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Consolidated net sales (including other operating income) of Shivalik Bimetal Controls for the quarter ended Dec 2023 has increased 6.61% to Rs 126.21 crore. Operating profit margin has declined from 24.23% to 19.96%, leading to 12.17% decline in operating profit to Rs 25.19 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 55.70% to 58.51%. Employee cost decreased from 8.04% to 8.01%. Other expenses rose from 13.70% to 14.25%. Other income rose 110.77% to Rs 1.37 crore. PBIDT fell 9.44% to Rs 26.56 crore. Provision for interest fell 34.87% to Rs 1.27 crore. PBDT fell 7.63% to Rs 25.29 crore. Provision for depreciation rose 13.55% to Rs 3.1 crore. Profit before tax down 9.98% to Rs 22.19 crore. Provision for tax was expense of Rs 6.03 crore, compared to Rs 6.44 crore. Effective tax rate was 26.23% compared to 27.88%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 1.80% to Rs 16.96 crore. For year-to-date (YTD) results analysis.
Consolidated net sales (including other operating income) of Shivalik Bimetal Controls for the 9m ended Dec 2023 has increased 9.92% to Rs 381.17 crore.
Operating profit margin has declined from 23.39% to 22.17%, leading to 4.19% rise in operating profit to Rs 84.50 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 55.13% to 55.67%. Employee cost increased from 7.89% to 7.97%. Other expenses fell from 15.08% to 14.57%. Other income fell 48.65% to Rs 5.15 crore. PBIDT fell 1.62% to Rs 89.65 crore. Provision for interest fell 29.81% to Rs 3.79 crore. PBDT rose 0.15% to Rs 85.86 crore. Provision for depreciation rose 15.17% to Rs 8.96 crore. Profit before tax down 1.35% to Rs 76.90 crore. Share of profit/loss was 180.77% higher at Rs 1.46 crore. Provision for tax was expense of Rs 19.78 crore, compared to Rs 20.87 crore. Effective tax rate was 25.24% compared to 26.60%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 1.70% to Rs 58.58 crore. Promoters’ stake was 51.09% as of 31 December 2023 ,compared to 60.61% as of 31 December 2022 .
Full year results analysis.
Net sales (including other operating income) of Shivalik Bimetal Controls has increased 45.18% to Rs 470.37 crore. Operating profit margin has jumped from 22.68% to 23.16%, leading to 48.26% rise in operating profit to Rs 108.94 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 51.36% to 53.83%. Employee cost decreased from 8.09% to 7.81%. Other expenses fell from 18.61% to 16.02%. Other income rose 82.02% to Rs 9.92 crore. PBIDT rose 50.59% to Rs 118.86 crore. Provision for interest rose 155.07% to Rs 7.04 crore. Loan funds rose to Rs 58.45 crore as of 31 March 2023 from Rs 57.74 crore as of 31 March 2022. Inventories rose to Rs 131.97 crore as of 31 March 2023 from Rs 114.88 crore as of 31 March 2022. Sundry debtors were higher at Rs 93.22 crore as of 31 March 2023 compared to Rs 59.28 crore as of 31 March 2022. Cash and bank balance rose to Rs 17.91 crore as of 31 March 2023 from Rs 11.82 crore as of 31 March 2022. Investments declined from Rs 16.54 crore as of 31 March 2022 to Rs 7.86 crore as of 31 March 2023. PBDT rose 46.80% to Rs 111.82 crore. Provision for depreciation rose 65.36% to Rs 10.55 crore. Fixed assets increased to Rs 122.20 crore as of 31 March 2023 from Rs 85.35 crore as of 31 March 2022. Intangible assets increased from Rs 1.16 crore to Rs 2.04 crore. Profit before tax grew 45.11% to Rs 101.27 crore. Share of profit/loss was 70.66% lower at Rs 1.03 crore. Provision for tax was expense of Rs 23.2 crore, compared to Rs 18.19 crore. Effective tax rate was 22.68% compared to 24.82%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 43.53% to Rs 79.10 crore. Equity capital increased from Rs 7.68 crore as of 31 March 2022 to Rs 11.52 crore as of 31 March 2023. Per share face Value remained same at Rs 2.00. Management Comments
Mr. S.S. Sandhu, Chairman of Shivalik Bimetal Controls Ltd., stated, "We are committed
to resilience through operational excellence and by also growing our position through
domestic demand. Our pursuit for sustained growth includes efforts to strengthen our
silver contacts segment through potential partnerships with reputable global players, as
mentioned during Q3FY24. As the Europe and Americas markets recover, we are
prepared to meet the burgeoning demand signalled by our global clients. Additionally,
the Board is pleased to declare an interim dividend at 35% i.e. Rs. 0.70/- per equity share
on 57,604,200 equity shares of Rs. 2/- (Rupees Two) each in Q3FY24.”
As per CFO Mr. Rajeev Ranjan, “The company is strategically positioned for long-term
growth, underpinned by a healthy balance sheet and robust financial performance as we
move into the next quarter. With the OECD projecting steady global GDP growth and
Asia remaining a key driver, we anticipate a rebound in global demand towards the
financial year-end. Our balance sheet remains solid, with ?25 crore in cash and
equivalents and ?68 crore generated from operations in 9MFY24, demonstrating strong
cash flow and effective capital management.”
Promoters’ stake was 60.61% as of 31 March 2023 ,compared to 60.61% as of 31 March 2022 . Cash flow from operating activities has turned positive Rs 65.82 crore for year ended March 2023 from negative Rs 3.48 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 30.93 crore, compared to Rs 25.56 crore during the year ended March 2022. | Shivalik Bimetal Controls : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 126.21 | 118.39 | 6.61 | 381.17 | 346.77 | 9.92 | 470.37 | 323.99 | 45.18 | | OPM (%) | 19.96 | 24.23 | -427 bps | 22.17 | 23.39 | -122 bps | 23.16 | 22.68 | 48 bps | | OP | 25.19 | 28.68 | -12.17 | 84.50 | 81.10 | 4.19 | 108.94 | 73.48 | 48.26 | | Other Inc. | 1.37 | 0.65 | 110.77 | 5.15 | 10.03 | -48.65 | 9.92 | 5.45 | 82.02 | | PBIDT | 26.56 | 29.33 | -9.44 | 89.65 | 91.13 | -1.62 | 118.86 | 78.93 | 50.59 | | Interest | 1.27 | 1.95 | -34.87 | 3.79 | 5.40 | -29.81 | 7.04 | 2.76 | 155.07 | | PBDT | 25.29 | 27.38 | -7.63 | 85.86 | 85.73 | 0.15 | 111.82 | 76.17 | 46.80 | | Depreciation | 3.1 | 2.73 | 13.55 | 8.96 | 7.78 | 15.17 | 10.55 | 6.38 | 65.36 | | PBT | 22.19 | 24.65 | -9.98 | 76.9 | 77.95 | -1.35 | 101.27 | 69.79 | 45.11 | | Share of Profit/(Loss) from Associates | 0.8 | -1.55 | LP | 1.46 | 0.52 | 180.77 | 1.03 | 3.51 | -70.66 | | PBT before EO | 22.99 | 23.1 | -0.48 | 78.36 | 78.47 | -0.14 | 102.3 | 73.3 | 39.56 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 22.99 | 23.1 | -0.48 | 78.36 | 78.47 | -0.14 | 102.3 | 73.3 | 39.56 | | Taxation | 6.03 | 6.44 | -6.37 | 19.78 | 20.87 | -5.22 | 23.2 | 18.19 | 27.54 | | PAT | 16.96 | 16.66 | 1.80 | 58.58 | 57.6 | 1.70 | 79.1 | 55.11 | 43.53 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 16.96 | 16.66 | 1.80 | 58.58 | 57.6 | 1.70 | 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 | 16.96 | 16.66 | 1.80 | 58.58 | 57.6 | 1.70 | 79.1 | 55.11 | 43.53 | | EPS (Rs)* | 2.94 | 2.89 | 1.80 | 10.17 | 10.00 | 1.70 | 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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