For
the quarter ending Dec 2023, consolidated Net sales (including other operating income) of Nelcast has declined 2.04% to Rs 320.36 crore compared to quarter ended Dec 2022. Operating profit margin has jumped from 4.46% to 7.99%, leading to 75.34% rise in operating profit to Rs 25.60 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 50.21% to 45.52%. Employee cost increased from 5.43% to 5.66%. Other expenses rose from 39.86% to 41.33%. Power and Oil fuel cost fell from 10.37% to 10.09%. Other income fell 60.90% to Rs 2.62 crore. PBIDT rose 32.49% to Rs 28.22 crore. Provision for interest fell 1.85% to Rs 7.94 crore.
PBDT rose 53.52% to Rs 20.28 crore. Provision for depreciation rose 5.26% to Rs 6.4 crore.
Profit before tax grew 94.67% to Rs 13.88 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 5.64 crore, compared to Rs 1.79 crore. Effective tax rate was 18.09% compared to 25.11%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 378.09% to Rs 25.53 crore. Promoters’ stake was 74.87% as of 31 December 2023 ,compared to 74.87% as of 31 December 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Nelcast has increased 2.18% to Rs 971.47 crore.
Operating profit margin has jumped from 6.37% to 7.90%, leading to 26.73% rise in operating profit to Rs 76.71 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 50.89% to 45.60%. Employee cost increased from 5.00% to 5.71%. Other expenses rose from 37.70% to 40.96%. Power and Oil fuel cost rose from 9.81% to 10.08%. Other income fell 25.58% to Rs 10.53 crore. PBIDT rose 16.82% to Rs 87.24 crore. Provision for interest rose 3.86% to Rs 23.69 crore.
PBDT rose 22.52% to Rs 63.55 crore. Provision for depreciation rose 3.36% to Rs 18.14 crore.
Profit before tax grew 32.31% to Rs 45.41 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 13.35 crore, compared to Rs 9.07 crore. Effective tax rate was 21.29% compared to 26.43%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 95.45% to Rs 49.35 crore.
Promoters’ stake was 74.87% as of 31 December 2023 ,compared to 74.87% as of 31 December 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
Q3 FY24, company’s sales volume decreased 4.2% YoY to 20,608 Tonnes.
Company
clocked exports of Rs 339 crore in 9M FY2024, up 38% YoY.
In 9MFY24, the largest share was
contributed by M&HCV making up 38% of the total revenues, followed by
Tractors 21%, Exports 35%, Railways 3%, Off-highway equipment 2%, and Others
1%.