For quarter ended Sept 2022,
Consolidated, net sales (including other operating income) of Mahindra CIE Automotive has increased 30.25% to Rs 2723.15 crore compared to quarter ended sept 2021. Sales of India segment has gone up 33.31% to Rs 1542.89 crore (accounting for 56.41% of total sales). Sales of Europe segment has gone up 25.32% to Rs 1192.03 crore (accounting for 43.59% of total sales). Inter-segment sales fell from Rs 17.84 crore to Rs 11.77 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 26.71% to Rs 243.84 crore. PBIT of India segment rose 40.56% to Rs 162.62 crore (accounting for 66.69% of total PBIT). PBIT of Europe segment rose 5.84% to Rs 81.23 crore (accounting for 33.31% of total PBIT).
PBIT margin of India segment rose from 10% to 10.54%. PBIT margin of Europe segment fell from 8.07% to 6.81%. Overall PBIT margin fell from 9.13% to 8.92%.
Operating profit margin has declined from 12.84% to 11.64%, leading to 18.03% rise in operating profit to Rs 316.92 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 50.37% to 53.80%. Employee cost decreased from 14.74% to 11.67%. Other expenses rose from 22.65% to 22.96%. Other income rose 86.23% to Rs 13.8 crore. PBIDT rose 19.87% to Rs 330.72 crore. Provision for interest rose 25.02% to Rs 16.64 crore.
PBDT rose 19.60% to Rs 314.08 crore. Provision for depreciation rose 4.43% to Rs 87.17 crore.
Profit before tax grew 26.67% to Rs 226.91 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 55.84 crore, compared to Rs 12.72 crore. Effective tax rate was 24.58% compared to 7.10%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 2.98% to Rs 171.37 crore. Promoters’ stake was 74.96% as of 30 September 2022 ,compared to 72.19% as of 30 September 2021 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Mahindra CIE Automotive has increased 26.55% to Rs 8001.21 crore. Sales of India segment has gone up 30.48% to Rs 4225.73 crore (accounting for 52.58% of total sales). Sales of Europe segment has gone up 21.60% to Rs 3811.2 crore (accounting for 47.42% of total sales). Inter-segment sales fell from Rs 50.28 crore to Rs 35.72 crore.
Profit before interest, tax and other unallocable items (PBIT) has jumped 20.92% to Rs 717.18 crore. PBIT of India segment rose 42.12% to Rs 440.21 crore (accounting for 61.38% of total PBIT). PBIT of Europe segment fell 2.26% to Rs 276.97 crore (accounting for 38.62% of total PBIT).
PBIT margin of India segment rose from 9.56% to 10.42%. PBIT margin of Europe segment fell from 9.04% to 7.27%. Overall PBIT margin fell from 9.31% to 8.92%.
Operating profit margin has declined from 12.89% to 11.26%, leading to 10.50% rise in operating profit to Rs 900.76 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 48.73% to 53.54%. Employee cost decreased from 15.90% to 12.43%. Other expenses fell from 22.97% to 22.83%. Other income rose 102.74% to Rs 77.71 crore. PBIDT rose 14.65% to Rs 978.47 crore. Provision for interest fell 27.24% to Rs 29.52 crore.
PBDT rose 16.74% to Rs 948.95 crore. Provision for depreciation rose 1.05% to Rs 263.1 crore.
Profit before tax grew 24.13% to Rs 685.85 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 166.02 crore, compared to Rs 239.83 crore. Effective tax rate was 24.14% compared to 43.41%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 66.82% to Rs 521.65 crore.
Promoters’ stake was 74.96% as of 30 September 2022 ,compared to 72.19% as of 30 September 2021 .
Full year results analysis.
Net sales (including other operating income) of Mahindra CIE Automotive has increased 38.62% to Rs 8386.71 crore. Sales of India segment has gone up 47.94% to Rs 4,394.50 crore (accounting for 51.98% of total sales). Sales of Europe segment has gone up 30.10% to Rs 4,058.99 crore (accounting for 48.02% of total sales). Inter-segment sales rose Rs 40.33 crore to Rs 66.78 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 187.16% to Rs 718.24 crore. PBIT of India segment rose 148.39% to Rs 391.77 crore (accounting for 54.55% of total PBIT). PBIT of Europe segment rose 253.31% to Rs 326.47 crore (accounting for 45.45% of total PBIT).
PBIT margin of India segment rose from 5.31% to 8.91%. PBIT margin of Europe segment rose from 2.96% to 8.04%. Overall PBIT margin rose from 4.11% to 8.50%.
Operating profit margin has jumped from 8.29% to 12.13%, leading to 102.81% rise in operating profit to Rs 1,017.34 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 45.23% to 49.03%. Employee cost decreased from 21.30% to 15.69%. Other expenses fell from 24.99% to 23.44%. Other income rose 1.24% to Rs 55.57 crore. PBIDT rose 92.79% to Rs 1072.91 crore. Provision for interest fell 2.92% to Rs 53.25 crore. Loan funds declined from Rs 1,647.60 crore as of 31 December 2020 to Rs 1,313.14 crore as of 31 December 2021. Inventories rose to Rs 1,348.63 crore as of 31 December 2021 from Rs 1,006.16 crore as of 31 December 2020. Sundry debtors were lower at Rs 668.73 crore as of 31 December 2021 compared to Rs 706.44 crore as of 31 December 2020. Cash and bank balance declined from Rs 238.01 crore as of 31 December 2020 to Rs 159.52 crore as of 31 December 2021. Investments rose to Rs 437.97 crore as of 31 December 2021 from Rs 233.98 crore as of 31 December 2020 .
PBDT rose 103.25% to Rs 1019.66 crore. Provision for depreciation rose 11.97% to Rs 343.08 crore. Fixed assets increased to Rs 3,084.98 crore as of 31 December 2021 from Rs 2,998.24 crore as of 31 December 2020. Intangible assets declined from Rs 3,755.39 crore to Rs 3,626.46 crore.
Profit before tax grew 246.48% to Rs 676.58 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 272.14 crore, compared to Rs 88.64 crore. Effective tax rate was 40.92% compared to 45.39%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 268.41% to Rs 392.84 crore.
Equity capital increased from Rs 379.01 crore as of 31 December 2020 to Rs 379.08 crore as of 31 December 2021. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 72.19% as of 31 December 2021 ,compared to 71.61% as of 31 December 2020 .
Cash flow from operating activities increased to Rs 1,051.14 crore for year ended December 2021 from Rs 539.44 crore for year ended December 2020. Cash flow used in acquiring fixed assets during the year ended December 2021 stood at Rs 526.67 crore, compared to Rs 334.30 crore during the year ended December 2020.
India
Highlights
In
India, All businesses are performing very well with positive
expectations. 2W still down but showing recovery to certain extent.
In India, tractors sales during Q3
CY22 fell by 1.6%, two wheelers sales went up 7.7%, MHCV sales went up 17.7%
and <6T vehicles (include Passenger Vehicles, Utility Vehicles, Vans and
Light Commercial Vehicles) went up by 33.1% compared to Q3 CY21.
In India, tractors sales in 9M CY22
fell by 8.6%, two wheelers sales went up 3.8%, MHCV sales went up 21% and
<6T vehicles (include Passenger Vehicles, Utility Vehicles, Vans and Light Commercial
Vehicles) went up by 23.7% compared to 9M CY21.