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Consolidated net sales (including other operating income) of Transformers & Rectifiers India for the quarter ended Jun 2023 has declined 48.20% to Rs 155.57 crore. Operating profit margin has declined from 7.55% to 2.81%, leading to 80.74% decline in operating profit to Rs 4.37 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 70.43% to 76.31%. Purchase of finished goods cost fell from 7.26% to 3.61%. Employee cost increased from 3.27% to 3.93%. Other expenses rose from 9.84% to 14.32%. Other income rose 7.23% to Rs 1.78 crore. PBIDT fell 74.74% to Rs 6.15 crore. Provision for interest rose 49.12% to Rs 15.21 crore. PBDT stood at a loss of Rs 9.06 crore compared to profit of Rs 21.7 crore. Provision for depreciation rose 50.86% to Rs 6.17 crore. Profit before tax reported loss of Rs 15.23 crore compared to profit of Rs 10.06 crore. Share of profit/loss were nil in both the periods. Provision for tax was credit of Rs 3.02 crore, compared to debit of Rs 3.63 crore. Effective tax rate was 19.83% compared to 36.08%. Minority interest increased 900% to Rs 0.40 crore. Eventually the net profit attributable to share holders was a loss of Rs 12.61 crore against a profit of Rs 6.39 crore.
Sharp 48% fall in revenue in Q1FY24 can be attributed to multiple factors such as • There was a significant built up of inventory; materials wereready for dispatch but delivery got delayed due to non-receipt ofdispatch instruction from customers, hence, we were unable toinvoice those orders. • In few instances, orders could not be dispatched and invoicedon account of delay in inspection from the customer`s side. • Some of the orders were deliberately slowed down by thecompany where there were delayed payments by the customer. • During the quarter, we have not received any amount fromGETCO which increased its outstanding to Rs.183 crore which impacted heavily on the deliverable of the company. • All this put together had an impact on revenue during the quarter.
Order book update
Orders on Hand as on 31st July, 2023 was Rs. 2149 crore. It has received new orders of Rs.377 crore during the quarter.
Other developments Promoters’ stake was 74.91% as of 30 June 2023 ,compared to 74.91% as of 30 June 2022 . Promoters pledged stake was 22.26% as of 30 June 2023 ,compared to 22.26% as of 30 June 2022 .
| Transformers & Rectifiers India : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 155.57 | 300.34 | -48.20 | 1,395.97 | 1,161.74 | 20.16 | | OPM (%) | 2.81 | 7.55 | -475 bps | 8.66 | 6.37 | 229 bps | | OP | 4.37 | 22.69 | -80.74 | 120.87 | 74.03 | 63.27 | | Other Inc. | 1.78 | 1.66 | 7.23 | 8.69 | 9.85 | -11.78 | | PBIDT | 6.15 | 24.35 | -74.74 | 129.56 | 83.88 | 54.46 | | Interest | 15.21 | 10.20 | 49.12 | 47.96 | 43.59 | 10.03 | | PBDT | -9.06 | 14.15 | PL | 81.60 | 40.29 | 102.53 | | Depreciation | 6.17 | 4.09 | 50.86 | 24.53 | 16.99 | 44.38 | | PBT | -15.23 | 10.06 | PL | 57.07 | 23.3 | 144.94 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | -15.23 | 10.06 | PL | 57.07 | 23.3 | 144.94 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | -15.23 | 10.06 | PL | 57.07 | 23.3 | 144.94 | | Taxation | -3.02 | 3.63 | LP | 14.72 | 9.02 | 63.19 | | PAT | -12.21 | 6.43 | PL | 42.35 | 14.28 | 196.57 | | Minority Interest (MI) | 0.4 | 0.04 | 900.00 | 1.64 | 0.29 | 465.52 | | Net profit | -12.61 | 6.39 | PL | 40.71 | 13.99 | 190.99 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | -12.61 | 6.39 | PL | 40.71 | 13.99 | 190.99 | | EPS (Rs)* | -0.95 | 0.48 | PL | 3.07 | 1.06 | 190.99 | | | * EPS is on current equity of Rs 13.26 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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