Capitaline

Results 11-Aug-23

Analysis

Pix Transmission

Revenue down, margins stable

Pix Transmission consolidated net sales declined 7.06% to Rs 111.82 crore in Q1FY24 compared to Q1FY23. Operating profit margin has jumped from 20.88% to 22.60%, leading to 0.60% rise in operating profit to Rs 25.27 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 37.46% to 35.76%. Purchase of finished goods cost fell from 2.93% to 2.82%. Employee cost decreased from 20.26% to 17.87%. Other expenses rose from 18.34% to 21.53%.

Other income fell 44.87% to Rs 3.49 crore. PBIDT fell 8.55% to Rs 28.76 crore. Provision for interest fell 21.51% to Rs 1.46 crore.

PBDT fell 7.74% to Rs 27.3 crore. Provision for depreciation fell 1.87% to Rs 5.76 crore.

Profit before tax down 9.19% to Rs 21.54 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 5.71 crore, compared to Rs 6.04 crore. Effective tax rate was 26.51% compared to 25.46%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 10.46% to Rs 15.83 crore.

Promoters’ stake was 61.82% as of 30 June 2023 compared to 61.80% as of 30 June 2022.

Full year results analysis

Net sales of Pix Transmission has increased 8.24% to Rs 486.27 crore. Operating profit margin has declined from 25.41% to 21.35%, leading to 9.06% decline in operating profit to Rs 103.83 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 37.54% to 36.48%. Purchase of finished goods cost rose from 2.75% to 3.39%. Employee cost increased from 15.45% to 19.65%. Other expenses fell from 19.02% to 18.76%.

Other income rose 65.61% to Rs 13.53 crore. PBIDT fell 4.07% to Rs 117.36 crore. Provision for interest rose 6.99% to Rs 7.5 crore. Loan funds declined from Rs 117.98 crore as of 31 March 2022 to Rs 68.44 crore as of 31 March 2023. Inventories declined from Rs 124.82 crore as of 31 March 2022 to Rs 105.45 crore as of 31 March 2023. Sundry debtors were higher at Rs 105.44 crore as of 31 March 2023 compared to Rs 95.45 crore as of 31 March 2022. Cash and bank balance rose to Rs 52.50 crore as of 31 March 2023 from Rs 32.03 crore as of 31 March 2022. Investments rose to Rs 4.75 crore as of 31 March 2023 from Rs 4.51 crore as of 31 March 2022 .

PBDT fell 4.74% to Rs 109.86 crore. Provision for depreciation rose 12.53% to Rs 23.35 crore. Fixed assets increased to Rs 273.45 crore as of 31 March 2023 from Rs 258.40 crore as of 31 March 2022. Intangible assets increased from Rs 0.30 crore to Rs 1.05 crore.

Profit before tax down 8.53% to Rs 86.51 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 21.69 crore, compared to Rs 25.74 crore. Effective tax rate was 25.07% compared to 27.22%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 5.84% to Rs 64.82 crore.

Equity capital stood at Rs 13.62 crore as of 31 March 2023 to Rs 13.62 crore as of 31 March 2022. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 61.82% as of 31 March 2023 ,compared to 61.78% as of 31 March 2022 .

Cash flow from operating activities increased to Rs 112.05 crore for year ended March 2023 from Rs 54.65 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 24.66 crore, compared to Rs 71.10 crore during the year ended March 2022.

The scrip trades at Rs 1368

Pix Transmission : Consolidated Results
Particulars	2306 (03)	2206 (03)	Var.(%)	2303 (12)	2203 (12)	Var.(%)
Net Sales	111.82	120.31	-7	486.27	449.26	18
OPM (%)	22.6	20.9		25.4	29.1
OP	25.27	25.12	1	103.83	114.17	3
Other Inc.	3.49	6.33	-45	13.53	8.17	64
PBIDT	28.76	31.45	-9	117.36	122.34	6
Interest	1.46	1.86	-22	7.5	7.01	-17
PBDT	27.3	29.59	-8	109.86	115.33	7
Depreciation	5.76	5.87	-2	23.35	20.75	4
PBT	21.54	23.72	-9	86.51	94.58	8
Share of Profit/(Loss) from Associates	0	0		0	0	-
PBT before EO	21.54	23.72	-9	86.51	94.58	8
EO Income	0	0		0	0	-
PBT after EO	21.54	23.72	-9	86.51	94.58	8
Taxation	5.71	6.04	-5	21.69	25.74	15
PAT	15.83	17.68	-10	64.82	68.84	6
Minority Interest (MI)	0	0		0	0	-
Net profit	15.83	17.68	-10	64.82	68.84	6
EPS (Rs)*	#	#		47.6	50.5
Notes
* EPS is on current equity of Rs 13.63 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

Previous News

Pix Transmission consolidated net profit declines 30.96% in the December 2022 quarter
( Results - Announcements 10-Feb-23 17:51 )

Pix Transmission consolidated net profit rises 86.38% in the December 2023 quarter
( Results - Announcements 09-Feb-24 18:13 )

Pix Transmission standalone net profit declines 30.74% in the December 2022 quarter
( Results - Announcements 10-Feb-23 17:31 )

Pix Transmission consolidated net profit rises 2.91% in the March 2020 quarter
( Results - Announcements 01-Jul-20 17:19 )

Pix Transmission to pay dividend
( Market Beat - Reports 15-May-17 10:23 )

Pix Transmission to table results
( Corporate News - 13-Jan-18 11:25 )

Pix Transmission to convene board meeting
( Corporate News - 17-Jun-21 20:01 )

Pix Transmission standalone net profit declines 61.73% in the March 2015 quarter
( Results - Announcements 30-May-15 08:33 )

Board of Pix Transmission recommends Final Dividend
( Corporate News - 14-May-22 11:01 )

Pix Transmission standalone net profit declines 57.61% in the June 2015 quarter
( Results - Announcements 13-Aug-15 08:22 )

Record date for Pix Transmissions special dividend announced
( Market Beat - Reports 26-Nov-12 16:26 )