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Results
28-May-23
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Analysis
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Grauer & Weil (India)
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Improved performance
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Grauer & Weil (India) consolidated net sales
increased 25.48% to Rs 327.18 crore in Q4FY23 compared to Q4FY22. Sales of Engineering segment has gone up
78.64% to Rs 51.59 crore (accounting for 15.71% of total sales). Sales of Mall segment rose 19.09% to Rs 8.92
crore (accounting for 2.72% of total sales).
Sales of Surface Finishings segment has gone up 18.74% to Rs 267.79
crore (accounting for 81.57% of total sales).
Profit before interest, tax and other unallocable
items (PBIT) has slumped 0.09% to Rs 33.41 crore. PBIT of Engineering segment rose 2,356.25% to
Rs 3.93 crore (accounting for 11.76% of total PBIT). PBIT of Mall segment rose 27.72% to Rs 6.82
crore (accounting for 20.41% of total PBIT).
PBIT of Surface Finishings segment fell 18.90% to Rs 22.66 crore
(accounting for 67.82% of total PBIT).
PBIT margin of Engineering segment rose from 0.55%
to 7.62%. PBIT margin of Mall segment
rose from 71.30% to 76.46%. PBIT margin
of Surface Finishings segment fell from 12.39% to 8.46%. Overall PBIT margin fell from 12.77% to
10.18%.
Operating profit margin has declined from 9.25% to
9.17%, leading to 24.43% rise in operating profit to Rs 30.00 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 61.55% to 60.41%. Purchase of finished goods cost fell from
0.67% to 0.50%. Employee cost decreased
from 8.72% to 8.70%. Other expenses
rose from 19.51% to 20.29%.
Other income rose 15.27% to Rs 5.21 crore. PBIDT rose 22.98% to Rs 35.21 crore. Provision for interest fell 54.55% to Rs 0.75
crore.
PBDT rose 27.72% to Rs 34.46 crore. Provision for depreciation fell 6.60% to Rs
4.67 crore.
Profit before EO grew 35.53% to Rs 29.79 crore. The company reported EO expense of Rs 72 lakh
due to a fire in one of the production unit of the company compared to EO
income of Rs 2.6 crore. PBT after EO rose 18% to Rs 29.07 crore.
Provision for tax was expense of Rs 7.37 crore, compared
to Rs 6.54 crore. Effective tax rate was
25.35% compared to 26.61%.
Minority interest was nil in both the periods. Net profit attributable to owners of the
company increased 20.29% to Rs 21.70 crore.
Equity capital stood at Rs 22.67 crore as of 31
March 2023 to Rs 22.67 crore as of 31 March 2022. Per share face Value remained same at Rs
1.00.
Promoters’ stake was 69.05% as of 31 March 2023
,compared to 69.05% as of 31 March 2022 .
Full year results analysis
Net sales (including other operating income) of
Grauer & Weil (India) has increased 27.79% to Rs 981.82 crore. Sales of Engineering segment has gone up
37.34% to Rs 100.34 crore (accounting for 10.18% of total sales). Sales of Mall segment rose 86.50% to Rs 36.46
crore (accounting for 3.70% of total sales).
Sales of Surface Finishings segment has gone up 25.11% to Rs 848.91
crore (accounting for 86.12% of total sales).
Profit before interest, tax and other unallocable
items (PBIT) has jumped 31.72% to Rs 173.27 crore. PBIT of Engineering segment rose 22.29% to Rs
10.15 crore (accounting for 5.86% of total PBIT). PBIT of Mall segment rose 127.92% to Rs 28.49
crore (accounting for 16.44% of total PBIT).
PBIT of Surface Finishings segment rose 21.57% to Rs 134.63 crore
(accounting for 77.70% of total PBIT).
PBIT margin of Engineering segment fell from 11.36%
to 10.12%. PBIT margin of Mall segment
rose from 63.94% to 78.14%. PBIT margin
of Surface Finishings segment fell from 16.32% to 15.86%. Overall PBIT margin rose from 17.06% to
17.58%.
Operating profit margin has jumped from 14.66% to
15.82%, leading to 37.92% rise in operating profit to Rs 155.34 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 56.73% to 56.14%. Purchase of finished goods cost fell from
0.62% to 0.44%. Employee cost decreased
from 10.34% to 9.58%. Other expenses
fell from 18.05% to 18.00%.
Other income rose 37.73% to Rs 19.02 crore. PBIDT rose 37.90% to Rs 174.36 crore. Provision for interest fell 25.90% to Rs 1.86
crore. Loan funds declined from Rs 24.69
crore as of 31 March 2022 to Rs 24.44 crore as of 31 March 2023. Inventories declined from Rs 143.20 crore as
of 31 March 2022 to Rs 127.03 crore as of 31 March 2023. Sundry debtors were higher at Rs 183.71 crore
as of 31 March 2023 compared to Rs 129.92 crore as of 31 March 2022. Cash and bank balance rose to Rs 287.33 crore
as of 31 March 2023 from Rs 257.95 crore as of 31 March 2022. Investments rose to Rs 17.28 crore as of 31
March 2023 from Rs 0.64 crore as of 31 March 2022
PBDT rose 39.19% to Rs 172.5 crore. Provision for depreciation rose 0.92% to Rs
19.81 crore. Fixed assets declined from
Rs 246.79 crore as of 31 March 2022 to Rs 241.65 crore as of 31 March
2023. Intangible assets increased from
Rs 0.85 crore to Rs 5.38 crore.
Profit before tax EO grew 46.40% to Rs 152.69
crore. The company reported EO expense
of Rs 72 lakh related to loss of inventories due to a fire in one of the
production unit of the company compared to EO income of Rs 2.42 crore. PBT
after EO rose 42% to Rs 151.97 crore.
Provision for tax was expense of Rs 39.01 crore,
compared to Rs 28.05 crore. Effective
tax rate was 25.67% compared to 26.26%.
Minority interest was nil in both the periods. Net profit attributable to owners of the
company increased 43.42% to Rs 112.96 crore.
Equity capital stood at Rs 22.67 crore as of 31
March 2023 to Rs 22.67 crore as of 31 March 2022. Per share face Value remained same at Rs
1.00.
Promoters’ stake was 69.05% as of 31 March 2023 ,compared
to 69.05% as of 31 March 2022.
The
scrip is currently trading at Rs 118
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Grauer & Weil (India) :
Consolidated Results
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Particulars
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2303 (03)
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2203 (03)
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Var.(%)
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2303 (12)
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2203 (12)
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Var.(%)
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Net Sales
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327.18
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260.75
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25
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981.82
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768.29
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28
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OPM (%)
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9.2
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9.2
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15.8
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14.7
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OP
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30
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24.11
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24
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155.34
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112.63
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38
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Other Inc.
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5.21
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4.52
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15
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19.02
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13.81
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38
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PBIDT
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35.21
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28.63
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23
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174.36
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126.44
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38
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Interest
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0.75
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1.65
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-55
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1.86
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2.51
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-26
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PBDT
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34.46
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26.98
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28
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172.5
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123.93
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39
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Depreciation
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4.67
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5
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-7
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19.81
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19.63
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1
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PBT
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29.79
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21.98
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36
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152.69
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104.3
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46
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Share of Profit/(Loss) from Associates
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0
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0
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0
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0.09
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PBT before EO
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29.79
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21.98
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36
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152.69
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104.39
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46
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EO Income
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-0.72
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2.6
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PL
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-0.72
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2.42
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PL
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PBT after EO
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29.07
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24.58
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18
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151.97
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106.81
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42
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Taxation
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7.37
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6.54
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13
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39.01
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28.05
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39
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PAT
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21.7
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18.04
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20
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112.96
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78.76
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43
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Minority Interest (MI)
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0
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0
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0
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0
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Net profit
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21.7
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18.04
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20
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112.96
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78.76
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43
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EPS (Rs)*
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#
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#
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5.0
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3.4
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Notes
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* EPS is on current equity of Rs 22.67 crore, Face value of Rs
1, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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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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Grauer & Weil (India) :
Consolidated Segment Results
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% of (Total)
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2303 (03)
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2203 (03)
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Var.(%)
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% of (Total)
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2303 (12)
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2203 (12)
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Var.(%)
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Sales
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Engineering
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16
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51.59
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28.88
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79
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10
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100.34
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73.06
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37
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Mall
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3
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8.92
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7.49
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19
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4
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36.46
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19.55
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87
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Surface Finishings
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82
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267.79
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225.52
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19
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86
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848.91
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678.54
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25
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Total Reported Sales
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100
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328.3
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261.89
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25
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100
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985.71
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771.15
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28
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Less: Inter segment revenues
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0
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0
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-
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0
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0
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-
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Net Sales
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328.3
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261.89
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25
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985.71
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771.15
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28
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PBIT
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Engineering
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12
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3.93
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0.16
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999
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6
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10.15
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8.3
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22
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Mall
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20
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6.82
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5.34
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28
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16
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28.49
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12.5
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128
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Surface Finishings
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68
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22.66
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27.94
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-19
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78
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134.63
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110.74
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22
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Total PBIT
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100
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33.41
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33.44
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0
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100
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173.27
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131.54
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32
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Less : Interest
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0.75
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1.65
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-55
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1.86
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2.51
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-26
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Add: Other un-allcoable
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-3.59
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-7.21
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50
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-19.44
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-22.22
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13
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PBT
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29.07
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24.58
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18
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151.97
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106.81
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42
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Previous News |
Grauer & Weil (India) consolidated net profit rises 33.83% in the September 2023 quarter
(
Results
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Announcements
10-Nov-23
07:45
)
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Grauer & Weil (India) standalone net profit rises 32.02% in the September 2023 quarter
(
Results
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Announcements
10-Nov-23
07:44
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Board of Grauer & Weil (India) recommends Final Dividend
(
Corporate News
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01-Jul-21
11:50
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(
Corporate News
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03-Nov-23
17:12
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Grauer & Weil (India)
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Grauer & Weil (India) to hold AGM
(
Corporate News
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01-Jul-21
13:50
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Grauer & Weil (India) standalone net profit rises 34.34% in the December 2019 quarter
(
Results
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Grauer & Weil (India) appoints director
(
Corporate News
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04-Aug-22
16:36
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Grauer & Weil (India) consolidated net profit rises 33.19% in the December 2019 quarter
(
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14-Feb-20
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Grauer & Weil (India) to convene board meeting
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30-Nov-22
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Grauer & Weil (India)
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