Capitaline

Results 12-May-24

Analysis

Savita Oil Technologies

OP down 32%

Consolidated net sales (including other operating income) of Savita Oil Technologies has increased 1.85% to Rs 973.31 crore. Sales of Petroleum Products segment has gone up 2.81% to Rs 979.60 crore (accounting for 99.66% of total sales). Sales of Wind Power segment has gone down 41.61% to Rs 3.35 crore (accounting for 0.34% of total sales).

Profit before interest, tax and other unallocable items (PBIT) has slumped 24.48% to Rs 42.40 crore. PBIT of Petroleum Products segment fell 22.82% to Rs 42.81 crore (accounting for 100.96% of total PBIT). PBIT of Wind Power reported loss of Rs 0.41 crore compared to profit of Rs 0.67 crore.

PBIT margin of Petroleum Products segment fell from 5.82% to 4.37%. PBIT margin of Wind Power segment fell from 11.75% to 12.16%. Overall PBIT margin fell from 5.86% to 4.31%.

Operating profit margin has declined from 4.93% to 3.28%, leading to 32.28% decline in operating profit to Rs 31.91 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 83.56% to 85.92%. Purchase of finished goods cost fell from 1.75% to 0.07%. Employee cost increased from 2.00% to 2.14%. Other expenses rose from 7.62% to 8.51%.

Other income rose 66.83% to Rs 23.84 crore. PBIDT fell 9.22% to Rs 55.75 crore. Provision for interest rose 54.75% to Rs 10.09 crore. .

PBDT fell 16.82% to Rs 45.66 crore. Provision for depreciation rose 16.52% to Rs 6.7 crore. Fixed assets increased to Rs 268.43 crore as of 31 March 2024 from Rs 198.56 crore as of 31 March 2023. Intangible assets declined from Rs 1.07 crore to Rs 1.05 crore.

Profit before tax down 20.72% to Rs 38.96 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 8.16 crore, compared to Rs 12.72 crore. Effective tax rate was 20.94% compared to 25.89%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 15.43% to Rs 30.80 crore.

Equity capital stood at Rs 13.82 crore as of 31 March 2024 to Rs 13.82 crore as of 31 March 2023. Per share face Value remained same at Rs 2.00.

Promoters’ stake was 68.92% as of 31 March 2024 ,compared to 71.92% as of 31 March 2023.

Full year results analysis

Net sales (including other operating income) of Savita Oil Technologies has increased 3.04% to Rs 3740.85 crore. Sales of Petroleum Products segment has gone up 3.35% to Rs 3,726.36 crore (accounting for 99.12% of total sales). Sales of Wind Power segment has gone down 4.28% to Rs 33.00 crore (accounting for 0.88% of total sales).

Profit before interest, tax and other unallocable items (PBIT) has slumped 19.73% to Rs 281.93 crore. PBIT of Petroleum Products segment fell 20.71% to Rs 265.71 crore (accounting for 94.25% of total PBIT). PBIT of Wind Power segment rose 0.54% to Rs 16.22 crore (accounting for 5.75% of total PBIT).

PBIT margin of Petroleum Products segment fell from 9.29% to 7.13%. PBIT margin of Wind Power segment rose from 46.79% to 49.15%. Overall PBIT margin fell from 9.65% to 7.50%.

Operating profit margin has declined from 9.25% to 6.78%, leading to 24.53% decline in operating profit to Rs 253.45 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 76.55% to 82.45%. Purchase of finished goods cost fell from 4.23% to 0.29%. Employee cost increased from 2.13% to 2.26%. Other expenses rose from 7.94% to 8.24%.

Other income rose 210.55% to Rs 71.24 crore. PBIDT fell 9.50% to Rs 324.69 crore. Provision for interest rose 6.72% to Rs 37.79 crore. Loan funds declined from Rs 0.12 crore as of 31 March 2023 to Rs 0.07 crore as of 31 March 2024. Inventories rose to Rs 849.89 crore as of 31 March 2024 from Rs 828.66 crore as of 31 March 2023. Sundry debtors were higher at Rs 783.81 crore as of 31 March 2024 compared to Rs 749.88 crore as of 31 March 2023. Cash and bank balance rose to Rs 176.65 crore as of 31 March 2024 from Rs 59.04 crore as of 31 March 2023. Investments declined from Rs 325.71 crore as of 31 March 2023 to Rs 278.90 crore as of 31 March 2024.

PBDT fell 11.28% to Rs 286.9 crore. Provision for depreciation rose 12.48% to Rs 23.16 crore. Fixed assets increased to Rs 268.43 crore as of 31 March 2024 from Rs 198.56 crore as of 31 March 2023. Intangible assets declined from Rs 1.07 crore to Rs 1.05 crore.

Profit before tax down 12.89% to Rs 263.74 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 62.98 crore, compared to Rs 77.07 crore. Effective tax rate was 23.88% compared to 25.45%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 11.05% to Rs 200.76 crore.

Equity capital stood at Rs 13.82 crore as of 31 March 2024 to Rs 13.82 crore as of 31 March 2023. Per share face Value remained same at Rs 2.00.

Promoters’ stake was 68.92% as of 31 March 2024 ,compared to 71.92% as of 31 March 2023 . .

The scrip is currently trading at Rs 560

Savita Oil Technologies: Results
	2403 (03)	2303 (03)	Var.(%)	2403 (12)	2303 (12)	Var.(%)
Net Sales	973.31	955.61	2	3,740.85	3,630.44	3
OPM(%)	3.3%	4.9%		6.8%	9.3%
OP	31.91	47.12	-32	253.45	335.83	-25
Other Income	23.84	14.29	67	71.24	22.94	211
PBIDT	55.75	61.41	-9	324.69	358.77	-9
Interest	10.09	6.52	55	37.79	35.41	7
PBDT	45.66	54.89	-17	286.90	323.36	-11
Depreciation	6.7	5.75	17	23.16	20.59	12
PBT	38.96	49.14	-21	263.74	302.77	-13
EO	0.00	0.00		0.00	0.00
PBT after EO	38.96	49.14	-21	263.74	302.77	-13
Total Tax	8.16	12.72	-36	62.98	77.07	-18
PAT	30.80	36.42	-15	200.76	225.70	-11
PPI	0.00	0.00		0.00	0.00
PAT after PPI	30.80	36.42	-15	200.76	225.70	-11
EPS*	#	#		29.1	32.7
* Annualized On Current Equity Of Rs 13.82 Crore of face value of Rs 2 each
#EPS not annualised due to seasonality of business, PPI: Prior Period Item
EO: Extraordinary Items, PL: Profit to Loss, LP: Loss to Profit
EPS Is Calculated After Excluding EO And Relevant Tax
Figures In Rs Crore
Source: Capitaline Database

Savita Oil Technologies : Consolidated Segment Results
	% of (Total)	2403 (03)	2303 (03)	Var.(%)	% of (Total)	2403 (12)	2303 (12)	Var.(%)
Sales
Petroleum Products	100	979.6	952.84	3	99	3,726.36	3,605.49	3
Wind Power	0	3.35	5.74	-42	1	33	34.48	-4
Total Reported Sales	100	982.95	958.58	3	100	3759.36	3639.97	3
PBIT
Petroleum Products	101	42.81	55.47	-23	94	265.71	335.11	-21
Wind Power	-1	-0.41	0.67	PL	6	16.22	16.13	PL
Total PBIT	100	42.4	56.14	-24	100	281.93	351.24	-20
Less : Interest		10.09	6.52	55		37.78	35.41	7
Add: Other un-allcoable		6.65	-0.49	LP		19.6	-13.07	LP
PBT		38.96	49.13	-21		263.75	302.76	-13

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