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Results
27-May-22
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Analysis
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RHI Magnesita India
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Robust demand from user industries
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RHI
Magnesita India consolidated net sales increased 44.83% to Rs 589.96 crore in
Q4FY22 compared to Q4FY21. Operating profit margin has jumped from 16.01% to
23.34%, leading to 111.21% rise in operating profit to Rs 137.71 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 37.02% to 33.60%. Purchase of finished goods cost fell from
27.74% to 25.20%. Employee cost
decreased from 7.30% to 5.56%. Other
expenses rose from 13.28% to 13.47%.
Other
income fell 57.73% to Rs 2.05 crore.
PBIDT rose 99.51% to Rs 139.76 crore.
PBDT rose
112.52% to Rs 140.01 crore. Provision
for depreciation rose 18.14% to Rs 9.25 crore.
Profit
before tax grew 125.25% to Rs 130.76 crore.
Provision for tax was expense of Rs 30.92 crore, compared to Rs 15.51
crore. Effective tax rate was 23.65%
compared to 26.72%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 134.70% to Rs
99.84 crore.
Equity capital
increased from Rs 12.01 crore as of 31 March 2021 to Rs 16.10 crore as of 31
March 2022. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 70.19% as of 31 March 2022 ,compared to 66.49% as of 31 March
2021.
Commenting on the results, Parmod
Sagar – MD & CEO of RHI Magnesita India said, “The strong results of for the
year stands testimony to our commitment towards driving value to our
stakeholders through the amalgamation of our three legal entities. We have been
able to operate strongly as one integrated entity in the market. The demand
from the user industries like steel was robust through the most part of the
year. This we could capitalize to lead to volume growth. Also, we have been
able to partly pass on the increased freight cost to the customer leading to
more genuine price realization.”
Full year results analysis
Net sales
(including other operating income) of RHI Magnesita India has increased 45.59%
to Rs 1995.14 crore.
Operating
profit margin has jumped from 15.22% to 19.24%, leading to 84.06% rise in
operating profit to Rs 383.83 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
34.53% to 33.83%. Purchase of finished
goods cost fell from 29.57% to 28.31%.
Employee cost decreased from 7.36% to 5.83%. Other expenses fell from 14.00% to
13.90%.
Other
income fell 21.59% to Rs 9.66 crore.
PBIDT rose 78.17% to Rs 393.49 crore.
Provision for interest fell 66.36% to Rs 2.18 crore. Loan funds rose to Rs 64.71 crore as of 31
March 2022 from Rs 62.39 crore as of 31 March 2021. Inventories rose to Rs 608.04 crore as of 31
March 2022 from Rs 353.09 crore as of 31 March 2021. Sundry debtors were higher at Rs 489.02 crore
as of 31 March 2022 compared to Rs 327.71 crore as of 31 March 2021. Cash and bank balance declined from Rs 160.24
crore as of 31 March 2021 to Rs 78.09 crore as of 31 March 2022.
PBDT rose
82.54% to Rs 391.31 crore. Provision for
depreciation rose 13.56% to Rs 33.83 crore.
Fixed assets increased to Rs 310.70 crore as of 31 March 2022 from Rs
285.74 crore as of 31 March 2021.
Intangible assets increased from Rs 3.66 crore to Rs 5.63 crore.
Profit
before tax grew 93.67% to Rs 357.48 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 88.48
crore, compared to Rs 47.96 crore.
Effective tax rate was 24.75% compared to 25.98%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 96.90% to Rs
269.00 crore.
Equity
capital increased from Rs 12.01 crore as of 31 March 2021 to Rs 16.10 crore as
of 31 March 2022. Per share face Value
remained same at Rs 1.00.
Promoters’ stake was 70.19% as of
31 March 2022 ,compared to 66.49% as of 31 March 2021 .
The
scrip trades at Rs 552
RHI Magnestia: Consolidated Results
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Particulars
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2203
(03)
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2103
(03)
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Var.(%)
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2203
(12)
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2103
(12)
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Var.(%)
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Net Sales
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589.96
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407.34
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45
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1,995.14
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1,370.38
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46
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OPM (%)
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23.3
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16.0
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19.2
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15.2
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OP
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137.71
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65.20
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111
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383.83
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208.53
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84
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Other Inc.
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2.05
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4.85
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-58
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9.66
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12.32
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-22
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PBIDT
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139.76
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70.05
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100
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393.49
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220.85
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78
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Interest
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-0.25
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4.17
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-106
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2.18
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6.48
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-66
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PBDT
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140.01
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65.88
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113
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391.31
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214.37
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83
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Depreciation
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9.25
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7.83
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18
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33.83
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29.79
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14
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PBT before EO
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130.76
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58.05
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125
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357.48
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184.58
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94
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EO Income
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0.00
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0.00
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-
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0
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0
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-
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PBT after EO
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130.76
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58.05
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125
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357.48
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184.58
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94
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Taxation
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30.92
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15.51
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99
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88.48
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47.96
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84
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PAT
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99.84
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42.54
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135
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269.00
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136.62
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97
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EPS (Rs)*
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#
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#
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16.7
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8.5
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Notes
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* EPS is on current equity of Rs
16.1 crore, Face value of Rs 1, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate
Database
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