For
the quarter ending June 2023, consolidated Net sales (including other operating income) of JTEKT India has increased 1.23% to Rs 477.52 crore compared to quarter ended June 2022. Operating profit margin has declined from 8.48% to 7.18%, leading to 14.30% decline in operating profit to Rs 34.28 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 70.93% to 71.54%. Employee cost increased from 11.34% to 11.72%. Other expenses rose from 9.42% to 9.56%. Other income rose 31.73% to Rs 3.57 crore. PBIDT fell 11.38% to Rs 37.85 crore. Provision for interest rose 7.44% to Rs 1.3 crore.
PBDT fell 11.93% to Rs 36.55 crore. Provision for depreciation rose 10.98% to Rs 19 crore.
Profit before tax down 28.01% to Rs 17.55 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 6.28 crore, compared to Rs 5.56 crore. Effective tax rate was 25.18% compared to 26.33%.
Minority interest increased 13.38% to Rs 1.61 crore. Net profit attributable to owners of the company increased 20.58% to Rs 17.05 crore. Promoters’ stake was 73.98% as of 30 June 2023 ,compared to 73.98% as of 30 June 2022 .
Full year results analysis.
Net sales (including other operating income) of JTEKT India has increased 28.65% to Rs 2043.93 crore. Operating profit margin has jumped from 8.01% to 9.14%, leading to 46.71% rise in operating profit to Rs 186.82 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 69.77% to 70.82%. Employee cost decreased from 12.76% to 10.55%. Other expenses rose from 9.45% to 9.51%. Other income fell 16.32% to Rs 8.56 crore. PBIDT rose 42.02% to Rs 195.38 crore. Provision for interest rose 27.08% to Rs 4.74 crore. Loan funds declined from Rs 70.99 crore as of 31 March 2022 to Rs 61.76 crore as of 31 March 2023. Inventories rose to Rs 187.62 crore as of 31 March 2023 from Rs 144.88 crore as of 31 March 2022. Sundry debtors were higher at Rs 280.57 crore as of 31 March 2023 compared to Rs 241.67 crore as of 31 March 2022. Cash and bank balance declined from Rs 80.39 crore as of 31 March 2022 to Rs 56.60 crore as of 31 March 2023.
PBDT rose 42.44% to Rs 190.64 crore. Provision for depreciation rose 3.27% to Rs 73.2 crore. Fixed assets increased to Rs 482.09 crore as of 31 March 2023 from Rs 472.10 crore as of 31 March 2022. Intangible assets increased from Rs 23.34 crore to Rs 23.58 crore.
Profit before tax grew 86.53% to Rs 117.44 crore. Share of profit/loss were nil in both the periods. Extraordinary items were increased to Rs -3.26 crore. Provision for tax was expense of Rs 27.06 crore, compared to Rs 15.06 crore. Effective tax rate was 23.70% compared to 26.81%.
Minority interest increased 36.58% to Rs 5.75 crore. Net profit attributable to owners of the company increased 120.46% to Rs 81.37 crore.
Equity capital stood at Rs 24.45 crore as of 31 March 2023 to Rs 24.45 crore as of 31 March 2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 73.98% as of 31 March 2023 ,compared to 75.00% as of 31 March 2022 .
Cash flow from operating activities decreased to Rs 95.20 crore for year ended March 2023 from Rs 107.52 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 97.34 crore, compared to Rs 121.59 crore during the year ended March 2022.
| JTEKT India : Consolidated Results |
| | Quarter ended | Year ended |
|---|
| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 477.52 | 471.73 | 1.23 | 2,043.93 | 1,588.80 | 28.65 | | OPM (%) | 7.18 | 8.48 | -130 bps | 9.14 | 8.01 | 113 bps | | OP | 34.28 | 40.00 | -14.30 | 186.82 | 127.34 | 46.71 | | Other Inc. | 3.57 | 2.71 | 31.73 | 8.56 | 10.23 | -16.32 | | PBIDT | 37.85 | 42.71 | -11.38 | 195.38 | 137.57 | 42.02 | | Interest | 1.30 | 1.21 | 7.44 | 4.74 | 3.73 | 27.08 | | PBDT | 36.55 | 41.50 | -11.93 | 190.64 | 133.84 | 42.44 | | Depreciation | 19 | 17.12 | 10.98 | 73.2 | 70.88 | 3.27 | | PBT | 17.55 | 24.38 | -28.01 | 117.44 | 62.96 | 86.53 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 17.55 | 24.38 | -28.01 | 117.44 | 62.96 | 86.53 | | EO Income | 7.39 | -3.26 | LP | -3.26 | -6.78 | 51.92 | | PBT after EO | 24.94 | 21.12 | 18.09 | 114.18 | 56.18 | 103.24 | | Taxation | 6.28 | 5.56 | 12.95 | 27.06 | 15.06 | 79.68 | | PAT | 18.66 | 15.56 | 19.92 | 87.12 | 41.12 | 111.87 | | Minority Interest (MI) | 1.61 | 1.42 | 13.38 | 5.75 | 4.21 | 36.58 | | Net profit | 17.05 | 14.14 | 20.58 | 81.37 | 36.91 | 120.46 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 17.05 | 14.14 | 20.58 | 81.37 | 36.91 | 120.46 | | EPS (Rs)* | 0.49 | 0.67 | -26.47 | 3.42 | 1.69 | 102.35 | | | * EPS is on current equity of Rs 24.45 crore, Face value of Rs 1, 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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