For quarter ended March 2023,
Consolidated Net sales (including other operating income) of Mahindra CIE Automotive has increased 18.41% to Rs 2440.2 crore compared to quarter ended Mar 2022. Sales of India segment has gone up 13.28% to Rs 1,468.38 crore (accounting for 48.60% of total sales). Sales of Europe segment has gone up 20.67% to Rs 1,552.84 crore (accounting for 51.40% of total sales). Inter-segment sales rose Rs 18.27 crore to Rs 23.50 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 76.67% to Rs 391.22 crore. PBIT of India segment rose 28.19% to Rs 172.12 crore (accounting for 44.00% of total PBIT). PBIT of Europe segment rose 151.34% to Rs 219.10 crore (accounting for 56.00% of total PBIT).
PBIT margin of India segment rose from 10.36% to 11.72%. PBIT margin of Europe segment rose from 6.77% to 14.11%. Overall PBIT margin rose from 8.57% to 12.95%.
Operating profit margin has jumped from 13.61% to 15.60%, leading to 35.73% rise in operating profit to Rs 380.64 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 54.32% to 52.07%. Employee cost increased from 10.76% to 10.87%. Other expenses fell from 21.38% to 21.15%. Other income rose 48.60% to Rs 15.96 crore. PBIDT rose 36.21% to Rs 396.6 crore. Provision for interest rose 500.75% to Rs 23.97 crore.
PBDT rose 29.75% to Rs 372.63 crore. Provision for depreciation rose 15.08% to Rs 82.51 crore.
Profit before tax grew 34.64% to Rs 290.12 crore. Share of profit/loss was 23.08% lower at Rs 0.3 crore. Provision for tax was expense of Rs 70.16 crore, compared to Rs 51.59 crore. Effective tax rate was 24.16% compared to 23.90%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 34.08% to Rs 220.26 crore. Profit from discontinued operations net of tax was Rs 58.86 crore compared to loss of Rs 2.89 crore. Net profit after discontinued operations increased 72.95% to Rs 279.12 crore.Promoters’ stake was 68.89% as of 31 March 2023 ,compared to 72.17% as of 31 March 2022 .
Full year results analysis.
Net sales (including other operating income) of Mahindra CIE Automotive has increased 29.38% to Rs 8753.04 crore. Sales of India segment has gone up 28.17% to Rs 5,632.60 crore (accounting for 52.31% of total sales). Sales of Europe segment has gone up 26.49% to Rs 5,134.31 crore (accounting for 47.69% of total sales). Inter-segment sales came down from Rs 66.78 crore to Rs 44.84 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 50.35% to Rs 1,079.89 crore. PBIT of India segment rose 62.06% to Rs 634.90 crore (accounting for 58.79% of total PBIT). PBIT of Europe segment rose 36.30% to Rs 444.99 crore (accounting for 41.21% of total PBIT).
PBIT margin of India segment rose from 8.91% to 11.27%. PBIT margin of Europe segment rose from 8.04% to 8.67%. Overall PBIT margin rose from 8.50% to 10.03%.
Operating profit margin has declined from 13.92% to 13.39%, leading to 24.45% rise in operating profit to Rs 1,172.00 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 50.64% to 55.00%. Employee cost decreased from 13.33% to 10.21%. Other expenses fell from 22.48% to 21.53%. Other income rose 24.55% to Rs 58.29 crore. PBIDT rose 24.46% to Rs 1230.29 crore. Provision for interest fell 34.67% to Rs 22.71 crore. Loan funds declined from Rs 1,486.88 crore as of 31 December 2021 to Rs 984.52 crore as of 31 December 2022. Inventories declined from Rs 1,348.63 crore as of 31 December 2021 to Rs 1,210.80 crore as of 31 December 2022. Sundry debtors were higher at Rs 860.75 crore as of 31 December 2022 compared to Rs 668.73 crore as of 31 December 2021. Cash and bank balance declined from Rs 159.52 crore as of 31 December 2021 to Rs 85.92 crore as of 31 December 2022. Investments rose to Rs 575.65 crore as of 31 December 2022 from Rs 437.97 crore as of 31 December 2021 .
PBDT rose 26.61% to Rs 1207.58 crore. Provision for depreciation rose 8.39% to Rs 296.22 crore. Fixed assets declined from Rs 3,084.98 crore as of 31 December 2021 to Rs 2,833.19 crore as of 31 December 2022. Intangible assets declined from Rs 3,626.46 crore to Rs 2,832.97 crore.
Profit before tax grew 33.93% to Rs 911.36 crore. Share of profit/loss was 83.33% higher at Rs 2.2 crore. Provision for tax was expense of Rs 240.09 crore, compared to Rs 273.06 crore. Effective tax rate was 25.23% compared to 40.82%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 79.71% to Rs 711.34 crore. Loss from discontinued operations net of tax was Rs 847.51 crore compared to loss of Rs 2.99 crore. Net loss after discontinued operations stood Rs 136.17 crore compared to profit of Rs 392.84 crore.
Equity capital increased from Rs 379.08 crore as of 31 December 2021 to Rs 379.32 crore as of 31 December 2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 74.96% as of 31 December 2022 ,compared to 72.19% as of 31 December 2021 .
Cash flow from operating activities increased to Rs 1,118.24 crore for year ended December 2022 from Rs 1,051.14 crore for year ended December 2021. Cash flow used in acquiring fixed assets during the year ended December 2022 stood at Rs 501.41 crore, compared to Rs 526.67 crore during the year ended December 2021.
Dividend
update
The
Board of Directors recommended final dividend of Rs 2.5 per Equity Share of Rs
10 each fully paid up for financial year ending December 31 , 2022.