For
the quarter ending June 2023, standalone Net sales (including other operating income) of Rane Brake Lining has increased 9.33% to Rs 152.33 crore compared to quarter ended June 2022. Operating profit margin has jumped from 7.13% to 7.62%, leading to 16.82% rise in operating profit to Rs 11.60 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 57.81% to 55.35%. Employee cost increased from 13.98% to 15.27%. Other expenses rose from 21.35% to 21.67%. Other income fell 71.48% to Rs 0.73 crore. PBIDT fell 1.28% to Rs 12.33 crore. Provision for interest remained nil.
PBDT fell 1.28% to Rs 12.33 crore. Provision for depreciation rose 6.21% to Rs 5.13 crore.
Profit before tax down 6.01% to Rs 7.20 crore. Provision for tax was expense of Rs 2.02 crore, compared to Rs 1.87 crore. Effective tax rate was 28.06% compared to 24.41%.
Profit after tax fell 10.54% to Rs 5.18 crore.
Promoters’ stake was 70.93% as of 30 June 2023 ,compared to 70.93% as of 30 June 2022 .
Full year results analysis
Net sales (including other operating income) of Rane Brake Lining has increased 18.45% to Rs 598.80 crore. Operating profit margin has jumped from 8.73% to 9.41%, leading to 27.71% rise in operating profit to Rs 56.36 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 53.44% to 56.18%. Employee cost decreased from 15.49% to 13.60%. Other expenses fell from 22.37% to 21.04%. Other income fell 34.57% to Rs 8.27 crore. PBIDT rose 13.85% to Rs 64.63 crore. Provision for interest up 150% to Rs 0.05 crore. Loan funds declined from Rs 0.23 crore as of 31 March 2022 to Rs 0.19 crore as of 31 March 2023. Inventories declined from Rs 100.74 crore as of 31 March 2022 to Rs 90.78 crore as of 31 March 2023. Sundry debtors were lower at Rs 109.80 crore as of 31 March 2023 compared to Rs 137.28 crore as of 31 March 2022. Cash and bank balance declined from Rs 21.01 crore as of 31 March 2022 to Rs 7.11 crore as of 31 March 2023. Investments rose to Rs 24.07 crore as of 31 March 2023 from Rs 1.35 crore as of 31 March 2022 .
PBDT rose 13.80% to Rs 64.58 crore. Provision for depreciation down 6.63% to Rs 20 crore. Fixed assets increased to Rs 122.09 crore as of 31 March 2023 from Rs 116.82 crore as of 31 March 2022. Intangible assets increased from Rs 0.43 crore to Rs 0.51 crore.
Profit before tax grew 26.18% to Rs 44.58 crore. Provision for tax was expense of Rs 11.12 crore, compared to Rs 7.6 crore. Effective tax rate was 24.94% compared to 21.92%.
Profit after tax rose 23.61% to Rs 33.46 crore.
Promoters’ stake was 70.93% as of 31 March 2023 ,compared to 70.93% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 49.34 crore for year ended March 2023 from Rs 11.35 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 25.95 crore, compared to Rs 18.29 crore during the year ended March 2022.
Other highlights
In Q1 FY24, India OEMs contributed 60% of total
sales, India aftermarket 34% and International OEMs and aftermarket 6%.
In Q1 FY24, Passenger vehicles contributed
48% of total sales, Commercial vehicle 33%, Two wheeler 14% and others 5%.
In Q1 FY24, sales to OE customers grew 8%
YoY driven by two-wheeler segment. Sales to aftermarket grew 10% YoY.