Capitaline

Results 12-Nov-22

Analysis

Precision Wires India

Sales up 2%, net down 2%

Net sales (including other operating income) of Precision Wires India for the quarter ended Sep 2022 has increased 2.42% to Rs 726.03 crore. Operating profit margin has jumped from 4.22% to 4.26%, leading to 3.38% rise in operating profit to Rs 30.90 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 91.76% to 90.51%. Employee cost increased from 1.20% to 1.21%. Other expenses rose from 2.98% to 3.88%. Power and Oil fuel cost rose from 0.89% to 1.20%. PBIDT rose 3.38% to Rs 30.9 crore. Provision for interest up 44.85% to Rs 7.88 crore. PBDT fell 5.85% to Rs 23.02 crore. Provision for depreciation down 8.87% to Rs 3.39 crore. Profit before tax down 5.31% to Rs 19.63 crore. Provision for tax was expense of Rs 4.97 crore, compared to Rs 5.76 crore. Effective tax rate was 25.32% compared to 27.79%. Profit after tax fell 2.07% to Rs 14.66 crore.

Half yearly performance

Net sales (including other operating income) of Precision Wires India has increased 25.15% to Rs 1,552.19 crore.

Operating profit margin has declined from 4.35% to 4.17%, leading to 19.74% rise in operating profit to Rs 64.66 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 91.45% to 91.17%. Employee cost decreased from 1.30% to 1.12%. Other expenses rose from 2.98% to 3.47%. Power and Oil fuel cost rose from 0.92% to 1.05%.

PBIDT rose 19.74% to Rs 64.66 crore. Provision for interest up 44.97% to Rs 15.41 crore. Loan funds declined from Rs 29.73 crore as of 30 September 2021 to Rs 20.23 crore as of 30 September 2022. Inventories declined from Rs 199.88 crore as of 30 September 2021 to Rs 185.44 crore as of 30 September 2022. Sundry debtors were lower at Rs 418.37 crore as of 30 September 2022 compared to Rs 431.56 crore as of 30 September 2021. Cash and bank balance declined from Rs 33.65 crore as of 30 September 2021 to Rs 26.36 crore as of 30 September 2022. Investments declined from Rs 20.00 crore as of 30 September 2021 to Rs 2.60 crore as of 30 September 2022.

PBDT rose 13.56% to Rs 49.25 crore. Provision for depreciation down 8.84% to Rs 7.01 crore. Fixed assets increased to Rs 106.32 crore as of 30 September 2022 from Rs 105.91 crore as of 30 September 2021. Intangible assets declined from Rs 0.19 crore to Rs 0.10 crore. Profit before tax grew 18.39% to Rs 42.24 crore. Provision for tax was expense of Rs 10.75 crore, compared to Rs 9.13 crore. Effective tax rate was 25.45% compared to 25.59%.Profit after tax rose 18.61% to Rs 31.49 crore.

Equity capital stood at Rs 11.56 crore as of 30 September 2022 to Rs 11.56 crore as of 30 September 2021. Per share face Value remained same at Rs 1.00.

Promoters’ stake was 59.67% as of 30 September 2022 ,compared to 59.67% as of 30 September 2021 .

Cash flow from operating activities increased to Rs 7.67 crore for YTD ended September 2022 from Rs 1.63 crore for YTD ended September 2021. Cash flow used in acquiring fixed assets during the YTD ended September 2022 stood at Rs 8.35 crore, compared to Rs 2.75 crore during the YTD ended September 2021.

Precision Wires 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)	726.03	708.85	2.42	1,552.19	1,240.22	25.15	2,690.04	1,722.89	56.14
OPM (%)	4.26	4.22	4 bps	4.17	4.35	-19 bps	4.62	4.81	-19 bps
OP	30.90	29.89	3.38	64.66	54.00	19.74	124.31	82.81	50.11
Other Inc.	0.00	0.00	-	0.00	0.00	-	0.00	0.00	-
PBIDT	30.90	29.89	3.38	64.66	54.00	19.74	124.31	82.81	50.11
Interest	7.88	5.44	44.85	15.41	10.63	44.97	24.9	15.13	64.57
PBDT	23.02	24.45	-5.85	49.25	43.37	13.56	99.41	67.68	46.88
Depreciation	3.39	3.72	-8.87	7.01	7.69	-8.84	15.17	16.13	-5.95
PBT	19.63	20.73	-5.31	42.24	35.68	18.39	84.24	51.55	63.41
PBT before EO	19.63	20.73	-5.31	42.24	35.68	18.39	84.24	51.55	63.41
EO Income	0	0	-	0	0	-	0	0	-
PBT after EO	19.63	20.73	-5.31	42.24	35.68	18.39	84.24	51.55	63.41
Taxation	4.97	5.76	-13.72	10.75	9.13	17.74	21.23	12.24	73.45
PAT	14.66	14.97	-2.07	31.49	26.55	18.61	63.01	39.31	60.29
P/(L) from discontinued operations net of tax	0	0	-	0	0	-	0	0	-
Net profit after discontinued operations	14.66	14.97	-2.07	31.49	26.55	18.61	63.01	39.31	60.29
EPS (Rs)*	1.27	1.29	-2.07	2.72	2.30	18.61	5.45	3.40	60.29

* EPS is on current equity of Rs 11.56 crore, Face value of Rs 1, 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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