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Results
01-Aug-23
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Analysis
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Elantas Beck India
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Margin improvement continues
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Elantas
Beck India standalone net sales increased 1.42% to Rs 173.35 crore in Q1FY24
compared to Q1FY23. Sales of Electrical
Insulations segment has gone up 0.84% to Rs 147.27 crore (accounting for 84.62% of total sales). Sales of Engineering & Electronic Resins
and segment has gone up 4.51% to Rs 26.76 crore (accounting for 15.38% of total
sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 27.06% to Rs
35.89 crore. PBIT of Electrical
Insulations segment rose 22.86% to Rs 27.67 crore (accounting for 77.10% of
total PBIT). PBIT of Engineering &
Electronic Resins and segment rose 43.60% to Rs 8.22 crore (accounting for
22.90% of total PBIT).
PBIT
margin of Electrical Insulations segment rose from 15.42% to 18.79%. PBIT margin of Engineering & Electronic
Resins and segment rose from 22.35% to 30.72%.
Overall PBIT margin rose from 16.46% to 20.63%.
Operating
profit margin has jumped from 17.34% to 21.40%, leading to 25.18% rise in
operating profit to Rs 37.09 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
66.79% to 62.29%. Purchase of finished
goods cost fell from 0.51% to 0.50%.
Employee cost increased from 5.01% to 5.12%. Other expenses rose from 10.07% to
10.80%.
Other
income up 1,048.72% to Rs 13.44 crore.
PBIDT rose 64.06% to Rs 50.53 crore.
Provision for interest remained nil.
Loan funds remained nil.
Inventories declined from Rs 107.26 crore as of 30 June 2022 to Rs 76.05
crore as of 30 June 2023. Sundry debtors
were lower at Rs 102.65 crore as of 30 June 2023 compared to Rs 102.74 crore as
of 30 June 2022. Cash and bank balance
rose to Rs 57.07 crore as of 30 June 2023 from Rs 18.64 crore as of 30 June
2022. Investments rose to Rs 432.84
crore as of 30 June 2023 from Rs 282.28 crore as of 30 June 2022 .
PBDT
rose 63.70% to Rs 50.42 crore. Provision
for depreciation down 6.03% to Rs 2.96 crore.
Fixed assets increased to Rs 79.94 crore as of 30 June 2023 from Rs
78.98 crore as of 30 June 2022.
Intangible assets declined from Rs 34.71 crore to Rs 29.28 crore.
Profit
before tax grew 71.65% to Rs 47.46 crore.
Provision for tax was expense of Rs 12.04 crore, compared to Rs 7.08 crore. Effective tax rate was 25.37% compared to
25.61%. Profit after tax rose 72.19% to Rs 35.42 crore.
Equity
capital stood at Rs 7.93 crore as of 30 June 2023 to Rs 7.93 crore as of 30
June 2022. Per share face Value remained
same at Rs 10.00.
Promoters’
stake was 75.00% as of 30 June 2023 ,compared to 75.00% as of 30 June 2022
.
For year-to-date (YTD)
results analysis
Net
sales of Elantas Beck India has increased 4.77% to Rs 342.79 crore. Sales of Electrical Insulations segment has
gone up 5.43% to Rs 292.62 crore (accounting for 85.15% of total sales). Sales of Engineering & Electronic Resins
and segment has gone up 1.45% to Rs 51.04 crore (accounting for 14.85% of total
sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 23.92% to Rs
69.78 crore. PBIT of Electrical
Insulations segment rose 21.32% to Rs 54.34 crore (accounting for 77.87% of
total PBIT). PBIT of Engineering &
Electronic Resins and segment rose 34.03% to Rs 15.44 crore (accounting for
22.13% of total PBIT).
PBIT
margin of Electrical Insulations segment rose from 16.14% to 18.57%. PBIT margin of Engineering & Electronic
Resins and segment rose from 22.90% to 30.26%.
Overall PBIT margin rose from 17.17% to 20.30%.
Operating
profit margin has jumped from 18.29% to 21.21%, leading to 21.47% rise in
operating profit to Rs 72.69 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
66.82% to 62.31%. Purchase of finished
goods cost fell from 0.33% to 0.32%.
Employee cost increased from 4.99% to 5.35%. Other expenses rose from 9.87% to
10.82%.
Other
income up 280.47% to Rs 21.23 crore.
PBIDT rose 43.56% to Rs 93.92 crore.
Provision for interest fell 30.30% to Rs 0.23 crore. Loan funds remained nil. Inventories declined from Rs 107.26 crore as
of 30 June 2022 to Rs 76.05 crore as of 30 June 2023. Sundry debtors were lower at Rs 102.65 crore
as of 30 June 2023 compared to Rs 102.74 crore as of 30 June 2022. Cash and bank balance rose to Rs 57.07 crore
as of 30 June 2023 from Rs 18.64 crore as of 30 June 2022. Investments rose to Rs 432.84 crore as of 30
June 2023 from Rs 282.28 crore as of 30 June 2022 .
PBDT
rose 43.94% to Rs 93.69 crore. Provision
for depreciation down 5.83% to Rs 5.82 crore.
Fixed assets increased to Rs 79.94 crore as of 30 June 2023 from Rs
78.98 crore as of 30 June 2022.
Intangible assets declined from Rs 34.71 crore to Rs 29.28 crore.
Profit
before tax grew 49.16% to Rs 87.87 crore.
Provision for tax was expense of Rs 22.4 crore, compared to Rs 14.62
crore. Effective tax rate was 25.49%
compared to 24.82%. Profit
after tax rose 47.82% to Rs 65.47 crore.
Equity
capital stood at Rs 7.93 crore as of 30 June 2023 to Rs 7.93 crore as of 30
June 2022. Per share face Value remained
same at Rs 10.00.
Promoters’
stake was 75.00% as of 30 June 2023 ,compared to 75.00% as of 30 June
2022.
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 22.62% to Rs 539.90 crore
(accounting for 83.48% of total sales).
Sales of Engineering & Electronic Resins and segment has gone up
26.61% to Rs 106.86 crore (accounting for 16.52% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 47.68% to Rs
107.39 crore. PBIT of Electrical
Insulations segment rose 36.16% to Rs 81.59 crore (accounting for 75.98% of
total PBIT). PBIT of Engineering &
Electronic Resins and segment rose 101.63% to Rs 25.80 crore (accounting for
24.02% of total PBIT).
PBIT
margin of Electrical Insulations segment rose from 13.61% to 15.11%. PBIT margin of Engineering & Electronic
Resins and segment rose from 15.16% to 24.15%.
Overall PBIT margin rose from 13.86% to 16.61%.
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.
Extraordinary items were increased to Rs 10.72 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.
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 6765.
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Elantas Beck India : Standalone
Results
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Particulars
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2306 (03)
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2206 (03)
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Var.(%)
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2306 (06)
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2206 (06)
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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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173.35
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170.92
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1
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342.79
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327.18
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5
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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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21.4
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17.3
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21.2
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18.3
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17.6
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15.0
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OP
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37.09
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29.63
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25
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72.69
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59.84
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21
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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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13.44
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1.17
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21.23
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5.58
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280
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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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50.53
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30.80
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64
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93.92
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65.42
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44
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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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0.11
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0.00
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0.23
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0.33
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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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50.42
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30.80
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64
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93.69
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65.09
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44
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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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2.96
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3.15
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-6
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5.82
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6.18
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-6
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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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47.46
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27.65
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72
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87.87
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58.91
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49
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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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0.00
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0.00
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0.00
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0.00
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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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47.46
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27.65
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72
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87.87
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58.91
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49
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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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12.04
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7.08
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70
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22.40
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14.62
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53
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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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35.42
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20.57
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72
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65.47
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44.29
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48
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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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#
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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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Notes
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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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2306 (03)
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2206 (03)
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Var.(%)
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% of (Total)
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2306 (06)
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2206 (06)
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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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85
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147.27
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146.04
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1
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85
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292.62
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277.56
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5
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83
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538.72
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440.29
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22
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Engineering & Electronic Resins and
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15
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26.76
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25.61
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5
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15
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51.04
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50.3
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1
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17
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106.62
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84.39
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26
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Total Reported Sales
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100
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174.03
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171.65
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1
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100
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343.66
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327.87
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5
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100
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645.34
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524.69
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23
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Less: Inter segment revenues
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0
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0
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-
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0
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0
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0
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0
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-
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Net Sales
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174.03
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171.65
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1
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343.66
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327.87
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5
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645.34
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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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77
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27.67
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22.52
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23
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78
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54.34
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44.79
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21
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76
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80.41
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59.92
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34
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Engineering & Electronic Resins and
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23
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8.22
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5.72
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44
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22
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15.44
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11.52
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34
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24
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25.57
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12.8
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100
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Total PBIT
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100
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35.89
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28.25
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27
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100
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69.78
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56.31
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24
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100
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105.98
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72.72
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46
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Less : Interest
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0.11
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0
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0.23
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0.33
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-31
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0.62
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0.25
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148
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Add: Other un-allcoable
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11.67
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-0.6
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LP
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18.32
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2.93
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526
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23.77
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18.91
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26
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PBT
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47.46
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27.65
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72
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87.87
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58.9
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49
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129.13
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91.38
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41
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Previous News |
Elantas Beck India standalone net profit rises 22.83% in the March 2024 quarter
(
Results
-
Announcements
08-May-24
07:29
)
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Elantas Beck India standalone net profit declines 26.39% in the December 2021 quarter
(
Results
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Announcements
23-Feb-22
08:01
)
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Elantas Beck India
(
Results
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Analysis
27-Jul-21
17:46
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Elantas Beck India standalone net profit rises 37.95% in the September 2022 quarter
(
Results
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Announcements
02-Nov-22
10:17
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Elantas Beck India
(
Results
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Analysis
27-Jul-22
22:56
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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 to announce Quarterly Result
(
Corporate News
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15-Jul-22
10:23
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Elantas Beck India
(
Results
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Analysis
29-Jul-20
10:53
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Elantas Beck India standalone net profit declines 63.01% in the June 2020 quarter
(
Results
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Announcements
28-Jul-20
18:24
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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 table results
(
Corporate News
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24-Apr-18
17:19
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