For the
quarter ending Dec 2021, standalone net sales (including other operating income) of Gabriel India has increased 13.33% to Rs 606.14 crore compared to quarter ended Dec 2020.
Operating profit margin has declined from 7.02% to 6.93%, leading to 11.88% rise in operating profit to Rs 42.01 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 74.63% to 75.65%. Purchase of finished goods cost fell from 1.82% to 1.25%. Employee cost decreased from 7.07% to 6.36%. Other expenses rose from 9.62% to 9.84%. Other income fell 18% to Rs 6.47 crore. PBIDT rose 6.69% to Rs 48.48 crore. Provision for interest fell 19.78% to Rs 0.73 crore. PBDT rose 7.23% to Rs 47.75 crore. Provision for depreciation down 8.04% to Rs 10.87 crore. Profit before tax grew 12.75% to Rs 36.88 crore. Provision for tax was expense of Rs 11.19 crore, compared to Rs 8.12 crore. Effective tax rate was 30.34% compared to 24.82%. Profit after tax rose 4.47% to Rs 25.69 crore. Promoters’ stake was 55.00% as of 31 December 2021 ,compared to 52.75% as of 31 December 2020 .
For year-to-date (YTD) results analysis
Net sales (including other operating income) of Gabriel India has increased 47.57% to Rs 1,647.66 crore. Operating profit margin has jumped from 4.99% to 6.57%, leading to 94.27% rise in operating profit to Rs 108.21 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 72.46% to 74.72%. Purchase of finished goods cost fell from 1.87% to 1.35%. Employee cost decreased from 9.81% to 7.14%. Other expenses fell from 10.85% to 10.24%. Other income fell 1.86% to Rs 15.34 crore. PBIDT rose 73.21% to Rs 123.55 crore. Provision for interest up 41.72% to Rs 4.11 crore. PBDT rose 74.54% to Rs 119.44 crore. Provision for depreciation down 1.60% to Rs 30.69 crore. Profit before tax grew 138.32% to Rs 88.75 crore. Provision for tax was expense of Rs 26.15 crore, compared to Rs 5.82 crore. Effective tax rate was 29.46% compared to 15.63%.Profit after tax rose 99.24% to Rs 62.60 crore. Promoters’ stake was 55.00% as of 31 December 2021 ,compared to 52.75% as of 31 December 2020 .
Full year results analysis
Net sales (including other operating income) of Gabriel India has declined 9.37% to Rs 1,694.83 crore. Operating profit margin has declined from 7.37% to 6.05%, leading to 25.60% decline in operating profit to Rs 102.52 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 72.05% to 73.04%. Purchase of finished goods cost rose from 1.25% to 1.76%. Employee cost increased from 8.29% to 8.65%. Other expenses fell from 11.05% to 10.54%. Other income up 150.62% to Rs 24.31 crore. PBIDT fell 14.01% to Rs 126.83 crore. Provision for interest up 82.68% to Rs 6.54 crore. Loan funds rose to Rs 14.74 crore as of 31 March 2021 from Rs 7.82 crore as of 31 March 2020. Inventories rose to Rs 196.48 crore as of 31 March 2021 from Rs 156.11 crore as of 31 March 2020. Sundry debtors were higher at Rs 279.30 crore as of 31 March 2021 compared to Rs 233.28 crore as of 31 March 2020. Cash and bank balance rose to Rs 255.44 crore as of 31 March 2021 from Rs 56.66 crore as of 31 March 2020. Investments declined from Rs 35.18 crore as of 31 March 2020 to Rs 15.10 crore as of 31 March 2021. PBDT fell 16.42% to Rs 120.29 crore. Provision for depreciation down 2.89% to Rs 42.39 crore. Fixed assets increased to Rs 377.88 crore as of 31 March 2021 from Rs 366.22 crore as of 31 March 2020. Intangible assets increased from Rs 2.03 crore to Rs 2.51 crore. Profit before tax down 22.31% to Rs 77.90 crore. Provision for tax was expense of Rs 17.63 crore, compared to Rs 15.72 crore. Effective tax rate was 22.63% compared to 15.68%. Profit after tax fell 28.72% to Rs 60.27 crore. Promoters’ stake was 55.00% as of 31 March 2021 ,compared to 52.75% as of 31 March 2020 . Cash flow from operating activities increased to Rs 204.32 crore for year ended March 2021 from Rs 120.13 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 52.61 crore, compared to Rs 61.25 crore during the year ended March 2020.
Other Highlights
For 9M FY22,
Capex incurred was Rs 54.7 crore.
Company witnessed change in product mix towards 2W segment,
where it continues to gain market share.
Company saw Improvement in CV Volumes from Oct
2021.
After market have share
increased from 13% in Q3 FY21 to 14% in
Q3 FY22.
For 9M FY22, Exports to OEMs contributed 70% of total exports
and After market contributed 30%.
| Gabriel India : Standalone Results | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
|---|
| Net Sales (including other operating income) | 606.14 | 534.83 | 13.33 | 1,647.66 | 1,116.54 | 47.57 | 1,694.83 | 1,869.96 | -9.37 | | OPM (%) | 6.93 | 7.02 | -9 bps | 6.57 | 4.99 | 158 bps | 6.05 | 7.37 | -132 bps | | OP | 42.01 | 37.55 | 11.88 | 108.21 | 55.70 | 94.27 | 102.52 | 137.80 | -25.60 | | Other Inc. | 6.47 | 7.89 | -18.00 | 15.34 | 15.63 | -1.86 | 24.31 | 9.70 | 150.62 | | PBIDT | 48.48 | 45.44 | 6.69 | 123.55 | 71.33 | 73.21 | 126.83 | 147.50 | -14.01 | | Interest | 0.73 | 0.91 | -19.78 | 4.11 | 2.9 | 41.72 | 6.54 | 3.58 | 82.68 | | PBDT | 47.75 | 44.53 | 7.23 | 119.44 | 68.43 | 74.54 | 120.29 | 143.92 | -16.42 | | Depreciation | 10.87 | 11.82 | -8.04 | 30.69 | 31.19 | -1.60 | 42.39 | 43.65 | -2.89 | | PBT | 36.88 | 32.71 | 12.75 | 88.75 | 37.24 | 138.32 | 77.9 | 100.27 | -22.31 | | PBT before EO | 36.88 | 32.71 | 12.75 | 88.75 | 37.24 | 138.32 | 77.9 | 100.27 | -22.31 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 36.88 | 32.71 | 12.75 | 88.75 | 37.24 | 138.32 | 77.9 | 100.27 | -22.31 | | Taxation | 11.19 | 8.12 | 37.81 | 26.15 | 5.82 | 349.31 | 17.63 | 15.72 | 12.15 | | PAT | 25.69 | 24.59 | 4.47 | 62.6 | 31.42 | 99.24 | 60.27 | 84.55 | -28.72 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 25.69 | 24.59 | 4.47 | 62.6 | 31.42 | 99.24 | 60.27 | 84.55 | -28.72 | | EPS (Rs)* | 1.79 | 1.71 | 4.47 | 4.36 | 2.19 | 99.24 | 4.20 | 5.89 | -28.72 | | | * EPS is on current equity of Rs 14.36 crore, Face value of Rs 1, 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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