On consolidated basis
Quarter ended December 2023 compared
with Quarter ended December 2022.
Net sales (including other operating income) of Shankara Building Products has
increased 8.96% to Rs 1177.27 crore. Sales of Retail segment has
gone up 4.81% to Rs 623.94 crore (accounting for 53.00% of total
sales). Sales of Channel & Enterprise segment has gone up 14.06%
to Rs 553.33 crore (accounting for 47.00% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 28.63% to Rs 45.83
crore. PBIT of Retail segment rose 6.68% to Rs 35.14 crore
(accounting for 76.67% of total PBIT). PBIT of Channel &
Enterprise segment rose 297.40% to Rs 10.69 crore (accounting for 23.33% of
total PBIT).
PBIT margin of Retail segment rose
from 5.53% to 5.63%. PBIT margin of Channel & Enterprise segment
rose from 0.55% to 1.93%. Overall PBIT margin rose from 3.30% to
3.89%.
Operating profit margin has jumped
from 2.70% to 3.26%, leading to 31.61% rise in operating profit to Rs 38.43
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 12.35% to 13.60%. Purchase of finished
goods cost fell from 82.47% to 80.67%. Employee cost increased from
1.15% to 1.17%. Other expenses rose from 1.35% to 1.37%.
Other income fell 49.58% to Rs 1.79
crore. PBIDT rose 22.81% to Rs 40.22 crore. Provision for
interest rose 33.45% to Rs 7.9 crore.
PBDT rose 20.46% to Rs 32.32
crore. Provision for depreciation fell 1.23% to Rs 4.03
crore.
Profit before tax grew 24.35% to Rs
28.29 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 6.87 crore, compared to
Rs 6.38 crore. Effective tax rate was 24.28% compared to 28.04%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 30.85% to Rs 21.42 crore.
Promoters’ stake was 52.24% as of 31
December 2023 ,compared to 52.10% as of 31 December 2022 .
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of Shankara Building Products has
increased 22.42% to Rs 3451.89 crore. Sales of Retail segment has
gone up 18.35% to Rs 1,847.22 crore (accounting for 53.51% of total
sales). Sales of Channel & Enterprise segment has gone up 27.47%
to Rs 1,604.67 crore (accounting for 46.49% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 27.50% to Rs 129.07
crore. PBIT of Retail segment rose 15.02% to Rs 100.23 crore
(accounting for 77.66% of total PBIT). PBIT of Channel &
Enterprise segment rose 104.68% to Rs 28.84 crore (accounting for 22.34% of
total PBIT).
PBIT margin of Retail segment fell
from 5.58% to 5.43%. PBIT margin of Channel & Enterprise segment
rose from 1.12% to 1.80%. Overall PBIT margin rose from 3.59% to
3.74%.
Operating profit margin has jumped
from 2.90% to 3.13%, leading to 32.01% rise in operating profit to Rs 108.10
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 15.28% to 12.97%. Purchase of finished
goods cost rose from 79.09% to 81.38%. Employee cost decreased from
1.25% to 1.16%. Other expenses fell from 1.50% to 1.41%.
Other income fell 58.69% to Rs 2.83
crore. PBIDT rose 25.01% to Rs 110.93 crore. Provision
for interest rose 26.77% to Rs 23.06 crore.
PBDT rose 24.55% to Rs 87.87
crore. Provision for depreciation fell 1.49% to Rs 11.94
crore.
Profit before tax grew 29.95% to Rs
75.93 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 19.02 crore, compared
to Rs 14.52 crore. Effective tax rate was 25.05% compared to 24.85%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company increased
29.61% to Rs 56.91 crore.
Promoters’ stake was 52.24% as of 31
December 2023 ,compared to 52.10% as of 31 December 2022 .
Full year results analysis.
Net sales (including other operating income) of Shankara Building Products has
increased 66.63% to Rs 4029.72 crore. Sales of Retail segment has
gone up 58.78% to Rs 2,235.71 crore (accounting for 55.48% of total
sales). Sales of Channel & Enterprise segment has gone up 77.57%
to Rs 1,794.01 crore (accounting for 44.52% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 39.49% to Rs 143.91
crore. PBIT of Retail segment rose 40.01% to Rs 124.29 crore
(accounting for 86.37% of total PBIT). PBIT of Channel &
Enterprise segment rose 36.25% to Rs 19.62 crore (accounting for 13.63% of
total PBIT).
PBIT margin of Retail segment fell
from 6.30% to 5.56%. PBIT margin of Channel & Enterprise segment
fell from 1.43% to 1.09%. Overall PBIT margin fell from 4.27% to
3.57%.
Operating profit margin has declined
from 3.50% to 2.91%, leading to 38.65% rise in operating profit to Rs 117.26
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 23.09% to 14.79%. Purchase of finished
goods cost rose from 69.85% to 79.73%. Employee cost decreased from
1.68% to 1.18%. Other expenses fell from 1.95% to 1.43%.
Other income rose 148.39% to Rs 7.7
crore. PBIDT rose 42.53% to Rs 124.96 crore. Provision
for interest fell 0.49% to Rs 24.25 crore. Loan funds declined from
Rs 132.91 crore as of 31 March 2022 to Rs 87.84 crore as of 31 March
2023. Inventories rose to Rs 425.35 crore as of 31 March 2023 from
Rs 372.33 crore as of 31 March 2022. Sundry debtors were higher at
Rs 511.06 crore as of 31 March 2023 compared to Rs 354.00 crore as of 31 March
2022. Cash and bank balance rose to Rs 11.91 crore as of 31 March
2023 from Rs 6.85 crore as of 31 March 2022.
PBDT rose 59.10% to Rs 100.71
crore. Provision for depreciation fell 5.22% to Rs 16.34
crore. Fixed assets increased to Rs 270.35 crore as of 31 March 2023
from Rs 245.49 crore as of 31 March 2022. Intangible assets stood at
Rs 14.04 crore.
Profit before tax grew 83.17% to Rs
84.37 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 21.32 crore, compared
to Rs 11.74 crore. Effective tax rate was 25.27% compared to 25.49%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 83.71% to Rs 63.05 crore.
Equity capital stood at Rs 22.85
crore as of 31 March 2023 to Rs 22.85 crore as of 31 March 2022. Per
share face Value remained same at Rs 10.00.
Promoters’ stake was 52.19% as of 31
March 2023 ,compared to 52.10% as of 31 March 2022 .
Cash flow from operating activities
increased to Rs 91.96 crore for year ended March 2023 from Rs 69.64 crore for
year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 44.75 crore, compared to Rs 19.93
crore during the year ended March 2022.
Management Commentary:
Commenting on the performance, Mr.
Sukumar Srinivas, Managing Director, Shankara Building Products Ltd said: Despite
the challenges faced by the building materials industry in recent times, we`re
delighted to announce a 22% year-on-year revenue growth during the first nine
months of fiscal year 2024. Particularly encouraging is the impressive growth
of our non-steel revenues, which have grown by nearly 35% year- on-year. We
attribute this success to our proactive strategy of strengthening our
value-added product portfolio, including the successful introduction and
expansion of our private label in tiles, Fotia Ceramica.
Furthermore, our profitability for
this quarter has shown a noticeable improvement compared to previous periods,
reflecting our focused efforts in bolstering both our value-added steel segment
and non-steel business. We remain committed to leveraging our digital presence
and are actively exploring opportunities for strategic collaborations in the
digital realm to augment our existing omni-channel strategy. Through these
initiatives, we aim to revolutionize our ecosystem with technology and
innovation.
In line with our strategic
objectives, we are in the process of demerging our building materials
marketplace, which has consistently delivered significant value. This move will
streamline our business structure, enabling a more focused capital allocation
strategy and heightened emphasis on value-adding avenues under our new
generation management. Ultimately, our goal is to unlock substantial value for
all stakeholders in the months and years ahead.”
| Shankara Building Products : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,177.27 | 1,080.44 | 8.96 | 3,451.89 | 2,819.70 | 22.42 | 4,029.72 | 2,418.40 | 66.63 | | OPM (%) | 3.26 | 2.70 | 56 bps | 3.13 | 2.90 | 23 bps | 2.91 | 3.50 | -59 bps | | OP | 38.43 | 29.20 | 31.61 | 108.10 | 81.89 | 32.01 | 117.26 | 84.57 | 38.65 | | Other Inc. | 1.79 | 3.55 | -49.58 | 2.83 | 6.85 | -58.69 | 7.70 | 3.10 | 148.39 | | PBIDT | 40.22 | 32.75 | 22.81 | 110.93 | 88.74 | 25.01 | 124.96 | 87.67 | 42.53 | | Interest | 7.90 | 5.92 | 33.45 | 23.06 | 18.19 | 26.77 | 24.25 | 24.37 | -0.49 | | PBDT | 32.32 | 26.83 | 20.46 | 87.87 | 70.55 | 24.55 | 100.71 | 63.30 | 59.10 | | Depreciation | 4.03 | 4.08 | -1.23 | 11.94 | 12.12 | -1.49 | 16.34 | 17.24 | -5.22 | | PBT | 28.29 | 22.75 | 24.35 | 75.93 | 58.43 | 29.95 | 84.37 | 46.06 | 83.17 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 28.29 | 22.75 | 24.35 | 75.93 | 58.43 | 29.95 | 84.37 | 46.06 | 83.17 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 28.29 | 22.75 | 24.35 | 75.93 | 58.43 | 29.95 | 84.37 | 46.06 | 83.17 | | Taxation | 6.87 | 6.38 | 7.68 | 19.02 | 14.52 | 30.99 | 21.32 | 11.74 | 81.60 | | PAT | 21.42 | 16.37 | 30.85 | 56.91 | 43.91 | 29.61 | 63.05 | 34.32 | 83.71 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 21.42 | 16.37 | 30.85 | 56.91 | 43.91 | 29.61 | 63.05 | 34.32 | 83.71 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 21.42 | 16.37 | 30.85 | 56.91 | 43.91 | 29.61 | 63.05 | 34.32 | 83.71 | | EPS (Rs)* | 9.37 | 7.16 | 30.85 | 24.91 | 19.22 | 29.61 | 27.59 | 15.02 | 83.71 | | | * EPS is on current equity of Rs 22.85 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 |
|
| Shankara Building Products : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202312 | 202212 | Var.(%) | % of (Total) | 202312 | 202212 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
|---|
| Sales | | Retail | 53.00 | 623.94 | 595.31 | 4.81 | 53.51 | 1,847.22 | 1,560.85 | 18.35 | 55.48 | 2,235.71 | 1,408.09 | 58.78 | | Channel & Enterprise | 47.00 | 553.33 | 485.13 | 14.06 | 46.49 | 1,604.67 | 1,258.85 | 27.47 | 44.52 | 1,794.01 | 1,010.31 | 77.57 | | Total Reported Sales | 100.00 | 1,177.27 | 1,080.44 | 8.96 | 100.00 | 3,451.89 | 2,819.70 | 22.42 | 100.00 | 4,029.72 | 2,418.40 | 66.63 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 1,177.27 | 1,080.44 | 8.96 | 100.00 | 3,451.89 | 2,819.70 | 22.42 | 100.00 | 4,029.72 | 2,418.40 | 66.63 | | PBIT | | Retail | 76.67 | 35.14 | 32.94 | 6.68 | 77.66 | 100.23 | 87.14 | 15.02 | 86.37 | 124.29 | 88.77 | 40.01 | | Channel & Enterprise | 23.33 | 10.69 | 2.69 | 297.40 | 22.34 | 28.84 | 14.09 | 104.68 | 13.63 | 19.62 | 14.40 | 36.25 | | Total PBIT | 100.00 | 45.83 | 35.63 | 28.63 | 100.00 | 129.07 | 101.23 | 27.50 | 100.00 | 143.91 | 103.17 | 39.49 | | Less : Interest | | 7.90 | 5.92 | 33.45 | | 23.06 | 18.19 | 26.77 | | 24.25 | 24.37 | -0.49 | | Add: Other un-allcoable | | -9.64 | -6.96 | -38.51 | | -30.08 | -24.61 | -22.23 | | -35.29 | -32.74 | -7.79 | | PBIT Margin(%) | | Retail | | 5.63 | 5.53 | 9.87 | | 5.43 | 5.58 | -15.69 | | 5.56 | 6.30 | -74.50 | | Channel & Enterprise | | 1.93 | 0.55 | 137.74 | | 1.80 | 1.12 | 67.80 | | 1.09 | 1.43 | -33.17 | | PBT | 100.00 | 28.29 | 22.75 | 24.35 | 100.00 | 75.93 | 58.43 | 29.95 | 100.00 | 84.37 | 46.06 | 83.17 |
|
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