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Consolidated net sales (including other operating income) of GMM Pfaudler for the quarter ended Dec 2023 has increased 8.04% to Rs 856 crore. Sales of India segment has gone down 13.92% to Rs 210.70 crore (accounting for 24.61% of total sales). Sales of Overseas segment has gone up 17.86% to Rs 645.30 crore (accounting for 75.39% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 31.83% to Rs 73.48 crore. PBIT of India segment fell 49.92% to Rs 20.83 crore (accounting for 28.35% of total PBIT). PBIT of Overseas segment rose 272.08% to Rs 52.65 crore (accounting for 71.65% of total PBIT). PBIT margin of India segment fell from 16.99% to 9.89%. PBIT margin of Overseas segment rose from 2.58% to 8.16%. Overall PBIT margin rose from 7.04% to 8.58%. Operating profit margin has declined from 14.94% to 13.30%, leading to 3.79% decline in operating profit to Rs 113.87 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 40.65% to 37.38%. Employee cost increased from 24.96% to 28.20%. Other expenses rose from 19.75% to 20.34%. Contract job process charges rose from 2.97% to 3.41%. Other income rose 29.24% to Rs -7.72 crore. PBIDT fell 1.21% to Rs 106.15 crore. Provision for interest rose 10.05% to Rs 22.99 crore. PBDT fell 3.93% to Rs 83.16 crore. Provision for depreciation rose 8.39% to Rs 32.67 crore. Profit before tax down 10.51% to Rs 50.49 crore. Share of profit/loss were nil in both the periods. EO expense was nil compared to Rs 21.57 crore in corresponding previous period. Thus on deflated base, PBT after EO was up 45% to Rs 50.49 crore. Provision for tax was expense of Rs 19.73 crore, compared to Rs 16.18 crore. Effective tax rate was 39.08% compared to 46.43%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 69.90% to Rs 31.72 crore. For year-to-date (YTD) results analysis.
Consolidated net sales (including other operating income) of GMM Pfaudler for the nine month ended Dec 2023 has increased 17.05% to Rs 2705.75 crore. Sales of India segment has gone up 3.55% to Rs 707.13 crore (accounting for 26.13% of total sales). Sales of Overseas segment has gone up 22.71% to Rs 1,998.62 crore (accounting for 73.87% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 12.48% to Rs 297.89 crore. PBIT of India segment fell 22.53% to Rs 88.39 crore (accounting for 29.67% of total PBIT). PBIT of Overseas segment rose 38.98% to Rs 209.50 crore (accounting for 70.33% of total PBIT). PBIT margin of India segment fell from 16.71% to 12.50%. PBIT margin of Overseas segment rose from 9.26% to 10.48%. Overall PBIT margin fell from 11.46% to 11.01%. Operating profit margin has declined from 14.49% to 14.34%, leading to 15.84% rise in operating profit to Rs 388.01 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 40.20% to 38.38%. Employee cost increased from 24.62% to 26.22%. Other expenses fell from 20.74% to 20.27%. Contract job process charges rose from 2.97% to 3.16%. Other income fell 74.39% to Rs 9.49 crore. PBIDT rose 6.85% to Rs 397.5 crore. Provision for interest rose 43.54% to Rs 64.81 crore. PBDT rose 1.79% to Rs 332.69 crore. Provision for depreciation rose 16.37% to Rs 99.61 crore. Profit before tax down 3.39% to Rs 233.08 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 77.74 crore, compared to Rs 42.65 crore. Effective tax rate was 33.35% compared to 19.41%.Net profit attributable to owners of the company increased 23.12% to Rs 157.79 crore. Management Comments :
Commenting on the Company’s Q3 FY24 results, Tarak Patel, Managing Director said, “We are happy to report a strong performance this quarter. The business environment continues to remain challenging, driven primarily by a weakness in the chemical sector. Our product diversification strategy and subsequent entry into adjacent industries have resulted in improved order intake this quarter. With the current opportunity pipeline and the expected closing of several large deals in the coming months, we expect the order intake trend to continue to improve.” He added, “We continue to focus on reducing costs and improving efficiencies.”
Others Order Backlog as end of Dec 31,
2023 stood at Rs 1625 crore. Order
Intake in Q3FY24 is about Rs 756 crores, up 21% Q-o-Q. Promoters’ stake was 25.18% as of 31 December 2023 ,compared to 38.74% as of 31 December 2022 .
| GMM Pfaudler : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 856.00 | 792.31 | 8.04 | 2,705.75 | 2,311.60 | 17.05 | 3,177.55 | 2,540.57 | 25.07 | | OPM (%) | 13.30 | 14.94 | -164 bps | 14.34 | 14.49 | -15 bps | 13.57 | 11.17 | 240 bps | | OP | 113.87 | 118.36 | -3.79 | 388.01 | 334.95 | 15.84 | 431.15 | 283.87 | 51.88 | | Other Inc. | -7.72 | -10.91 | 29.24 | 9.49 | 37.05 | -74.39 | 51.69 | 6.73 | 668.05 | | PBIDT | 106.15 | 107.45 | -1.21 | 397.50 | 372.00 | 6.85 | 482.84 | 290.60 | 66.15 | | Interest | 22.99 | 20.89 | 10.05 | 64.81 | 45.15 | 43.54 | 66.57 | 24.60 | 170.61 | | PBDT | 83.16 | 86.56 | -3.93 | 332.69 | 326.85 | 1.79 | 416.27 | 266.00 | 56.49 | | Depreciation | 32.67 | 30.14 | 8.39 | 99.61 | 85.6 | 16.37 | 119.45 | 132.62 | -9.93 | | PBT | 50.49 | 56.42 | -10.51 | 233.08 | 241.25 | -3.39 | 296.82 | 133.38 | 122.54 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 50.49 | 56.42 | -10.51 | 233.08 | 241.25 | -3.39 | 296.82 | 133.38 | 122.54 | | EO Income | 0 | -21.57 | - | 0 | -21.57 | - | -21.58 | 0 | - | | PBT after EO | 50.49 | 34.85 | 44.88 | 233.08 | 219.68 | 6.10 | 275.24 | 133.38 | 106.36 | | Taxation | 19.73 | 16.18 | 21.94 | 77.74 | 42.65 | 82.27 | 61.74 | 58.02 | 6.41 | | PAT | 30.76 | 18.67 | 64.76 | 155.34 | 177.03 | -12.25 | 213.5 | 75.36 | 183.31 | | Minority Interest (MI) | -0.96 | 0 | - | -2.45 | 48.87 | LP | 46.87 | -9.69 | PL | | Net profit | 31.72 | 18.67 | 69.90 | 157.79 | 128.16 | 23.12 | 166.63 | 85.05 | 95.92 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 31.72 | 18.67 | 69.90 | 157.79 | 128.16 | 23.12 | 166.63 | 85.05 | 95.92 | | EPS (Rs)* | 7.06 | 6.72 | 4.93 | 35.10 | 31.31 | 12.11 | 39.97 | 18.92 | 111.28 | | | * EPS is on current equity of Rs 8.99 crore, Face value of Rs 2, 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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| GMM Pfaudler : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202312 | 202212 | Var.(%) | % of (Total) | 202312 | 202212 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
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| Sales | | India | 24.61 | 210.70 | 244.78 | -13.92 | 26.13 | 707.13 | 682.91 | 3.55 | 29.69 | 943.31 | 706.34 | 33.55 | | Overseas | 75.39 | 645.30 | 547.53 | 17.86 | 73.87 | 1,998.62 | 1,628.69 | 22.71 | 70.31 | 2,234.24 | 1,834.23 | 21.81 | | Total Reported Sales | 100.00 | 856.00 | 792.31 | 8.04 | 100.00 | 2,705.75 | 2,311.60 | 17.05 | 100.00 | 3,177.55 | 2,540.57 | 25.07 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 856.00 | 792.31 | 8.04 | 100.00 | 2,705.75 | 2,311.60 | 17.05 | 100.00 | 3,177.55 | 2,540.57 | 25.07 | | PBIT | | India | 28.35 | 20.83 | 41.59 | -49.92 | 29.67 | 88.39 | 114.09 | -22.53 | 47.83 | 163.49 | 121.61 | 34.44 | | Overseas | 71.65 | 52.65 | 14.15 | 272.08 | 70.33 | 209.50 | 150.74 | 38.98 | 52.17 | 178.32 | 36.37 | 390.29 | | Total PBIT | 100.00 | 73.48 | 55.74 | 31.83 | 100.00 | 297.89 | 264.83 | 12.48 | 100.00 | 341.81 | 157.98 | 116.36 | | Less : Interest | | 22.99 | 20.89 | 10.05 | | 64.81 | 45.15 | 43.54 | | 66.57 | 24.60 | 170.61 | | Add: Other un-allcoable | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | PBIT Margin(%) | | India | | 9.89 | 16.99 | -710.47 | | 12.50 | 16.71 | -420.66 | | 17.33 | 17.22 | 11.46 | | Overseas | | 8.16 | 2.58 | 557.47 | | 10.48 | 9.26 | 122.69 | | 7.98 | 1.98 | 599.84 | | PBT | 100.00 | 50.49 | 34.85 | 44.88 | 100.00 | 233.08 | 219.68 | 6.10 | 100.00 | 275.24 | 133.38 | 106.36 |
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