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Results
28-May-24
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Analysis
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Goodluck India
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Demand growth has been robust
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Consolidated
net sales (including other operating income) of Goodluck India has increased
18.04% to Rs 902.49 crore. Operating
profit margin has declined from 7.57% to 7.34%, leading to 14.44% rise in
operating profit to Rs 66.24 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
74.53% to 75.02%. Employee cost
decreased from 4.22% to 4.01%. Other
expenses fell from 13.76% to 13.67%.
Other
income rose 258.02% to Rs 8.7 crore.
PBIDT rose 24.26% to Rs 74.94 crore.
Provision for interest rose 0.07% to Rs 15.29 crore. Loan funds rose to Rs 612.04 crore as of 31
March 2024 from Rs 597.54 crore as of 31 March 2023. Inventories rose to Rs 609.17 crore as of 31
March 2024 from Rs 520.11 crore as of 31 March 2023. Sundry debtors were higher at Rs 351.16 crore
as of 31 March 2024 compared to Rs 350.86 crore as of 31 March 2023. Cash and bank balance rose to Rs 210.79 crore
as of 31 March 2024 from Rs 11.80 crore as of 31 March 2023. Investments rose to Rs 3.61 crore as of 31
March 2024 from Rs 3.60 crore as of 31 March 2023 .
PBDT
rose 32.47% to Rs 59.65 crore. Provision
for depreciation rose 9.43% to Rs 9.4 crore.
Fixed assets increased to Rs 597.48 crore as of 31 March 2024 from Rs
437.67 crore as of 31 March 2023.
Intangible assets stood at Rs 0.77 crore.
Profit
before tax grew 37.90% to Rs 50.25 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 13.04
crore, compared to Rs 8.48 crore.
Effective tax rate was 25.95% compared to 23.27%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 31.87% to Rs
36.87 crore.
Equity
capital increased from Rs 5.45 crore as of 31 March 2023 to Rs 15.45 crore as
of 31 March 2024. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 54.44% as of 31 March 2024 ,compared to 58.73% as of 31 March 2023
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Commenting on the
financial performance of the company, Mr. M C Garg, Chairman, Goodluck India,
said, “In spite of
adverse geo political conditions & tough market conditions, the company has
succeeded in achieving the growth by reshuffling the product mix and the market
mix. The demand growth has been robust overall and this has helped shore up our
volume sales. We have also been witnessing a good demand from the value-added
segment, which has contributed to higher margins. Our company recently supplied
and fabricated steel bridges for the high-speed bullet train project and we
expect a good demand for critical steel bridges in the country on the back of
recent government proposal to initiate feasibility studies for bullet train
corridors in North, South and East India.”
The
company expects a good growth coming in the defence and aerospace segment in
India which will bring down country’s dependence onimports in these sectors.
This is likely to augur well for the company, which has set up a subsidiary,
Goodluck Defence and Aerospace Private Limited, to cater to the extensive needs
of defence & aerospace industry. The progress of establishing new facility
for defence & aerospace industry is as per schedule.
Goodluck
India recently raised close to Rs 200 crore through the Qualified Institutional
Placement (QIP) route to fund its working capital requirements and other
general corporate purpose.
Full year results
analysis
Net
sales (including other operating income) of Goodluck India has increased 14.74%
to Rs 3524.77 crore. Operating profit
margin has jumped from 6.65% to 8.01%, leading to 38.10% rise in operating
profit to Rs 282.24 crore. Raw material
cost as a % of total sales (net of stock adjustments) increased from 73.68% to
73.70%. Employee cost increased from
4.00% to 4.23%. Other expenses fell
from 15.84% to 14.19%.
Other
income fell 12.44% to Rs 12.95 crore.
PBIDT rose 34.69% to Rs 295.19 crore.
Provision for interest rose 18.25% to Rs 77.48 crore. Loan funds rose to Rs 612.04 crore as of 31
March 2024 from Rs 597.54 crore as of 31 March 2023. Inventories rose to Rs 609.17 crore as of 31
March 2024 from Rs 520.11 crore as of 31 March 2023. Sundry debtors were higher at Rs 351.16 crore
as of 31 March 2024 compared to Rs 350.86 crore as of 31 March 2023. Cash and bank balance rose to Rs 210.79 crore
as of 31 March 2024 from Rs 11.80 crore as of 31 March 2023. Investments rose to Rs 3.61 crore as of 31
March 2024 from Rs 3.60 crore as of 31 March 2023 .
PBDT
rose 41.70% to Rs 217.71 crore.
Provision for depreciation rose 8.28% to Rs 35.29 crore. Fixed assets increased to Rs 597.48 crore as
of 31 March 2024 from Rs 437.67 crore as of 31 March 2023. Intangible assets stood at Rs 0.77 crore.
Profit
before tax grew 50.70% to Rs 182.42 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 50.15
crore, compared to Rs 33.25 crore.
Effective tax rate was 27.49% compared to 27.47%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 50.26% to Rs
131.93 crore.
Equity
capital increased from Rs 5.45 crore as of 31 March 2023 to Rs 15.45 crore as
of 31 March 2024. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 54.44% as of 31 March 2024 ,compared to 58.73% as of 31 March 2023
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Cash
flow from operating activities has turned negative Rs 45.93 crore for year
ended March 2024 from positive Rs 64.89 crore for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 196.39 crore, compared to Rs 78.30
crore during the year ended March 2023.
The
scrip trades at Rs 857
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Goodluck India : Consolidated Results
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Particulars
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2403 (03)
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2303 (03)
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Var.(%)
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2403 (12)
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2303 (12)
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Var.(%)
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Net Sales
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902.49
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764.55
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18
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3,524.77
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3,072.01
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15
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OPM (%)
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7.3
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7.6
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8.0
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6.7
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OP
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66.24
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57.88
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14
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282.24
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204.37
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38
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Other Inc.
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8.7
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2.43
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258
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12.95
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14.79
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-12
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PBIDT
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74.94
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60.31
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24
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295.19
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219.16
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35
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Interest
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15.29
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15.28
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0
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77.48
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65.52
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18
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PBDT
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59.65
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45.03
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32
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217.71
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153.64
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42
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Depreciation
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9.4
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8.59
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9
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35.29
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32.59
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8
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PBT
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50.25
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36.44
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38
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182.42
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121.05
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51
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Share of Profit/(Loss) from Associates
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0
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0
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0
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0
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PBT before EO
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50.25
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36.44
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38
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182.42
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121.05
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51
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EO Income
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0
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0
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0
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0
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PBT after EO
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50.25
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36.44
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38
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182.42
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121.05
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51
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Taxation
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13.04
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8.48
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54
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50.15
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33.25
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51
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PAT
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37.21
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27.96
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33
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132.27
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87.8
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51
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Minority Interest (MI)
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0.34
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0
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0.34
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0
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Net profit
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36.87
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27.96
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32
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131.93
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87.8
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50
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EPS (Rs)*
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#
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#
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41.6
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27.7
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Notes
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* EPS is on current equity of Rs 6.35 crore, Face value of Rs 2,
Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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