For
the quarter ending June 2023, consolidated Net sales (including other operating income) of Nelcast has declined 0.84% to Rs 292.77 crore compared to quarter ended June 2022. Operating profit margin has jumped from 6.44% to 6.61%, leading to 1.74% rise in operating profit to Rs 19.34 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 52.82% to 46.52%. Employee cost increased from 4.83% to 5.85%. Other expenses rose from 35.82% to 41.10%. Power and Oil fuel cost rose from 9.62% to 10.62%. Other income fell 15.81% to Rs 3.62 crore. PBIDT fell 1.50% to Rs 22.96 crore. Provision for interest rose 16.77% to Rs 7.87 crore.
PBDT fell 8.93% to Rs 15.09 crore. Provision for depreciation rose 3.52% to Rs 5.88 crore.
Profit before tax down 15.43% to Rs 9.21 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 2.03 crore, compared to Rs 3.12 crore. Effective tax rate was 22.04% compared to 28.65%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 7.59% to Rs 7.18 crore. Promoters’ stake was 74.87% as of 30 June 2023 ,compared to 74.87% as of 30 June 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.
Other highlights
In Q1 FY24, sales volume was 19,145 Tonnes
compared to 20,158 Tonnes in Q1FY23.
In Q1FY24, the largest share was
contributed by M&HCV making up 38.9% of the total revenues, followed by
Tractors 24.6%, Exports 30.6%, Railways 3.0%, Off-highway equipment 2.5%, and
Others 0.4%.
In Q1 FY24, revenue from tractors decreased
by 25% due to subdued demand.
Exports Reported strong growth of 23% YoY
in Q1 FY24, contribution to revenue increased from 26% to 30% on the back of
strong demand.