For
the quarter ending Sept 2023, Standalone Net sales (including other operating income) of Igarashi Motors India has increased 2.71% to Rs 178.44 crore compared to quarter ended Sept 2022. Sales of Automotive segment has gone down 4.89% to Rs 140.76 crore (accounting for 78.88% of total sales). Sales of non-Automotive segment has gone up 46.38% to Rs 37.69 crore (accounting for 21.12% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 7.55% to Rs 17.83 crore. PBIT of Automotive segment fell 2.47% to Rs 17.29 crore (accounting for 97.01% of total PBIT). PBIT of non-Automotive reported profit of Rs 0.53 crore compared to loss of Rs 1.15 crore.
PBIT margin of Automotive segment rose from 11.98% to 12.29%. PBIT margin of non-Automotive segment rose from negative 4.48% to 1.42%. Overall PBIT margin rose from 9.54% to 9.99%.
Operating profit margin has jumped from 8.84% to 9.71%, leading to 12.90% rise in operating profit to Rs 17.33 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 67.83% to 66.40%. Employee cost increased from 8.47% to 9.22%. Other expenses fell from 14.99% to 14.48%. Other income fell 22.03% to Rs 0.46 crore. PBIDT rose 11.61% to Rs 17.79 crore. Provision for interest up 8.68% to Rs 3.38 crore. Loan funds rose to Rs 123.27 crore as of 30 September 2023 from Rs 112.98 crore as of 30 September 2022. Inventories rose to Rs 109.93 crore as of 30 September 2023 from Rs 93.46 crore as of 30 September 2022. Sundry debtors were higher at Rs 187.61 crore as of 30 September 2023 compared to Rs 165.93 crore as of 30 September 2022. Cash and bank balance declined from Rs 5.33 crore as of 30 September 2022 to Rs 5.09 crore as of 30 September 2023. Investments declined from Rs 20.64 crore as of 30 September 2022 to Rs 4.45 crore as of 30 September 2023.
PBDT rose 12.31% to Rs 14.41 crore. Provision for depreciation rose 2.82% to Rs 12.41 crore. Fixed assets increased to Rs 386.86 crore as of 30 September 2023 from Rs 374.47 crore as of 30 September 2022. Intangible assets declined from Rs 9.52 crore to Rs 8.06 crore.
Profit before tax grew 163.16% to Rs 2.00 crore. Provision for tax was expense of Rs 0.54 crore, compared to Rs 0.29 crore. Effective tax rate was 27.00% compared to 38.16%.
Profit after tax rose 210.64% to Rs 1.46 crore.
Equity capital stood at Rs 31.48 crore as of 30 September 2023 to Rs 31.48 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 .
For year-to-date (YTD) results analysis
Net sales (including other operating income) of Igarashi Motors India has increased 9.59% to Rs 346.69 crore. Sales of Automotive segment has gone up 2.30% to Rs 277.11 crore (accounting for 79.93% of total sales). Sales of non-Automotive segment has gone up 53.08% to Rs 69.58 crore (accounting for 20.07% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 29.57% to Rs 33.44 crore. PBIT of Automotive segment rose 17.91% to Rs 33.53 crore (accounting for 100.26% of total PBIT). PBIT of non-Automotive segment rose 96.63% to Rs -0.09 crore (accounting for -0.26% of total PBIT).
PBIT margin of Automotive segment rose from 10.50% to 12.10%. PBIT margin of non-Automotive segment rose from negative 5.78% to negative 0.13%. Overall PBIT margin rose from 8.16% to 9.65%.
Operating profit margin has jumped from 7.33% to 9.67%, leading to 44.59% rise in operating profit to Rs 33.53 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 68.01% to 66.94%. Employee cost increased from 8.51% to 8.95%. Other expenses fell from 16.25% to 14.40%. Other income up 52.81% to Rs 1.36 crore. PBIDT rose 44.89% to Rs 34.89 crore. Provision for interest up 14.97% to Rs 6.45 crore. Loan funds rose to Rs 123.27 crore as of 30 September 2023 from Rs 112.98 crore as of 30 September 2022. Inventories rose to Rs 109.93 crore as of 30 September 2023 from Rs 93.46 crore as of 30 September 2022. Sundry debtors were higher at Rs 187.61 crore as of 30 September 2023 compared to Rs 165.93 crore as of 30 September 2022. Cash and bank balance declined from Rs 5.33 crore as of 30 September 2022 to Rs 5.09 crore as of 30 September 2023. Investments declined from Rs 20.64 crore as of 30 September 2022 to Rs 4.45 crore as of 30 September 2023.
PBDT rose 53.98% to Rs 28.44 crore. Provision for depreciation rose 5.14% to Rs 24.53 crore. Fixed assets increased to Rs 386.86 crore as of 30 September 2023 from Rs 374.47 crore as of 30 September 2022. Intangible assets declined from Rs 9.52 crore to Rs 8.06 crore. Profit before tax reported profit of Rs 3.91 crore compared to loss of Rs 4.86 crore. Provision for tax was debit of Rs 1.03 crore, compared to credit of Rs 1.12 crore. Effective tax rate was 26.34% compared to 23.05%.Profit after tax reported profit of Rs 2.88 crore compared to loss of Rs 3.74 crore. Equity capital stood at Rs 31.48 crore as of 30 September 2023 to Rs 31.48 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 .
Full year results analysis
Net sales (including other operating income) of Igarashi Motors India has increased 17.95% to Rs 656.25 crore. Sales of Automotive segment has gone up 15.04% to Rs 573.14 crore (accounting for 87.34% of total sales). Sales of non-Automotive segment has gone up 42.78% to Rs 83.11 crore (accounting for 12.66% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 63.78% to Rs 71.28 crore. PBIT of Automotive segment rose 58.49% to Rs 76.25 crore (accounting for 106.98% of total PBIT). PBIT of non-Automotive segment fell 8.35% to Rs -4.97 crore (accounting for -6.98% of total PBIT).
PBIT margin of Automotive segment rose from 9.66% to 13.30%. PBIT margin of non-Automotive segment rose from negative 7.89% to negative 5.99%. Overall PBIT margin rose from 7.82% to 10.86%.
Operating profit margin has jumped from 8.34% to 9.20%, leading to 30.13% rise in operating profit to Rs 60.38 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 65.83% to 66.95%. Employee cost decreased from 8.98% to 8.79%. Other expenses fell from 16.77% to 15.19%. Other income up 15.73% to Rs 8.02 crore. PBIDT rose 28.26% to Rs 68.4 crore. Provision for interest up 85.34% to Rs 12.14 crore. Loan funds rose to Rs 120.78 crore as of 31 March 2023 from Rs 100.31 crore as of 31 March 2022. Inventories rose to Rs 108.60 crore as of 31 March 2023 from Rs 81.96 crore as of 31 March 2022. Sundry debtors were higher at Rs 175.54 crore as of 31 March 2023 compared to Rs 134.71 crore as of 31 March 2022. Cash and bank balance declined from Rs 6.63 crore as of 31 March 2022 to Rs 5.38 crore as of 31 March 2023. Investments declined from Rs 20.87 crore as of 31 March 2022 to Rs 17.37 crore as of 31 March 2023.
PBDT rose 20.27% to Rs 56.26 crore. Provision for depreciation rose 6.05% to Rs 47.16 crore. Fixed assets increased to Rs 381.89 crore as of 31 March 2023 from Rs 379.34 crore as of 31 March 2022. Intangible assets declined from Rs 9.39 crore to Rs 9.33 crore.
Profit before tax grew 293.94% to Rs 9.10 crore. Provision for tax was expense of Rs 3.86 crore, compared to Rs 1.12 crore. Effective tax rate was 42.42% compared to 48.48%.
Profit after tax rose 340.34% to Rs 5.24 crore.
Equity capital stood at Rs 31.48 crore as of 30 September 2023 to Rs 31.48 crore as of 30 September 2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 75.00% as of 31 March 2023 ,compared to 75.00% as of 31 March 2022 .
Cash flow from operating activities decreased to Rs 34.03 crore for year ended March 2023 from Rs 72.77 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 36.04 crore, compared to Rs 36.18 crore during the year ended March 2022.
| Igarashi Motors 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) | 178.44 | 173.73 | 2.71 | 346.69 | 316.34 | 9.59 | 656.25 | 556.40 | 17.95 | | OPM (%) | 9.71 | 8.84 | 88 bps | 9.67 | 7.33 | 234 bps | 9.20 | 8.34 | 86 bps | | OP | 17.33 | 15.35 | 12.90 | 33.53 | 23.19 | 44.59 | 60.38 | 46.40 | 30.13 | | Other Inc. | 0.46 | 0.59 | -22.03 | 1.36 | 0.89 | 52.81 | 8.02 | 6.93 | 15.73 | | PBIDT | 17.79 | 15.94 | 11.61 | 34.89 | 24.08 | 44.89 | 68.40 | 53.33 | 28.26 | | Interest | 3.38 | 3.11 | 8.68 | 6.45 | 5.61 | 14.97 | 12.14 | 6.55 | 85.34 | | PBDT | 14.41 | 12.83 | 12.31 | 28.44 | 18.47 | 53.98 | 56.26 | 46.78 | 20.27 | | Depreciation | 12.41 | 12.07 | 2.82 | 24.53 | 23.33 | 5.14 | 47.16 | 44.47 | 6.05 | | PBT | 2.00 | 0.76 | 163.16 | 3.91 | -4.86 | LP | 9.1 | 2.31 | 293.94 | | PBT before EO | 2 | 0.76 | 163.16 | 3.91 | -4.86 | LP | 9.1 | 2.31 | 293.94 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 2 | 0.76 | 163.16 | 3.91 | -4.86 | LP | 9.1 | 2.31 | 293.94 | | Taxation | 0.54 | 0.29 | 86.21 | 1.03 | -1.12 | PL | 3.86 | 1.12 | 244.64 | | PAT | 1.46 | 0.47 | 210.64 | 2.88 | -3.74 | LP | 5.24 | 1.19 | 340.34 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 1.46 | 0.47 | 210.64 | 2.88 | -3.74 | LP | 5.24 | 1.19 | 340.34 | | EPS (Rs)* | 0.46 | 0.15 | 210.64 | 0.92 | -1.19 | LP | 1.66 | 0.38 | 340.34 | | | * EPS is on current equity of Rs 31.48 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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| Igarashi Motors India : Standalone Segment Results |
td>-| | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202309 | 202209 | Var.(%) | % of (Total) | 202309 | 202209 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
|---|
| Sales | | Automotive | 78.88 | 140.76 | 147.99 | -4.89 | 79.93 | 277.11 | 270.89 | 2.30 | 87.34 | 573.14 | 498.20 | 15.04 | | non-Automotive | 21.12 | 37.69 | 25.75 | 46.38 | 20.07 | 69.58 | 45.45 | 53.08 | 12.66 | 83.11 | 58.21 | 42.78 | | Total Reported Sales | 100.00 | 178.44 | 173.73 | 2.71 | 100.00 | 346.69 | 316.34 | 9.59 | 100.00 | 656.25 | 556.40 | 17.94 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 178.44 | 173.73 | 2.71 | 100.00 | 346.69 | 316.34 | 9.59 | 100.00 | 656.25 | 556.40 | 17.94 | | PBIT | | Automotive | 97.01 | 17.29 | 17.73 | -2.47 | 100.26 | 33.53 | 28.44 | 17.91 | 106.98 | 76.25 | 48.11 | 58.49 | | non-Automotive | 2.99 | 0.53 | -1.15 | LP | -0.26 | -0.09 | -2.63 | 96.63 | -6.98 | -4.97 | -4.59 | -8.35 | | Total PBIT | 100.00 | 17.83 | 16.58 | 7.55 | 100.00 | 33.44 | 25.81 | 29.57 | 100.00 | 71.28 | 43.52 | 63.78 | | Less : Interest | | 3.38 | 3.11 | 8.73 | | 6.45 | 5.61 | 15.04 | | 12.14 | 6.55 | 85.35 | | Add: Other un-allcoable | | -12.45 | -12.71 | 2.02 | | -23.07 | -25.06 | 7.94 | | -50.03 | -34.65 | -44.38 | | PBIT Margin(%) | | Automotive | | 12.29 | 11.98 | 30.49 | | 12.10 | 10.50 | 160.21 | | 13.30 | 9.66 | 364.73 | | non-Automotive | | 1.42 | -4.48 | 590.12 | | -0.13 | -5.78 | 565.19 | | -5.99 | -7.89 | 190.21 | | PBT | 100.00 | 2.00 | 0.76 | 162.80 | 100.00 | 3.91 | -4.86 | LP | 100.00 | 9.10 | 2.31 | 293.28 |
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