For the
quarter ending Dec 2021, standalone net sales (including other operating income) of Automotive Axles has increased 37.66% to Rs 374.40 crore compared to quarter ended Dec 2020.
Operating profit margin has declined from 9.36% to 9.32%, leading to 37.12% rise in operating profit to Rs 34.91 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 71.82% to 70.99%. Employee cost decreased from 8.13% to 7.39%. Other expenses rose from 11.70% to 12.51%. Other income fell 1.75% to Rs 1.68 crore. PBIDT rose 34.67% to Rs 36.59 crore. Provision for interest fell 25% to Rs 0.54 crore. PBDT rose 36.29% to Rs 36.05 crore. Provision for depreciation rose 0.98% to Rs 9.27 crore. Profit before tax grew 55.07% to Rs 26.78 crore. Provision for tax was expense of Rs 6.98 crore, compared to Rs 4.08 crore. Effective tax rate was 26.06% compared to 23.62%. Profit after tax rose 50.11% to Rs 19.80 crore. Promoters’ stake was 71.04% as of 31 December 2021 ,compared to 71.04% as of 31 December 2020 .
For year-to-date (YTD) results analysis
Net sales (including other operating income) of Automotive Axles has increased 95.48% to Rs 938.34 crore. Operating profit margin has jumped from 4.39% to 7.74%, leading to 244.66% rise in operating profit to Rs 72.62 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 69.97% to 71.07%. Employee cost decreased from 12.36% to 8.44%. Other expenses fell from 13.54% to 12.80%. Other income fell 35.69% to Rs 3.82 crore. PBIDT rose 183.01% to Rs 76.44 crore. Provision for interest fell 19.30% to Rs 1.84 crore. PBDT rose 201.66% to Rs 74.6 crore. Provision for depreciation down 3.26% to Rs 26.1 crore. Profit before tax reported profit of Rs 48.50 crore compared to loss of Rs 2.25 crore. Provision for tax was debit of Rs 12.98 crore, compared to credit of Rs 2.19 crore. Effective tax rate was 26.76% compared to 36.38%.Profit after tax reported profit of Rs 35.52 crore compared to loss of Rs 3.83 crore. Promoters’ stake was 71.04% as of 31 December 2021 ,compared to 71.04% as of 31 December 2020 .
Full year results analysis
Net sales (including other operating income) of Automotive Axles has declined 4.87% to Rs 905.57 crore. Operating profit margin has declined from 9.80% to 7.27%, leading to 29.42% decline in operating profit to Rs 65.84 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 67.16% to 70.66%. Employee cost decreased from 9.55% to 9.43%. Other expenses fell from 13.29% to 12.92%. Other income fell 8.42% to Rs 7.07 crore. PBIDT fell 27.81% to Rs 72.91 crore. Provision for interest up 64.09% to Rs 2.97 crore. Loan funds declined from Rs 31.15 crore as of 31 March 2020 to Rs 29.49 crore as of 31 March 2021. Inventories rose to Rs 200.57 crore as of 31 March 2021 from Rs 156.00 crore as of 31 March 2020. Sundry debtors were higher at Rs 282.00 crore as of 31 March 2021 compared to Rs 122.73 crore as of 31 March 2020. Cash and bank balance declined from Rs 74.01 crore as of 31 March 2020 to Rs 72.88 crore as of 31 March 2021. PBDT fell 29.49% to Rs 69.94 crore. Provision for depreciation down 3.28% to Rs 36 crore. Fixed assets declined from Rs 278.82 crore as of 31 March 2020 to Rs 277.19 crore as of 31 March 2021. Intangible assets declined from Rs 0.61 crore to Rs 0.44 crore. Profit before tax down 45.23% to Rs 33.94 crore. Extraordinary items were decreased to Rs -3.77 crore. Provision for tax was expense of Rs 7.44 crore, compared to Rs 18.82 crore. Effective tax rate was 24.66% compared to 31.39%. Profit after tax fell 44.74% to Rs 22.73 crore. Promoters’ stake was 71.04% as of 31 March 2021 ,compared to 71.04% as of 31 March 2020 . Cash flow from operating activities decreased to Rs 48.69 crore for year ended March 2021 from Rs 197.80 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 34.77 crore, compared to Rs 62.94 crore during the year ended March 2020.
| Automotive Axles : Standalone Results | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
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| Net Sales (including other operating income) | 374.40 | 271.97 | 37.66 | 938.34 | 480.02 | 95.48 | 905.57 | 951.96 | -4.87 | | OPM (%) | 9.32 | 9.36 | -4 bps | 7.74 | 4.39 | 335 bps | 7.27 | 9.80 | -253 bps | | OP | 34.91 | 25.46 | 37.12 | 72.62 | 21.07 | 244.66 | 65.84 | 93.28 | -29.42 | | Other Inc. | 1.68 | 1.71 | -1.75 | 3.82 | 5.94 | -35.69 | 7.07 | 7.72 | -8.42 | | PBIDT | 36.59 | 27.17 | 34.67 | 76.44 | 27.01 | 183.01 | 72.91 | 101.00 | -27.81 | | Interest | 0.54 | 0.72 | -25.00 | 1.84 | 2.28 | -19.30 | 2.97 | 1.81 | 64.09 | | PBDT | 36.05 | 26.45 | 36.29 | 74.60 | 24.73 | 201.66 | 69.94 | 99.19 | -29.49 | | Depreciation | 9.27 | 9.18 | 0.98 | 26.1 | 26.98 | -3.26 | 36 | 37.22 | -3.28 | | PBT | 26.78 | 17.27 | 55.07 | 48.5 | -2.25 | LP | 33.94 | 61.97 | -45.23 | | PBT before EO | 26.78 | 17.27 | 55.07 | 48.5 | -2.25 | LP | 33.94 | 61.97 | -45.23 | | EO Income | 0 | 0 | - | 0 | -3.77 | - | -3.77 | -2.02 | -86.63 | | PBT after EO | 26.78 | 17.27 | 55.07 | 48.5 | -6.02 | LP | 30.17 | 59.95 | -49.67 | | Taxation | 6.98 | 4.08 | 71.08 | 12.98 | -2.19 | PL | 7.44 | 18.82 | -60.47 | | PAT | 19.8 | 13.19 | 50.11 | 35.52 | -3.83 | LP | 22.73 | 41.13 | -44.74 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 19.8 | 13.19 | 50.11 | 35.52 | -3.83 | LP | 22.73 | 41.13 | -44.74 | | EPS (Rs)* | 13.10 | 8.73 | 50.11 | 23.51 | -0.04 | LP | 16.92 | 28.14 | -39.86 | | | * EPS is on current equity of Rs 15.11 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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