|
Consolidated net sales (including other operating income) of Kennametal India for
the quarter ended Mar 2022 has increased 7.81% to Rs 245.7 crore. Operating
profit margin has jumped from 15.31% to 17.34%, leading to 22.06% rise in
operating profit to Rs 42.60 crore. Raw material cost as a % of
total sales (net of stock adjustments) increased from 27.20% to 28.28%.
Purchase of finished goods cost fell from 27.28% to 24.17%.
Employee cost increased from 15.12% to 15.13%. Other
expenses rose from 15.87% to 15.90%. Other income fell 34.38% to Rs
2.1 crore. PBIDT rose 17.32% to Rs 44.7 crore. Provision
for interest remained nil. PBDT rose 17.32% to Rs 44.7
crore. Provision for depreciation fell 6.38% to Rs 8.8
crore. Profit before tax grew 25.09% to Rs 35.90
crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 9 crore, compared to Rs
6.7 crore. Effective tax rate was 25.07% compared to 23.34%.
Minority interest was nil in both the
periods. Net profit attributable to owners of the company increased
22.27% to Rs 26.90 crore.
· - Sales of Machining Solutions segment has gone up
14.38% to Rs 36.60 crore (accounting for 14.90% of total
sales). Sales of Hard Metal and Hard Metal Products segment has gone
up 6.69% to Rs 209.00 crore (accounting for 85.10% of total sales). ·
- Profit before interest, tax and other unallocable
items (PBIT) has jumped 23.03% to Rs 42.20 crore. PBIT of Machining Solutions segment rose 81.82% to Rs 4.00 crore (accounting for 9.48% of total
PBIT). PBIT of Hard Metal and Hard Metal Products segment rose
19.00% to Rs 38.20 crore (accounting for 90.52% of total PBIT).
- PBIT margin of Machining Solutions segment rose from
6.88% to 10.93%. PBIT margin of Hard Metal and Hard Metal Products
segment rose from 16.39% to 18.28%. Overall PBIT margin rose from
15.05% to 17.18%.
Nine month performance
Consolidated net sales (including other operating income) for the 9month ended
Mar 2022, has increased 5.32% to Rs 641.8 crore. Sales of Maching
Solutions segment has gone down 32.30% to Rs 85.30 crore (accounting for 13.29%
of total sales). Sales of Hard Metal and Hard metal Products segment
has gone up 15.12% to Rs 556.50 crore (accounting for 86.71% of total
sales).
Profit before interest, tax and other
unallocable items (PBIT) has jumped 7.59% to Rs 89.30 crore. PBIT of
Maching Solutions segment fell 86.60% to Rs 4.10 crore (accounting for 4.59% of
total PBIT). PBIT of Hard Metal and Hard metal Products segment rose
62.60% to Rs 85.20 crore (accounting for 95.41% of total PBIT).
PBIT margin of Maching Solutions
segment fell from 24.29% to 4.81%. PBIT margin of Hard Metal and
Hard metal Products segment rose from 10.84% to 15.31%. Overall PBIT
margin rose from 13.62% to 13.91%.
Operating profit margin has jumped from 13.72% to
14.57%, leading to 11.84% rise in operating profit to Rs 93.50
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 28.32% to 26.67%. Purchase of finished
goods cost rose from 26.25% to 26.53%. Employee cost increased from
14.81% to 15.25%. Other expenses fell from 17.23% to 16.68%.
Other income rose 51.35% to Rs 5.6
crore. PBIDT rose 13.52% to Rs 99.1 crore. Provision for
interest fell 81.25% to Rs 0.3 crore.
PBDT rose 15.29% to Rs 98.8
crore. Provision for depreciation rose 14.92% to Rs 28.5
crore.
Profit before tax grew 15.44% to Rs 70.30
crore. Share of profit/loss were nil in both the
periods. Extraordinary items were increased to Rs -1.00
crore. Provision for tax was expense of Rs 17.6 crore, compared to
Rs 14.8 crore. Effective tax rate was 25.40% compared to 25.43%.
Minority interest was nil in both the
periods. Net profit attributable to owners of the company increased
19.12% to Rs 51.70 crore.
Management Comment
Commenting on the results, Vijaykrishnan
Venkatesan, Managing Director, KIL said, “Our performance has been consistent
as we have clocked growth over a strong base last year amid the prevailing
market uncertainties. With commodity prices witnessing an unprecedented surge
and industries grappling with various supply chain constraints, we continue to
remain focused on diversifying our customer base, growing through new product
launches to enhance customer value, and augmenting our internal efficiencies.”
Other developments
KIL announced a 240% Interim dividend of
? 24/- per share for FY22 as against ? 20/- per share for FY21.
The Board of Directors at its meeting
held on December 4, 2020 had approved a Scheme of Amalgamation (`Scheme`) for
the merger of its wholly owned subsidiary, WIDIA India Tooling Private Limited
(‘WITPL’) with its Holding Company, Kennametal India Limited (‘KIL’ or
‘Company’). Pursuant to the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Company has furnished the Scheme details
to the Bombay Stock Exchange. The appointed date of the Scheme was 1st April
2021. Further, the Company has received approval for the said Scheme from the
shareholders and Unsecured creditors of the Company at its meeting held on
April 12, 2021 convened by Hon`ble NCLT, Bengaluru bench and the petition to
that effect was filed with NCLT on April 29, 2021. The hearing date for the
same was fixed on November 13, 2021, December 8, 2021 and March 31, 2022 by the
Hon`ble NCLT Bengaluru bench and however, the matter was not heard on these
dates. Further hearing date is being awaited for the next course of action.
|
Kennametal
India : Consolidated Results
|
|
|
|
|
|
|
|
|
2203
(3)
|
2103
(3)
|
Var.
(%)
|
2203
(9)
|
2103
(9)
|
Var.
(%)
|
2106
(12)
|
2006
(12)
|
Var.
(%)
|
|
Sales
|
245.70
|
227.90
|
8
|
722.10
|
641.80
|
13
|
853.70
|
705.00
|
21
|
|
OPM (%)
|
17.3
|
15.3
|
|
18.5
|
14.6
|
|
15.3
|
10.1
|
|
|
OP
|
42.60
|
34.90
|
22
|
133.60
|
93.50
|
43
|
130.80
|
70.90
|
84
|
|
Other
inc.
|
2.10
|
3.20
|
-34
|
7.50
|
5.60
|
34
|
6.90
|
12.60
|
-45
|
|
PBIDT
|
44.70
|
38.10
|
17
|
141.10
|
99.10
|
42
|
137.70
|
83.50
|
65
|
|
Interest
|
0.00
|
0.00
|
####
|
0.00
|
0.30
|
-100
|
0.30
|
1.90
|
-84
|
|
PBDT
|
44.70
|
38.10
|
17
|
141.10
|
98.80
|
43
|
137.40
|
81.60
|
68
|
|
Dep.
|
8.80
|
9.40
|
-6
|
26.90
|
28.50
|
-6
|
37.90
|
34.40
|
10
|
|
PBT
|
35.90
|
28.70
|
25
|
114.20
|
70.30
|
62
|
99.50
|
47.20
|
111
|
|
EO Exp
|
0.00
|
0.00
|
####
|
0.00
|
1.00
|
-100
|
1.00
|
5.10
|
-80
|
|
PBT
after EO
|
35.90
|
28.70
|
25
|
114.20
|
69.30
|
65
|
98.50
|
42.10
|
134
|
|
Taxation
|
9.90
|
6.70
|
48
|
29.30
|
17.60
|
66
|
25.20
|
9.20
|
174
|
|
PAT
|
26.00
|
22.00
|
18
|
84.90
|
51.70
|
64
|
73.30
|
32.90
|
123
|
|
PPT
|
-0.90
|
0.00
|
|
-0.90
|
0.00
|
####
|
0.00
|
-1.00
|
-100
|
|
Net
profit
|
26.90
|
22.00
|
22
|
85.80
|
51.70
|
66
|
73.30
|
33.90
|
116
|
|
EPS
(Rs)*
|
#
|
#
|
|
#
|
#
|
|
33.7
|
16.8
|
|
|
* EPS
is on current equity of Rs 21.98 crore, Face value of Rs 10
|
|
|
|
|
# EPS
is not annualised due to seasonality of business
|
|
|
|
|
|
Figures
in Rs crore
|
|
|
|
|
|
|
|
|
|
Source:
Capitaline Corporate Database
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|
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|
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|
| Kennametal India : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202203 | 202103 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) | % of (Total) | 202106 | 202006 | Var.(%) |
|---|
| Sales | | Maching Solutions | 14.90 | 36.60 | 32.00 | 14.38 | 13.99 | 101.00 | 85.30 | 18.41 | 12.93 | 110.40 | 148.10 | -25.46 | | Hard Metal and Hard Metal Products | 85.10 | 209.00 | 195.90 | 6.69 | 86.01 | 621.10 | 556.50 | 11.61 | 87.07 | 743.30 | 556.90 | 33.47 | | Total Reported Sales | 100.00 | 245.60 | 227.90 | 7.77 | 100.00 | 722.10 | 641.80 | 12.51 | 100.00 | 853.70 | 705.00 | 21.09 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 245.60 | 227.90 | 7.77 | 100.00 | 722.10 | 641.80 | 12.51 | 100.00 | 853.70 | 705.00 | 21.09 | | PBIT | | Maching Solutions | 9.48 | 4.00 | 2.20 | 81.82 | 9.46 | 12.60 | 4.10 | 207.32 | 5.62 | 7.00 | 29.60 | -76.35 | | Hard Metal and Hard Metal Products | 90.52 | 38.20 | 32.10 | 19.00 | 90.54 | 120.60 | 85.20 | 41.55 | 94.38 | 117.50 | 43.80 | 168.26 | | Total PBIT | 100.00 | 42.20 | 34.30 | 23.03 | 100.00 | 133.20 | 89.30 | 49.16 | 100.00 | 124.50 | 73.40 | 69.62 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | -6.30 | -5.60 | -12.50 | | -19.00 | -20.00 | 5.00 | | -26.00 | -31.20 | 16.67 | | PBIT Margin(%) | | Maching Solutions | | 10.93 | 6.88 | 405.40 | | 12.48 | 4.81 | 766.87 | | 6.34 | 19.99 | -1,364.59 | | Hard Metal and Hard Metal Products | | 18.28 | 16.39 | 189.16 | | 19.42 | 15.31 | 410.72 | | 15.81 | 7.86 | 794.29 | | PBT | 100.00 | 35.90 | 28.70 | 25.09 | 100.00 | 114.20 | 69.30 | 64.79 | 100.00 | 98.50 | 42.20 | 133.41 |
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