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Results
22-Oct-22
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Analysis
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KEI Industries
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Standalone net up 16% on sales growth of 19%
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Standalone net sales
(including other operating income) of KEI Industries for the quarter ended Sep
2022 has increased 18.81% to Rs 1,608.07 crore. Operating profit
margin has declined from 10.81% to 9.99%, leading to 9.80% rise in operating
profit to Rs 160.58 crore. Raw material cost as a % of total sales
(net of stock adjustments) increased from 74.03% to 74.90%.
Purchase of finished goods cost rose from 0.01% to 0.02%.
Employee cost decreased from 3.40% to 3.19%. Other
expenses fell from 12.44% to 11.80%. Expenses from contract fell
from 2.27% to 1.81%. Other income up 104.26% to Rs 5.27
crore. PBIDT rose 11.44% to Rs 165.85 crore. Provision
for interest fell 23.34% to Rs 7.62 crore. PBDT rose 13.92% to Rs
158.23 crore. Provision for depreciation rose 3.29% to Rs 14.46
crore. Profit before tax grew 15.12% to Rs 143.77
crore. Provision for tax was expense of Rs 36.87 crore, compared to
Rs 32.91 crore. Effective tax rate was 25.65% compared to 26.35%. Profit
after tax rose 16.22% to Rs 106.90 crore.
- Sales of Segment -
Cables segment has gone up 19.26% to Rs 1,444.49 crore (accounting for 88.96%
of total sales). Sales of Segment - Stainless Steel Wire segment has
gone up 41.99% to Rs 73.48 crore (accounting for 4.53% of total
sales). Sales of Segment-EPC Projects segment has gone down 61.56%
to Rs 105.85 crore (accounting for 6.52% of total
sales). Inter-segment sales came down from Rs 183.36 crore to Rs
15.75 crore.
- Profit before interest, tax and other unallocable items (PBIT) has
slumped 2.65% to Rs 145.42 crore. PBIT of Segment - Cables segment
rose 1.83% to Rs 126.12 crore (accounting for 86.73% of total
PBIT). PBIT of Segment - Stainless Steel Wire segment rose 6.52% to
Rs 4.46 crore (accounting for 3.07% of total PBIT). PBIT of
Segment-EPC Projects segment fell 30.42% to Rs 14.84 crore (accounting for
10.21% of total PBIT).
- PBIT margin of Segment - Cables segment fell from 10.23% to
8.73%. PBIT margin of Segment - Stainless Steel Wire segment fell
from 8.09% to 6.07%. PBIT margin of Segment-EPC Projects segment
rose from 7.75% to 14.02%. Overall PBIT margin fell from 9.71% to
8.96%.
Consolidated net sales for the quarter ended Sep 2022 has
increased 18.81% to Rs 1608.07 crore. Operating profit margin has
declined from 10.81% to 9.99%, leading to 9.80% rise in operating profit to Rs
160.57 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 74.03% to 74.90%. Purchase of finished
goods cost rose from 0.01% to 0.02%. Employee cost decreased from
3.40% to 3.19%. Other expenses fell from 14.71% to 11.80%.
Expenses from contract fell from 2.27% to 1.81%. Other
income rose 130.13% to Rs 5.27 crore. PBIDT rose 11.65% to Rs 165.84
crore. Provision for interest fell 23.34% to Rs 7.62
crore. PBDT rose 14.16% to Rs 158.22 crore. Provision
for depreciation rose 3.29% to Rs 14.46 crore. Profit before tax
grew 15.39% to Rs 143.76 crore. Share of profit/loss were nil in
both the periods. Provision for tax was expense of Rs 36.87 crore,
compared to Rs 32.91 crore. Effective tax rate was 25.65% compared
to 26.41%. Minority interest was nil in both the periods. Net profit
attributable to owners of the company increased 16.55% to Rs 106.89
crore.
Half yearly performance
Standalone net sales has increased
33.85% to Rs 3,173.49 crore. Operating profit margin has declined
from 10.97% to 10.09%, leading to 23.17% rise in operating profit to Rs 320.22
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 73.26% to 75.16%. Employee cost
decreased from 3.86% to 3.36%. Other expenses fell from 12.81% to
11.38%. Expenses from contract fell from 2.59% to 1.57%.
Other income up 64.49% to Rs 8.8 crore. PBIDT rose 24%
to Rs 329.02 crore. Provision for interest fell 21.11% to Rs 16.85
crore. PBDT rose 27.95% to Rs 312.17 crore. Provision for
depreciation rose 1.76% to Rs 28.34 crore. Profit before tax grew
31.33% to Rs 283.83 crore. Provision for tax was expense of Rs 73.16
crore, compared to Rs 57.03 crore. Effective tax rate was 25.78%
compared to 26.39%. Profit after tax rose 32.42% to Rs 210.67
crore.
- Sales of Segment - Cables segment has gone up 36.71% to Rs
2,865.07 crore (accounting for 87.91% of total sales). Sales of
Segment - Stainless Steel Wire segment has gone up 35.08% to Rs 134.48 crore
(accounting for 4.13% of total sales). Sales of Segment-EPC Projects
segment has gone down 37.22% to Rs 259.45 crore (accounting for 7.96% of total
sales). Inter-segment sales came down from Rs 236.39 crore to Rs
85.50 crore.
- Profit before interest, tax and other unallocable items (PBIT) has
jumped 9.91% to Rs 285.29 crore. PBIT of Segment - Cables segment
rose 15.97% to Rs 253.49 crore (accounting for 88.85% of total
PBIT). PBIT of Segment - Stainless Steel Wire segment rose 4.49% to
Rs 7.50 crore (accounting for 2.63% of total PBIT). PBIT of
Segment-EPC Projects segment fell 28.10% to Rs 24.30 crore (accounting for
8.52% of total PBIT).
- PBIT margin of Segment - Cables segment fell from 10.43% to
8.85%. PBIT margin of Segment - Stainless Steel Wire segment fell
from 7.21% to 5.58%. PBIT margin of Segment-EPC Projects segment
rose from 8.18% to 9.37%. Overall PBIT margin fell from 9.95% to
8.75%.
Consolidated net sales has
increased 33.85% to Rs 3173.49 crore. Operating profit margin has
declined from 10.96% to 10.09%, leading to 23.18% rise in operating profit to
Rs 320.20 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 73.26% to 75.16%. Employee cost
decreased from 3.86% to 3.36%. Other expenses fell from 12.81% to 11.38%.
Expenses from contract fell from 2.59% to 1.57%. Other
income rose 73.91% to Rs 8.8 crore. PBIDT rose 24.15% to Rs 329
crore. Provision for interest fell 21.11% to Rs 16.85
crore. PBDT rose 28.11% to Rs 312.15 crore. Provision for
depreciation rose 1.76% to Rs 28.34 crore. Profit before tax grew
31.52% to Rs 283.81 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 73.16 crore, compared
to Rs 57.03 crore. Effective tax rate was 25.78% compared to 26.42%.
Minority interest was nil in both the periods. Net profit
attributable to owners of the company increased 32.64% to Rs 210.65
crore.
Other developments
Standalone - Loan funds declined from Rs 316.08 crore as of 30
September 2021 to Rs 185.70 crore as of 30 September
2022. Inventories rose to Rs 1,070.66 crore as of 30 September 2022
from Rs 916.43 crore as of 30 September 2021. Sundry debtors were
lower at Rs 1,084.16 crore as of 30 September 2022 compared to Rs 1,379.45
crore as of 30 September 2021. Cash and bank balance rose to Rs
416.54 crore as of 30 September 2022 from Rs 64.08 crore as of 30 September
2021. Investments declined from Rs 7.95 crore as of 30 September
2021 to Rs 1.95 crore as of 30 September 2022. Fixed assets
increased to Rs 543.70 crore as of 30 September 2022 from Rs 534.76 crore as of
30 September 2021. Intangible assets increased from Rs 1.31 crore to
Rs 2.22 crore. Cash flow from operating activities has turned
positive Rs 263.95 crore for YTD ended September 2022 from negative Rs 148.22
crore for YTD ended September 2021. Cash flow used in acquiring
fixed assets during the YTD ended September 2022 stood at Rs 26.49 crore,
compared to Rs 22.46 crore during the YTD ended September 2021.
Consolidated - Loan funds declined from Rs 316.08 crore as of 30
September 2021 to Rs 163.49 crore as of 30 September
2022. Inventories rose to Rs 1,070.66 crore as of 30 September 2022
from Rs 916.43 crore as of 30 September 2021. Sundry debtors were
lower at Rs 1,084.16 crore as of 30 September 2022 compared to Rs 1,379.45
crore as of 30 September 2021. Cash and bank balance rose to Rs
416.55 crore as of 30 September 2022 from Rs 64.10 crore as of 30 September
2021. Investments declined from Rs 7.95 crore as of 30 September
2021 to Rs 1.95 crore as of 30 September 2022. Fixed assets
increased to Rs 543.70 crore as of 30 September 2022 from Rs 534.76 crore as of
30 September 2021. Intangible assets increased from Rs 1.31 crore to
Rs 2.22 crore. Cash flow from operating activities has turned
positive Rs 263.94 crore for YTD ended September 2022 from negative Rs 148.51
crore for YTD ended September 2021. Cash flow used in acquiring
fixed assets during the YTD ended September 2022 stood at Rs 26.49 crore,
compared to Rs 22.46 crore during the YTD ended September 2021.
Equity capital increased
from Rs 18.02 crore as of 30 September 2021 to Rs 18.04 crore as of 30
September 2022. Per share face Value remained same at Rs
2.00.
Promoters’ stake was 38.02% as of 30 September 2022 ,compared to
38.02% as of 30 September 2021.
| KEI Industries : Standalone Results | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202209 | 202109 | Var.(%) | 202209 | 202109 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 1,608.07 | 1,353.43 | 18.81 | 3,173.49 | 2,370.99 | 33.85 | 5,726.55 | 4,181.49 | 36.95 | | OPM (%) | 9.99 | 10.81 | -82 bps | 10.09 | 10.97 | -87 bps | 10.28 | 10.89 | -61 bps | | OP | 160.58 | 146.25 | 9.80 | 320.22 | 259.98 | 23.17 | 588.68 | 455.47 | 29.25 | | Other Inc. | 5.27 | 2.58 | 104.26 | 8.80 | 5.35 | 64.49 | 14.89 | 20.06 | -25.77 | | PBIDT | 165.85 | 148.83 | 11.44 | 329.02 | 265.33 | 24.00 | 603.57 | 475.53 | 26.93 | | Interest | 7.62 | 9.94 | -23.34 | 16.85 | 21.36 | -21.11 | 40.39 | 57.31 | -29.52 | | PBDT | 158.23 | 138.89 | 13.92 | 312.17 | 243.97 | 27.95 | 563.18 | 418.22 | 34.66 | | Depreciation | 14.46 | 14 | 3.29 | 28.34 | 27.85 | 1.76 | 55.45 | 57.81 | -4.08 | | PBT | 143.77 | 124.89 | 15.12 | 283.83 | 216.12 | 31.33 | 507.73 | 360.41 | 40.88 | | PBT before EO | 143.77 | 124.89 | 15.12 | 283.83 | 216.12 | 31.33 | 507.73 | 360.41 | 40.88 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 143.77 | 124.89 | 15.12 | 283.83 | 216.12 | 31.33 | 507.73 | 360.41 | 40.88 | | Taxation | 36.87 | 32.91 | 12.03 | 73.16 | 57.03 | 28.28 | 131.51 | 90.86 | 44.74 | | PAT | 106.9 | 91.98 | 16.22 | 210.67 | 159.09 | 32.42 | 376.22 | 269.55 | 39.57 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 106.9 | 91.98 | 16.22 | 210.67 | 159.09 | 32.42 | 376.22 | 269.55 | 39.57 | | EPS (Rs)* | 11.85 | 10.20 | 16.22 | 23.36 | 17.64 | 32.42 | 41.71 | 29.89 | 39.57 | | | * EPS is on current equity of Rs 18.04 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 |
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| KEI Industries : Standalone Segment Results | | | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202209 | 202109 | Var.(%) | % of (Total) | 202209 | 202109 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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| Sales | | Segment - Cables | 88.96 | 1,444.49 | 1,211.23 | 19.26 | 87.91 | 2,865.07 | 2,095.66 | 36.71 | 82.33 | 5,122.68 | 3,574.21 | 43.32 | | Segment - Stainless Steel Wire | 4.53 | 73.48 | 51.75 | 41.99 | 4.13 | 134.48 | 99.55 | 35.08 | 3.63 | 225.94 | 141.65 | 59.50 | | Segment-EPC Projects | 6.52 | 105.85 | 275.39 | -61.56 | 7.96 | 259.45 | 413.24 | -37.22 | 14.04 | 873.49 | 976.70 | -10.57 | | Total Reported Sales | 100.00 | 1,623.82 | 1,538.37 | 5.55 | 100.00 | 3,258.99 | 2,608.45 | 24.94 | 100.00 | 6,222.11 | 4,692.56 | 32.60 | | Less: Inter segment revenues | | 15.75 | 183.36 | -91.41 | | 85.50 | 236.39 | -63.83 | | 495.56 | 511.08 | -3.04 | | Net Sales | 100.00 | 1,608.07 | 1,355.01 | 18.68 | 100.00 | 3,173.49 | 2,372.06 | 33.79 | 100.00 | 5,726.55 | 4,181.49 | 36.95 | | PBIT | | Segment - Cables | 86.73 | 126.12 | 123.86 | 1.83 | 88.85 | 253.49 | 218.58 | 15.97 | 83.57 | 486.42 | 409.53 | 18.78 | | Segment - Stainless Steel Wire | 3.07 | 4.46 | 4.19 | 6.52 | 2.63 | 7.50 | 7.18 | 4.49 | 2.34 | 13.63 | 8.39 | 62.60 | | Segment-EPC Projects | 10.21 | 14.84 | 21.33 | -30.42 | 8.52 | 24.30 | 33.80 | -28.10 | 14.09 | 81.98 | 90.74 | -9.65 | | Total PBIT | 100.00 | 145.42 | 149.38 | -2.65 | 100.00 | 285.29 | 259.56 | 9.91 | 100.00 | 582.03 | 508.65 | 14.43 | | Less : Interest | | 7.62 | 9.94 | -23.37 | | 16.85 | 21.36 | -21.13 | | 40.39 | 57.31 | -29.52 | | Add: Other un-allcoable | | 5.96 | -14.55 | LP | | 15.38 | -22.09 | LP | | -33.91 | -90.94 | 62.71 | | PBIT Margin(%) | | Segment - Cables | | 8.73 | 10.23 | -149.47 | | 8.85 | 10.43 | -158.25 | | 9.50 | 11.46 | -196.24 | | Segment - Stainless Steel Wire | | 6.07 | 8.09 | -202.09 | | 5.58 | 7.21 | -163.33 | | 6.03 | 5.92 | 11.50 | | Segment-EPC Projects | | 14.02 | 7.75 | 627.64 | | 9.37 | 8.18 | 118.79 | | 9.39 | 9.29 | 9.50 | | PBT | 100.00 | 143.77 | 124.89 | 15.12 | 100.00 | 283.82 | 216.11 | 31.33 | 100.00 | 507.73 | 360.41 | 40.88 |
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| KEI Industries : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202209 | 202109 | Var.(%) | 202209 | 202109 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 1,608.07 | 1,353.43 | 18.81 | 3,173.49 | 2,370.99 | 33.85 | 5,726.55 | 4,181.54 | 36.95 | | OPM (%) | 9.99 | 10.81 | -82 bps | 10.09 | 10.96 | -87 bps | 10.28 | 10.89 | -61 bps | | OP | 160.57 | 146.24 | 9.80 | 320.20 | 259.95 | 23.18 | 588.72 | 455.47 | 29.26 | | Other Inc. | 5.27 | 2.29 | 130.13 | 8.80 | 5.06 | 73.91 | 14.60 | 20.06 | -27.22 | | PBIDT | 165.84 | 148.53 | 11.65 | 329.00 | 265.01 | 24.15 | 603.32 | 475.53 | 26.87 | | Interest | 7.62 | 9.94 | -23.34 | 16.85 | 21.36 | -21.11 | 40.39 | 57.31 | -29.52 | | PBDT | 158.22 | 138.59 | 14.16 | 312.15 | 243.65 | 28.11 | 562.93 | 418.22 | 34.60 | | Depreciation | 14.46 | 14 | 3.29 | 28.34 | 27.85 | 1.76 | 55.45 | 57.81 | -4.08 | | PBT | 143.76 | 124.59 | 15.39 | 283.81 | 215.8 | 31.52 | 507.48 | 360.41 | 40.81 | | Share of Profit/(Loss) from Associates | 0 | 0.03 | - | 0 | 0.04 | - | 0.04 | 0.1 | -60.00 | | PBT before EO | 143.76 | 124.62 | 15.36 | 283.81 | 215.84 | 31.49 | 507.52 | 360.51 | 40.78 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 143.76 | 124.62 | 15.36 | 283.81 | 215.84 | 31.49 | 507.52 | 360.51 | 40.78 | | Taxation | 36.87 | 32.91 | 12.03 | 73.16 | 57.03 | 28.28 | 131.51 | 90.86 | 44.74 | | PAT | 106.89 | 91.71 | 16.55 | 210.65 | 158.81 | 32.64 | 376.01 | 269.65 | 39.44 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | -0.01 | 0.1 | LP | | Net profit | 106.89 | 91.71 | 16.55 | 210.65 | 158.81 | 32.64 | 376.02 | 269.55 | 39.50 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 106.89 | 91.71 | 16.55 | 210.65 | 158.81 | 32.64 | 376.02 | 269.55 | 39.50 | | EPS (Rs)* | 11.85 | 10.17 | 16.55 | 23.36 | 17.61 | 32.64 | 41.69 | 29.89 | 39.50 | | | * EPS is on current equity of Rs 18.04 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 |
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| KEI Industries : Consolidated Segment Results | | | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202209 | 202109 | Var.(%) | % of (Total) | 202209 | 202109 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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| Sales | | Segment-Cables | 88.96 | 1,444.49 | 1,211.23 | 19.26 | 87.91 | 2,865.07 | 2,095.66 | 36.71 | 82.33 | 5,122.68 | 3,574.26 | 43.32 | | Segment-Stainees Steel Wire | 4.53 | 73.48 | 51.75 | 41.99 | 4.13 | 134.48 | 99.55 | 35.08 | 3.63 | 225.94 | 141.65 | 59.50 | | Segment-EPC projects | 6.52 | 105.85 | 275.39 | -61.56 | 7.96 | 259.45 | 413.24 | -37.22 | 14.04 | 873.49 | 976.70 | -10.57 | | Total Reported Sales | 100.00 | 1,623.82 | 1,538.37 | 5.55 | 100.00 | 3,258.99 | 2,608.45 | 24.94 | 100.00 | 6,222.11 | 4,692.61 | 32.59 | | Less: Inter segment revenues | | 15.75 | 183.36 | -91.41 | | 85.50 | 236.39 | -63.83 | | 495.56 | 511.08 | -3.04 | | Net Sales | 100.00 | 1,608.07 | 1,355.01 | 18.68 | 100.00 | 3,173.49 | 2,372.06 | 33.79 | 100.00 | 5,726.55 | 4,181.54 | 36.95 | | PBIT | | Segment-Cables | 86.72 | 126.11 | 123.85 | 1.82 | 88.85 | 253.47 | 218.56 | 15.97 | 83.57 | 486.36 | 409.47 | 18.78 | | Segment-Stainees Steel Wire | 3.07 | 4.46 | 4.19 | 6.52 | 2.63 | 7.50 | 7.18 | 4.49 | 2.34 | 13.63 | 8.39 | 62.60 | | Segment-EPC projects | 10.21 | 14.84 | 21.33 | -30.42 | 8.52 | 24.30 | 33.80 | -28.10 | 14.09 | 81.98 | 90.74 | -9.65 | | Total PBIT | 100.00 | 145.41 | 149.36 | -2.65 | 100.00 | 285.27 | 259.53 | 9.92 | 100.00 | 581.97 | 508.59 | 14.43 | | Less : Interest | | 7.62 | 9.94 | -23.37 | | 16.85 | 21.36 | -21.13 | | 40.39 | 57.31 | -29.52 | | Add: Other un-allcoable | | 5.96 | -14.81 | LP | | 15.38 | -22.34 | LP | | -34.05 | -90.78 | 62.49 | | PBIT Margin(%) | | Segment-Cables | | 8.73 | 10.22 | -149.47 | | 8.85 | 10.43 | -158.22 | | 9.49 | 11.46 | -196.19 | | Segment-Stainees Steel Wire | | 6.07 | 8.09 | -202.09 | | 5.58 | 7.21 | -163.33 | | 6.03 | 5.92 | 11.50 | | Segment-EPC projects | | 14.02 | 7.75 | 627.64 | | 9.37 | 8.18 | 118.79 | | 9.39 | 9.29 | 9.50 | | PBT | 100.00 | 143.75 | 124.62 | 15.36 | 100.00 | 283.80 | 215.84 | 31.49 | 100.00 | 507.53 | 360.51 | 40.78 |
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