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Consolidated net sales (including other operating income) of ISGEC Heavy Engineering for the quarter ended Dec 2022 has increased 14.44% to Rs 1597.06 crore. Operating profit margin has jumped from 7.67% to 8%, leading to 19.31% rise in operating profit to Rs 127.75 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 28.03% to 32.08%. Purchase of finished goods cost fell from 34.46% to 27.52%. Employee cost increased from 7.78% to 7.93%. Other expenses rose from 22.31% to 23.96%. Other direct service cost fell from 10.56% to 9.76%. Other income fell 87% to Rs 0.91 crore. PBIDT rose 12.79% to Rs 128.66 crore. Provision for interest rose 64.06% to Rs 17.44 crore. PBDT rose 7.52% to Rs 111.22 crore. Provision for depreciation rose 1.75% to Rs 26.2 crore. Profit before tax grew 9.43% to Rs 85.02 crore. Share of profit/loss was 100% higher at Rs 0.06 crore. Provision for tax was expense of Rs 19.22 crore, compared to Rs 25.76 crore. Effective tax rate was 22.59% compared to 33.14%. Minority interest decreased 41.18% to Rs 2.90 crore. Net profit attributable to owners of the company increased 33.87% to Rs 62.96 crore. - Sales of Manufactuirng of Machinery & Equipment segment has gone up 31.47% to Rs 557.54 crore (accounting for 32.32% of total sales). Sales of Engineering, Procurement and Construction segment has gone down 4.38% to Rs 815.40 crore (accounting for 47.27% of total sales). Sales of Sugar segment rose 77.83% to Rs 323.85 crore (accounting for 18.77% of total sales). Sales of Ethanol segment has gone up 1,86,167.00% to Rs 55.88 crore (accounting for 3.24% of total sales). Inter-segment sales rose Rs 64.67 crore to Rs 134.05 crore.
- Profit before interest, tax and other unallocable items (PBIT) has jumped 12.88% to Rs 102.65 crore. PBIT of Manufactuirng of Machinery & Equipment segment fell 22.65% to Rs 28.51 crore (accounting for 27.77% of total PBIT). PBIT of Engineering, Procurement and Construction segment rose 1.95% to Rs 36.09 crore (accounting for 35.16% of total PBIT). PBIT of Sugar segment rose 6.96% to Rs 27.03 crore (accounting for 26.33% of total PBIT). PBIT of Ethanol (Plant Under Construction) reported profit of Rs 9.70 crore compared to loss of Rs 4.57 crore. PBIT of Ethanol reported profit of Rs 1.32 crore compared to loss of Rs 2.02 crore.
- PBIT margin of Manufactuirng of Machinery & Equipment segment fell from 8.69% to 5.11%. PBIT margin of Engineering, Procurement and Construction segment rose from 4.15% to 4.43%. PBIT margin of Sugar segment fell from 13.88% to 8.35%. PBIT margin of Ethanol (Plant Under Construction) segment rose from negative 564.20% to negative 35.14%. PBIT margin of Ethanol segment rose from negative 6,733.33% to 2.36%. Overall PBIT margin fell from 6.23% to 5.95%.
Nine month performance
Net sales (including other operating income) of ISGEC Heavy Engineering has increased 11.61% to Rs 4356.3 crore. Operating profit margin has jumped from 5.25% to 6.66%, leading to 41.68% rise in operating profit to Rs 290.22 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 24.59% to 29.36%. Purchase of finished goods cost fell from 37.77% to 30.08%. Employee cost increased from 8.14% to 8.22%. Other expenses rose from 24.22% to 25.39%. Other direct service cost fell from 11.11% to 10.19%. Other income fell 42.03% to Rs 7.02 crore. PBIDT rose 37.01% to Rs 297.24 crore. Provision for interest rose 66.47% to Rs 55.5 crore. PBDT rose 31.66% to Rs 241.74 crore. Provision for depreciation rose 4.84% to Rs 77.53 crore. Profit before tax grew 49.74% to Rs 164.21 crore. Share of profit/loss was 50% lower at Rs 0.02 crore. Provision for tax was expense of Rs 51.85 crore, compared to Rs 33.9 crore. Effective tax rate was 31.57% compared to 30.90%. Minority interest decreased 56.28% to Rs 2.02 crore. Net profit attributable to owners of the company increased 55.04% to Rs 110.36 crore.
- Sales of Manufactuirng of Machinery & Equipment segment has gone up 25.88% to Rs 1,455.54 crore (accounting for 31.15% of total sales). Sales of Engineering, Procurement and Construction segment has gone down 3.65% to Rs 2,331.30 crore (accounting for 49.90% of total sales). Sales of Sugar segment rose 47.27% to Rs 746.25 crore (accounting for 15.97% of total sales). Sales of Ethanol (Plant Under Construction) segment has gone down 86.99% to Rs -27.02 crore (accounting for -0.58% of total sales). Sales of Ethanol segment has gone up 5,54,267.00% to Rs 166.31 crore (accounting for 3.56% of total sales). Inter-segment sales rose Rs 165.40 crore to Rs 322.34 crore.
- Profit before interest, tax and other unallocable items (PBIT) has jumped 41.99% to Rs 230.88 crore. PBIT of Manufactuirng of Machinery & Equipment segment rose 21.69% to Rs 91.01 crore (accounting for 39.42% of total PBIT). PBIT of Engineering, Procurement and Construction segment rose 81.62% to Rs 106.74 crore (accounting for 46.23% of total PBIT). PBIT of Sugar segment rose 12.30% to Rs 66.72 crore (accounting for 28.90% of total PBIT). PBIT of Ethanol (Plant Under Construction) segment fell 43.60% to Rs -40.71 crore (accounting for -17.63% of total PBIT). PBIT of Ethanol reported profit of Rs 7.12 crore compared to loss of Rs 2.02 crore.
- PBIT margin of Manufactuirng of Machinery & Equipment segment fell from 6.47% to 6.25%. PBIT margin of Engineering, Procurement and Construction segment rose from 2.43% to 4.58%. PBIT margin of Sugar segment fell from 11.72% to 8.94%. PBIT margin of Ethanol (Plant Under Construction) segment fell from 196.19% to 150.67%. PBIT margin of Ethanol segment rose from negative 6,733.33% to 4.28%. Overall PBIT margin rose from 4.00% to 4.94%.
Promoters’ stake was 62.43% as of 31 December 2022 ,compared to 62.43% as of 31 December 2021 .
| ISGEC Heavy Engineering : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 1,597.06 | 1,395.58 | 14.44 | 4,356.30 | 3,903.19 | 11.61 | 5,499.34 | 5,425.57 | 1.36 | | OPM (%) | 8.00 | 7.67 | 33 bps | 6.66 | 5.25 | 141 bps | 5.66 | 8.39 | -272 bps | | OP | 127.75 | 107.07 | 19.31 | 290.22 | 204.84 | 41.68 | 311.36 | 454.97 | -31.56 | | Other Inc. | 0.91 | 7.00 | -87.00 | 7.02 | 12.11 | -42.03 | 13.24 | 51.76 | -74.42 | | PBIDT | 128.66 | 114.07 | 12.79 | 297.24 | 216.95 | 37.01 | 324.60 | 506.73 | -35.94 | | Interest | 17.44 | 10.63 | 64.06 | 55.50 | 33.34 | 66.47 | 65.16 | 50.24 | 29.70 | | PBDT | 111.22 | 103.44 | 7.52 | 241.74 | 183.61 | 31.66 | 259.44 | 456.49 | -43.17 | | Depreciation | 26.2 | 25.75 | 1.75 | 77.53 | 73.95 | 4.84 | 101.36 | 100.86 | 0.50 | | PBT | 85.02 | 77.69 | 9.43 | 164.21 | 109.66 | 49.74 | 158.08 | 355.63 | -55.55 | | Share of Profit/(Loss) from Associates | 0.06 | 0.03 | 100.00 | 0.02 | 0.04 | -50.00 | 0.02 | 0.18 | -88.89 | | PBT before EO | 85.08 | 77.72 | 9.47 | 164.23 | 109.7 | 49.71 | 158.1 | 355.81 | -55.57 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 85.08 | 77.72 | 9.47 | 164.23 | 109.7 | 49.71 | 158.1 | 355.81 | -55.57 | | Taxation | 19.22 | 25.76 | -25.39 | 51.85 | 33.9 | 52.95 | 43.11 | 102.74 | -58.04 | | PAT | 65.86 | 51.96 | 26.75 | 112.38 | 75.8 | 48.26 | 114.99 | 253.07 | -54.56 | | Minority Interest (MI) | 2.9 | 4.93 | -41.18 | 2.02 | 4.62 | -56.28 | 6.17 | 5.22 | 18.20 | | Net profit | 62.96 | 47.03 | 33.87 | 110.36 | 71.18 | 55.04 | 108.82 | 247.85 | -56.09 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 62.96 | 47.03 | 33.87 | 110.36 | 71.18 | 55.04 | 108.82 | 247.85 | -56.09 | | EPS (Rs)* | 8.56 | 6.40 | 33.87 | 15.01 | 9.68 | 55.04 | 14.80 | 33.71 | -56.09 | | | * EPS is on current equity of Rs 7.35 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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| ISGEC Heavy Engineering : Consolidated Segment Results | | | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202212 | 202112 | Var.(%) | % of (Total) | 202212 | 202112 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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| Sales | | Manufactuirng of Machinery & Equipment | 32.32 | 557.54 | 424.08 | 31.47 | 31.15 | 1,455.54 | 1,156.31 | 25.88 | 29.50 | 1,698.24 | 1,562.84 | 8.66 | | Engineering, Procurement and Construction | 47.27 | 815.40 | 852.76 | -4.38 | 49.90 | 2,331.30 | 2,419.69 | -3.65 | 59.09 | 3,401.19 | 3,457.71 | -1.63 | | Sugar | 18.77 | 323.85 | 182.11 | 77.83 | 15.97 | 746.25 | 506.72 | 47.27 | 11.73 | 675.38 | 785.60 | -14.03 | | Ethanol (Plant Under Construction) | -1.60 | -27.60 | 0.81 | PL | -0.58 | -27.02 | -14.45 | -86.99 | -0.36 | -20.71 | 10.81 | PL | | Ethanol | 3.24 | 55.88 | 0.03 | 1,86,167.00 | 3.56 | 166.31 | 0.03 | 5,54,267.00 | | Total Reported Sales | 100.00 | 1,725.07 | 1,459.79 | 18.17 | 100.00 | 4,672.38 | 4,068.30 | 14.85 | 100.00 | 5,756.36 | 5,816.96 | -1.04 | | Less: Inter segment revenues | | 134.05 | 64.67 | 107.28 | | 322.34 | 165.40 | 94.89 | | 310.86 | 392.51 | -20.80 | | Net Sales | 100.00 | 1,591.02 | 1,395.12 | 14.04 | 100.00 | 4,350.04 | 3,902.90 | 11.46 | 100.00 | 5,445.50 | 5,424.45 | 0.39 | | PBIT | | Manufactuirng of Machinery & Equipment | 27.77 | 28.51 | 36.86 | -22.65 | 39.42 | 91.01 | 74.79 | 21.69 | 48.17 | 116.65 | 164.47 | -29.08 | | Engineering, Procurement and Construction | 35.16 | 36.09 | 35.40 | 1.95 | 46.23 | 106.74 | 58.77 | 81.62 | 41.09 | 99.49 | 172.37 | -42.28 | | Sugar | 26.33 | 27.03 | 25.27 | 6.96 | 28.90 | 66.72 | 59.41 | 12.30 | 28.47 | 68.94 | 102.59 | -32.80 | | Ethanol (Plant Under Construction) | 9.45 | 9.70 | -4.57 | LP | -17.63 | -40.71 | -28.35 | -43.60 | -16.89 | -40.89 | -8.70 | -370.00 | | Ethanol | 1.29 | 1.32 | -2.02 | LP | 3.08 | 7.12 | -2.02 | LP | | Total PBIT | 100.00 | 102.65 | 90.94 | 12.88 | 100.00 | 230.88 | 162.60 | 41.99 | 100.00 | 242.14 | 430.73 | -43.78 | | Less : Interest | | 14.99 | 9.00 | 66.56 | | 51.59 | 30.55 | 68.87 | | 58.88 | 44.22 | 33.15 | | Add: Other un-allcoable | | -2.58 | -4.22 | 38.86 | | -15.06 | -22.35 | 32.62 | | -25.16 | -30.70 | 18.05 | | PBIT Margin(%) | | Manufactuirng of Machinery & Equipment | | 5.11 | 8.69 | -357.82 | | 6.25 | 6.47 | -21.53 | | 6.87 | 10.52 | -365.49 | | Engineering, Procurement and Construction | | 4.43 | 4.15 | 27.48 | | 4.58 | 2.43 | 214.97 | | 2.93 | 4.99 | -205.99 | | Sugar | | 8.35 | 13.88 | -552.98 | | 8.94 | 11.72 | -278.37 | | 10.21 | 13.06 | -285.12 | | Ethanol (Plant Under Construction) | | -35.14 | -564.20 | 52,905.26 | | 150.67 | 196.19 | -4,552.76 | | 197.44 | -80.48 | 27,792.19 | | Ethanol | | 2.36 | -6,733.33 | 6,73,569.55 | | 4.28 | -6,733.33 | 6,73,761.45 | | -90.71 | 0.00 | -9,070.80 | | PBT | 100.00 | 85.08 | 77.72 | 9.47 | 100.00 | 164.23 | 109.70 | 49.71 | 100.00 | 158.10 | 355.81 | -55.57 |
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