Capitaline

Results 21-Feb-24

Analysis

Elantas Beck India

OP up 24%

Elantas Beck India standalone net sales increased 5.59% to Rs 173.83 crore in Q4CY23 compared to Q4CY22. Sales of Electrical Insulations segment has gone up 7.34% to Rs 146.76 crore (accounting for 84.40% of total sales). Sales of Engineering & Electronic Resins and segment has gone down 3.98% to Rs 27.14 crore (accounting for 15.60% of total sales).

Profit before interest, tax and other unallocable items (PBIT) have jumped 24.81% to Rs 34.82 crore. PBIT of Electrical Insulations segment rose 32.79% to Rs 26.61 crore (accounting for 76.43% of total PBIT). PBIT of Engineering & Electronic Resins and segment rose 4.44% to Rs 8.21 crore (accounting for 23.57% of total PBIT).

PBIT margin of Electrical Insulations segment rose from 14.66% to 18.13%. PBIT margin of Engineering & Electronic Resins and segment rose from 27.81% to 30.25%. Overall PBIT margin rose from 16.91% to 20.02%.

Operating profit margin has jumped from 17.46% to 20.46%, leading to 23.72% rise in operating profit to Rs 35.57 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 64.28% to 61.45%. Purchase of finished goods cost rose from 0.13% to 0.56%. Employee cost decreased from 6.39% to 6.03%. Other expenses rose from 11.13% to 11.19%.

Other income up 119.58% to Rs 16.82 crore. PBIDT rose 43.89% to Rs 52.39 crore. Provision for interest up 122.22% to Rs 0.2 crore.

PBDT rose 43.69% to Rs 52.19 crore. Provision for depreciation down 1.60% to Rs 3.08 crore.

Profit before tax grew 47.97% to Rs 49.11 crore. Provision for tax was expense of Rs 12.11 crore, compared to Rs 9 crore. Effective tax rate was 24.66% compared to 25.37%.

Profit after tax rose 39.73% to Rs 37.00 crore.

Equity capital stood at Rs 7.93 crore as of 31 December 2023 to Rs 7.93 crore as of 31 December 2022. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 75.00% as of 31 December 2023 compared to 75.00% as of 31 December 2022 .

Full year results analysis

Net sales (including other operating income) of Elantas Beck India has increased 5.46% to Rs 679.89 crore. Sales of Electrical Insulations segment has gone up 7.17% to Rs 577.34 crore (accounting for 84.78% of total sales). Sales of Engineering & Electronic Resins and segment has gone down 2.77% to Rs 103.67 crore (accounting for 15.22% of total sales).

Profit before interest, tax and other unallocable items (PBIT) has jumped 33.17% to Rs 141.13 crore. PBIT of Electrical Insulations segment rose 35.51% to Rs 108.96 crore (accounting for 77.21% of total PBIT). PBIT of Engineering & Electronic Resins and segment rose 25.81% to Rs 32.17 crore (accounting for 22.79% of total PBIT).

PBIT margin of Electrical Insulations segment rose from 14.93% to 18.87%. PBIT margin of Engineering & Electronic Resins and segment rose from 23.98% to 31.03%. Overall PBIT margin rose from 16.42% to 20.72%.

Operating profit margin has jumped from 17.09% to 21.05%, leading to 29.92% rise in operating profit to Rs 143.15 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 66.35% to 61.24%. Purchase of finished goods cost rose from 0.32% to 0.47%. Employee cost increased from 5.93% to 6.00%. Other expenses rose from 10.26% to 11.10%.

Other income up 149.29% to Rs 52.95 crore. PBIDT rose 49.22% to Rs 196.1 crore. Provision for interest fell 8.06% to Rs 0.57 crore. Loan funds remained nil. Inventories declined from Rs 79.85 crore as of 31 December 2022 to Rs 73.24 crore as of 31 December 2023. Sundry debtors were lower at Rs 102.03 crore as of 31 December 2023 compared to Rs 102.39 crore as of 31 December 2022. Cash and bank balance rose to Rs 57.03 crore as of 31 December 2023 from Rs 42.27 crore as of 31 December 2022. Investments rose to Rs 517.14 crore as of 31 December 2023 from Rs 356.29 crore as of 31 December 2022 .

PBDT rose 49.49% to Rs 195.53 crore. Provision for depreciation down 3.95% to Rs 11.9 crore. Fixed assets increased to Rs 82.57 crore as of 31 December 2023 from Rs 79.36 crore as of 31 December 2022. Intangible assets increased from Rs 31.69 crore to Rs 33.89 crore.

Profit before tax grew 55.08% to Rs 183.63 crore. Provision for tax was expense of Rs 46.33 crore, compared to Rs 31.35 crore. Effective tax rate was 25.23% compared to 24.28%.

Profit after tax rose 40.42% to Rs 137.30 crore.

Equity capital stood at Rs 7.93 crore as of 31 December 2023 to Rs 7.93 crore as of 31 December 2022. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 75.00% as of 31 December 2023 ,compared to 75.00% as of 31 December 2022 .

Cash flow from operating activities increased to Rs 133.42 crore for year ended December 2023 from Rs 82.95 crore for year ended December 2022. Cash flow used in acquiring fixed assets during the year ended December 2023 stood at Rs 12.36 crore, compared to Rs 7.43 crore during the year ended December 2022. .

The stock trades at Rs 8486.

Elantas Beck India : Standalone Results
Particulars	2312 (03)	2212 (03)	Var.(%)	2312 (12)	2212 (12)	Var.(%)
Net Sales	173.83	164.62	6	679.89	644.70	5
OPM (%)	20.5	17.5		21.1	17.6
OP	35.57	28.75	24	143.15	113.78	26
Other Inc.	16.82	7.66	120	52.95	17.64	200
PBIDT	52.39	36.41	44	196.10	131.42	49
Interest	0.20	0.09	122	0.57	0.62	-8
PBDT	52.19	36.32	44	195.53	130.80	49
Depreciation	3.08	3.13	-2	11.90	12.39	-4
PBT before EO	49.11	33.19	48	183.63	118.41	55
EO Income	0.00	2.29		0.00	10.72	-100
PBT after EO	49.11	35.48	38	183.63	129.13	42
Taxation	12.11	9.00	35	46.33	31.35	48
PAT	37.00	26.48	40	137.30	97.78	40
EPS (Rs)*	#	#		173.1	113.1	53
Notes
* EPS is on current equity of Rs 7.93 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

Elantas Beck India : Standalone Segment Results
	% of (Total)	2312 (03)	2212 (03)	Var.(%)	% of (Total)	2312 (03)	2212 (03)	Var.(%)
Sales
Electrical Insulations	84	146.76	136.72	7	85	577.34	538.72	7
Engineering & Electronic Resins and	16	27.14	28.26	-4	15	103.67	106.62	-3
Total Reported Sales	100	173.9	164.98	5	100	681.01	645.34	6
Less: Inter segment revenues		0	0	-		0	0	-
Net Sales		173.9	164.98	5		681.01	645.34	6
PBIT
Electrical Insulations	76	26.61	20.04	33	77	108.96	80.41	36
Engineering & Electronic Resins and	24	8.21	7.86	4	23	32.17	25.57	26
Total PBIT	100	34.82	27.9	25	100	141.13	105.98	33
Less : Interest		0.2	0.09	115		0.57	0.62	-8
Add: Other un-allcoable		14.49	7.67	89		43.06	23.77	81
PBT		49.11	35.48	38		183.62	129.13	42

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