For
the quarter ending March 2023, consolidated Net sales (including other operating income) of Nelcast has increased 16.89% to Rs 313.18 crore compared to quarter ended Mar 2022. Operating profit margin has declined from 6.35% to 6.01%, leading to 10.64% rise in operating profit to Rs 18.82 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 50.88% to 47.64%. Employee cost increased from 5.24% to 5.35%. Other expenses rose from 37.74% to 41.10%. Power and Oil fuel cost rose from 9.74% to 10.46%. Other income fell 48.72% to Rs 2 crore. PBIDT fell 0.43% to Rs 20.82 crore. Provision for interest rose 21.83% to Rs 8.37 crore. Loan funds rose to Rs 303.68 crore as of 31 March 2023 from Rs 279.54 crore as of 31 March 2022. Inventories declined from Rs 158.73 crore as of 31 March 2022 to Rs 158.19 crore as of 31 March 2023. Sundry debtors were higher at Rs 255.92 crore as of 31 March 2023 compared to Rs 240.35 crore as of 31 March 2022. Cash and bank balance rose to Rs 104.89 crore as of 31 March 2023 from Rs 61.49 crore as of 31 March 2022. Investments rose to Rs 11.46 crore as of 31 March 2023 from Rs 0.47 crore as of 31 March 2022 .
PBDT fell 11.32% to Rs 12.45 crore. Provision for depreciation rose 14.13% to Rs 6.46 crore. Fixed assets declined from Rs 479.87 crore as of 31 March 2022 to Rs 472.01 crore as of 31 March 2023. Intangible assets declined from Rs 0.56 crore to Rs 0.38 crore.
Profit before tax down 28.52% to Rs 5.99 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 1.51 crore, compared to Rs 1.62 crore. Effective tax rate was 25.21% compared to 19.33%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 33.73% to Rs 4.48 crore. Equity capital stood at Rs 17.40 crore as of 31 March 2023 to Rs 17.40 crore as of 31 March 2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 74.87% as of 31 March 2023 ,compared to 74.87% as of 31 March 2022 .
Full year results analysis.
Net sales (including other operating income) of Nelcast has increased 36.30% to Rs 1263.97 crore. Operating profit margin has jumped from 6.26% to 6.28%, leading to 36.63% rise in operating profit to Rs 79.37 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 50.97% to 50.07%. Employee cost decreased from 5.78% to 5.09%. Other expenses rose from 37.24% to 38.56%. Power and Oil fuel cost fell from 10.62% to 9.97%. Other income rose 71.70% to Rs 16.14 crore. PBIDT rose 41.52% to Rs 95.51 crore. Provision for interest rose 20.76% to Rs 31.18 crore. Loan funds rose to Rs 303.68 crore as of 31 March 2023 from Rs 279.54 crore as of 31 March 2022. Inventories declined from Rs 158.73 crore as of 31 March 2022 to Rs 158.19 crore as of 31 March 2023. Sundry debtors were higher at Rs 255.92 crore as of 31 March 2023 compared to Rs 240.35 crore as of 31 March 2022. Cash and bank balance rose to Rs 104.89 crore as of 31 March 2023 from Rs 61.49 crore as of 31 March 2022. Investments rose to Rs 11.46 crore as of 31 March 2023 from Rs 0.47 crore as of 31 March 2022 .
PBDT rose 54.38% to Rs 64.33 crore. Provision for depreciation rose 6.15% to Rs 24.01 crore. Fixed assets declined from Rs 479.87 crore as of 31 March 2022 to Rs 472.01 crore as of 31 March 2023. Intangible assets declined from Rs 0.56 crore to Rs 0.38 crore.
Profit before tax grew 111.65% to Rs 40.32 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 10.58 crore, compared to Rs 4.83 crore. Effective tax rate was 26.24% compared to 25.35%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 109.14% to Rs 29.74 crore.
Equity capital stood at Rs 17.40 crore as of 31 March 2023 to Rs 17.40 crore as of 31 March 2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 74.87% as of 31 March 2023 ,compared to 74.87% as of 31 March 2022 .
Cash flow from operating activities has turned positive Rs 80.44 crore for year ended March 2023 from negative Rs 12.92 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 19.47 crore, compared to Rs 41.34 crore during the year ended March 2022.
Dividend update
Board of Directors have recommended a
dividend of Rs 0.40 per share of Rs 2 paid-up for the financial year 2022-23.
The record date is 28th July 2023.