For
the quarter ending March 2024, consolidated Net sales (including other operating income) of Nelcast has declined 5.65% to Rs 295.47 crore compared to quarter ended March 2023. Operating profit margin has declined from 6.01% to 5.27%, leading to 17.32% decline in operating profit to Rs 15.56 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 47.64% to 44.52%. Employee cost increased from 5.35% to 5.82%. Other expenses rose from 41.10% to 44.52%. Power and Oil fuel cost rose from 10.46% to 11.01%. Other income rose 87% to Rs 3.74 crore. PBIDT fell 7.30% to Rs 19.3 crore. Provision for interest fell 5.73% to Rs 7.89 crore. Loan funds rose to Rs 328.92 crore as of 31 March 2024 from Rs 303.68 crore as of 31 March 2023. Inventories rose to Rs 189.70 crore as of 31 March 2024 from Rs 158.19 crore as of 31 March 2023. Sundry debtors were higher at Rs 300.89 crore as of 31 March 2024 compared to Rs 255.92 crore as of 31 March 2023. Cash and bank balance declined from Rs 104.89 crore as of 31 March 2023 to Rs 84.97 crore as of 31 March 2024. Investments rose to Rs 12.72 crore as of 31 March 2024 from Rs 11.46 crore as of 31 March 2023 .
PBDT fell 8.35% to Rs 11.41 crore. Provision for depreciation fell 7.12% to Rs 6 crore. Fixed assets increased to Rs 502.11 crore as of 31 March 2024 from Rs 472.01 crore as of 31 March 2023. Intangible assets declined from Rs 0.38 crore to Rs 0.21 crore.
Profit before tax down 9.68% to Rs 5.41 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 0.85 crore, compared to Rs 1.51 crore. Effective tax rate was 14.36% compared to 25.21%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 13.17% to Rs 5.07 crore. Equity capital stood at Rs 17.40 crore as of 31 March 2024 to Rs 17.40 crore as of 31 March 2023. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 74.87% as of 31 March 2024 ,compared to 74.87% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Nelcast has increased 0.23% to Rs 1266.94 crore. Operating profit margin has jumped from 6.28% to 7.28%, leading to 16.25% rise in operating profit to Rs 92.27 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 50.07% to 45.35%. Employee cost increased from 5.09% to 5.73%. Other expenses rose from 38.56% to 41.79%. Power and Oil fuel cost rose from 9.97% to 10.30%. Other income fell 11.59% to Rs 14.27 crore. PBIDT rose 11.55% to Rs 106.54 crore. Provision for interest rose 1.28% to Rs 31.58 crore. Loan funds rose to Rs 328.92 crore as of 31 March 2024 from Rs 303.68 crore as of 31 March 2023. Inventories rose to Rs 189.70 crore as of 31 March 2024 from Rs 158.19 crore as of 31 March 2023. Sundry debtors were higher at Rs 300.89 crore as of 31 March 2024 compared to Rs 255.92 crore as of 31 March 2023. Cash and bank balance declined from Rs 104.89 crore as of 31 March 2023 to Rs 84.97 crore as of 31 March 2024. Investments rose to Rs 12.72 crore as of 31 March 2024 from Rs 11.46 crore as of 31 March 2023 .
PBDT rose 16.52% to Rs 74.96 crore. Provision for depreciation rose 0.54% to Rs 24.14 crore. Fixed assets increased to Rs 502.11 crore as of 31 March 2024 from Rs 472.01 crore as of 31 March 2023. Intangible assets declined from Rs 0.38 crore to Rs 0.21 crore.
Profit before tax grew 26.04% to Rs 50.82 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 14.21 crore, compared to Rs 10.58 crore. Effective tax rate was 20.71% compared to 26.24%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 82.95% to Rs 54.41 crore.
Equity capital stood at Rs 17.40 crore as of 31 March 2024 to Rs 17.40 crore as of 31 March 2023. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 74.87% as of 31 March 2024 ,compared to 74.87% as of 31 March 2023 .
Cash flow from operating activities decreased to Rs 19.15 crore for year ended March 2024 from Rs 80.44 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 20.84 crore, compared to Rs 19.47 crore during the year ended March 2023.
Other highlights
The
board recommended a dividend of Rs 0.40 per share of Rs 2 paid-up for the
financial year 2023- 24. The record date for the purpose is 18th July 2024.
Company
clocked exports of Rs 445 crore in FY2024, up 35% YoY.
In FY24, the largest share was contributed
by M&HCV making up 38.6% of the total revenues, followed by Tractors 21.2%,
Exports 35.4%, Railways 2.2%, Off-highway equipment 2.3%, and Others 0.3%.