Operating profit margin has turned from negative 6.22% to positive 11.56%. Operating profit for the quarter stood at Rs 17.16 crore compared to loss of Rs 2.83 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 55.08% to 62.82%.   Employee cost decreased from 24.07% to 8.47%.   Other expenses fell from 27.98% to 16.96%.   

Other income fell 44.36% to Rs 0.74 crore. During the quarter ending June 2021, PBIDT stood at Rs 17.9 crore compared to a loss of Rs 1.5 crore in quarter endedJune 2020

 Provision for interest fell 7.58% to Rs 1.83 crore.  Provision for depreciation rose 2.90% to Rs 11.01 crore.  Profit before tax stood at Rs 5.06 crore compared to loss of Rs 14.18 crore.

Provision for tax was debit of Rs 1.31 crore, compared to credit of Rs 3.66 crore.  Effective tax rate was 25.89% compared to 25.81%. Profit after tax stood at Rs 3.75 crore compared to loss of Rs 10.52 crore.

Promoters' stake was 75.00% as of 30 June 2021 ,compared to 75.00% as of 30 June 2020 .  

Full year results analysis

Net sales (including other operating income) of Igarashi Motors India has declined 0.29% to Rs 532.86 crore.  

Operating profit margin has slumped from 14.49% to 13.84%, leading to 4.70% decline in operating profit to Rs 73.77 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 58.94% to 60.08%.   Employee cost decreased from 9.56% to 8.67%.   Other expenses rose from 17.13% to 17.40%.   

Other income fell 18.25% to Rs 9.54 crore.  Provision for interest fell 56.11% to Rs 6.18 crore.  Loan funds declined from Rs 88.32 crore as of 31 March 2020 to Rs 76.23 crore as of 31 March 2021.  Inventories rose to Rs 101.16 crore as of 31 March 2021 from Rs 76.47 crore as of 31 March 2020.  Sundry debtors were higher at Rs 167.08 crore as of 31 March 2021 compared to Rs 137.11 crore as of 31 March 2020.  Cash and bank balance rose to Rs 13.48 crore as of 31 March 2021 from Rs 3.42 crore as of 31 March 2020.  Investments declined from Rs 27.82 crore as of 31 March 2020 to Rs 0.90 crore as of 31 March 2021.  

Provision for depreciation rose 5.03% to Rs 44.68 crore.  Fixed assets declined from Rs 394.37 crore as of 31 March 2020 to Rs 366.96 crore as of 31 March 2021.  Intangible assets increased from Rs 10.73 crore to Rs 12.12 crore.  

Profit before tax down 0.03% to Rs 32.45 crore.  Provision for tax was expense of Rs 6.83 crore, compared to Rs 2.55 crore.  Effective tax rate was 21.05% compared to 7.86%.

Profit after tax fell 14.34% to Rs 25.62 crore.  

Promoters' stake was 75.00% as of 31 March 2021 ,compared to 75.00% as of 31 March 2020 .  

Cash flow from operating activities decreased to Rs 40.65 crore for year ended March 2021 from Rs 90.32 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 13.92 crore, compared to Rs 34.09 crore during the year ended March 2020.