Capitaline

Results 10-Nov-23

Analysis

Ingersoll-Rand (India)

Sales up 9%, net up 40%

Standalone net sales (including other operating income) of Ingersoll-Rand (India) for the quarter ended Sep 2023 has increased 8.81% to Rs 276.31 crore. Operating profit margin has jumped from 18.02% to 23.76%, leading to 43.52% rise in operating profit to Rs 65.66 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 60.73% to 55.54%. Purchase of finished goods cost fell from 1.87% to 1.63%. Employee cost decreased from 10.29% to 10.01%. Other expenses rose from 9.67% to 9.76%.

Other income fell 2.27% to Rs 6.47 crore. PBIDT rose 37.73% to Rs 72.13 crore. Provision for interest up 13.46% to Rs 0.59 crore. PBDT rose 37.97% to Rs 71.54 crore. Provision for depreciation rose 15.33% to Rs 4.59 crore. Profit before tax grew 39.86% to Rs 66.95 crore. Provision for tax was expense of Rs 17.24 crore, compared to Rs 12.41 crore. Effective tax rate was 25.75% compared to 25.92%. Profit after tax rose 40.19% to Rs 49.71 crore.

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Ingersoll-Rand (India) for the half year ended Sep 2023 has increased 10.18% to Rs 580.84 crore.

Operating profit margin has jumped from 17.03% to 23.60%, leading to 52.64% rise in operating profit to Rs 137.07 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 61.03% to 55.69%. Purchase of finished goods cost rose from 1.80% to 2.09%. Employee cost decreased from 10.21% to 9.72%. Other expenses fell from 9.82% to 9.23%.

Other income up 17.75% to Rs 12.14 crore. PBIDT rose 49.05% to Rs 149.21 crore. Provision for interest fell 9.17% to Rs 0.99 crore. PBDT rose 49.69% to Rs 148.22 crore. Provision for depreciation rose 14.47% to Rs 8.94 crore.

Profit before tax grew 52.70% to Rs 139.28 crore. Provision for tax was expense of Rs 35.84 crore, compared to Rs 23.64 crore. Effective tax rate was 25.73% compared to 25.92%.Profit after tax rose 53.09% to Rs 103.44 crore.

Equity capital stood at Rs 31.57 crore as of 30 September 2023 to Rs 31.57 crore as of 30 September 2022. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 75.00% as of 30 September 2023 ,compared to 75.00% as of 30 September 2022 .

Loan funds declined from Rs 6.34 crore as of 30 September 2022 to Rs 3.02 crore as of 30 September 2023. Inventories rose to Rs 172.98 crore as of 30 September 2023 from Rs 168.08 crore as of 30 September 2022. Sundry debtors were lower at Rs 218.21 crore as of 30 September 2023 compared to Rs 237.51 crore as of 30 September 2022. Cash and bank balance rose to Rs 302.36 crore as of 30 September 2023 from Rs 287.98 crore as of 30 September 2022. Fixed assets increased to Rs 144.21 crore as of 30 September 2023 from Rs 115.87 crore as of 30 September 2022. Intangible assets declined from Rs 0.22 crore to Rs 0.14 crore.

Ingersoll-Rand (India) : Standalone Results

	Quarter ended			Year to Date			Year ended
Particulars	202309	202209	Var.(%)	202309	202209	Var.(%)	202303	202203	Var.(%)
Net Sales (including other operating income)	276.31	253.94	8.81	580.84	527.17	10.18	1,150.79	909.92	26.47
OPM (%)	23.76	18.02	575 bps	23.60	17.03	656 bps	21.36	16.65	470 bps
OP	65.66	45.75	43.52	137.07	89.80	52.64	245.76	151.54	62.18
Other Inc.	6.47	6.62	-2.27	12.14	10.31	17.75	19.28	13.47	43.13
PBIDT	72.13	52.37	37.73	149.21	100.11	49.05	265.04	165.01	60.62
Interest	0.59	0.52	13.46	0.99	1.09	-9.17	2.41	2.55	-5.49
PBDT	71.54	51.85	37.97	148.22	99.02	49.69	262.63	162.46	61.66
Depreciation	4.59	3.98	15.33	8.94	7.81	14.47	16.33	14.1	15.82
PBT	66.95	47.87	39.86	139.28	91.21	52.70	246.3	148.36	66.02
PBT before EO	66.95	47.87	39.86	139.28	91.21	52.70	246.3	148.36	66.02
EO Income	0	0	-	0	0	-	0	0	-
PBT after EO	66.95	47.87	39.86	139.28	91.21	52.70	246.3	148.36	66.02
Taxation	17.24	12.41	38.92	35.84	23.64	51.61	63.66	38.21	66.61
PAT	49.71	35.46	40.19	103.44	67.57	53.09	182.64	110.15	65.81
P/(L) from discontinued operations net of tax	0	0	-	0	0	-	0	0	-
Net profit after discontinued operations	49.71	35.46	40.19	103.44	67.57	53.09	182.64	110.15	65.81
EPS (Rs)*	15.75	11.23	40.19	32.77	21.40	53.09	57.86	34.89	65.81

* EPS is on current equity of Rs 31.57 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

Previous News

Ingersoll-Rand (India)
( Results - Analysis 01-Jun-21 19:05 )

Ingersoll-Rand (India) fixes record date for interim dividend
( Market Beat - Reports 08-Nov-23 17:56 )

Ingersoll-Rand (India) fixes record date for interim dividend
( Market Beat - Reports 16-Nov-22 19:26 )

Ingersoll-Rand (India) standalone net profit declines 36.44% in the March 2019 quarter
( Results - Announcements 16-May-19 15:47 )

Ingersoll-Rand (India) announces board meeting date
( Corporate News - 21-May-22 15:53 )

Volumes spurt at Ingersoll-Rand (India) Ltd counter
( Hot Pursuit - 23-Apr-21 14:30 )

Ingersoll-Rand (India) to discuss results
( Corporate News - 15-May-23 15:21 )

Ingersoll-Rand (India) fixes record date for interim dividend
( Market Beat - Reports 02-Nov-18 12:33 )

Ingersoll-Rand (India) to conduct board meeting
( Corporate News - 28-Jan-19 16:11 )

Board of Ingersoll-Rand (India) recommends final dividend
( Corporate News - 29-May-17 16:01 )

Ingersoll-Rand (India) announces board meeting date
( Corporate News - 29-Jul-19 17:18 )