For
the quarter ending Sept 2023, consolidated Net sales (including other operating income) of Nelcast has increased 9.08% to Rs 358.34 crore compared to quarter ended Sept 2022. Operating profit margin has jumped from 8.20% to 8.87%, leading to 17.92% rise in operating profit to Rs 31.78 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 49.86% to 44.91%. Employee cost increased from 4.73% to 5.64%. Other expenses rose from 37.22% to 40.48%. Power and Oil fuel cost rose from 9.42% to 9.61%. Other income rose 36.62% to Rs 4.29 crore. PBIDT rose 19.87% to Rs 36.07 crore. Provision for interest fell 1.25% to Rs 7.89 crore. Loan funds declined from Rs 308.61 crore as of 30 September 2022 to Rs 292.05 crore as of 30 September 2023. Inventories declined from Rs 183.04 crore as of 30 September 2022 to Rs 162.94 crore as of 30 September 2023. Sundry debtors were higher at Rs 288.29 crore as of 30 September 2023 compared to Rs 271.13 crore as of 30 September 2022. Cash and bank balance rose to Rs 92.66 crore as of 30 September 2023 from Rs 69.12 crore as of 30 September 2022. Investments rose to Rs 11.46 crore as of 30 September 2023 from Rs 7.41 crore as of 30 September 2022 .
PBDT rose 27.51% to Rs 28.18 crore. Provision for depreciation rose 1.21% to Rs 5.86 crore. Fixed assets declined from Rs 478.16 crore as of 30 September 2022 to Rs 471.65 crore as of 30 September 2023. Intangible assets declined from Rs 0.48 crore to Rs 0.29 crore.
Profit before tax grew 36.85% to Rs 22.32 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 5.68 crore, compared to Rs 4.16 crore. Effective tax rate was 25.45% compared to 25.51%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 36.95% to Rs 16.64 crore. Equity capital stood at Rs 17.40 crore as of 30 September 2023 to Rs 17.40 crore as of 30 September 2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 74.87% as of 30 September 2023 ,compared to 74.87% as of 30 September 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Nelcast has increased 4.38% to Rs 651.12 crore.
Operating profit margin has jumped from 7.37% to 7.85%, leading to 11.23% rise in operating profit to Rs 51.11 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 51.25% to 45.64%. Employee cost increased from 4.77% to 5.73%. Other expenses rose from 36.56% to 40.76%. Power and Oil fuel cost rose from 9.52% to 10.07%. Other income rose 6.17% to Rs 7.91 crore. PBIDT rose 10.52% to Rs 59.02 crore. Provision for interest rose 6.92% to Rs 15.75 crore. Loan funds declined from Rs 308.61 crore as of 30 September 2022 to Rs 292.05 crore as of 30 September 2023. Inventories declined from Rs 183.04 crore as of 30 September 2022 to Rs 162.94 crore as of 30 September 2023. Sundry debtors were higher at Rs 288.29 crore as of 30 September 2023 compared to Rs 271.13 crore as of 30 September 2022. Cash and bank balance rose to Rs 92.66 crore as of 30 September 2023 from Rs 69.12 crore as of 30 September 2022. Investments rose to Rs 11.46 crore as of 30 September 2023 from Rs 7.41 crore as of 30 September 2022 .
PBDT rose 11.90% to Rs 43.27 crore. Provision for depreciation rose 2.35% to Rs 11.74 crore. Fixed assets declined from Rs 478.16 crore as of 30 September 2022 to Rs 471.65 crore as of 30 September 2023. Intangible assets declined from Rs 0.48 crore to Rs 0.29 crore.
Profit before tax grew 15.92% to Rs 31.53 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 7.71 crore, compared to Rs 7.28 crore. Effective tax rate was 24.45% compared to 26.76%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 19.58% to Rs 23.82 crore.
Equity capital stood at Rs 17.40 crore as of 30 September 2023 to Rs 17.40 crore as of 30 September 2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 74.87% as of 30 September 2023 ,compared to 74.87% as of 30 September 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
Q2 F24, Growth was driven by increase in overall sale volumes to 22,953 Tonnes
compared to 22,090 Tonnes in Q2FY23. Increase was due to good performance in
Medium & Heavy Commercial Vehicle (M&HCV) and Export segments.
EBITDA
margin grew driven by increase in revenue contribution from exports and
normalization of raw material prices.
In
H1FY24, the largest share was contributed by M&HCV making up 37% of the
total revenues, followed by Tractors 23%, Exports 34%, Railways 3%, Off-highway
equipment 2%, and Others 1%.
In
H2 FY24, company Expect strong growth driven by strong demand in M&HCV and
exports.