Capitaline

Results 11-Nov-21

Analysis

KSB

Net down 9% on weak operating show

Consolidated net sales (including other operating income) of KSB has increased 1.60% to Rs 368.1 crore with sales of pumps up 1% to Rs 305.40 crore and that of valves up 4% to Rs 63.10 crore. Operating profit margin has declined from 16.81% to 14.05%, leading to 15.11% decline in operating profit to Rs 51.70 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 43.85% to 50.18%. Purchase of finished goods cost fell from 9.58% to 7.74%. Employee cost decreased from 13.21% to 13.12%. Other expenses fell from 16.48% to 16.24%. Other income rose 50% to Rs 9.9 crore. PBIDT fell 8.74% to Rs 61.6 crore. Provision for interest rose 20% to Rs 1.2 crore. PBDT fell 9.17% to Rs 60.4 crore. Provision for depreciation rose 5.83% to Rs 10.9 crore. Profit before tax down 11.92% to Rs 49.50 crore. Share of profit/loss was 23.53% lower at Rs 1.3 crore. Provision for tax was expense of Rs 11.9 crore, compared to Rs 15.2 crore. Effective tax rate was 23.43% compared to 26.25%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 8.90% to Rs 38.90 crore.

YTD performance

Net sales (including other operating income) for nine month ended Sep 2021 of KSB has increased 25.59% to Rs 1052.7 crore. Operating profit margin has jumped from 11.04% to 14.53%, leading to 65.41% rise in operating profit to Rs 153.00 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 46.15% to 45.85%. Purchase of finished goods cost rose from 7.91% to 8.38%. Employee cost decreased from 16.60% to 13.98%. Other expenses fell from 18.38% to 18.06%. Other income fell 3.04% to Rs 25.5 crore. PBIDT rose 50.25% to Rs 178.5 crore. Provision for interest rose 14.81% to Rs 3.1 crore. PBDT rose 51.08% to Rs 175.4 crore. Provision for depreciation rose 7.97% to Rs 32.5 crore. Profit before tax grew 66.16% to Rs 142.90 crore. Share of profit/loss was 51.72% higher at Rs 4.4 crore. Provision for tax was expense of Rs 37.3 crore, compared to Rs 27.1 crore. Effective tax rate was 25.32% compared to 30.48%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 77.99% to Rs 110.00 crore.

Promoters’ stake was 66.69% as of 30 September 2021, compared to 66.41% as of 30 September 2020.

KSB: Consolidated Results
	2109 (3)	2009 (3)	Var. (%)	2109 (9)	2009 (9)	Var. (%)	2012 (12)	1912 (12)	Var. (%)
Sales	368.10	362.30	2	1052.70	838.20	26	1208.10	1293.90	-7
OPM (%)	14.0	16.8		14.5	11.0		13.9	11.7
OP	51.70	60.90	-15	153.00	92.50	65	167.80	151.80	11
Other inc.	9.90	6.60	50	25.50	26.30	-3	29.10	21.60	35
PBIDT	61.60	67.50	-9	178.50	118.80	50	196.90	173.40	14
Interest	1.20	1.00	20	3.10	2.70	15	3.40	5.30	-36
PBDT	60.40	66.50	-9	175.40	116.10	51	193.50	168.10	15
Dep.	10.90	10.30	6	32.50	30.10	8	41.80	45.70	-9
PBT before EO	49.50	56.20	-12	142.90	86.00	66	151.70	122.40	24
EO Income	0.00	0.00		0.00	0.00	####	0.00	12.70	-100
PBT after EO	49.50	56.20	-12	142.90	86.00	66	151.70	135.10	12
Taxation	11.90	15.20	-22	37.30	27.10	38	63.20	39.80	59
PAT	37.60	41.00	-8	105.60	58.90	79	88.50	95.30	-7
Share of Profit/(Loss) from Associates	1.30	1.70	-24	4.40	2.90	52	5.30	5.40	-2
Net profit	38.90	42.70	-9	110.00	61.80	78	93.80	100.70	-7
EPS (Rs)*	#	#		#	#		26.9	26.4
* EPS is on current equity of Rs 34.81 crore, Face value of Rs 10
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Database

KSB : Consolidated Segment results
Sales	2109 (3)	2009 (3)	Var. (%)	% to total	2109 (9)	2009 (9)	Var. (%)	% to total	2012 (12)	1912 (12)	Var. (%)	% to total
Pumps	305.40	301.80	1	83	885.40	707.70	25	84	1008.20	1088.20	-7	83
Valves	63.10	60.70	4	17	168.50	131.40	28	16	201.00	208.20	-3	17
Total Reportable Segment	368.50	362.50	2	100	1053.90	839.10	26	100	1209.20	1296.40	-7	100
Less: Inter segment revenues	0.40	0.20			1.20	0.90			1.10	2.50
Net sales	368.10	362.30	2		1052.70	838.20	26		1208.10	1293.90	-7
PBIT
Pumps	40.30	45.60	-12	90	118.40	69.30	71	91	124.30	104.10	19	92
Valves	4.50	5.90	-24	10	12.20	4.80	154	9	11.50	10.70	7	8
Total	44.80	51.50	-13	100	130.60	74.10	76	100	135.80	114.80	18	100
Less: Interest	1.20	1.00	20		3.10	2.70	15		3.40	5.30	-36
Add: Interest Income
Add: Other un-allcoable	5.90	5.70	4		15.40	14.60	5		19.30	25.60	-25
PBT before Share of profit from JV	49.50	56.20	-12		142.90	86.00	66		151.70	135.10	12
Add EO Income
Add:Profit from JV	1.30	1.70	-24		4.40	2.90			5.30	5.40	-2
PBT after Share of profit from JV	50.80	57.90	-12		147.30	88.90			157.00	140.50	12
Figures in Rs crore
Source: Capitaline Corporate Database

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( Results - Announcements 16-Aug-22 08:13 )

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( Results - Announcements 25-Feb-22 08:19 )

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