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Results
01-Nov-22
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Analysis
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Timken India
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OP up 7%, NP up 23%
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Timken
India standalone net sales increased 24.65% to Rs 695.40 crore in Q2FY23
compared to Q2FY22. Operating profit
margin has declined from 22.19% to 19%, leading to 6.70% rise in operating
profit to Rs 132.10 crore. Raw material
cost as a % of total sales (net of stock adjustments) increased from 31.71% to
41.79%. Purchase of finished goods cost
fell from 25.57% to 19.23%. Employee
cost decreased from 6.03% to 5.41%.
Other expenses fell from 15.28% to 14.97%.
Other
income up 465.79% to Rs 21.5 crore.
PBIDT rose 20.38% to Rs 153.6 crore.
Provision for interest up 25% to Rs 0.5 crore.
PBDT
rose 20.36% to Rs 153.1 crore. Provision
for depreciation rose 5.85% to Rs 21.7 crore.
Profit
before tax grew 23.15% to Rs 131.40 crore.
Provision for tax was expense of Rs 33.8 crore, compared to Rs 27.5
crore. Effective tax rate was 25.72%
compared to 25.77%.
Profit
after tax rose 23.23% to Rs 97.60 crore.
Equity
capital decreased from Rs 75.22 crore as of 30 September 2021 to Rs 75.20 crore
as of 30 September 2022 . Per share face
Value remained same at Rs 10.00.
Promoters’
stake was 67.80% as of 30 September 2022 ,compared to 67.80% as of 30 September
2021 .
For year-to-date (YTD)
results analysis
Net
sales of Timken India have increased 35.95% to Rs 1,394.60 crore.
Operating
profit margin has jumped from 21.11% to 21.78%, leading to 40.24% rise in
operating profit to Rs 303.70 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
31.45% to 36.67%. Purchase of finished
goods cost fell from 26.82% to 21.33%.
Employee cost decreased from 6.38% to 5.49%. Other expenses fell from 15.50% to 15.14%.
Other
income up 382.71% to Rs 32.1 crore.
PBIDT rose 50.45% to Rs 335.8 crore.
Provision for interest up 13.92% to Rs 0.9 crore.
PBDT
rose 50.58% to Rs 334.9 crore. Provision
for depreciation rose 7.86% to Rs 43.5 crore.
Profit
before tax grew 60.04% to Rs 291.40 crore.
Provision for tax was expense of Rs 75.7 crore, compared to Rs 46.17
crore. Effective tax rate was 25.98%
compared to 25.36%.
Profit
after tax rose 58.71% to Rs 215.70 crore.
Equity
capital decreased from Rs 75.22 crore as of 30 September 2021 to Rs 75.20 crore
as of 30 September 2022 . Per share face
Value remained same at Rs 10.00.
Promoters’
stake was 67.80% as of 30 September 2022 ,compared to 67.80% as of 30 September
2021 .
Full year results
analysis
Net
sales of Timken India have increased 56.20% to Rs 2,203.20 crore. Operating profit margin has jumped from
17.85% to 23.18%, leading to 102.78% rise in operating profit to Rs 510.60
crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 30.42% to 31.53%. Purchase of finished goods cost fell from
27.25% to 25.14%. Employee cost
decreased from 8.08% to 6.04%. Other
expenses fell from 17.18% to 15.37%.
Other
income fell 27.04% to Rs 14.3 crore.
PBIDT rose 93.40% to Rs 524.9 crore.
Provision for interest up 71.43% to Rs 2.4 crore. Loan funds declined from Rs 35.40 crore as of
31 March 2021 to Rs 31.80 crore as of 31 March 2022. Inventories rose to Rs 558.50 crore as of 31
March 2022 from Rs 368.70 crore as of 31 March 2021. Sundry debtors were higher at Rs 538.80 crore
as of 31 March 2022 compared to Rs 371.30 crore as of 31 March 2021. Cash and bank balance declined from Rs 174.20
crore as of 31 March 2021 to Rs 18.20 crore as of 31 March 2022.
PBDT
rose 93.52% to Rs 522.5 crore. Provision
for depreciation rose 12.55% to Rs 84.3 crore.
Fixed assets declined from Rs 675.10 crore as of 31 March 2021 to Rs
673.40 crore as of 31 March 2022.
Intangible assets declined from Rs 240.70 crore to Rs 236.30 crore.
Profit
before tax grew 124.60% to Rs 438.20 crore.
Provision for tax was expense of Rs 111.1 crore, compared to Rs 51.9
crore. Effective tax rate was 25.35%
compared to 26.60%.
Profit
after tax rose 128.42% to Rs 327.10 crore.
Equity
capital stood at Rs 75.20 crore as of 31 March 2022 to Rs 75.20 crore as of 31
March 2021. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 67.80% as of 31 March 2022 compared to 67.80% as of 31 March 2021
.
Cash
flow from operating activities decreased to Rs 32.90 crore for year ended March
2022 from Rs 188.70 crore for year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 80.30 crore, compared to Rs 78.30
crore during the year ended March 2021.
The
scrip trades at Rs 2997
.
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Timken India : Standalone Results
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Particulars
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2209 (03)
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2109 (03)
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Var.(%)
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2209 (06)
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2109 (06)
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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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695.4
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557.9
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25
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1394.6
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1025.79
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36
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2,203.20
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1,410.50
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56
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OPM (%)
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19.0
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22.2
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21.8
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21.1
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23.2
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17.9
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OP
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132.1
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123.8
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7
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303.7
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216.55
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40
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510.6
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251.8
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103
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Other Inc.
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21.5
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3.8
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466
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32.1
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6.65
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383
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14.3
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19.6
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-27
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PBIDT
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153.6
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127.6
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20
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335.8
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223.2
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50
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524.9
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271.4
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93
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Interest
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0.5
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0.4
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25
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0.9
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0.79
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14
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2.4
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1.4
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71
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PBDT
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153.1
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127.2
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20
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334.9
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222.41
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51
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522.5
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270
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94
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Depreciation
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21.7
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20.5
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6
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43.5
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40.33
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8
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84.3
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74.9
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13
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PBT
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131.4
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106.7
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23
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291.4
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182.08
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60
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438.2
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195.1
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125
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PBT before EO
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131.4
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106.7
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23
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291.4
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182.08
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60
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438.2
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195.1
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125
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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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0
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0
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PBT after EO
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131.4
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106.7
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23
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291.4
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182.08
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60
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438.2
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195.1
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125
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Taxation
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33.8
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27.5
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23
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75.7
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46.17
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64
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111.1
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51.9
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114
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PAT
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97.6
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79.2
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23
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215.7
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135.91
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59
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327.1
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143.2
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128
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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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43.5
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19.0
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Notes
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* EPS is on current equity of Rs 75.22 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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