Capitaline

Results 10-Feb-22

Analysis

Ingersoll-Rand (India)

Net up 44% due to higher sales and lower PPT

Standalone net sales (including other operating income) of Ingersoll-Rand (India) for quarter ended Dec 2021 has increased 28.69% to Rs 244.99 crore. Operating profit margin has declined from 17.74% to 16.01%, leading to 16.10% rise in operating profit to Rs 39.22 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 57.03% to 61.57%. Purchase of finished goods cost rose from 1.50% to 1.75%. Employee cost decreased from 13.07% to 10.42%. Other expenses rose from 9.99% to 10.17%. Other income up 2.73% to Rs 3.39 crore. PBIDT rose 14.91% to Rs 42.61 crore. Provision for interest up 69.57% to Rs 0.39 crore. PBDT rose 14.57% to Rs 42.22 crore. Profit before tax grew 16.17% to Rs 38.58 crore. Provision for tax was expense of Rs 9.98 crore, compared to Rs 13.3 crore. Effective tax rate was 25.87% compared to 40.05%. Profit after tax rose 43.65% to Rs 28.60 crore.

Nine month performance

Net sales (including other operating income) of Ingersoll-Rand (India) has increased 59.88% to Rs 688.14 crore.

Operating profit margin has declined from 16.47% to 16.20%, leading to 57.32% rise in operating profit to Rs 111.49 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 57.16% to 61.02%. Purchase of finished goods cost fell from 2.02% to 1.79%. Employee cost decreased from 14.15% to 11.70%. Other expenses fell from 10.01% to 9.57%.

Other income fell 5.31% to Rs 9.27 crore. PBIDT rose 49.71% to Rs 120.76 crore. Provision for interest up 52.63% to Rs 1.16 crore.

PBDT rose 49.69% to Rs 119.6 crore. Provision for depreciation down 5.04% to Rs 10.37 crore. Profit before tax grew 58.35% to Rs 109.23 crore. Provision for tax was expense of Rs 28.31 crore, compared to Rs 22.65 crore. Effective tax rate was 25.92% compared to 32.84%.Profit after tax rose 74.66% to Rs 80.92 crore.

Other developments

Promoters’ stake was 75.00% as of 31 December 2021 ,compared to 75.00% as of 31 December 2020 .

Ingersoll-Rand (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)	244.99	190.37	28.69	688.14	430.41	59.88	617.73	705.62	-12.46
OPM (%)	16.01	17.74	-174 bps	16.20	16.47	-26 bps	17.92	14.00	392 bps
OP	39.22	33.78	16.10	111.49	70.87	57.32	110.68	98.76	12.07
Other Inc.	3.39	3.30	2.73	9.27	9.79	-5.31	13.05	36.13	-63.88
PBIDT	42.61	37.08	14.91	120.76	80.66	49.71	123.73	134.89	-8.27
Interest	0.39	0.23	69.57	1.16	0.76	52.63	1.69	2.6	-35.00
PBDT	42.22	36.85	14.57	119.60	79.90	49.69	122.04	132.29	-7.75
Depreciation	3.64	3.64	0	10.37	10.92	-5.04	14.26	18.26	-21.91
PBT	38.58	33.21	16.17	109.23	68.98	58.35	107.78	114.03	-5.48
PBT before EO	38.58	33.21	16.17	109.23	68.98	58.35	107.78	114.03	-5.48
EO Income	0	0	-	0	0	-	0	0	-
PBT after EO	38.58	33.21	16.17	109.23	68.98	58.35	107.78	114.03	-5.48
Taxation	9.98	13.3	-24.96	28.31	22.65	24.99	35.43	29.44	20.35
PAT	28.6	19.91	43.65	80.92	46.33	74.66	72.35	84.59	-14.47
P/(L) from discontinued operations net of tax	0	0	-	0	0	-	0	0	-
Net profit after discontinued operations	28.6	19.91	43.65	80.92	46.33	74.66	72.35	84.59	-14.47
EPS (Rs)*	9.06	6.31	43.65	25.63	14.68	74.66	22.92	26.80	-14.47

* EPS is on current equity of Rs 31.57 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

Peer Comparision (Standalone)	Q-202112
Peer Comparision (Standalone)	Sales (Rs. Crs)	var.(%)	OP (Rs. Crs)	var.(%)	Net Profit (Rs. Crs)	var.(%)	Share Price(Rs) 09-Feb-2022	var.(%) over One year	TTM EPS	TTM PE
Ingersoll-Rand (India) Ltd	244.99	28.69	39.22	16.1	28.60	43.65	1,492.35	100.87	33.88	44.05
Kirloskar Pneumatic Company Ltd	227.28	26.05	22.03	-15.37	12.11	-8.74	431.95	123.40	12.55	34.41
Industry	472.27	27.41	61.25	2.41	40.71	22.69	6,459.66	104.94		21.36

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