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Results
27-Jul-22
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Analysis
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Elantas Beck India
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PBIT margin up 430 bps to 16.5%
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Elantas
Beck India standalone net sales increased 48.74% to Rs 170.92 crore in Q2CY22
compared to Q2CY21. Sales of Electrical
Insulations segment has gone up 48.72% to Rs 146.04 crore (accounting for
85.08% of total sales). Sales of
Engineering & Electronic Resins and segment has gone up 46.75% to Rs 25.61
crore (accounting for 14.92% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 99.52% to Rs
28.25 crore. PBIT of Electrical
Insulations segment rose 90.11% to Rs 22.52 crore (accounting for 79.74% of
total PBIT). PBIT of Engineering &
Electronic Resins and segment rose 147.78% to Rs 5.72 crore (accounting for
20.26% of total PBIT).
PBIT
margin of Electrical Insulations segment rose from 12.07% to 15.42%. PBIT margin of Engineering & Electronic
Resins and segment rose from 13.24% to 22.35%.
Overall PBIT margin rose 430 bps from 12.2% to 16.5%.
Operating
profit margin has jumped from 13.49% to 17.34%, leading to 91.16% rise in
operating profit to Rs 29.63 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
70.65% to 66.79%. Purchase of finished
goods cost rose from 0.22% to 0.51%.
Employee cost decreased from 6.28% to 5.01%. Other expenses fell from 11.06% to 10.07%.
Other
income fell 73.29% to Rs 1.17 crore.
PBIDT rose 54.93% to Rs 30.8 crore.
Provision for interest remained nil.
PBDT
rose 54.93% to Rs 30.8 crore. Provision
for depreciation rose 3.96% to Rs 3.15 crore.
Profit
before tax grew 64.09% to Rs 27.65 crore.
Provision for tax was expense of Rs 7.08 crore, compared to Rs 4.27
crore. Effective tax rate was 25.61%
compared to 25.34%.
Profit
after tax rose 63.51% to Rs 20.57 crore.
Equity
capital stood at Rs 7.93 crore as of 30 June 2022 to Rs 7.93 crore as of 30
June 2021. Per share face Value remained
same at Rs 10.00.
Promoters’
stake was 75.00% as of 30 June 2022 ,compared to 75.00% as of 30 June 2021
.
On
March 6, 2019, the company was directed for closure of its operations in
Ankleshwar by the Gujarat Pollution Control Board (GPCB) due to a suspected
ground water contamination issue. The GPCB through its subsequent orders had
granted temporary revocation of the closure order. The company is representing
to the GPCB for a permanent revocation of the closure order.
During
the quarter, the Board has given an approval for sale of some portion of the
leasehold land situated in Gujarat Industrial Development Corporation (GIDC)
industrial area, Ankleshwar. Considering this, the management has classified
the land as Asset held for sale.
For year-to-date (YTD)
results analysis
Net
sales of Elantas Beck India have increased 34.10% to Rs 327.18 crore. Sales of Electrical Insulations segment has
gone up 35.06% to Rs 278.28 crore (accounting for 84.66% of total sales). Sales of Engineering & Electronic Resins
and segment has gone up 28.33% to Rs 50.43 crore (accounting for 15.34% of
total sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 49.69% to Rs
57.16 crore. PBIT of Electrical
Insulations segment rose 43.12% to Rs 45.51 crore (accounting for 79.62% of
total PBIT). PBIT of Engineering &
Electronic Resins and segment rose 82.36% to Rs 11.65 crore (accounting for
20.38% of total PBIT).
PBIT
margin of Electrical Insulations segment rose from 15.43% to 16.35%. PBIT margin of Engineering & Electronic
Resins and segment rose from 16.26% to 23.10%.
Overall PBIT margin rose from 15.56% to 17.39%.
Operating
profit margin has jumped from 16.77% to 18.29%, leading to 46.27% rise in
operating profit to Rs 59.84 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
66.63% to 66.82%. Purchase of finished
goods cost rose from 0.21% to 0.33%.
Employee cost decreased from 6.09% to 4.99%. Other expenses fell from 11.37% to
9.87%.
Other
income fell 17.58% to Rs 5.58 crore.
PBIDT rose 37.21% to Rs 65.42 crore.
Provision for interest up 32% to Rs 0.33 crore.
PBDT
rose 37.23% to Rs 65.09 crore. Provision
for depreciation rose 4.75% to Rs 6.18 crore.
Profit
before tax grew 41.85% to Rs 58.91 crore.
Provision for tax was expense of Rs 14.62 crore, compared to Rs 10.82
crore. Effective tax rate was 24.82% compared
to 26.05%.
Profit
after tax rose 44.22% to Rs 44.29 crore.
Equity
capital stood at Rs 7.93 crore as of 30 June 2022 to Rs 7.93 crore as of 30
June 2021. Per share face Value remained
same at Rs 10.00.
Promoters’
stake was 75.00% as of 30 June 2022 ,compared to 75.00% as of 30 June 2021
.
Full year results
analysis
Net
sales of Elantas Beck India have increased 36.28% to Rs 522.13 crore. Operating profit margin has declined from
18.36% to 14.99%, leading to 11.27% rise in operating profit to Rs 78.27
crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 55.84% to 67.46%. Purchase of finished goods cost fell from
4.58% to 0.26%. Employee cost decreased from 7.34% to 5.85%. Other expenses
fell from 13.90% to 11.70%.
Other
income fell 25.06% to Rs 16.33 crore.
PBIDT rose 2.68% to Rs 94.6 crore.
Provision for interest up 13.64% to Rs 0.25 crore. Loan funds remained nil.
Inventories
rose to Rs 83.93 crore as of 31 December 2021 from Rs 52.68 crore as of 31
December 2020. Sundry debtors were
higher at Rs 86.84 crore as of 31 December 2021 compared to Rs 70.51 crore as
of 31 December 2020. Cash and bank
balance declined from Rs 26.62 crore as of 31 December 2020 to Rs 17.64 crore
as of 31 December 2021. Investments rose
to Rs 261.35 crore as of 31 December 2021 from Rs 217.72 crore as of 31
December 2020 .
PBDT
rose 2.65% to Rs 94.35 crore. Provision
for depreciation rose 3.50% to Rs 12.11 crore.
Fixed assets increased to Rs 79.40 crore as of 31 December 2021 from Rs
76.30 crore as of 31 December 2020.
Intangible assets declined from Rs 44.07 crore to Rs 37.84 crore.
Profit
before EO grew 2.53% to Rs 82.24 crore. The
company reported net EO income of Rs 9.14 crore (Rs 19.19 crore towards profit
on sale of office space at pimpri, Rs 9.6 crore of provision for capital
advance and related expense incurred due
to termination of project and Rs 44.44 lakh of loss due to fire accident)
compared to nil EO items during the period. PBT after EO was up 14% to Rs 91.38
crore.
The
company terminated the Memorandum of Understanding (MoU) which was entered with
Talegaon industrial Parks Private Limited (TIPPL) for acquisition of land
situated al Navlakhumbre, Tal Maval, Pune. The company has made a provision of
Rs 9.60 crore for expenditure incurred so far in relation to this project.
Provision
for tax was expense of Rs 24.5 crore, compared to Rs 18.45 crore. Effective tax rate was 26.81% compared to
23.00%. Profit after tax rose 8.29% to Rs 66.88 crore.
Promoters’
stake was 75.00% as of 31 December 2021 compared to 75.00% as of 31 December
2020.
0n
March 6, 2019, the company was directed for closure of its operations in Ankleshwar
by the Gujarat Pollution Control Board (GPCB) due to a suspected ground water
contamination issue, The GPCB through its subsequent orders had granted
temporary revocation of the closure order. The company is representing to the
GPCB for a permanent revocation of the closure order.
The
stock trades at Rs 4038.
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Elantas Beck India : Standalone Results
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Particulars
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2206 (03)
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2106 (03)
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Var.(%)
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2206 (06)
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2106 (06)
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Var.(%)
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2112 (12)
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2012 (12)
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Var.(%)
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Net Sales
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170.92
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114.91
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49
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327.18
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243.99
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34
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522.13
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383.13
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36
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OPM (%)
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17.3
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13.5
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18.3
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16.8
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15.0
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18.4
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OP
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29.63
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15.5
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91
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59.84
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40.91
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46
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78.27
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70.34
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11
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Other Inc.
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1.17
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4.38
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-73
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5.58
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6.77
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-18
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16.33
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21.79
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-25
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PBIDT
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30.8
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19.88
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55
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65.42
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47.68
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37
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94.6
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92.13
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3
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Interest
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0
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0
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0.33
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0.25
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0.25
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0.22
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14
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PBDT
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30.8
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19.88
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55
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65.09
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47.43
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37
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94.35
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91.91
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3
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Depreciation
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3.15
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3.03
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4
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6.18
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5.9
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5
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12.11
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11.7
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4
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PBT before EO
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27.65
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16.85
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64
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58.91
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41.53
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42
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82.24
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80.21
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3
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EO Income
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0
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0
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0
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0
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9.14
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0
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-
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PBT after EO
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27.65
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16.85
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64
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58.91
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41.53
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42
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91.38
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80.21
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14
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Taxation
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7.08
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4.27
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66
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14.62
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10.82
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35
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24.5
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18.45
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33
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PAT
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20.57
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12.58
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64
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44.29
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30.71
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44
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66.88
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61.76
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8
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EPS (Rs)*
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#
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#
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#
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#
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75.9
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77.9
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-3
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bps : Basis points
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* EPS is on current equity of Rs 7.93 crore, Face value of Rs
10, 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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Elantas Beck India : Standalone Segment Results
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% of (Total)
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2206 (03)
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2106 (03)
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Var.(%)
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% of (Total)
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2206 (06)
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2106 (06)
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Var.(%)
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% of (Total)
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2112 (12)
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2012 (12)
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Var.(%)
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Sales
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Electrical Insulations
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85
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146.04
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98
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49
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84.66
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278.28
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206.05
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35
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84
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440.29
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340.5
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29
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Engineering & Electronic Resins and
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15
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25.61
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17
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47
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15.34
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50.43
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39.3
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28
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16
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84.39
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44.84
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88
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Total Reported Sales
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100
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171.65
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116
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48
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100
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328.72
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245.35
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34
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100
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524.69
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385.35
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36
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Less: Inter segment revenues
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0
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0
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-
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0
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0
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0
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0
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-
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Net Sales
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171.65
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116
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48
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328.72
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245.35
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34
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524.69
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385.35
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36
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PBIT
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Electrical Insulations
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80
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22.52
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11.85
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90
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80
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45.51
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31.8
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43
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82
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59.92
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57.87
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4
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Engineering & Electronic Resins and
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20
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5.72
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2.31
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148
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20
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11.65
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6.39
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82
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18
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12.8
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6.73
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90
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Total PBIT
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100
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28.25
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14.16
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100
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100
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57.16
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38.18
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50
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100
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72.72
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64.59
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13
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Less : Interest
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0
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0
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-
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0.33
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0.25
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33
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0.25
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0.22
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14
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Add: Other un-allcoable
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-0.6
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2.69
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PL
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2.08
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3.59
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-42
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18.91
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15.84
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19
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PBT
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27.65
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16.85
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64
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58.9
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41.53
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42
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91.38
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80.21
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14
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Elantas Beck India standalone net profit rises 39.73% in the December 2023 quarter
(
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20-Feb-24
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24-Feb-16
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Elantas Beck
(
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Board of Elantas Beck India recommends final dividend
(
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20-Feb-24
16:44
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Elantas Beck India update on GPCB revocation order for its Ankleshwar plant
(
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11-Nov-19
10:35
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