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Results
20-Nov-21
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Analysis
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KEI Industries
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EBIT up 11% largely on higher sales
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Standalone net sales of KEI Industries for the quarter ended Sep 2021 has
increased 30.52% to Rs 1,353.43 crore. Operating profit margin has
declined from 11.39% to 10.81%, leading to 23.79% rise in operating profit to
Rs 146.25 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 68.63% to 74.03%. Purchase of
finished goods cost fell from 0.82% to 0.01%. Employee cost decreased
from 4.54% to 3.40%. Other expenses fell from 15.20% to 12.44%.
Contract job process charges fell from 3.48% to 2.27%. Other
income fell 28.73% to Rs 2.58 crore. PBIDT rose 22.23% to Rs 148.83
crore. Provision for interest fell 33.51% to Rs 9.94
crore. PBDT rose 30.03% to Rs 138.89
crore. Provision for depreciation down 1.34% to Rs 14
crore. Profit before tax grew 34.84% to Rs 124.89
crore. Provision for tax was expense of Rs 32.91 crore, compared to
Rs 24.56 crore. Effective tax rate was 26.35% compared to 26.52%. Profit
after tax rose 35.15% to Rs 91.98 crore.
Sales of Segment - Cables segment has gone up 39.11% to Rs 1,211.23
crore (accounting for 78.73% of total sales). Sales of Segment -
Stainless Steel Wire segment has gone up 54.39% to Rs 51.75 crore (accounting
for 3.36% of total sales). Sales of Segment-EPC Projects segment has
gone up 11.17% to Rs 275.39 crore (accounting for 17.90% of total
sales). Inter-segment sales rose Rs 114.72 crore to Rs 183.36
crore.
Profit before interest, tax and other unallocable items (PBIT) has
jumped 10.65% to Rs 149.38 crore. PBIT of Segment - Cables segment
rose 11.09% to Rs 123.86 crore (accounting for 82.92% of total
PBIT). PBIT of Segment - Stainless Steel Wire segment rose 86.01% to
Rs 4.19 crore (accounting for 2.80% of total PBIT). PBIT of
Segment-EPC Projects segment rose 0.33% to Rs 21.33 crore (accounting for
14.28% of total PBIT).
PBIT margin of Segment - Cables segment fell from 12.81% to 10.23%. PBIT
margin of Segment - Stainless Steel Wire segment rose from 6.72% to
8.09%. PBIT margin of Segment-EPC Projects segment fell from 8.58%
to 7.75%. Overall PBIT margin fell from 11.72% to 9.71%.
Half-yearly performance
Standalone net sales (including other operating income) of KEI Industries has
increased 33.03% to Rs 2,370.99 crore. Operating profit margin has
jumped from 10.91% to 10.97%, leading to 33.71% rise in operating profit to Rs
259.98 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 66.89% to 73.26%. Purchase of finished
goods cost fell from 0.61% to 0.01%. Employee cost decreased from
5.48% to 3.86%. Other expenses fell from 15.71% to 12.81%.
Contract job process charges fell from 3.36% to 2.59%. Other
income fell 56.22% to Rs 5.35 crore. PBIDT rose 28.40% to Rs 265.33
crore. Provision for interest fell 32.70% to Rs 21.36
crore. PBDT rose 39.48% to Rs 243.97 crore. Provision for
depreciation down 3.20% to Rs 27.85 crore. Profit before tax grew
47.89% to Rs 216.12 crore. Provision for tax was expense of Rs 57.03
crore, compared to Rs 38.85 crore. Effective tax rate was 26.39%
compared to 26.58%. Profit after tax rose 48.28% to Rs 159.09 crore.
Sales of Segment - Cables segment has
gone up 38.15% to Rs 2,095.66 crore (accounting for 80.34% of total
sales). Sales of Segment - Stainless Steel Wire segment has gone up
83.38% to Rs 99.55 crore (accounting for 3.82% of total
sales). Sales of Segment-EPC Projects segment has gone down 2.55% to
Rs 413.24 crore (accounting for 15.84% of total
sales). Inter-segment sales rose Rs 211.18 crore to Rs 236.39
crore.
Profit before interest, tax and other
unallocable items (PBIT) has jumped 11.78% to Rs 259.56 crore. PBIT
of Segment - Cables segment rose 15.71% to Rs 218.58 crore (accounting for
84.21% of total PBIT). PBIT of Segment - Stainless Steel Wire
segment rose 69.65% to Rs 7.18 crore (accounting for 2.77% of total
PBIT). PBIT of Segment-EPC Projects segment fell 13.51% to Rs 33.80
crore (accounting for 13.02% of total PBIT).
PBIT margin of Segment - Cables segment
fell from 12.45% to 10.43%. PBIT margin of Segment - Stainless Steel
Wire segment fell from 7.79% to 7.21%. PBIT margin of Segment-EPC
Projects segment fell from 9.22% to 8.18%. Overall PBIT margin fell
from 11.64% to 9.95%.
Other developments
Equity capital increased from Rs 17.97
crore as of 30 September 2020 to Rs 18.02 crore as of 30 September
2021. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 38.02% as of 30
September 2021 ,compared to 40.34% as of 30 September 2020 .
Standalone Loan funds rose to Rs 316.08
crore as of 30 September 2021 from Rs 271.34 crore as of 30 September
2020. Inventories rose to Rs 916.43 crore as of 30 September 2021
from Rs 699.79 crore as of 30 September 2020. Sundry debtors were
higher at Rs 1,379.45 crore as of 30 September 2021 compared to Rs 1,298.60
crore as of 30 September 2020. Cash and bank balance declined from
Rs 137.68 crore as of 30 September 2020 to Rs 64.08 crore as of 30 September
2021. Investments rose to Rs 7.95 crore as of 30 September 2021 from
Rs 0.70 crore as of 30 September 2020 . Fixed assets declined from
Rs 546.21 crore as of 30 September 2020 to Rs 534.76 crore as of 30 September
2021. Intangible assets declined from Rs 2.31 crore to Rs 1.31
crore.
Cash flow from operating activities has
turned negative Rs 148.22 crore for YTD ended September 2021 from positive Rs
33.89 crore for YTD ended September 2020. Cash flow used in
acquiring fixed assets during the YTD ended September 2021 stood at Rs 22.46 crore,
compared to Rs 9.95 crore during the YTD ended September 2020.
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KEI
Industries : Standalone Results
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2109
(3)
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2009
(3)
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Var.(%)
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2109
(6)
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2009
(6)
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Var.(%)
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2103
(12)
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2003
(12)
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Var.
(%)
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Sales
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1353.43
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1036.94
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31
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2370.99
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1782.24
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33
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4181.49
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4884.27
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-14
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OPM (%)
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10.8
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11.4
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11.0
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10.9
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11.0
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10.2
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OP
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146.25
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118.14
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24
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259.97
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194.43
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34
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460.49
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496.04
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-7
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Other
inc.
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2.58
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3.62
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-29
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5.35
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12.22
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-56
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20.06
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16.47
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22
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PBIDT
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148.82
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121.76
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22
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265.32
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206.65
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28
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480.55
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512.51
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-6
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Interest
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9.94
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14.95
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-34
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21.36
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31.74
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-33
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57.31
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129.15
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-56
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PBDT
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138.88
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106.81
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30
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243.96
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174.91
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39
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423.25
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383.36
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10
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Dep.
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14.00
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14.19
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-1
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27.85
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28.77
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-3
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57.81
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56.69
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2
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PBT
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124.89
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92.62
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35
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216.11
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146.14
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48
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365.43
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326.67
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12
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EO Exp
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0.00
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0.00
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0.00
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0.00
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0.00
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0.00
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PBT
after EO
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124.89
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92.62
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35
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216.11
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146.14
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48
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365.43
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326.67
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12
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Taxation
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32.91
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24.56
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34
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57.03
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38.85
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47
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92.12
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71.56
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29
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PAT
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91.98
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68.06
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35
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159.09
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107.29
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48
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273.31
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255.10
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7
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EPS
(Rs)*
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#
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#
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#
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#
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30.3
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28.3
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* EPS
is on current equity of Rs 18.021 crore, Face value of Rs 2
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# EPS
is not annualised due to seasonality of business
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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KEI
Industries: Segment Results
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Segment
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% to
total
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2109
(3)
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2009
(3)
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Var.
(%)
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% to
total
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2109
(6)
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2009
(6)
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Var.
(%)
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% to
total
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2103
(12)
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2003
(12)
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Var.(%)
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Sales
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Cables
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79
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1211.23
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870.68
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39
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80
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2095.66
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1516.90
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38
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76
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3574.21
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3982.41
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-10
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Stainless
Steel Wire
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3
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51.75
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33.52
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54
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4
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99.55
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54.29
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83
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3
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141.65
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137.53
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3
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EPC
Projects
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18
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275.39
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247.71
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11
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16
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413.24
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424.04
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-3
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21
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976.70
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1396.66
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-30
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Total
Sales
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100
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1538.37
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1151.91
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34
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100
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2608.45
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1995.23
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31
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100
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4692.56
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5516.60
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-15
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Less:
Inter Segment Elimination
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1.58
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0.26
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1.07
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1.81
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9.22
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3.87
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Less
:Inter Segment Revenue
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183.36
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114.72
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236.39
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211.18
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501.86
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628.47
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Net
sales
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1353.43
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1036.94
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31
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2370.99
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1782.24
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33
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4181.49
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4884.27
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-14
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PBIT
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Cables
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83
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123.86
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111.49
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11
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84
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218.58
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188.90
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16
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81
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416.43
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440.32
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-5
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Stainless
Steel Wire
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3
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4.19
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2.25
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86
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3
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7.18
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4.23
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70
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1
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6.50
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8.76
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-26
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EPC
Projects
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14
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21.33
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21.26
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0
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13
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33.80
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39.08
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-14
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18
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90.74
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163.69
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-45
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Total
PBIT
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100
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149.38
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135.00
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11
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100
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259.56
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232.21
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12
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100
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513.68
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612.77
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-16
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Less:
Intersegment Elimination
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6.63
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10.11
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-34
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9.48
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22.19
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-57
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54.18
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27.08
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100
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PBIT
after IS Elimination
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142.75
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124.90
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14
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250.08
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210.02
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459.49
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585.70
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LESS:
Interest expenes
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9.94
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14.95
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-34
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21.36
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31.74
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-33
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57.31
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129.15
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-56
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Add:
Interest Income
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Other
income & unallocable expenses
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7.92
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17.33
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-54
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12.61
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32.15
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-61
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36.75
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129.88
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-72
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PBT
before EO
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124.89
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92.62
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35
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216.11
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146.14
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48
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365.43
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326.67
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12
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Note:
Figures in Rs crore
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