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Results
02-Nov-22
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Analysis
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Elantas Beck India
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Strong performance
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Elantas
Beck India standalone net sales increased 15.28% to Rs 152.89 crore in Q2FY23
compared to Q2FY22. Sales of Electrical
Insulations segment has gone up 11.96% to Rs 124.90 crore (accounting for
81.60% of total sales). Sales of
Engineering & Electronic Resins and segment has gone up 31.09% to Rs 28.16
crore (accounting for 18.40% of total sales).
Operating
profit margin has jumped from 11.77% to 15.92%, leading to 55.93% rise in
operating profit to Rs 24.34 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
68.50% to 67.48%. Purchase of finished
goods cost rose from 0.27% to 0.52%.
Employee cost decreased from 6.01% to 5.85%. Other expenses fell from 12.57% to
10.08%.
Other
income fell 4.02% to Rs 5.25 crore.
PBIDT rose 40.37% to Rs 29.59 crore.
Provision for interest remained nil.
Profit
before interest, tax and other unallocable items (PBIT) have jumped 59.53% to
Rs 22.34 crore. PBIT of Electrical
Insulations segment rose 36.61% to Rs 16.04 crore (accounting for 71.84% of
total PBIT). PBIT of Engineering &
Electronic Resins and segment rose 178.88% to Rs 6.29 crore (accounting for
28.16% of total PBIT).
PBIT
margin of Electrical Insulations segment rose from 10.53% to 12.85%. PBIT margin of Engineering & Electronic
Resins and segment rose from 10.50% to 22.34%.
Overall PBIT margin rose from 10.52% to 14.59%.
PBDT
rose 39.47% to Rs 29.4 crore. Provision
for depreciation rose 0.33% to Rs 3.08 crore. PBT before EO rose 46% to Rs
26.32 crore. The company reported EO income of Rs 8.43 crore related to profit
on sale of land compared to 9.51 crore (Rs 19.11 crore profit on sale of EDP
building and Rs 9.6 crore of provision for capital advance and related expense
incurred due to termination of project) . PBT after EO rose 26% to Rs 34.75
crore
Provision
for tax was expense of Rs 7.74 crore, compared to Rs 7.94 crore. Effective tax rate was 22.27% compared to
28.85%.
Profit
after tax rose 37.95% to Rs 27.01 crore.
Promoters’
stake was 75.00% as of 30 September 2022 ,compared to 75.00% as of 30 September
2021 .
For year-to-date (YTD)
results analysis
Net
sales (including other operating income) of Elantas Beck India has increased
27.47% to Rs 480.08 crore. Sales of
Electrical Insulations segment has gone up 26.95% to Rs 403.18 crore
(accounting for 83.69% of total sales).
Sales of Engineering & Electronic Resins and segment has gone up
29.30% to Rs 78.60 crore (accounting for 16.31% of total sales).
Operating
profit margin has jumped from 15.01% to 17.53%, leading to 48.88% rise in
operating profit to Rs 84.16 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
67.23% to 67.03%. Purchase of finished goods
cost rose from 0.23% to 0.39%. Employee
cost decreased from 6.07% to 5.26%.
Other expenses fell from 11.75% to 9.94%.
Other
income fell 11.44% to Rs 10.84 crore.
PBIDT rose 38.14% to Rs 95 crore.
Provision for interest up 108% to Rs 0.52 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 52.33% to Rs
79.49 crore. PBIT of Electrical
Insulations segment rose 41.37% to Rs 61.55 crore (accounting for 77.43% of
total PBIT). PBIT of Engineering &
Electronic Resins and segment rose 107.55% to Rs 17.94 crore (accounting for
22.57% of total PBIT).
PBIT
margin of Electrical Insulations segment rose from 13.71% to 15.27%. PBIT margin of Engineering & Electronic
Resins and segment rose from 14.22% to 22.83%.
Overall PBIT margin rose from 13.79% to 16.50%.
PBDT
rose 37.89% to Rs 94.48 crore. Provision
for depreciation rose 3.23% to Rs 9.26 crore.
Profit
before EO grew 43.11% to Rs 85.22 crore. The company reported EO income of Rs
8.43 crore compared to 9.51 crore. PBT after EO rose 36% to Rs 93.65
crore.
Provision
for tax was expense of Rs 22.35 crore, compared to Rs 18.77 crore. Effective tax rate was 23.87% compared to
27.18%.
Profit
after tax rose 41.78% to Rs 71.30 crore.
Promoters’
stake was 75.00% as of 30 September 2022 compared to 75.00% as of 30 September
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 until September 22, 2022. The company is representing
to the GPCB for a permanent revocation of the closure order.
The
stock trades at Rs 4199.
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Elantas Beck 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 (09)
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2109 (09)
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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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152.89
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132.63
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15
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480.08
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376.62
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27
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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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15.9
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11.8
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17.5
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15.0
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15.0
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18.4
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OP
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24.34
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15.61
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56
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84.16
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56.53
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49
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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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5.25
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5.47
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-4
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10.84
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12.24
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-11
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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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29.59
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21.08
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40
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95
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68.77
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38
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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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0.19
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0
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0.52
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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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29.4
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21.08
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39
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94.48
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68.52
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38
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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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3.08
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3.07
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0
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9.26
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8.97
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3
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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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26.32
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18.01
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46
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85.22
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59.55
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43
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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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8.43
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9.51
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-11
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8.43
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9.51
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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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34.75
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27.52
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26
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93.65
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69.06
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36
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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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7.74
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7.94
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-3
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22.35
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18.77
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19
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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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27.01
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19.58
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38
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71.30
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50.29
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42
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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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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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2209 (03)
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2109 (03)
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Var.(%)
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% of (Total)
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2209 (09)
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2106 (09)
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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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82
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124.9
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111.55
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12
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84
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403.18
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317.6
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27
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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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18
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28.16
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21.48
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31
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16
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78.6
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60.78
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29
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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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153.06
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133.03
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15
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100
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481.78
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378.38
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27
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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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PBIT
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Electrical Insulations
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72
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16.04
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11.75
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37
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77
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61.55
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43.54
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41
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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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28
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6.29
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2.26
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178
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23
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17.94
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8.64
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108
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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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22.33
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14.01
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59
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100
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79.49
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52.18
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52
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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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0.19
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0
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0.52
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0.25
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108
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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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12.61
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13.52
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-7
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14.68
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17.12
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-14
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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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34.75
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27.53
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26
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93.65
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69.05
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36
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91.38
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80.21
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14
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Previous News |
Elantas Beck India
(
Results
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Analysis
29-Jul-20
10:53
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Elantas Beck India
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Results
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08-May-24
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Elantas Beck India standalone net profit declines 63.01% in the June 2020 quarter
(
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(
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Elantas Beck India
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29-Apr-20
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