|
For
the quarter ending March 2024, consolidated Net sales (including other operating income) of Talbros Automotive Components has increased 15.85% to Rs 202.68 crore compared to quarter ended March 2023. Operating profit margin has jumped from 14.24% to 15.15%, leading to 23.19% rise in operating profit to Rs 30.70 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 53.70% to 51.39%. Purchase of finished goods cost fell from 0.86% to 0.71%. Employee cost increased from 10.20% to 10.49%. Other expenses rose from 20.72% to 22.18%. Other income rose 148.96% to Rs 4.78 crore. PBIDT rose 32.19% to Rs 35.48 crore. Provision for interest fell 1.27% to Rs 3.12 crore. Loan funds rose to Rs 98.70 crore as of 31 March 2024 from Rs 86.89 crore as of 31 March 2023. Inventories declined from Rs 132.53 crore as of 31 March 2023 to Rs 126.77 crore as of 31 March 2024. Sundry debtors were higher at Rs 210.33 crore as of 31 March 2024 compared to Rs 168.53 crore as of 31 March 2023. Cash and bank balance declined from Rs 8.10 crore as of 31 March 2023 to Rs 5.20 crore as of 31 March 2024. Investments rose to Rs 185.82 crore as of 31 March 2024 from Rs 126.64 crore as of 31 March 2023 . PBDT rose 36.66% to Rs 32.36 crore. Provision for depreciation rose 31.97% to Rs 7.72 crore. Fixed assets increased to Rs 218.96 crore as of 31 March 2024 from Rs 175.56 crore as of 31 March 2023. Intangible assets declined from Rs 0.67 crore to Rs 0.56 crore. Profit before tax grew 38.19% to Rs 24.64 crore. Share of profit/loss was 12.26% higher at Rs 4.03 crore. Provision for tax was expense of Rs 21.34 crore, compared to Rs 4.54 crore. Effective tax rate was 30.00% compared to 21.20%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 194.96% to Rs 49.79 crore. Equity capital stood at Rs 12.35 crore as of 31 March 2024 to Rs 12.35 crore as of 31 March 2023. Per share face Value remained same at Rs 2.00. Promoters’ stake was 58.43% as of 31 March 2024 ,compared to 58.42% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Talbros Automotive Components has increased 20.26% to Rs 778.27 crore. Operating profit margin has jumped from 13.49% to 14.73%, leading to 31.33% rise in operating profit to Rs 114.65 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 53.99% to 53.29%. Purchase of finished goods cost fell from 0.76% to 0.64%. Employee cost decreased from 10.81% to 10.50%. Other expenses fell from 21.11% to 20.72%. Other income rose 103.23% to Rs 12.6 crore. PBIDT rose 36.10% to Rs 127.25 crore. Provision for interest rose 16.81% to Rs 13.27 crore. Loan funds rose to Rs 98.70 crore as of 31 March 2024 from Rs 86.89 crore as of 31 March 2023. Inventories declined from Rs 132.53 crore as of 31 March 2023 to Rs 126.77 crore as of 31 March 2024. Sundry debtors were higher at Rs 210.33 crore as of 31 March 2024 compared to Rs 168.53 crore as of 31 March 2023. Cash and bank balance declined from Rs 8.10 crore as of 31 March 2023 to Rs 5.20 crore as of 31 March 2024. Investments rose to Rs 185.82 crore as of 31 March 2024 from Rs 126.64 crore as of 31 March 2023 . PBDT rose 38.76% to Rs 113.98 crore. Provision for depreciation rose 9.23% to Rs 25.91 crore. Fixed assets increased to Rs 218.96 crore as of 31 March 2024 from Rs 175.56 crore as of 31 March 2023. Intangible assets declined from Rs 0.67 crore to Rs 0.56 crore. Profit before tax grew 50.75% to Rs 88.07 crore. Share of profit/loss was 36.23% higher at Rs 16.17 crore. Provision for tax was expense of Rs 36.72 crore, compared to Rs 14.71 crore. Effective tax rate was 25.03% compared to 20.93%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 97.88% to Rs 109.98 crore. Equity capital stood at Rs 12.35 crore as of 31 March 2024 to Rs 12.35 crore as of 31 March 2023. Per share face Value remained same at Rs 2.00. Promoters’ stake was 58.43% as of 31 March 2024 ,compared to 58.42% as of 31 March 2023 . Other Highlights
The board recommendation
a final dividend of Re 0.50 per equity shares of face value of Rs 2 each for
the financial year 2023-24.
During
the quarter ended March 31, 2024, the company has completed the process of
divesting and selling entre 40% stake in Joint Venture , Nippon Leakless
Telbres. The net gain from the transaction has been disclosed as exceptional items.
The capital gain tax on sale of investment has been disclosed as a part of the
tax expense in the results.
For FY24, Exports contributed 25% to total
revenue. Exports contributed 15% of Gaskets Revenue, 54% of Forgings Revenue,
17% Marelli Talbros Chassis Systems, 6% of Talbros Marugo Rubber.
In FY24, gasket & Heat Shield Business
grew 18% YoY. Forgings business grew 27% YoY, TMR grew 44% and MTCS grew 24%.
In FY24, 2&3 Wheelers contributed 19%
to revenue, Passenger Vehicle 34%, HCV & LCV 24%, Agri & Off Loaders
10% and others 13%.Management Comments :
Anuj Talwar, Managing Director, Talbros
Automotive Components said: “For FY24, TACL has demonstrated robust growth
throughout the year in terms of business performance and profitability on back
of strong order execution and operational efficiencies. For FY24, Total Revenue
grew by 21% YoY at Rs 791 crores with EBITDA margins at 16.1%. In Q4 FY24,
Company has reported strong revenue growth at 17% YoY, with a 32% increase in
EBITDA to Rs 36 crore and a 35% growth in Net Profit to Rs 23 crores. Over the
last two years company has been consistently securing new orders throughout
product segments. Even in FY25, Company has secured, through our JV, order of
Rs 1,000 crores from a leading European OEM. This order is centered on the
supply of Suspension Arms tailored for both conventional ICE vehicles and new age
EV platforms for EMEA and NAFTA regions. This order adds a new customer for
TACL group in Europe. This will further improve the market share in Europe and
open new avenues of growth with existing and new OEMs in that region. Capitalizing
on such consistent order inflows from leading OEMs, we anticipate a strong
upward trajectory in our business and profitability. Furthermore, to make the
most on the growing opportunities in both domestic and global markets, we shall
maintain our diversified and hedged position as a provider of auto components
and adhere to a pre-established strategy for augmenting our product line
through the introduction of value-added products. In January 2024, Company has
concluded its divestment of 40% ownership interest in its joint venture entity,
Nippon Leakless Talbros. This decision is consistent with our long-term goals,
as the proceeds will be invested in future capital expenditures and high growth
business. The company has sustained its path of expansion by prioritizing
innovation and business development as the fundamental pillars of its strategy
for upward growth. We shall remain steadfast on focusing to achieve our long
term goals and objectives on back of innovation, operational excellence and
catering to our customers with best of our services.”
| Talbros Automotive Components : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 202.68 | 174.95 | 15.85 | 778.27 | 647.18 | 20.26 | | OPM (%) | 15.15 | 14.24 | 90 bps | 14.73 | 13.49 | 124 bps | | OP | 30.70 | 24.92 | 23.19 | 114.65 | 87.30 | 31.33 | | Other Inc. | 4.78 | 1.92 | 148.96 | 12.60 | 6.20 | 103.23 | | PBIDT | 35.48 | 26.84 | 32.19 | 127.25 | 93.50 | 36.10 | | Interest | 3.12 | 3.16 | -1.27 | 13.27 | 11.36 | 16.81 | | PBDT | 32.36 | 23.68 | 36.66 | 113.98 | 82.14 | 38.76 | | Depreciation | 7.72 | 5.85 | 31.97 | 25.91 | 23.72 | 9.23 | | PBT | 24.64 | 17.83 | 38.19 | 88.07 | 58.42 | 50.75 | | Share of Profit/(Loss) from Associates | 4.03 | 3.59 | 12.26 | 16.17 | 11.87 | 36.23 | | PBT before EO | 28.67 | 21.42 | 33.85 | 104.24 | 70.29 | 48.30 | | EO Income | 42.46 | 0 | - | 42.46 | 0 | - | | PBT after EO | 71.13 | 21.42 | 232.07 | 146.7 | 70.29 | 108.71 | | Taxation | 21.34 | 4.54 | 370.04 | 36.72 | 14.71 | 149.63 | | PAT | 49.79 | 16.88 | 194.96 | 109.98 | 55.58 | 97.88 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 49.79 | 16.88 | 194.96 | 109.98 | 55.58 | 97.88 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 49.79 | 16.88 | 194.96 | 109.98 | 55.58 | 97.88 | | EPS (Rs)* | 3.37 | 2.73 | 23.40 | 12.87 | 9.00 | 42.98 | | | * EPS is on current equity of Rs 12.35 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 |
|
|