For
the quarter ending Dec 2023, standalone Net sales (including other operating income) of Gabriel India has increased 14.46% to Rs 813.81 crore compared to quarter ended Dec 2022. Operating profit margin has jumped from 7.22% to 8.63%, leading to 36.70% rise in operating profit to Rs 70.21 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 74.71% to 73.18%. Purchase of finished goods cost fell from 1.35% to 1.13%. Employee cost decreased from 6.54% to 6.47%. Other expenses rose from 10.30% to 10.51%. Other income up 144.86% to Rs 4.53 crore. PBIDT rose 40.46% to Rs 74.74 crore. Provision for interest fell 24.24% to Rs 1 crore.
PBDT rose 42.11% to Rs 73.74 crore. Provision for depreciation rose 13.56% to Rs 14.4 crore.
Profit before tax grew 51.34% to Rs 59.34 crore. Provision for tax was expense of Rs 16.38 crore, compared to Rs 10.09 crore. Effective tax rate was 27.60% compared to 25.73%.
Profit after tax rose 47.53% to Rs 42.96 crore.
Promoters’ stake was 55.00% as of 31 December 2023 ,compared to 55.00% as of 31 December 2022 .
For year-to-date (YTD) results analysis
Net sales (including other operating income) of Gabriel India has increased 11.15% to Rs 2,484.02 crore.
Operating profit margin has jumped from 7.22% to 8.56%, leading to 31.86% rise in operating profit to Rs 212.75 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 75.45% to 73.80%. Purchase of finished goods cost fell from 1.19% to 1.15%. Employee cost increased from 6.07% to 6.27%. Other expenses rose from 10.14% to 10.24%. Other income up 25.89% to Rs 13.76 crore. PBIDT rose 31.49% to Rs 226.51 crore. Provision for interest up 12.30% to Rs 4.2 crore.
PBDT rose 31.91% to Rs 222.31 crore. Provision for depreciation rose 18.67% to Rs 42.27 crore. Profit before tax grew 35.46% to Rs 180.04 crore. Provision for tax was expense of Rs 47.64 crore, compared to Rs 34.31 crore. Effective tax rate was 26.46% compared to 25.81%.Profit after tax rose 34.28% to Rs 132.40 crore. Promoters’ stake was 55.00% as of 31 December 2023 ,compared to 55.00% as of 31 December 2022 .
Full year results analysis
Net sales (including other operating income) of Gabriel India has increased 27.43% to Rs 2,971.74 crore. Operating profit margin has jumped from 6.26% to 7.19%, leading to 46.45% rise in operating profit to Rs 213.70 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 75.35% to 75.27%. Purchase of finished goods cost fell from 1.33% to 1.23%. Employee cost decreased from 6.83% to 6.12%. Other expenses fell from 10.26% to 10.24%. Other income fell 33.55% to Rs 17.39 crore. PBIDT rose 34.28% to Rs 231.09 crore. Provision for interest up 7.49% to Rs 4.59 crore. Loan funds declined from Rs 12.90 crore as of 31 March 2022 to Rs 11.16 crore as of 31 March 2023. Inventories rose to Rs 224.81 crore as of 31 March 2023 from Rs 209.98 crore as of 31 March 2022. Sundry debtors were higher at Rs 383.72 crore as of 31 March 2023 compared to Rs 382.40 crore as of 31 March 2022. Cash and bank balance rose to Rs 107.45 crore as of 31 March 2023 from Rs 54.57 crore as of 31 March 2022. Investments declined from Rs 83.80 crore as of 31 March 2022 to Rs 79.54 crore as of 31 March 2023.
PBDT rose 34.97% to Rs 226.5 crore. Provision for depreciation rose 17.48% to Rs 48.59 crore. Fixed assets increased to Rs 440.71 crore as of 31 March 2023 from Rs 402.70 crore as of 31 March 2022. Intangible assets increased from Rs 3.08 crore to Rs 14.68 crore.
Profit before tax grew 40.68% to Rs 177.91 crore. Provision for tax was expense of Rs 45.56 crore, compared to Rs 36.94 crore. Effective tax rate was 25.61% compared to 29.21%.
Profit after tax rose 47.84% to Rs 132.35 crore.
Promoters’ stake was 55.00% as of 31 March 2023 ,compared to 55.00% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 136.36 crore for year ended March 2023 from Rs 95.00 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 88.67 crore, compared to Rs 76.23 crore during the year ended March 2022.
Business Highlights
In
Q3 FY24, passenger cars (PC) contributed 24% of total revenue, CVR 13%, two
wheelers/ three wheelers 61% and trading 2%.
In
terms of channel mix, OE contributed 86% of total revenue in Q3 FY24,
replacement 12% and exports 2%.
In
Aftermarket segment, passenger cars (PC) contributed 37% of total revenue
during Dec 2023 quarter, CVR 10%, two wheelers/ three wheelers 41% and trading
12%.