For the
quarter ending March 2022, consolidated net sales (including other operating income) of Craftsman Automation has increased 22.25% to Rs 656.67 crore compared to quarter ended march 2021.
Operating profit margin has declined from 28.07% to 23.61%, leading to 2.79% rise in operating profit to Rs 155.01 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 43.45% to 49.39%. Employee cost decreased from 8.26% to 7.01%. Other expenses fell from 20.29% to 20.09%. Other income rose 42.91% to Rs 4.23 crore. PBIDT rose 3.56% to Rs 159.24 crore. Provision for interest fell 20.73% to Rs 23.78 crore. Loan funds rose to Rs 799.55 crore as of 31 March 2022 from Rs 678.36 crore as of 31 March 2021. Inventories rose to Rs 626.41 crore as of 31 March 2022 from Rs 405.64 crore as of 31 March 2021. Sundry debtors were higher at Rs 296.21 crore as of 31 March 2022 compared to Rs 238.95 crore as of 31 March 2021. Cash and bank balance declined from Rs 46.66 crore as of 31 March 2021 to Rs 43.48 crore as of 31 March 2022. Investments declined from Rs 2.25 crore as of 31 March 2021 to Rs 0.30 crore as of 31 March 2022. PBDT rose 9.45% to Rs 135.46 crore. Provision for depreciation rose 8.70% to Rs 54.49 crore. Fixed assets increased to Rs 1,581.52 crore as of 31 March 2022 from Rs 1,535.69 crore as of 31 March 2021. Intangible assets declined from Rs 6.78 crore to Rs 4.24 crore. Profit before tax grew 9.97% to Rs 80.97 crore. Share of profit/loss was 33.33% higher at Rs 0.12 crore. Provision for tax was expense of Rs 29.63 crore, compared to Rs 26.44 crore. Effective tax rate was 36.54% compared to 35.87%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 8.84% to Rs 51.46 crore. Equity capital stood at Rs 10.56 crore as of 31 March 2022 to Rs 10.56 crore as of 31 March 2021. Per share face Value remained same at Rs 5.00. Promoters’ stake was 59.76% as of 31 March 2022 ,compared to 59.76% as of 31 March 2021 .
Full year results analysis.
Net sales (including other operating income) of Craftsman Automation has increased 42.12% to Rs 2217.02 crore. Operating profit margin has declined from 28.09% to 24.09%, leading to 21.89% rise in operating profit to Rs 534.16 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 42.96% to 47.39%. Employee cost decreased from 9.23% to 8.35%. Other expenses rose from 19.83% to 20.51%. Other income fell 26.59% to Rs 7.4 crore. PBIDT rose 20.80% to Rs 541.56 crore. Provision for interest fell 21.50% to Rs 84.22 crore. Loan funds rose to Rs 799.55 crore as of 31 March 2022 from Rs 678.36 crore as of 31 March 2021. Inventories rose to Rs 626.41 crore as of 31 March 2022 from Rs 405.64 crore as of 31 March 2021. Sundry debtors were higher at Rs 296.21 crore as of 31 March 2022 compared to Rs 238.95 crore as of 31 March 2021. Cash and bank balance declined from Rs 46.66 crore as of 31 March 2021 to Rs 43.48 crore as of 31 March 2022. Investments declined from Rs 2.25 crore as of 31 March 2021 to Rs 0.30 crore as of 31 March 2022. PBDT rose 34.10% to Rs 457.34 crore. Provision for depreciation rose 7.04% to Rs 205.99 crore. Fixed assets increased to Rs 1,581.52 crore as of 31 March 2022 from Rs 1,535.69 crore as of 31 March 2021. Intangible assets declined from Rs 6.78 crore to Rs 4.24 crore. Profit before tax grew 69.16% to Rs 251.35 crore. Share of profit/loss was 123.53% higher at Rs 0.38 crore. Provision for tax was expense of Rs 88.64 crore, compared to Rs 51.4 crore. Effective tax rate was 35.21% compared to 34.55%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 67.51% to Rs 163.09 crore. Equity capital stood at Rs 10.56 crore as of 31 March 2022 to Rs 10.56 crore as of 31 March 2021. Per share face Value remained same at Rs 5.00. Promoters’ stake was 59.76% as of 31 March 2022 ,compared to 59.76% as of 31 March 2021 . Cash flow from operating activities decreased to Rs 327.21 crore for year ended March 2022 from Rs 362.38 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 212.89 crore, compared to Rs 99.28 crore during the year ended March 2021.
Other highlights
Board
recommended a final dividend of Rs 3.75, per equity share of Rs 5 each (75%)
for the financial year ended 31st March, 2022, subject to the approval of
shareholders. Board fixed the record
date as Friday, 10th June, 2022 for the purpose of determining the eligibility
of the equity shareholders for the dividend.
Board
approved the proposal for setting up of additional/new plants at Pune,
Faridabad and Sriperumbudur. Existing capacity utilization at Pune, Faridabad
and Sriperumbudur is 80%, 85% and 88% respectively.
Company
proposed capacity addition of 2% at Pune, 1.5% at Faridabad and 10% at
Sriperumbudur. Total investment required is Rs 65 crore. Period within which
the proposed capacity is to be added is 24-36 months for Sriperumbudur and 18
months for Pune and Faridabad plant.
| Craftsman Automation : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 656.67 | 537.16 | 22.25 | 2,217.02 | 1,559.95 | 42.12 | | OPM (%) | 23.61 | 28.07 | -447 bps | 24.09 | 28.09 | -400 bps | | OP | 155.01 | 150.80 | 2.79 | 534.16 | 438.24 | 21.89 | | Other Inc. | 4.23 | 2.96 | 42.91 | 7.40 | 10.08 | -26.59 | | PBIDT | 159.24 | 153.76 | 3.56 | 541.56 | 448.32 | 20.80 | | Interest | 23.78 | 30.00 | -20.73 | 84.22 | 107.28 | -21.50 | | PBDT | 135.46 | 123.76 | 9.45 | 457.34 | 341.04 | 34.10 | | Depreciation | 54.49 | 50.13 | 8.70 | 205.99 | 192.45 | 7.04 | | PBT | 80.97 | 73.63 | 9.97 | 251.35 | 148.59 | 69.16 | | Share of Profit/(Loss) from Associates | 0.12 | 0.09 | 33.33 | 0.38 | 0.17 | 123.53 | | PBT before EO | 81.09 | 73.72 | 10.00 | 251.73 | 148.76 | 69.22 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 81.09 | 73.72 | 10.00 | 251.73 | 148.76 | 69.22 | | Taxation | 29.63 | 26.44 | 12.07 | 88.64 | 51.4 | 72.45 | | PAT | 51.46 | 47.28 | 8.84 | 163.09 | 97.36 | 67.51 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 51.46 | 47.28 | 8.84 | 163.09 | 97.36 | 67.51 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 51.46 | 47.28 | 8.84 | 163.09 | 97.36 | 67.51 | | EPS (Rs)* | 24.36 | 22.38 | 8.84 | 77.19 | 46.08 | 67.51 | | | * EPS is on current equity of Rs 10.56 crore, Face value of Rs 5, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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