Capitaline

Results 08-Feb-23

Analysis

Shivalik Bimetal Controls

Net up 7% even as OP up 39%

Consolidated net sales (including other operating income) of Shivalik Bimetal Controls for the quarter ended Dec 2022 has increased 34.34% to Rs 118.39 crore. Operating profit margin has jumped from 23.33% to 24.23%, leading to 39.49% rise in operating profit to Rs 28.68 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 50.64% to 55.70%. Employee cost increased from 8.00% to 8.04%. Other expenses fell from 17.90% to 13.70%. Other income fell 64.86% to Rs 0.65 crore. PBIDT rose 30.88% to Rs 29.33 crore. Provision for interest rose 156.58% to Rs 1.95 crore. PBDT rose 26.47% to Rs 27.38 crore. Provision for depreciation rose 70.63% to Rs 2.73 crore. Profit before tax grew 22.94% to Rs 24.65 crore. Provision for tax was expense of Rs 6.44 crore, compared to Rs 5.44 crore. Effective tax rate was 27.88% compared to 25.98%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 7.48% to Rs 16.66 crore.

Nine month performance

Net sales (including other operating income) of Shivalik Bimetal Controls has increased 47.77% to Rs 346.77 crore.

Operating profit margin has jumped from 23.11% to 23.39%, leading to 49.52% rise in operating profit to Rs 81.10 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 51.73% to 55.13%. Employee cost decreased from 8.13% to 7.89%. Other expenses fell from 17.98% to 15.08%.

Other income rose 155.87% to Rs 10.03 crore. PBIDT rose 56.69% to Rs 91.13 crore. Provision for interest rose 246.15% to Rs 5.4 crore.

PBDT rose 51.47% to Rs 85.73 crore. Provision for depreciation rose 72.51% to Rs 7.78 crore.

Profit before tax grew 49.64% to Rs 77.95 crore. Share of profit/loss was 76.58% lower at Rs 0.52 crore. Provision for tax was expense of Rs 20.87 crore, compared to Rs 13.66 crore. Effective tax rate was 26.60% compared to 25.15%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 41.70% to Rs 57.60 crore.

Management Comments :

Mr. Rajeev Ranjan, Chief Financial Officer, added, “Our Total Revenue for Q3FY23 grew by 22.02% YoY on the back of robust organic volume growth with existing longstanding customers, and the addition of multiple new technical approvals with leading global OEMs. Over Q3FY23, we successfully onboarded many new market-leading clients, and as we translate pilot approval volumes to scalable production volumes, we expect to sustain our continuing growth incline going forward. Our 9MFY23 results also demonstrate our ability to deliver sustained quality earnings. Our YoY widening EBITDA margin by 184 basis points to 24.95% for 9MFY23 reflects our ability to produce strong operational performance, and thus a sustained PAT margin exceeding the mid-teens for the 9MFY23 period.”

“Our sustained growth in the 9MFY23 period is a testament to persistently surging market demand and new commercial relationships initiated with leading OEMs. While we are successfully leveraging our longstanding relationships, we are also aggressively adding new quality clients that position us in new high-growth opportunities, such as EV (Electric Vehicles) and smart metering, products necessary for an environmentally sustainable future,” said Mr. S. S. Sandhu, Chairman. “This growth strategy is a result of consistent investment in our intellectual capital and our commitment to excellence in quality and reliability for our global OEMs,” he added.

Others

The Board of Directors have announced the payment of Interim Dividend @ 25% i.e. Rs 0.50 per equity share of face value of Rs. 2/- each for the F.Y. 2022-23.

Promoters’ stake was 60.61% as of 31 December 2022 ,compared to 60.61% as of 31 December 2021 .

Shivalik Bimetal Controls : Consolidated Results

	Quarter ended			Year to Date			Year ended
Particulars	202212	202112	Var.(%)	202212	202112	Var.(%)	202203	202103	Var.(%)
Net Sales (including other operating income)	118.39	88.13	34.34	346.77	234.67	47.77	323.99	203.72	59.04
OPM (%)	24.23	23.33	90 bps	23.39	23.11	27 bps	22.68	17.74	494 bps
OP	28.68	20.56	39.49	81.10	54.24	49.52	73.48	36.14	103.32
Other Inc.	0.65	1.85	-64.86	10.03	3.92	155.87	5.45	4.05	34.57
PBIDT	29.33	22.41	30.88	91.13	58.16	56.69	78.93	40.19	96.39
Interest	1.95	0.76	156.58	5.40	1.56	246.15	2.76	1.63	69.33
PBDT	27.38	21.65	26.47	85.73	56.60	51.47	76.17	38.56	97.54
Depreciation	2.73	1.6	70.63	7.78	4.51	72.51	6.38	5.9	8.14
PBT	24.65	20.05	22.94	77.95	52.09	49.64	69.79	32.66	113.69
Share of Profit/(Loss) from Associates	-1.55	0.89	PL	0.52	2.22	-76.58	3.51	1.67	110.18
PBT before EO	23.1	20.94	10.32	78.47	54.31	44.49	73.3	34.33	113.52
EO Income	0	0	-	0	0	-	0	0	-
PBT after EO	23.1	20.94	10.32	78.47	54.31	44.49	73.3	34.33	113.52
Taxation	6.44	5.44	18.38	20.87	13.66	52.78	18.19	8.84	105.77
PAT	16.66	15.5	7.48	57.6	40.65	41.70	55.11	25.49	116.20
Minority Interest (MI)	0	0	-	0	0	-	0	0	-
Net profit	16.66	15.5	7.48	57.6	40.65	41.70	55.11	25.49	116.20
P/(L) from discontinued operations net of tax	0	0	-	0	0	-	0	0	-
Net profit after discontinued operations	16.66	15.5	7.48	57.6	40.65	41.70	55.11	25.49	116.20
EPS (Rs)*	2.89	2.69	7.48	10.00	7.06	41.70	9.57	4.43	116.20

* EPS is on current equity of Rs 11.52 crore, Face value of Rs 2, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

Previous News

Shivalik Bimetal Controls standalone net profit rises 4.90% in the September 2023 quarter
( Results - Announcements 06-Nov-23 17:41 )

Shivalik Bimetal Controls consolidated net profit rises 5.66% in the September 2023 quarter
( Results - Announcements 07-Nov-23 07:42 )

Shivalik Bimetal Controls signs MoU with Metalor Technologies International SA
( Corporate News - 24-Nov-23 18:33 )

Shivalik Bimetal Controls
( Results - Analysis 03-Feb-22 01:18 )

Shivalik Bimetal Controls
( Results - Analysis 10-Aug-22 13:35 )

Shivalik Bimetal Controls fixes record date for interim dividend
( Market Beat - Reports 25-Jan-22 18:13 )

Shivalik Bimetal Controls
( Analyst Meet / AGM - Conference Call 22-May-23 12:45 )

Shivalik Bimetal hits the roof after Q2 PAT spurts 157% YoY to Rs 14 cr
( Hot Pursuit - 03-Nov-21 12:17 )

Shivalik Bimetal Controls schedules board meeting
( Corporate News - 27-Jan-22 10:35 )

Shivalik Bimetal Controls fixes record date for interim dividend
( Market Beat - Reports 05-Feb-20 16:38 )

Shivalik Bimetal Controls standalone net profit declines 37.01% in the December 2019 quarter
( Results - Announcements 12-Feb-20 12:44 )