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For
quarter ending Sept 2023, consolidated Net sales (including other operating income) of Automotive Axles has increased 23.11% to Rs 584.41 crore compared to quarter ended Sept 2022. Operating profit margin has jumped from 10.63% to 11.30%, leading to 30.92% rise in operating profit to Rs 66.05 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 72.16% to 71.38%. Employee cost decreased from 6.04% to 5.69%. Other expenses rose from 11.52% to 11.56%. Other income up 221.01% to Rs 3.82 crore. PBIDT rose 35.30% to Rs 69.87 crore. Provision for interest fell 25.33% to Rs 0.56 crore. Loan funds declined from Rs 30.83 crore as of 30 September 2022 to Rs 24.91 crore as of 30 September 2023. Inventories rose to Rs 248.61 crore as of 30 September 2023 from Rs 221.35 crore as of 30 September 2022. Sundry debtors were higher at Rs 391.28 crore as of 30 September 2023 compared to Rs 368.64 crore as of 30 September 2022. Cash and bank balance declined from Rs 86.90 crore as of 30 September 2022 to Rs 49.74 crore as of 30 September 2023. PBDT rose 36.20% to Rs 69.31 crore. Provision for depreciation down 13.44% to Rs 8.95 crore. Fixed assets declined from Rs 257.43 crore as of 30 September 2022 to Rs 240.28 crore as of 30 September 2023. Intangible assets declined from Rs 1.24 crore to Rs 0.87 crore. Profit before tax grew 48.85% to Rs 60.36 crore. Provision for tax was expense of Rs 15.27 crore, compared to Rs 10.42 crore. Effective tax rate was 25.30% compared to 25.70%. Profit after tax rose 49.65% to Rs 45.09 crore. Equity capital stood at Rs 15.11 crore as of 30 September 2023 to Rs 15.11 crore as of 30 September 2022. Per share face Value remained same at Rs 10.00. Promoters’ stake was 71.04% as of 30 September 2023 ,compared to 71.04% as of 30 September 2022 .
For year-to-date (YTD) results analysis
Net sales (including other operating income) of Automotive Axles has increased 14.50% to Rs 1,116.32 crore. Operating profit margin has jumped from 10.46% to 11.17%, leading to 22.27% rise in operating profit to Rs 124.68 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 71.70% to 71.78%. Employee cost decreased from 6.15% to 5.76%. Other expenses fell from 11.83% to 11.47%. Other income up 166.23% to Rs 6.07 crore. PBIDT rose 25.42% to Rs 130.75 crore. Provision for interest fell 22.15% to Rs 1.16 crore. Loan funds declined from Rs 30.83 crore as of 30 September 2022 to Rs 24.91 crore as of 30 September 2023. Inventories rose to Rs 248.61 crore as of 30 September 2023 from Rs 221.35 crore as of 30 September 2022. Sundry debtors were higher at Rs 391.28 crore as of 30 September 2023 compared to Rs 368.64 crore as of 30 September 2022. Cash and bank balance declined from Rs 86.90 crore as of 30 September 2022 to Rs 49.74 crore as of 30 September 2023. PBDT rose 26.11% to Rs 129.59 crore. Provision for depreciation down 11.05% to Rs 18.36 crore. Fixed assets declined from Rs 257.43 crore as of 30 September 2022 to Rs 240.28 crore as of 30 September 2023. Intangible assets declined from Rs 1.24 crore to Rs 0.87 crore. Profit before tax grew 35.45% to Rs 111.23 crore. Provision for tax was expense of Rs 28.32 crore, compared to Rs 21.59 crore. Effective tax rate was 25.46% compared to 26.29%.Profit after tax rose 36.97% to Rs 82.91 crore. Equity capital stood at Rs 15.11 crore as of 30 September 2023 to Rs 15.11 crore as of 30 September 2022. Per share face Value remained same at Rs 10.00. Promoters’ stake was 71.04% as of 30 September 2023 ,compared to 71.04% as of 30 September 2022 .
Full year results analysis
Net sales (including other operating income) of Automotive Axles has increased 55.89% to Rs 2,323.70 crore. Operating profit margin has jumped from 9.04% to 11.08%, leading to 91.17% rise in operating profit to Rs 257.47 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 71.44% to 71.89%. Employee cost decreased from 7.62% to 5.45%. Other expenses fell from 11.96% to 11.61%. Other income up 15.49% to Rs 4.92 crore. PBIDT rose 88.85% to Rs 262.39 crore. Provision for interest up 18.22% to Rs 2.92 crore. Loan funds rose to Rs 28.06 crore as of 31 March 2023 from Rs 23.45 crore as of 31 March 2022. Inventories rose to Rs 230.71 crore as of 31 March 2023 from Rs 199.23 crore as of 31 March 2022. Sundry debtors were higher at Rs 498.60 crore as of 31 March 2023 compared to Rs 389.42 crore as of 31 March 2022. Cash and bank balance declined from Rs 80.51 crore as of 31 March 2022 to Rs 46.48 crore as of 31 March 2023. PBDT rose 90.13% to Rs 259.47 crore. Provision for depreciation rose 13.59% to Rs 41.37 crore. Fixed assets declined from Rs 260.51 crore as of 31 March 2022 to Rs 250.76 crore as of 31 March 2023. Intangible assets declined from Rs 1.49 crore to Rs 1.15 crore. Profit before tax grew 117.99% to Rs 218.10 crore. Provision for tax was expense of Rs 56.07 crore, compared to Rs 25.69 crore. Effective tax rate was 25.71% compared to 25.68%. Profit after tax rose 117.90% to Rs 162.03 crore. Equity capital stood at Rs 15.11 crore as of 30 September 2023 to Rs 15.11 crore as of 30 September 2022. Per share face Value remained same at Rs 10.00. Promoters’ stake was 71.04% as of 31 March 2023 ,compared to 71.04% as of 31 March 2022 . Cash flow from operating activities increased to Rs 51.61 crore for year ended March 2023 from Rs 43.29 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 16.00 crore, compared to Rs 21.88 crore during the year ended March 2022.
| Automotive Axles : Standalone Results | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202309 | 202209 | Var.(%) | 202309 | 202209 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 584.41 | 474.72 | 23.11 | 1,116.32 | 974.91 | 14.50 | 2,323.70 | 1,490.62 | 55.89 | | OPM (%) | 11.30 | 10.63 | 67 bps | 11.17 | 10.46 | 71 bps | 11.08 | 9.04 | 205 bps | | OP | 66.05 | 50.45 | 30.92 | 124.68 | 101.97 | 22.27 | 257.47 | 134.68 | 91.17 | | Other Inc. | 3.82 | 1.19 | 221.01 | 6.07 | 2.28 | 166.23 | 4.92 | 4.26 | 15.49 | | PBIDT | 69.87 | 51.64 | 35.30 | 130.75 | 104.25 | 25.42 | 262.39 | 138.94 | 88.85 | | Interest | 0.56 | 0.75 | -25.33 | 1.16 | 1.49 | -22.15 | 2.92 | 2.47 | 18.22 | | PBDT | 69.31 | 50.89 | 36.20 | 129.59 | 102.76 | 26.11 | 259.47 | 136.47 | 90.13 | | Depreciation | 8.95 | 10.34 | -13.44 | 18.36 | 20.64 | -11.05 | 41.37 | 36.42 | 13.59 | | PBT | 60.36 | 40.55 | 48.85 | 111.23 | 82.12 | 35.45 | 218.1 | 100.05 | 117.99 | | PBT before EO | 60.36 | 40.55 | 48.85 | 111.23 | 82.12 | 35.45 | 218.1 | 100.05 | 117.99 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 60.36 | 40.55 | 48.85 | 111.23 | 82.12 | 35.45 | 218.1 | 100.05 | 117.99 | | Taxation | 15.27 | 10.42 | 46.55 | 28.32 | 21.59 | 31.17 | 56.07 | 25.69 | 118.26 | | PAT | 45.09 | 30.13 | 49.65 | 82.91 | 60.53 | 36.97 | 162.03 | 74.36 | 117.90 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 45.09 | 30.13 | 49.65 | 82.91 | 60.53 | 36.97 | 162.03 | 74.36 | 117.90 | | EPS (Rs)* | 29.84 | 19.94 | 49.65 | 54.87 | 40.06 | 36.97 | 107.23 | 49.21 | 117.90 | | | * EPS is on current equity of Rs 15.11 crore, Face value of Rs 10, 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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