Consolidated net sales (including other operating income) of Shivalik Bimetal Controls for the quarter ended Sep 2023 has increased 8.64% to Rs 127.76 crore. Operating profit margin has declined from 22.95% to 22.82%, leading to 8.04% rise in operating profit to Rs 29.16 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 52.39% to 56.23%. Employee cost decreased from 8.56% to 7.78%. Other expenses fell from 16.91% to 14.02%. Other income rose 7.80% to Rs 2.35 crore. PBIDT rose 8.02% to Rs 31.51 crore. Provision for interest fell 33.70% to Rs 1.22 crore. PBDT rose 10.83% to Rs 30.29 crore. Provision for depreciation rose 12.74% to Rs 2.92 crore. Profit before tax grew 10.63% to Rs 27.37 crore. Share of profit/loss was 93.70% lower at Rs 0.08 crore. Provision for tax was expense of Rs 7.11 crore, compared to Rs 6.76 crore. Effective tax rate was 25.90% compared to 25.99%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 5.66% to Rs 20.34 crore. For year-to-date (YTD) results analysis. Consolidated net sales (including other operating income) of Shivalik Bimetal Controls for the half year ended Sep 2023 has increased 11.64% to Rs 254.96 crore. Operating profit margin has jumped from 22.95% to 23.26%, leading to 13.17% rise in operating profit to Rs 59.31 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 54.84% to 54.21%. Employee cost increased from 7.81% to 7.94%. Other expenses fell from 15.81% to 14.72%. Other income fell 59.74% to Rs 3.78 crore. PBIDT rose 2.09% to Rs 63.09 crore. Provision for interest fell 27.25% to Rs 2.51 crore. PBDT rose 3.82% to Rs 60.58 crore. Provision for depreciation rose 16.04% to Rs 5.86 crore. Profit before tax grew 2.66% to Rs 54.72 crore. Share of profit/loss was 68.60% lower at Rs 0.65 crore. Provision for tax was expense of Rs 13.75 crore, compared to Rs 14.43 crore. Effective tax rate was 24.83% compared to 26.06%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 1.66% to Rs 41.62 crore. Management Comments :
Mr. Rajeev Ranjan, CFO, commented on the Company’s financial performance: “Our growth percentages are a result of our control mechanisms for operating leverage. We maintain a consistent growth trajectory, showcasing a steady growth rate for Q2FY24 where our strong control mechanisms for operating leverage have enabled us to maintain healthy EBIDTA and profit margins reinforcing financial stability. As we complete Q2 and approach the third quarter, a pronounced upswing in market conditions is also expected as we have achieved a 25% growth in the domestic market. Although global headwinds may persist into the next calendar year, we are anticipating that the 10% to 40% growth range will return post-Q4FY24. In addition, we are in advanced discussions in finalisation of volume contracts spanning over the next 2-3 years with some renown Industry names , signalling a promising growth trajectory for the Company in the medium-term.” Towards a significant strategic move, Shivalik Bimetal Controls Ltd. has embarked on the process of establishing an MoU to assess the feasibility of a joint venture with Metalor, a Tanaka group company, which is a world leader in the field of Precious Metals. Metalor, a renowned Swiss company, is celebrated for its expertise in silver contacts and state-ofthe-art silver melting facilities in several locations around the world. Chairman of SBCL, Mr. S.S. Sandhu, shared, "We look forward to exploring a joint strategic partnership with Metalor in India. By conducting a feasibility study, we will assess the value addition this partnership can bring to manufacture and assemble silver contacts. This initiative affirms our commitment to pursue sustainable growth that can open doors to Metalor`s extensive global network. We hope to analyse how Shivalik’s silver contacts segment can be positioned for substantial volume growth through this venture, as we anticipate achieving greater milestones in this segment." Others Equity capital increased from Rs 7.68 crore as of 30 September 2022 to Rs 11.52 crore as of 30 September 2023. Per share face Value remained same at Rs 2.00. Promoters’ stake was 51.09% as of 30 September 2023 ,compared to 60.61% as of 30 September 2022 . Cash flow from operating activities increased to Rs 39.74 crore for YTD ended September 2023 from Rs 24.88 crore for YTD ended September 2022. Cash flow used in acquiring fixed assets during the YTD ended September 2023 stood at Rs 13.77 crore, compared to Rs 17.63 crore during the YTD ended September 2022. Loan funds declined from Rs 76.02 crore as of 30 September 2022 to Rs 42.57 crore as of 30 September 2023. Inventories declined from Rs 126.07 crore as of 30 September 2022 to Rs 117.29 crore as of 30 September 2023. Sundry debtors were higher at Rs 103.35 crore as of 30 September 2023 compared to Rs 90.61 crore as of 30 September 2022. Cash and bank balance rose to Rs 32.44 crore as of 30 September 2023 from Rs 18.73 crore as of 30 September 2022. Investments declined from Rs 8.90 crore as of 30 September 2022 to Rs 8.51 crore as of 30 September 2023. Fixed assets increased to Rs 124.34 crore as of 30 September 2023 from Rs 108.23 crore as of 30 September 2022. Intangible assets increased from Rs 5.19 crore to Rs 6.62 crore. Shivalik Bimetal Controls : Consolidated Results | | Quarter ended | Year to Date | Year ended |
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Particulars | 202309 | 202209 | Var.(%) | 202309 | 202209 | Var.(%) | 202303 | 202203 | Var.(%) |
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Net Sales (including other operating income) | 127.76 | 117.60 | 8.64 | 254.96 | 228.38 | 11.64 | 470.37 | 323.99 | 45.18 | OPM (%) | 22.82 | 22.95 | -13 bps | 23.26 | 22.95 | 31 bps | 23.16 | 22.68 | 48 bps | OP | 29.16 | 26.99 | 8.04 | 59.31 | 52.41 | 13.17 | 108.94 | 73.48 | 48.26 | Other Inc. | 2.35 | 2.18 | 7.80 | 3.78 | 9.39 | -59.74 | 9.92 | 5.45 | 82.02 | PBIDT | 31.51 | 29.17 | 8.02 | 63.09 | 61.80 | 2.09 | 118.86 | 78.93 | 50.59 | Interest | 1.22 | 1.84 | -33.70 | 2.51 | 3.45 | -27.25 | 7.04 | 2.76 | 155.07 | PBDT | 30.29 | 27.33 | 10.83 | 60.58 | 58.35 | 3.82 | 111.82 | 76.17 | 46.80 | Depreciation | 2.92 | 2.59 | 12.74 | 5.86 | 5.05 | 16.04 | 10.55 | 6.38 | 65.36 | PBT | 27.37 | 24.74 | 10.63 | 54.72 | 53.3 | 2.66 | 101.27 | 69.79 | 45.11 | Share of Profit/(Loss) from Associates | 0.08 | 1.27 | -93.70 | 0.65 | 2.07 | -68.60 | 1.03 | 3.51 | -70.66 | PBT before EO | 27.45 | 26.01 | 5.54 | 55.37 | 55.37 | 0 | 102.3 | 73.3 | 39.56 | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | PBT after EO | 27.45 | 26.01 | 5.54 | 55.37 | 55.37 | 0 | 102.3 | 73.3 | 39.56 | Taxation | 7.11 | 6.76 | 5.18 | 13.75 | 14.43 | -4.71 | 23.2 | 18.19 | 27.54 | PAT | 20.34 | 19.25 | 5.66 | 41.62 | 40.94 | 1.66 | 79.1 | 55.11 | 43.53 | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | Net profit | 20.34 | 19.25 | 5.66 | 41.62 | 40.94 | 1.66 | 79.1 | 55.11 | 43.53 | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | Net profit after discontinued operations | 20.34 | 19.25 | 5.66 | 41.62 | 40.94 | 1.66 | 79.1 | 55.11 | 43.53 | EPS (Rs)* | 3.53 | 3.34 | 5.66 | 7.23 | 7.11 | 1.66 | 13.73 | 9.57 | 43.53 | | * EPS is on current equity of Rs 11.52 crore, Face value of Rs 2, 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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