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Results
28-Oct-23
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Analysis
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Schaeffler India
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Profit growth and margin improves
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Net sales (including other
operating income) of Schaeffler India has increased 5.23% to Rs 1,848.30 crore.
Sales of Mobility Compoents & Related Solutions segment has gone up 2.00%
to Rs 1439.17 crore (accounting for 77.86% of total sales). Sales of Others
segment has gone up 18.42% to Rs 409.13 crore (accounting for 22.14% of total
sales).
Profit before interest, tax
and other unallocable items (PBIT) has jumped 7.14% to Rs 286.35 crore. PBIT of
Mobility Compoents & Related Solutions segment fell 3.16% to Rs 195.59
crore (accounting for 68.30% of total PBIT). PBIT of Others segment rose 39.01%
to Rs 90.76 crore (accounting for 31.70% of total PBIT).
PBIT margin of Mobility
Compoents & Related Solutions segment fell from 14.31% to 13.59%. PBIT
margin of Others segment rose from 18.90% to 22.18%. Overall PBIT margin rose
from 15.22% to 15.49%.
Operating profit margin has
jumped from 18.16% to 18.50%, leading to 7.21% rise in operating profit to Rs
341.97 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 41.26% to 41.74%. Purchase of finished goods cost
fell from 23.07% to 21.24%. Employee cost increased from 5.99% to 6.14%. Other
expenses rose from 12.17% to 12.49%.
Other income moved up 33.46%
to Rs 30.91 crore. PBIDT rose 8.99% to Rs 372.88 crore. Provision for interest
up 82.35% to Rs 1.55 crore. PBDT rose 8.81% to Rs 371.33 crore. Provision for
depreciation rose 7.56% to Rs 55.62 crore.
Profit before tax grew 9.03%
to Rs 315.71 crore. Provision for tax was expense of Rs 80.71 crore, compared
to Rs 74.21 crore. Effective tax rate was 25.56% compared to 25.63%. Profit
after tax rose 9.12% to Rs 235.00 crore.
Financial
Performance 9MCY2023
Net sales (including other
operating income) of Schaeffler India has increased 5.88% to Rs 5,371.06 crore.
Sales of Mobility Compoents & Related Solutions segment has gone up 6.93%
to Rs 4,231.17 crore (accounting for 78.78% of total sales). Sales of Others
segment has gone up 2.14% to Rs 1,139.89 crore (accounting for 21.22% of total
sales).
Profit before interest, tax
and other unallocable items (PBIT) has jumped 5.15% to Rs 836.67 crore. PBIT of
Mobility Compoents & Related Solutions segment rose 2.22% to Rs 602.32
crore (accounting for 71.99% of total PBIT). PBIT of Others segment rose 13.51%
to Rs 234.35 crore (accounting for 28.01% of total PBIT).
PBIT margin of Mobility
Compoents & Related Solutions segment fell from 14.89% to 14.24%. PBIT
margin of Others segment rose from 18.50% to 20.56%. Overall PBIT margin fell
from 15.69% to 15.58%.
Operating profit margin has
declined from 18.71% to 18.59%, leading to 5.22% rise in operating profit to Rs
998.67 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 40.60% to 42.37%. Purchase of finished goods cost
fell from 22.78% to 20.43%. Employee cost increased from 6.17% to 6.28%. Other
expenses rose from 12.30% to 12.81%.
Other income jumped 58.88%
to Rs 94.39 crore. PBIDT rose 8.38% to Rs 1093.06 crore. Provision for interest
up 21.76% to Rs 3.19 crore.
PBDT rose 8.34% to Rs
1089.87 crore. Provision for depreciation rose 5.56% to Rs 162 crore.
Profit before tax grew 8.84%
to Rs 927.87 crore. Provision for tax was expense of Rs 236.22 crore, compared
to Rs 219.24 crore. Effective tax rate was 25.46% compared to 25.27%.Profit
after tax rose 6.70% to Rs 691.65 crore.
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Schaeffler India :
Standalone Results
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Particulars
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2309 (3)
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2209 (3)
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Var.(%)
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2309 (9)
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2209 (9)
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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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1848.3
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1756.43
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5
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5371.06
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5072.77
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6
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6867.42
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5560.51
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24
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OPM (%)
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18.50
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18.16
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18.59
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18.71
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18.85
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17.47
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OP
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341.97
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318.97
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7
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998.67
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949.17
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5
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1294.39
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971.54
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33
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Other Inc.
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30.91
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23.16
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33
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94.39
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59.41
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59
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77.68
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72.38
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7
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PBIDT
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372.88
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342.13
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9
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1093.06
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1008.58
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8
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1372.07
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1043.92
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31
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Interest
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1.55
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0.85
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82
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3.19
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2.62
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22
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3.55
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3.67
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-3
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PBDT
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371.33
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341.28
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9
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1089.87
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1005.96
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8
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1368.52
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1040.25
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32
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Depreciation
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55.62
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51.71
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8
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162.00
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153.47
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6
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206.46
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197.11
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5
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PBT
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315.71
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289.57
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9
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927.87
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852.49
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9
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1162.06
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843.14
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38
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EO Income
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0
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0
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-
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0.00
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14.98
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-
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14.98
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0
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-
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PBT after EO
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315.71
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289.57
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9
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927.87
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867.47
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7
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1177.04
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843.14
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40
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Taxation
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80.71
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74.21
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9
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236.22
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219.24
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8
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297.83
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214.02
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39
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PAT
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235
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215.36
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9
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691.65
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648.23
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7
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879.21
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629.12
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40
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EPS (Rs)*
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60.1
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55.1
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59.0
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54.3
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55.5
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40.3
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* EPS is annualized on
current equity of Rs 31.26 crore, Face value of Rs 2, Excluding extraordinary
items.
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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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Schaeffler India :
Standalone Segment Results
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% of total
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2309 (3)
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2209 (3)
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Var (%)
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% of total
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2309 (9)
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2209 (9)
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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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Mobility Compoents
& Related Solutions
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78
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1439.17
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1410.93
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2
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79
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4231.17
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3956.79
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7
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78.5
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5387.68
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4384.99
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23
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Others
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22
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409.13
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345.50
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18
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21
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1139.89
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1115.98
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2
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21.5
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1479.74
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1175.52
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26
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Total Reported Sales
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100
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1848.30
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1756.43
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5
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100
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5371.06
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5072.77
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6
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100
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6867.42
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5560.51
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24
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Less: Inter segment
revenues
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0
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0.00
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0.00
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-
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0
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0.00
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0.00
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-
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0
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0.00
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0.00
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-
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Net Sales
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100
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1848.30
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1756.43
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5
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100
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5371.06
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5072.77
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6
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100
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6867.42
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5560.51
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24
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PBIT
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Mobility Compoents
& Related Solutions
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68
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195.59
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201.97
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-3
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72
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602.32
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589.24
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2
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74.7
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812.16
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583.78
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39
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Others
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32
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90.76
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65.29
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39
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28
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234.35
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206.46
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14
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25.3
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275.77
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190.65
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45
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Total PBIT
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100
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286.35
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267.26
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7
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100
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836.67
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795.70
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5
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100
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1087.93
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774.43
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40
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Less : Interest
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1.55
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0.85
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82
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3.19
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2.62
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22
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3.55
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3.67
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-3
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Add: Other
un-allcoable
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30.91
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23.16
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33
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94.39
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74.39
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27
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92.66
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72.38
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28
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PBIT Margin(%)
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Mobility Compoents
& Related Solutions
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13.59
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14.31
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-72
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14.24
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14.89
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-65
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15.07
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13.31
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176
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Others
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22.18
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18.90
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328
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20.56
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18.50
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206
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18.64
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16.22
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242
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PBT
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315.71
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289.57
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9
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927.87
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867.47
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7
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1177.04
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843.14
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40
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