Capitaline

Results 12-Nov-22

Analysis

Esab India

sales up 25%. net up 35%

Standalone net sales (including other operating income) of Esab India for the quarter ended Sep 2022 has increased 25.00% to Rs 276.51 crore. Operating profit margin has jumped from 14.55% to 15.89%, leading to 36.53% rise in operating profit to Rs 43.95 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 46.64% to 46.84%. Purchase of finished goods cost fell from 16.19% to 16.13%. Employee cost decreased from 9.94% to 8.80%. Other expenses fell from 12.81% to 12.15%. Other income fell 29.06% to Rs 1.88 crore. PBIDT rose 31.54% to Rs 45.83 crore. Provision for interest fell 50% to Rs 0.05 crore. PBDT rose 31.78% to Rs 45.78 crore. Provision for depreciation rose 1.42% to Rs 2.85 crore. Profit before tax grew 34.45% to Rs 42.93 crore. Provision for tax was expense of Rs 11.02 crore, compared to Rs 8.27 crore. Effective tax rate was 25.67% compared to 25.90%. Profit after tax rose 34.87% to Rs 31.91 crore.

Half yearly performance

Net sales has increased 29.22% to Rs 519.98 crore. Operating profit margin has jumped from 14.99% to 15.34%, leading to 32.32% rise in operating profit to Rs 79.79 crore. Profit before tax grew 30.72% to Rs 77.27 crore. Provision for tax was expense of Rs 19.76 crore, compared to Rs 15.1 crore. Effective tax rate was 25.57% compared to 25.55%. Profit after tax rose 30.67% to Rs 57.51 crore.

Equity capital stood at Rs 15.39 crore as of 30 September 2022 to Rs 15.39 crore as of 30 September 2021. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 73.72% as of 30 September 2022 ,compared to 73.72% as of 30 September 2021 .

Esab India : Standalone Results

	Quarter ended			Year to Date			Year ended
Particulars	202209	202109	Var.(%)	202209	202109	Var.(%)	202203	202103	Var.(%)
Net Sales (including other operating income)	276.51	221.21	25.00	519.98	402.39	29.22	892.80	681.16	31.07
OPM (%)	15.89	14.55	134 bps	15.34	14.99	36 bps	13.10	11.96	114 bps
OP	43.95	32.19	36.53	79.79	60.30	32.32	117.00	81.47	43.61
Other Inc.	1.88	2.65	-29.06	3.38	4.61	-26.68	8.18	11.18	-26.83
PBIDT	45.83	34.84	31.54	83.17	64.91	28.13	125.18	92.65	35.11
Interest	0.05	0.1	-50.00	0.11	0.2	-45.00	0.29	0.41	-29.27
PBDT	45.78	34.74	31.78	83.06	64.71	28.36	124.89	92.24	35.40
Depreciation	2.85	2.81	1.42	5.79	5.6	3.39	11.33	11.71	-3.25
PBT	42.93	31.93	34.45	77.27	59.11	30.72	113.56	80.53	41.02
PBT before EO	42.93	31.93	34.45	77.27	59.11	30.72	113.56	80.53	41.02
EO Income	0	0	-	0	0	-	0	0	-
PBT after EO	42.93	31.93	34.45	77.27	59.11	30.72	113.56	80.53	41.02
Taxation	11.02	8.27	33.25	19.76	15.1	30.86	29.25	21.24	37.71
PAT	31.91	23.66	34.87	57.51	44.01	30.67	84.31	59.29	42.20
P/(L) from discontinued operations net of tax	0	0	-	0	0	-	0	0	-
Net profit after discontinued operations	31.91	23.66	34.87	57.51	44.01	30.67	84.31	59.29	42.20
EPS (Rs)*	20.73	15.37	34.87	37.37	28.60	30.67	54.78	38.53	42.20

* EPS is on current equity of Rs 15.39 crore, Face value of Rs 10, 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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