For the
quarter ending Dec 2021, Standalone net sales (including other operating income) of Igarashi Motors India has declined 33.99% to Rs 111.19 crore compared to quarter ended Dec 2020.
Operating profit margin has declined from 16.57% to 2.28%, leading to 90.90% decline in operating profit to Rs 2.54 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 60.03% to 69.97%. Employee cost increased from 7.45% to 10.74%. Other expenses rose from 16.40% to 17.05%. Other income up 46.97% to Rs 3.88 crore. PBIDT fell 78.99% to Rs 6.42 crore. Provision for interest fell 31.29% to Rs 1.12 crore. PBDT fell 81.67% to Rs 5.3 crore. Provision for depreciation down 4% to Rs 11.04 crore. Profit before tax reported loss of Rs 5.74 crore compared to profit of Rs 17.42 crore. Provision for tax was credit of Rs 1.32 crore, compared to debit of Rs 4.07 crore. Effective tax rate was 23.00% compared to 23.36%. Profit after tax reported loss of Rs 4.42 crore compared to profit of Rs 13.35 crore. Promoters’ stake was 75.00% as of 31 December 2021 ,compared to 75.00% as of 31 December 2020 .
For year-to-date (YTD) results analysis
Net sales (including other operating income) of Igarashi Motors India has increased 14.90% to Rs 418.58 crore. Operating profit margin has declined from 12.93% to 9.15%, leading to 18.74% decline in operating profit to Rs 38.29 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 59.52% to 65.20%. Employee cost decreased from 9.51% to 8.68%. Other expenses fell from 18.10% to 16.94%. Other income fell 13.48% to Rs 6.48 crore. PBIDT fell 18.02% to Rs 44.77 crore. Provision for interest up 19.56% to Rs 4.89 crore. PBDT fell 21.06% to Rs 39.88 crore. Provision for depreciation down 0.24% to Rs 33.36 crore. Profit before tax down 61.83% to Rs 6.52 crore. Provision for tax was expense of Rs 2.05 crore, compared to Rs 2.44 crore. Effective tax rate was 31.44% compared to 14.29%.Profit after tax fell 69.47% to Rs 4.47 crore. Promoters’ stake was 75.00% as of 31 December 2021 ,compared to 75.00% as of 31 December 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 declined 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. PBIDT fell 6.48% to Rs 83.31 crore. Provision for interest fell 56.11% to Rs 6.18 crore. Loan funds rose to Rs 95.12 crore as of 31 March 2021 from Rs 88.32 crore as of 31 March 2020. 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. PBDT rose 2.84% to Rs 77.13 crore. 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.
| Igarashi Motors India : Standalone Results | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
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| Net Sales (including other operating income) | 111.19 | 168.44 | -33.99 | 418.58 | 364.31 | 14.90 | 532.86 | 534.39 | -0.29 | | OPM (%) | 2.28 | 16.57 | -1,429 bps | 9.15 | 12.93 | -379 bps | 13.84 | 14.49 | -64 bps | | OP | 2.54 | 27.91 | -90.90 | 38.29 | 47.12 | -18.74 | 73.77 | 77.41 | -4.70 | | Other Inc. | 3.88 | 2.64 | 46.97 | 6.48 | 7.49 | -13.48 | 9.54 | 11.67 | -18.25 | | PBIDT | 6.42 | 30.55 | -78.99 | 44.77 | 54.61 | -18.02 | 83.31 | 89.08 | -6.48 | | Interest | 1.12 | 1.63 | -31.29 | 4.89 | 4.09 | 19.56 | 6.18 | 14.08 | -56.11 | | PBDT | 5.30 | 28.92 | -81.67 | 39.88 | 50.52 | -21.06 | 77.13 | 75.00 | 2.84 | | Depreciation | 11.04 | 11.5 | -4.00 | 33.36 | 33.44 | -0.24 | 44.68 | 42.54 | 5.03 | | PBT | -5.74 | 17.42 | PL | 6.52 | 17.08 | -61.83 | 32.45 | 32.46 | -0.03 | | PBT before EO | -5.74 | 17.42 | PL | 6.52 | 17.08 | -61.83 | 32.45 | 32.46 | -0.03 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | -5.74 | 17.42 | PL | 6.52 | 17.08 | -61.83 | 32.45 | 32.46 | -0.03 | | Taxation | -1.32 | 4.07 | LP | 2.05 | 2.44 | -15.98 | 6.83 | 2.55 | 167.84 | | PAT | -4.42 | 13.35 | PL | 4.47 | 14.64 | -69.47 | 25.62 | 29.91 | -14.34 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | -4.42 | 13.35 | PL | 4.47 | 14.64 | -69.47 | 25.62 | 29.91 | -14.34 | | EPS (Rs)* | -1.40 | 4.24 | PL | 1.42 | 4.65 | -69.47 | 8.14 | 9.50 | -14.34 | | | * EPS is on current equity of Rs 31.48 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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