June 2018 quarter results

For the quarter ended June 2018, it registered a 22% growth in sales to Rs 970.97 crore.

Sales include exports of Rs 321.71 crore (against Rs 287.98 crore).

OPM fell 40 basis points to 18.2% which saw OP go up 20% to Rs 176.59 crore.

Other income grew 26% to Rs 15.31 crore and interest cost went up 31% to Rs 12.72 crore.

Other income for the quarter includes net foreign exchange gain of Rs 11.82 crore (against Rs 3.35 crores).

Finance cost for the quarter includes Rs 7.09 crore which is applicable net loss on foreign currency transactions and translation to the extent regarded as borrowing costs. (against Rs 4.00 crore).

As depreciation grew 4% to Rs 25.74 crore, PBT went up 23% to Rs 153.44 crore. Tax provision grew 35% to Rs 47.26 crore (tax incidence grew from 28.0% to 30.8%). Finally, PAT grew 18% to Rs 106.18 crore.

FY 2018 results

For FY 2018, it registered a 15% growth in sales to Rs 3396.11 crore. Sales grew on the back of increase in production of passenger vehicles, utility vehicles, light commercial vehicle and two wheelers.

Sales include exports sales of Rs 1144.46 crore against Rs 1044.11 crore, up 9.6%.

OPM improved 10 basis points to 18.3% which saw OP grow 15% to Rs 620.74 crore.

Other income jumped 129% to Rs 29.62 crore and interest cost fell 10% to Rs 32.56 crore.

Other income for the year includes foreign exchange gain of Rs. 11.64 crores (against foreign exchange loss of Rs. 11.65 crore included in other expenses).

Fmance cost for the quarter includes applicable net loss on foreign currency transactions and translation to the extent regarded as borrowing costs of Rs 13.76 crore (against exchange loss of Rs 6.01 crore).

As depreciation grew 9% to Rs 98.07 crore, PBT went up 22% to Rs 519.73 crore. Tax provision grew 40% to Rs 152.26 crore. Finally, PAT grew 16% to Rs 367.47 crore.

Valuation

The stock trades at Rs 636.