For
the quarter ending Dec 2023, consolidated Net sales (including other operating income) of Banco Products (India) has increased 12.09% to Rs 570.64 crore compared to quarter ended Dec 2022. Operating profit margin has declined from 27.51% to 15.61%, leading to 36.41% decline in operating profit to Rs 89.07 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 55.86% to 57.96%. Employee cost increased from 8.86% to 10.87%. Other expenses rose from 12.34% to 17.87%. Other income rose 878.51% to Rs 11.84 crore. PBIDT fell 28.57% to Rs 100.91 crore. Provision for interest rose 49% to Rs 3.74 crore.
PBDT fell 29.98% to Rs 97.17 crore. Provision for depreciation rose 28.55% to Rs 16.66 crore.
Profit before tax down 36.01% to Rs 80.51 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 12.19 crore, compared to Rs 27.58 crore. Effective tax rate was 15.14% compared to 21.92%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 30.45% to Rs 68.32 crore. Promoters’ stake was 67.88% as of 31 December 2023 ,compared to 67.88% as of 31 December 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Banco Products (India) has increased 18.70% to Rs 2044.56 crore.
Operating profit margin has declined from 15.43% to 15.08%, leading to 15.97% rise in operating profit to Rs 308.27 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 63.66% to 55.42%. Employee cost increased from 8.19% to 10.52%. Other expenses rose from 14.66% to 18.17%. Other income rose 147.16% to Rs 31.29 crore. PBIDT rose 21.93% to Rs 339.56 crore. Provision for interest rose 175.42% to Rs 14.79 crore.
PBDT rose 18.92% to Rs 324.77 crore. Provision for depreciation rose 31.04% to Rs 47.66 crore.
Profit before tax grew 17.05% to Rs 277.11 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 73.87 crore, compared to Rs 52.19 crore. Effective tax rate was 26.66% compared to 22.05%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 10.13% to Rs 203.24 crore.
Promoters’ stake was 67.88% as of 31 December 2023 ,compared to 67.88% as of 31 December 2022 .
Full year results analysis.
Net sales (including other operating income) of Banco Products (India) has increased 19.10% to Rs 2331.82 crore. Operating profit margin has jumped from 13.88% to 15.61%, leading to 33.98% rise in operating profit to Rs 364.08 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 62.26% to 61.06%. Employee cost decreased from 9.38% to 8.98%. Other expenses rose from 15.36% to 15.70%. Other income rose 204.47% to Rs 15.68 crore. PBIDT rose 37.15% to Rs 379.76 crore. Provision for interest rose 139.16% to Rs 12.58 crore. Loan funds rose to Rs 417.57 crore as of 31 March 2023 from Rs 115.21 crore as of 31 March 2022. Inventories rose to Rs 994.89 crore as of 31 March 2023 from Rs 720.49 crore as of 31 March 2022. Sundry debtors were higher at Rs 413.49 crore as of 31 March 2023 compared to Rs 324.25 crore as of 31 March 2022. Cash and bank balance declined from Rs 81.56 crore as of 31 March 2022 to Rs 18.33 crore as of 31 March 2023.
PBDT rose 35.18% to Rs 367.18 crore. Provision for depreciation rose 17.71% to Rs 56.35 crore. Fixed assets increased to Rs 369.00 crore as of 31 March 2023 from Rs 301.39 crore as of 31 March 2022. Intangible assets declined from Rs 10.04 crore to Rs 8.52 crore.
Profit before tax grew 38.91% to Rs 310.83 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 75.25 crore, compared to Rs 71.34 crore. Effective tax rate was 24.21% compared to 31.88%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 54.56% to Rs 235.58 crore.
Equity capital stood at Rs 14.30 crore as of 31 March 2023 to Rs 14.30 crore as of 31 March 2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 67.88% as of 31 March 2023 ,compared to 67.88% as of 31 March 2022 .
Cash flow from operating activities has turned negative Rs 41.47 crore for year ended March 2023 from positive Rs 57.24 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 125.45 crore, compared to Rs 75.00 crore during the year ended March 2022.
Dividend update
Board declared an Interim Dividend of Rs 20
(1000%) per Equity Share of Rs 2 each for the financial year ending 31° March,
2024. The Company has fixed Friday, 16" February, 2024, as the record date
for the purpose of payment of Interim Dividend. The Interim Dividend declared
will be paid on or after 27 February, 2024.