
1669.24 |
34.60% |
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8753.04 |
6765.17 |
29.38% |
| PBIT |
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| India |
53.67% |
194.69 |
82.02 |
137.37% |
58.79% |
634.90 |
391.77 |
62.06% |
| Europe |
46.33% |
168.04 |
43.20 |
288.95% |
41.21% |
444.99 |
326.47 |
36.30% |
| Total |
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362.73 |
125.22 |
189.67% |
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1079.89 |
718.24 |
50.35% |
| (Less):
Interest |
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15.88 |
12.68 |
25.20% |
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45.40 |
53.25 |
-14.75% |
| Less:
profit/loss before tax from discontinued operation |
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76.47 |
2.70 |
0.00% |
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83.08 |
-3.91 |
PL |
| PBT |
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270.39 |
109.84 |
146.17% |
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951.41 |
668.89 |
42.24% |
| LP: Loss to
profit |
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| PL: Profit to
Loss |
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| Figures in Rs
crore |
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| Source:
Capitaline Corporate Database |
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