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Results
11-Aug-23
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Analysis
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Pennar Industries
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Net up 55% on good operating show
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Consolidated net sales (including other operating income) of Pennar Industries for the quarter ended Jun 2023 has increased 6.99% to Rs 748.89 crore. Operating profit margin has jumped from 6.43% to 8.27%, leading to 37.53% rise in operating profit to Rs 61.93 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 65.35% to 63.05%. Purchase of finished goods cost fell from 1.58% to 0.57%. Employee cost increased from 9.06% to 10.31%. Other income rose 6.99% to Rs 11.79 crore. PBIDT rose 31.53% to Rs 73.72 crore. Provision for interest rose 29.47% to Rs 27.85 crore. PBDT rose 32.80% to Rs 45.87 crore. Provision for depreciation rose 3.92% to Rs 16.42 crore. Profit before tax grew 57.15% to Rs 29.45 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 7.64 crore, compared to Rs 4.66 crore. Effective tax rate was 25.94% compared to 24.87%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 54.90% to Rs 21.81 crore. Sales of Diversified Engineering segment has gone up 6.30% to Rs 380.52 crore (accounting for 49.62% of total sales). Sales of Custom Designed Building Solu segment has gone up 1.79% to Rs 386.28 crore (accounting for 50.38% of total sales). Inter-segment sales came down from Rs 37.46 crore to Rs 17.91 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 31.53% to Rs 73.72 crore. PBIT of Diversified Engineering segment rose 71.28% to Rs 40.73 crore (accounting for 55.25% of total PBIT). PBIT of Custom Designed Building Solu segment rose 2.23% to Rs 32.99 crore (accounting for 44.75% of total PBIT). PBIT margin of Diversified Engineering segment rose from 6.64% to 10.70%. PBIT margin of Custom Designed Building Solu segment rose from 8.50% to 8.54%. Overall PBIT margin rose from 7.60% to 9.61%. Other developments Nrupender Rao as Executive Chairman of the Company has resigned with
effect from close business hours on 9" August, 2023 due to advancing age and health reasons. Promoters’ stake was 39.74% as of 30 June 2023 ,compared to 38.20% as of 30 June 2022 .
Pennar Industries : Consolidated Results | | Quarter ended | Year ended |
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Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
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Net Sales (including other operating income) | 748.89 | 699.98 | 6.99 | 2,894.62 | 2,265.75 | 27.76 | OPM (%) | 8.27 | 6.43 | 184 bps | 7.64 | 7.56 | 8 bps | OP | 61.93 | 45.03 | 37.53 | 221.19 | 171.36 | 29.08 | Other Inc. | 11.79 | 11.02 | 6.99 | 33.43 | 17.06 | 95.96 | PBIDT | 73.72 | 56.05 | 31.53 | 254.62 | 188.42 | 35.13 | Interest | 27.85 | 21.51 | 29.47 | 91.21 | 78.38 | 16.37 | PBDT | 45.87 | 34.54 | 32.80 | 163.41 | 110.04 | 48.50 | Depreciation | 16.42 | 15.8 | 3.92 | 64.97 | 54.13 | 20.03 | PBT | 29.45 | 18.74 | 57.15 | 98.44 | 55.91 | 76.07 | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | PBT before EO | 29.45 | 18.74 | 57.15 | 98.44 | 55.91 | 76.07 | EO Income | 0 | 0 | - | 0 | 0 | - | PBT after EO | 29.45 | 18.74 | 57.15 | 98.44 | 55.91 | 76.07 | Taxation | 7.64 | 4.66 | 63.95 | 23.01 | 14 | 64.36 | PAT | 21.81 | 14.08 | 54.90 | 75.43 | 41.91 | 79.98 | Minority Interest (MI) | 0 | 0 | - | 0.01 | 0.08 | -87.50 | Net profit | 21.81 | 14.08 | 54.90 | 75.42 | 41.83 | 80.30 | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | Net profit after discontinued operations | 21.81 | 14.08 | 54.90 | 75.42 | 41.83 | 80.30 | EPS (Rs)* | 1.62 | 1.04 | 54.90 | 5.59 | 3.10 | 80.30 | | * EPS is on current equity of Rs 67.47 crore, Face value of Rs 5, 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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Pennar Industries : Consolidated Segment Results | | Quarter ended | Year ended |
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| % of (Total) | 202306 | 202206 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
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Sales | Diversified Engineering | 49.62 | 380.52 | 357.97 | 6.30 | 50.10 | 1,511.29 | 1,355.21 | 11.52 | Custom Designed Building Solu | 50.38 | 386.28 | 379.47 | 1.79 | 49.90 | 1,505.01 | 1,044.62 | 44.07 | Total Reported Sales | 100.00 | 766.80 | 737.44 | 3.98 | 100.00 | 3,016.30 | 2,399.83 | 25.69 | Less: Inter segment revenues | | 17.91 | 37.46 | -52.19 | | 121.68 | 134.08 | -9.25 | Net Sales | 100.00 | 748.89 | 699.98 | 6.99 | 100.00 | 2,894.62 | 2,265.75 | 27.76 | PBIT | Diversified Engineering | 55.25 | 40.73 | 23.78 | 71.28 | 58.79 | 149.69 | 123.27 | 21.43 | Custom Designed Building Solu | 44.75 | 32.99 | 32.27 | 2.23 | 41.21 | 104.93 | 65.15 | 61.06 | Total PBIT | 100.00 | 73.72 | 56.05 | 31.53 | 100.00 | 254.62 | 188.42 | 35.13 | Less : Interest | | 27.85 | 21.51 | 29.47 | | 91.21 | 78.38 | 16.37 | Add: Other un-allcoable | | -16.42 | -15.80 | -3.92 | | -64.97 | -54.13 | -20.03 | PBIT Margin(%) | Diversified Engineering | | 10.70 | 6.64 | 406.08 | | 9.90 | 9.10 | 80.88 | Custom Designed Building Solu | | 8.54 | 8.50 | 3.65 | | 6.97 | 6.24 | 73.53 | PBT | 100.00 | 29.45 | 18.74 | 57.15 | 100.00 | 98.44 | 55.91 | 76.07 |
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