For
the quarter ending Dec 2022, consolidated Net sales (including other operating income) of JTEKT India has increased 14.14% to Rs 471.03 crore compared to quarter ended Dec 2021. Operating profit margin has declined from 9% to 8.14%, leading to 3.18% rise in operating profit to Rs 38.32 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 69.12% to 71.42%. Employee cost decreased from 12.47% to 11.27%. Other expenses fell from 9.44% to 9.26%. Other income fell 24.15% to Rs 1.79 crore. PBIDT rose 1.54% to Rs 40.11 crore. Provision for interest rose 27.71% to Rs 1.06 crore.
PBDT rose 0.98% to Rs 39.05 crore. Provision for depreciation rose 10.60% to Rs 19.09 crore.
Profit before tax down 6.77% to Rs 19.96 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 4.67 crore, compared to Rs 5.57 crore. Effective tax rate was 23.40% compared to 26.02%.
Minority interest decreased 33.82% to Rs 0.90 crore. Net profit attributable to owners of the company decreased 0.62% to Rs 14.39 crore. Promoters’ stake was 73.98% as of 31 December 2022 ,compared to 75.00% as of 31 December 2021 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of JTEKT India has increased 35.30% to Rs 1513.75 crore.
Operating profit margin has jumped from 7.62% to 9.01%, leading to 59.94% rise in operating profit to Rs 136.40 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 69.19% to 71.28%. Purchase of finished goods cost fell from 0.05% to 0.02%. Employee cost decreased from 13.60% to 10.74%. Other expenses fell from 9.60% to 9.05%. Other income fell 15.90% to Rs 6.61 crore. PBIDT rose 53.54% to Rs 143.01 crore. Provision for interest rose 39.13% to Rs 3.52 crore.
PBDT rose 53.95% to Rs 139.49 crore. Provision for depreciation fell 0.42% to Rs 53.96 crore.
Profit before tax grew 134.84% to Rs 85.53 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs -3.26 crore. Provision for tax was expense of Rs 21.33 crore, compared to Rs 9.24 crore. Effective tax rate was 25.93% compared to 26.49%.Minority interest increased 62.81% to Rs 4.64 crore. Net profit attributable to owners of the company increased 147.04% to Rs 56.30 crore.
Promoters’ stake was 73.98% as of 31 December 2022 ,compared to 75.00% as of 31 December 2021 .
Full year results analysis.
Net sales (including other operating income) of JTEKT India has increased 19.19% to Rs 1588.8 crore. Operating profit margin has jumped from 7.71% to 8.01%, leading to 23.97% rise in operating profit to Rs 127.34 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 68.91% to 69.77%. Purchase of finished goods cost fell from 0.06% to 0.05%. Employee cost decreased from 14.53% to 12.76%. Other expenses rose from 8.84% to 9.45%. Other income rose 87.36% to Rs 10.23 crore. PBIDT rose 27.17% to Rs 137.57 crore. Provision for interest fell 20.97% to Rs 3.73 crore. Loan funds rose to Rs 70.99 crore as of 31 March 2022 from Rs 48.52 crore as of 31 March 2021. Inventories rose to Rs 144.88 crore as of 31 March 2022 from Rs 130.46 crore as of 31 March 2021. Sundry debtors were lower at Rs 241.67 crore as of 31 March 2022 compared to Rs 256.29 crore as of 31 March 2021. Cash and bank balance rose to Rs 80.39 crore as of 31 March 2022 from Rs 74.77 crore as of 31 March 2021.
PBDT rose 29.36% to Rs 133.84 crore. Provision for depreciation fell 14.55% to Rs 70.88 crore. Fixed assets increased to Rs 472.10 crore as of 31 March 2022 from Rs 398.47 crore as of 31 March 2021. Intangible assets declined from Rs 36.58 crore to Rs 23.34 crore.
Profit before tax grew 206.97% to Rs 62.96 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 15.06 crore, compared to Rs 6.82 crore. Effective tax rate was 26.81% compared to 33.25%.
Minority interest increased 114.80% to Rs 4.21 crore. Net profit attributable to owners of the company increased 214.66% to Rs 36.91 crore.
Equity capital stood at Rs 24.45 crore as of 31 March 2022 to Rs 24.45 crore as of 31 March 2021. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 75.00% as of 31 March 2022 ,compared to 75.00% as of 31 March 2021 .
Cash flow from operating activities increased to Rs 107.52 crore for year ended March 2022 from Rs 91.26 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 121.59 crore, compared to Rs 37.10 crore during the year ended March 2021.
| JTEKT India : Consolidated Results |
| | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 471.03 | 412.67 | 14.14 | 1,513.75 | 1,118.78 | 35.30 | 1,588.80 | 1,332.97 | 19.19 | | OPM (%) | 8.14 | 9.00 | -86 bps | 9.01 | 7.62 | 139 bps | 8.01 | 7.71 | 31 bps | | OP | 38.32 | 37.14 | 3.18 | 136.40 | 85.28 | 59.94 | 127.34 | 102.72 | 23.97 | | Other Inc. | 1.79 | 2.36 | -24.15 | 6.61 | 7.86 | -15.90 | 10.23 | 5.46 | 87.36 | | PBIDT | 40.11 | 39.50 | 1.54 | 143.01 | 93.14 | 53.54 | 137.57 | 108.18 | 27.17 | | Interest | 1.06 | 0.83 | 27.71 | 3.52 | 2.53 | 39.13 | 3.73 | 4.72 | -20.97 | | PBDT | 39.05 | 38.67 | 0.98 | 139.49 | 90.61 | 53.95 | 133.84 | 103.46 | 29.36 | | Depreciation | 19.09 | 17.26 | 10.60 | 53.96 | 54.19 | -0.42 | 70.88 | 82.95 | -14.55 | | PBT | 19.96 | 21.41 | -6.77 | 85.53 | 36.42 | 134.84 | 62.96 | 20.51 | 206.97 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 19.96 | 21.41 | -6.77 | 85.53 | 36.42 | 134.84 | 62.96 | 20.51 | 206.97 | | EO Income | 0 | 0 | - | -3.26 | -1.54 | -111.69 | -6.78 | 0 | - | | PBT after EO | 19.96 | 21.41 | -6.77 | 82.27 | 34.88 | 135.87 | 56.18 | 20.51 | 173.92 | | Taxation | 4.67 | 5.57 | -16.16 | 21.33 | 9.24 | 130.84 | 15.06 | 6.82 | 120.82 | | PAT | 15.29 | 15.84 | -3.47 | 60.94 | 25.64 | 137.68 | 41.12 | 13.69 | 200.37 | | Minority Interest (MI) | 0.9 | 1.36 | -33.82 | 4.64 | 2.85 | 62.81 | 4.21 | 1.96 | 114.80 | | Net profit | 14.39 | 14.48 | -0.62 | 56.3 | 22.79 | 147.04 | 36.91 | 11.73 | 214.66 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 14.39 | 14.48 | -0.62 | 56.3 | 22.79 | 147.04 | 36.91 | 11.73 | 214.66 | | EPS (Rs)* | 0.59 | 0.59 | -0.62 | 2.39 | 0.99 | 140.67 | 1.69 | 0.48 | 252.60 | | | * EPS is on current equity of Rs 24.45 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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