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Results
22-Feb-23
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Analysis
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Elantas Beck India
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PBIT margin up 290 bps to 16.9%
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Elantas
Beck India standalone net sales increased 13.13% to Rs 164.62 crore in Q4CY22
compared to Q4CY21. Sales of Electrical
Insulations segment has gone up 11% to Rs 136.72 crore (accounting for 83% of
total sales). Sales of Engineering &
Electronic Resins and segment has gone up 20% to Rs 28.26 crore (accounting for
17% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) have jumped 36% to Rs
27.9 crore. PBIT of Electrical
Insulations segment rose 22% to Rs 20.04 crore (accounting for 72% of total
PBIT). PBIT of Engineering &
Electronic Resins and segment rose 89% to Rs 7.86 crore (accounting for 28% of
total PBIT).
PBIT
margin of Electrical Insulations segment rose from 13.4% to 14.7%. PBIT margin of Engineering & Electronic
Resins and segment rose from 17.6% to 27.8%.
Overall PBIT margin rose from 14% to 16.9%.
Operating
profit margin has jumped from 14.95% to 17.99%, leading to 36.14% rise in
operating profit to Rs 29.61 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
68.07% to 64.28%. Purchase of finished
goods cost fell from 0.33% to 0.13%.
Employee cost increased from 5.28% to 5.97%. Other expenses fell from 11.56% to 11.00%.
Other
income up 66.26% to Rs 6.8 crore. PBIDT
rose 40.91% to Rs 36.41 crore. Provision
for interest remained nil. PBDT rose
40.56% to Rs 36.32 crore. Provision for
depreciation down 0.32% to Rs 3.13 crore.
Profit
before EO grew 46.21% to Rs 33.19 crore.
The company reported net EO income of Rs 2.29 crore (profit on sale of
land in Ankleshwar) compared to net EO expense of Rs 37 lakh (profit on sale of
office space at pimpri of Rs 7.26 lakh and loss of Rs 44.44 crore due to fire
accident occurred at company factory at pimpri on October 23, 2021). PBT after
EO was up 59% to Rs 35.48 crore.
Provision
for tax was expense of Rs 9 crore, compared to Rs 5.73 crore. Effective tax rate was 25.37% compared to 25.66%.
Profit after tax rose 59.52% to Rs 26.48 crore.
Equity
capital stood at Rs 7.93 crore as of 31 December 2022 to Rs 7.93 crore as of 31
December 2021. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 75.00% 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 Elantas Beck India has increased
23.47% to Rs 644.70 crore. Sales of Electrical Insulations segment has gone up
23% to Rs 539.9 crore (accounting for 83% of total sales). Sales of Engineering & Electronic Resins
and segment has gone up 27% to Rs 106.86 crore (accounting for 17% of total
sales).
Profit
before interest, tax and other unallocable items (PBIT) have jumped 48% to Rs 107.39
crore. PBIT of Electrical Insulations
segment rose 36% to Rs 81.59 crore (accounting for 76% of total PBIT). PBIT of Engineering & Electronic Resins
and segment rose 102% to Rs 25.8 crore (accounting for 24% of total PBIT).
PBIT
margin of Electrical Insulations segment rose from 13.6% to 15.1%. PBIT margin of Engineering & Electronic
Resins and segment rose from 15.2% to 24.1%.
Overall PBIT margin rose from 13.9% to 16.6%.
Operating
profit margin has jumped from 14.99% to 17.65%, leading to 45.37% rise in
operating profit to Rs 113.78 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
67.46% to 66.35%. Purchase of finished
goods cost rose from 0.26% to 0.32%.
Employee cost decreased from 5.85% to 5.44%. Other expenses fell from 11.70% to
10.20%.
Other
income up 8.02% to Rs 17.64 crore. PBIDT
rose 38.92% to Rs 131.42 crore.
Provision for interest up 148% to Rs 0.62 crore. Loan funds remained nil. Inventories declined from Rs 83.93 crore as
of 31 December 2021 to Rs 79.85 crore as of 31 December 2022. Sundry debtors were higher at Rs 102.39 crore
as of 31 December 2022 compared to Rs 86.84 crore as of 31 December 2021. Cash and bank balance rose to Rs 42.27 crore
as of 31 December 2022 from Rs 17.64 crore as of 31 December 2021. Investments rose to Rs 356.29 crore as of 31
December 2022 from Rs 261.35 crore as of 31 December 2021 .
PBDT
rose 38.63% to Rs 130.8 crore. Provision
for depreciation rose 2.31% to Rs 12.39 crore.
Fixed assets declined from Rs 79.40 crore as of 31 December 2021 to Rs
79.36 crore as of 31 December 2022.
Intangible assets declined from Rs 37.84 crore to Rs 31.69 crore.
Profit
before tax grew 43.98% to Rs 118.41 crore.
The company reported net EO income of Rs 10.72 crore (profit on sale of
land in Ankleshwar) compared to net EO income of Rs 9.14 crore (profit on sale
of office space at pimpri of Rs 19.18 crore, Rs 9.6 crore provision for capital
advance and related expenses incurred due to termination of a project and loss
of Rs 44.44 crore due to fire accident occurred at company factory at pimpri on
October 23, 2021). PBT after EO was up 41% to Rs 129.13 crore.
Provision
for tax was expense of Rs 31.35 crore, compared to Rs 24.5 crore. Effective tax rate was 24.28% compared to
26.81%. Profit after tax rose 46.20% to Rs 97.78 crore.
Equity
capital stood at Rs 7.93 crore as of 31 December 2022 to Rs 7.93 crore as of 31
December 2021. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 75.00% as of 31 December 2022 ,compared to 75.00% as of 31 December
2021 .
Cash
flow from operating activities increased to Rs 82.95 crore for year ended
December 2022 from Rs 28.51 crore for year ended December 2021. Cash flow used in acquiring fixed assets
during the year ended December 2022 stood at Rs 7.43 crore, compared to Rs
11.10 crore during the year ended December 2021.
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 4651.
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Elantas Beck India : Standalone
Results
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Particulars
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2212 (03)
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2112 (03)
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Var.(%)
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2212 (12)
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2112 (12)
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Var.(%)
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Net Sales
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164.62
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145.51
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13
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644.70
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522.13
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23
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OPM (%)
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18.0
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14.9
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17.6
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15.0
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OP
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29.62
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21.74
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36
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113.78
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78.27
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45
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Other Inc.
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6.80
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4.09
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66
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17.64
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16.33
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8
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PBIDT
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36.42
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25.84
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41
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131.42
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94.60
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39
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Interest
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0.09
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0.00
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0.62
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0.25
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147
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PBDT
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36.32
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25.84
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41
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130.80
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94.35
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39
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Depreciation
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3.13
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3.14
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0
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12.39
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12.11
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2
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PBT before EO
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33.19
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22.70
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46
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118.41
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82.24
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44
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EO Income
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2.29
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-0.37
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LP
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10.72
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9.14
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17
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PBT after EO
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35.48
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22.33
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59
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129.13
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91.38
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41
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Taxation
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9.00
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5.73
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57
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31.35
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24.50
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28
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PAT
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26.48
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16.60
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60
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97.78
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66.88
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46
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EPS (Rs)*
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#
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#
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113.1
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75.9
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49
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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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2212 (03)
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2112 (03)
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Var.(%)
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% of (Total)
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2212 (12)
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2112 (12)
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Var.(%)
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Sales
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Electrical Insulations
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83
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136.72
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122.69
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11
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83
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539.90
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440.29
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23
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Engineering & Electronic Resins and
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17
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28.26
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23.61
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20
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17
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106.86
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84.39
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27
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Total Reported Sales
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100
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164.98
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146.30
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13
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100
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646.76
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524.69
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23
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PBIT
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Electrical Insulations
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72
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20.04
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16.38
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22
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76
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81.59
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59.92
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36
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Engineering & Electronic Resins and
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28
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7.86
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4.15
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89
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24
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25.80
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12.8
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102
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Total PBIT
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100
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27.90
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20.53
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36
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100
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107.39
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72.72
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48
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Less : Interest
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0.09
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0.00
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0.62
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0.25
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147
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Add: Other un-allcoable
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5.38
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2.16
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149
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18.91
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18.91
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0
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PBT
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33.19
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22.70
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46
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118.41
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91.38
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30
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Previous News |
Elantas Beck India standalone net profit rises 113.74% in the December 2020 quarter
(
Results
-
Announcements
24-Feb-21
08:42
)
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Elantas Beck India standalone net profit rises 5.85% in the June 2019 quarter
(
Results
-
Announcements
23-Jul-19
16:33
)
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Elantas Beck India standalone net profit rises 22.83% in the March 2024 quarter
(
Results
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Announcements
08-May-24
07:29
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Elantas Beck India standalone net profit rises 164.84% in the June 2021 quarter
(
Results
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Announcements
27-Jul-21
17:49
)
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Board of Elantas Beck India recommends Final Dividend
(
Corporate News
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24-Feb-21
09:35
)
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Elantas Beck India standalone net profit rises 19.71% in the December 2016 quarter
(
Results
-
Announcements
22-Feb-17
17:37
)
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Elantas Beck India
(
Analyst Meet / AGM
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AGM
10-May-18
19:10
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Elantas Beck India schedules board meeting
(
Corporate News
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17-Oct-22
18:47
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Elantas Beck India
(
Results
-
Analysis
11-May-18
09:28
)
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Elantas Beck India schedules board meeting
(
Corporate News
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24-Apr-18
12:13
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Elantas Beck India to hold AGM
(
Corporate News
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04-Apr-17
11:16
)
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