For
the quarter ending june 2022, consolidated net sales (including other operating income) of Wheels India has increased 55.49% to Rs 1133.68 crore compared to quarter ended june 2021. Sales of Automotive components segment has gone up 69.74% to Rs 996.28 crore (accounting for 87.88% of total sales). Sales of Industrial components segment has gone down 3.34% to Rs 137.40 crore (accounting for 12.12% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 17.97% to Rs 34.79 crore. PBIT of Automotive components segment rose 140.69% to Rs 53.24 crore (accounting for 153.03% of total PBIT). PBIT of Industrial components reported loss of Rs 18.45 crore compared to profit of Rs 7.37 crore.
PBIT margin of Automotive components segment rose from 3.77% to 5.34%. PBIT margin of Industrial components segment fell from 5.18% to 13.43%. Overall PBIT margin fell from 4.04% to 3.07%.
Operating profit margin has declined from 6.57% to 4.23%, leading to 0.06% rise in operating profit to Rs 47.93 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 70.96% to 75.26%. Employee cost decreased from 11.36% to 8.90%. Other expenses rose from 11.39% to 11.77%. Other income fell 18.95% to Rs 4.02 crore. PBIDT fell 1.72% to Rs 51.95 crore. Provision for interest rose 33.01% to Rs 22.08 crore.
PBDT fell 17.62% to Rs 29.87 crore. Provision for depreciation fell 25.04% to Rs 17.9 crore.
Profit before tax down 3.31% to Rs 11.97 crore. Share of profit/loss was 45.10% higher at Rs 0.74 crore. Provision for tax was expense of Rs 2.99 crore, compared to Rs 3.4 crore. Effective tax rate was 23.52% compared to 26.38%.
Minority interest decreased 57.14% to Rs -0.44 crore. Net profit attributable to owners of the company increased 3.99% to Rs 10.16 crore. Promoters’ stake was 57.53% as of 30 June 2022 ,compared to 57.53% as of 30 June 2021 .
Full year results analysis.
Net sales (including other operating income) of Wheels India has increased 64.35% to Rs 3966.49 crore. Sales of Automotive components segment has gone up 59.56% to Rs 3,214.86 crore (accounting for 81.05% of total sales). Sales of Industrial components segment has gone up 88.60% to Rs 751.63 crore (accounting for 18.95% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 190.03% to Rs 169.29 crore. PBIT of Automotive components segment rose 577.62% to Rs 134.44 crore (accounting for 79.41% of total PBIT). PBIT of Industrial components segment fell 9.55% to Rs 34.85 crore (accounting for 20.59% of total PBIT).
PBIT margin of Automotive components segment rose from 0.98% to 4.18%. PBIT margin of Industrial components segment fell from 9.67% to 4.64%. Overall PBIT margin rose from 2.42% to 4.27%.
Operating profit margin has jumped from 5.93% to 6.42%, leading to 78.06% rise in operating profit to Rs 254.62 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 69.73% to 74.09%. Employee cost decreased from 12.30% to 9.22%. Other expenses fell from 12.09% to 10.49%. Other income rose 425.85% to Rs 12.41 crore. PBIDT rose 83.70% to Rs 267.03 crore. Provision for interest rose 21.44% to Rs 71.49 crore. Loan funds rose to Rs 875.86 crore as of 31 March 2022 from Rs 697.67 crore as of 31 March 2021. Inventories rose to Rs 799.88 crore as of 31 March 2022 from Rs 547.87 crore as of 31 March 2021. Sundry debtors were higher at Rs 891.34 crore as of 31 March 2022 compared to Rs 740.98 crore as of 31 March 2021. Cash and bank balance rose to Rs 4.23 crore as of 31 March 2022 from Rs 3.47 crore as of 31 March 2021. Investments rose to Rs 24.50 crore as of 31 March 2022 from Rs 23.14 crore as of 31 March 2021 .
PBDT rose 126.08% to Rs 195.54 crore. Provision for depreciation rose 17.94% to Rs 100.96 crore. Fixed assets increased to Rs 1,025.80 crore as of 31 March 2022 from Rs 993.92 crore as of 31 March 2021. Intangible assets declined from Rs 3.39 crore to Rs 2.82 crore.
Profit before tax grew 10,527% to Rs 94.58 crore. Provision for tax was expense of Rs 23.62 crore, compared to Rs 0.68 crore. Effective tax rate was 24.15% compared to 85.00%.
Minority interest decreased 34.71% to Rs -2.29 crore. Net profit attributable to owners of the company increased 4,101.65% to Rs 76.47 crore.
Equity capital stood at Rs 24.06 crore as of 31 March 2022 to Rs 24.06 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 57.53% as of 31 March 2022 ,compared to 57.53% as of 31 March 2021 .
Cash flow from operating activities decreased to Rs 27.61 crore for year ended March 2022 from Rs 148.20 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 135.27 crore, compared to Rs 119.80 crore during the year ended March 2021.
Management Comments :
Srivats
Ram, MD, Wheels India, said "The demand for trucks, agricultural tractors
and passenger vehicles in India was healthy, albeit with semiconductor
shortages affecting some segments. There was a notable growth in the CV segment
from the low base of the previous year. While, there remain prospects for
growth in exports, there are early signs of slowdown in the global
economy" In terms of the challenges faced, Srivats Ram said, "In the
industrial component segment, there were significant additional logistical
costs that were incurred to meet customer schedules."
| Wheels India : Consolidated Results |
| | Quarter ended | Year ended |
|---|
| Particulars | 202206 | 202106 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,133.68 | 729.10 | 55.49 | 3,966.49 | 2,413.37 | 64.35 | | OPM (%) | 4.23 | 6.57 | -234 bps | 6.42 | 5.93 | 49 bps | | OP | 47.93 | 47.90 | 0.06 | 254.62 | 143.00 | 78.06 | | Other Inc. | 4.02 | 4.96 | -18.95 | 12.41 | 2.36 | 425.85 | | PBIDT | 51.95 | 52.86 | -1.72 | 267.03 | 145.36 | 83.70 | | Interest | 22.08 | 16.60 | 33.01 | 71.49 | 58.87 | 21.44 | | PBDT | 29.87 | 36.26 | -17.62 | 195.54 | 86.49 | 126.08 | | Depreciation | 17.9 | 23.88 | -25.04 | 100.96 | 85.6 | 17.94 | | PBT | 11.97 | 12.38 | -3.31 | 94.58 | 0.89 | 10,527.00 | | Share of Profit/(Loss) from Associates | 0.74 | 0.51 | 45.10 | 3.22 | -0.09 | LP | | PBT before EO | 12.71 | 12.89 | -1.40 | 97.8 | 0.8 | 12,125.00 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 12.71 | 12.89 | -1.40 | 97.8 | 0.8 | 12,125.00 | | Taxation | 2.99 | 3.4 | -12.06 | 23.62 | 0.68 | 3,373.53 | | PAT | 9.72 | 9.49 | 2.42 | 74.18 | 0.12 | 61,716.70 | | Minority Interest (MI) | -0.44 | -0.28 | -57.14 | -2.29 | -1.7 | -34.71 | | Net profit | 10.16 | 9.77 | 3.99 | 76.47 | 1.82 | 4,101.65 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 10.16 | 9.77 | 3.99 | 76.47 | 1.82 | 4,101.65 | | EPS (Rs)* | 4.22 | 4.06 | 3.99 | 31.78 | 0.76 | 4,101.65 | | | * EPS is on current equity of Rs 24.06 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 |
|
| Wheels India : Consolidated Segment Results |
| | Quarter ended | Year ended |
|---|
| % of (Total) | 202206 | 202106 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
|---|
| Sales | | Automotive components | 87.88 | 996.28 | 586.95 | 69.74 | 81.05 | 3,214.86 | 2,014.84 | 59.56 | | Industrial components | 12.12 | 137.40 | 142.15 | -3.34 | 18.95 | 751.63 | 398.53 | 88.60 | | Total Reported Sales | 100.00 | 1,133.68 | 729.10 | 55.49 | 100.00 | 3,966.49 | 2,413.37 | 64.35 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 1,133.68 | 729.10 | 55.49 | 100.00 | 3,966.49 | 2,413.37 | 64.35 | | PBIT | | Automotive components | 153.03 | 53.24 | 22.12 | 140.69 | 79.41 | 134.44 | 19.84 | 577.62 | | Industrial components | -53.03 | -18.45 | 7.37 | PL | 20.59 | 34.85 | 38.53 | -9.55 | | Total PBIT | 100.00 | 34.79 | 29.49 | 17.97 | 100.00 | 169.29 | 58.37 | 190.03 | | Less : Interest | | 22.08 | 16.60 | 33.01 | | 71.49 | 58.87 | 21.44 | | Add: Other un-allcoable | | 0.00 | 0.00 | - | | 0.00 | 1.30 | - | | PBIT Margin(%) | | Automotive components | | 5.34 | 3.77 | 157.52 | | 4.18 | 0.98 | 319.71 | | Industrial components | | -13.43 | 5.18 | -1,861.26 | | 4.64 | 9.67 | -503.14 | | PBT | 100.00 | 12.71 | 12.89 | -1.40 | 100.00 | 97.80 | 0.80 | 12,125.00 |
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