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Consolidated net sales (including other operating income) of Jupiter Wagons for the quarter ended Dec 2023 has increased 39.01% to Rs 895.84 crore. Operating profit margin has jumped from 12.44% to 13.88%, leading to 55.20% rise in operating profit to Rs 124.38 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 76.34% to 77.32%. Employee cost decreased from 1.76% to 1.35%. Other expenses fell from 9.05% to 7.71%. Other income rose 158.85% to Rs 4.97 crore. PBIDT rose 57.63% to Rs 129.35 crore. Provision for interest rose 54.24% to Rs 11.46 crore. PBDT rose 57.97% to Rs 117.89 crore. Provision for depreciation rose 11.38% to Rs 6.85 crore. Profit before tax grew 62.15% to Rs 111.04 crore. Share of profit/loss was 21.95% lower at Rs -1.5 crore. Provision for tax was expense of Rs 28.08 crore, compared to Rs 22.66 crore. Effective tax rate was 25.63% compared to 33.70%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 82.66% to Rs 81.45 crore. For year-to-date (YTD) results analysis.
Consolidated net sales (including other operating income) of Jupiter Wagons for 9m ended Dec 2023 has increased 86.38% to Rs 2528.32 crore.
Operating profit margin has jumped from 11.78% to 13.52%, leading to 113.89% rise in operating profit to Rs 341.86 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 75.92% to 77.76%. Employee cost decreased from 2.23% to 1.39%. Other expenses fell from 10.24% to 7.49%. Other income rose 218.14% to Rs 12.98 crore. PBIDT rose 116.48% to Rs 354.84 crore. Provision for interest rose 50% to Rs 30.24 crore. PBDT rose 125.81% to Rs 324.6 crore. Provision for depreciation rose 9.32% to Rs 20.53 crore. Profit before tax grew 143.31% to Rs 304.07 crore. Share of profit/loss was 45.10% higher at Rs -1.12 crore. Provision for tax was expense of Rs 76.56 crore, compared to Rs 41.47 crore. Effective tax rate was 25.27% compared to 33.73%.Net profit attributable to owners of the company increased 177.53% to Rs 226.38 crore. Management Comment Commenting on the results, Mr. Vivek Lohia, Managing Director of Jupiter Wagons Limited said, ‘We take
immense satisfaction in sustaining our robust operational and financial momentum. Total Income surged to ~ 90,081 Lakh, an increase of
39.4% YoY. EBITDA was Rs 12,480 lakhs, witnessing substantial growth of 54.7% YoY. Our ongoing efforts to enhance the margin profile is
reflected in the industry-leading EBITDA margin of 13.9% in Q3FY24, a meaningful improvement from 12.5% reported in the same quarter
last year. Notably, Profit after tax recorded an increase of 79.8% YoY, reaching Rs 8,340 lakhs. Surpassing the milestone of Rs 90,000 lakh in
quarterly income was particularly noteworthy, considering around 10 days production loss due to Puja and other festivities during the period. The recent acquisition of a substantial order for 4,000 BOXNS wagons from Indian Railways solidifies our standing as a premier player in the
Indian wagon manufacturing industry. Additionally, contracts from the Defense Ministry for Boggie Open Military (BOM) Wagons and from
private customers for Double Decker Automobile Carriers underscore our commitment to introducing cutting-edge technology into India`s
mobility landscape, aligning with the principles of Atmanirbhar Bharat. In our braking systems division, we`ve successfully secured an order
for axle-mounted disc brake systems amounting to ~%11,200 lakh. The Order Backlog has experienced significant accretion, reaching
%7,07,361 lakh, further enhancing visibility.
The successful Qualified Institutional Placement (QIP) in December 2023, raising ~~40,300 lakh, provides the necessary fuel for our ambitious
growth plans including initiatives like setting up another foundry, working capital requirements and backward integration through inorganic
growth. These strategic ventures unfold amidst increased activity in braking systems and brake discs, coinciding with the imminent launch of
our E-LCVs. The capital infusion is poised to fortify our balance sheet, and the enhanced return ratios underscore our disciplined approach to
capital allocation. This is further evidenced by the recent credit rating of long term and short-term loans to "AA (-)” & “Al (+)” with a stable
outlook validating our commitment to financial prudence and stability." Other Key Developments Secured a contract with the Ministry of Defense for the manufacturing and supply of 697 Boggie Open Military
(BOM) Wagons. This significant agreement holds a value of ~% 47,300 lakh. Secured a substantial agreement with the Ministry of Railways for the manufacturing and delivery of 4,000 BOXNS
wagons, totaling ~ Rs 1,61,700 lakh in value. Secured a substantial order from a prominent automobile manufacturer for the manufacturing and supply of four
rakes of Double Decker Automobile Carrier Wagons, with the order totaling ~Rs 10,000 lakh. JV Company JWL DAKO CZ India Ltd. has received an order aggregating ~Rs 11,200 lakh for axle-mounted disc
brake systems from Indian Railways. Jupiter Wagons Limited has concluded a successful Qualified Institutional Placement (QIP) amounting to Rs 2
40,300 lakh by issuing 1,28,06,595 new equity shares to qualified institutional buyers which includes prominent
investors, viz. Dils like Tata MF, HSBC MF, Bandhan Equity Fund and FIl’s like Societe Generale, and Copthall
Mauritius Investment Limited. Promoters’ stake was 70.12% as of 31 December 2023 ,compared to 74.62% as of 31 December 2022 .
| Jupiter Wagons : 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) | 895.84 | 644.43 | 39.01 | 2,528.32 | 1,356.55 | 86.38 | 2,068.25 | 1,178.35 | 75.52 | | OPM (%) | 13.88 | 12.44 | 145 bps | 13.52 | 11.78 | 174 bps | 12.19 | 9.68 | 250 bps | | OP | 124.38 | 80.14 | 55.20 | 341.86 | 159.83 | 113.89 | 252.08 | 114.12 | 120.89 | | Other Inc. | 4.97 | 1.92 | 158.85 | 12.98 | 4.08 | 218.14 | 5.09 | 3.39 | 50.15 | | PBIDT | 129.35 | 82.06 | 57.63 | 354.84 | 163.91 | 116.48 | 257.17 | 117.51 | 118.85 | | Interest | 11.46 | 7.43 | 54.24 | 30.24 | 20.16 | 50.00 | 28.89 | 18.17 | 59.00 | | PBDT | 117.89 | 74.63 | 57.97 | 324.60 | 143.75 | 125.81 | 228.28 | 99.34 | 129.80 | | Depreciation | 6.85 | 6.15 | 11.38 | 20.53 | 18.78 | 9.32 | 24.98 | 23.38 | 6.84 | | PBT | 111.04 | 68.48 | 62.15 | 304.07 | 124.97 | 143.31 | 203.3 | 75.96 | 167.64 | | Share of Profit/(Loss) from Associates | -1.5 | -1.23 | -21.95 | -1.12 | -2.04 | 45.10 | -2.8 | -0.31 | -803.23 | | PBT before EO | 109.54 | 67.25 | 62.88 | 302.95 | 122.93 | 146.44 | 200.5 | 75.65 | 165.04 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 109.54 | 67.25 | 62.88 | 302.95 | 122.93 | 146.44 | 200.5 | 75.65 | 165.04 | | Taxation | 28.08 | 22.66 | 23.92 | 76.56 | 41.47 | 84.62 | 79.82 | 25.99 | 207.12 | | PAT | 81.46 | 44.59 | 82.69 | 226.39 | 81.46 | 177.92 | 120.68 | 49.66 | 143.01 | | Minority Interest (MI) | 0.01 | 0 | - | 0.01 | -0.11 | PL | -0.11 | -0.02 | -450.00 | | Net profit | 81.45 | 44.59 | 82.66 | 226.38 | 81.57 | 177.53 | 120.79 | 49.68 | 143.14 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 81.45 | 44.59 | 82.66 | 226.38 | 81.57 | 177.53 | 120.79 | 49.68 | 143.14 | | EPS (Rs)* | 1.98 | 1.08 | 82.66 | 5.49 | 1.98 | 177.53 | 2.93 | 1.21 | 143.14 | | | * EPS is on current equity of Rs 412.29 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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