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Results
03-May-23
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Analysis
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KEI Industries
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Net up 19% on good operating show
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Standalone net sales
(including other operating income) of KEI Industries for quarter ended March
2023 has increased 9.06% to Rs 1,954.53 crore. Operating profit
margin has jumped from 9.59% to 10.43%, leading to 18.58% rise in operating
profit to Rs 203.82 crore. Raw material cost as a % of total sales
(net of stock adjustments) decreased from 75.60% to 73.43%.
Purchase of finished goods cost fell from 0.03% to 0.01%.
Employee cost increased from 2.80% to 3.41%. Other
expenses rose from 11.90% to 12.58%. Expenses from contract rose
from 1.99% to 2.47%. Other income fell 35.29% to Rs 5.06
crore. PBIDT rose 16.23% to Rs 208.88 crore. Provision
for interest up 0.40% to Rs 10.09 crore. PBDT rose 17.17% to Rs
198.79 crore. Provision for depreciation rose 3.32% to Rs 14.32
crore. Profit before tax grew 18.40% to Rs 184.47
crore. Provision for tax was expense of Rs 46.36 crore, compared to
Rs 39.92 crore. Effective tax rate was 25.13% compared to 25.62%. Profit
after tax rose 19.18% to Rs 138.11 crore.
Sales of Segment -
Cables segment has gone up 8.24% to Rs 1,755.46 crore (accounting for 85.90% of
total sales). Sales of Segment - Stainless Steel Wire segment has
gone up 6.02% to Rs 64.87 crore (accounting for 3.17% of total
sales). Sales of Segment-EPC Projects segment has gone up 2.63% to
Rs 223.17 crore (accounting for 10.92% of total
sales). Inter-segment sales came down from Rs 108.27 crore to Rs
88.97 crore.
Profit before interest,
tax and other unallocable items (PBIT) has jumped 16.78% to Rs 186.30
crore. PBIT of Segment - Cables segment rose 26.34% to Rs 165.83
crore (accounting for 89.01% of total PBIT). PBIT of Segment -
Stainless Steel Wire segment rose 75.58% to Rs 5.94 crore (accounting for 3.19%
of total PBIT). PBIT of Segment-EPC Projects segment fell 41.62% to
Rs 14.53 crore (accounting for 7.80% of total PBIT).
PBIT margin of Segment -
Cables segment rose from 8.09% to 9.45%. PBIT margin of Segment -
Stainless Steel Wire segment rose from 5.53% to 9.15%. PBIT margin
of Segment-EPC Projects segment fell from 11.45% to 6.51%. Overall
PBIT margin rose from 8.39% to 9.12%.
Consolidated net sales
(including other operating income) of KEI Industries for quarter ended March
2023 has increased 9.06% to Rs 1954.53 crore. Operating profit
margin has jumped from 9.60% to 10.43%, leading to 18.50% rise in operating
profit to Rs 203.81 crore. Other income fell 35.29% to Rs 5.06
crore. PBIDT rose 16.16% to Rs 208.87 crore. Provision
for interest rose 0.40% to Rs 10.09 crore. PBDT rose 17.09% to Rs
198.78 crore. Provision for depreciation rose 3.32% to Rs 14.32
crore. Profit before tax grew 18.32% to Rs 184.46
crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 46.36 crore, compared
to Rs 39.92 crore. Effective tax rate was 25.13% compared to 25.61%.
Minority interest was nil in both the periods. Net profit
attributable to owners of the company increased 19.07% to Rs 138.10
crore.
Sales of Segment-Cables
segment has gone up 8.24% to Rs 1,755.46 crore (accounting for 85.90% of total
sales). Sales of Segment-Stainees Steel Wire segment has gone up
6.02% to Rs 64.87 crore (accounting for 3.17% of total sales). Sales
of Segment-EPC project segment has gone up 2.63% to Rs 223.17 crore (accounting
for 10.92% of total sales). Inter-segment sales came down from Rs
108.27 crore to Rs 88.97 crore.
Profit before interest,
tax and other unallocable items (PBIT) has jumped 16.79% to Rs 186.29
crore. PBIT of Segment-Cables segment rose 26.35% to Rs 165.82 crore
(accounting for 89.01% of total PBIT). PBIT of Segment-Stainees
Steel Wire segment rose 75.58% to Rs 5.94 crore (accounting for 3.19% of total
PBIT). PBIT of Segment-EPC project segment fell 41.62% to Rs 14.53
crore (accounting for 7.80% of total PBIT).
PBIT margin of
Segment-Cables segment rose from 8.09% to 9.45%. PBIT margin of
Segment-Stainees Steel Wire segment rose from 5.53% to 9.15%. PBIT
margin of Segment-EPC project segment fell from 11.45% to
6.51%. Overall PBIT margin rose from 8.39% to 9.12%.
Full year results analysis.
Standalone net sales (including other operating income) of KEI Industries for
FY23 has increased 20.70% to Rs 6,912.33 crore. Operating profit
margin has declined from 10.28% to 10.22%, leading to 19.97% rise in operating
profit to Rs 706.22 crore. Raw material cost as a % of total sales
(net of stock adjustments) decreased from 74.99% to 74.78%.
Purchase of finished goods cost rose from 0.01% to 0.02%.
Employee cost increased from 3.31% to 3.36%. Other
expenses fell from 11.95% to 11.61%. Expenses from contract fell
from 2.12% to 1.79%. Other income up 85.49% to Rs 27.62
crore. PBIDT rose 21.58% to Rs 733.84 crore. Provision
for interest fell 14.06% to Rs 34.71 crore. PBDT rose 24.14% to Rs
699.13 crore. Provision for depreciation rose 2.94% to Rs 57.08
crore. Profit before tax grew 26.46% to Rs 642.05
crore. Provision for tax was expense of Rs 164.67 crore, compared to
Rs 131.51 crore. Effective tax rate was 25.65% compared to 25.90%. Profit
after tax rose 26.89% to Rs 477.38 crore.
Sales of Segment -
Cables segment has gone up 22.07% to Rs 6,253.91 crore (accounting for 86.68%
of total sales). Sales of Segment - Stainless Steel Wire segment has
gone up 12.90% to Rs 255.09 crore (accounting for 3.54% of total
sales). Sales of Segment-EPC Projects segment has gone down 19.17%
to Rs 706.02 crore (accounting for 9.79% of total
sales). Inter-segment sales came down from Rs 495.56 crore to Rs
302.69 crore.
Profit before interest,
tax and other unallocable items (PBIT) has jumped 12.83% to Rs 656.72
crore. PBIT of Segment - Cables segment rose 17.35% to Rs 570.82
crore (accounting for 86.92% of total PBIT). PBIT of Segment -
Stainless Steel Wire segment rose 39.63% to Rs 19.04 crore (accounting for
2.90% of total PBIT). PBIT of Segment-EPC Projects segment fell
18.44% to Rs 66.87 crore (accounting for 10.18% of total PBIT).
PBIT margin of Segment -
Cables segment fell from 9.49% to 9.13%. PBIT margin of Segment -
Stainless Steel Wire segment rose from 6.03% to 7.46%. PBIT margin
of Segment-EPC Projects segment rose from 9.39% to 9.47%. Overall
PBIT margin fell from 9.35% to 9.10%.
Consolidated net sales
(including other operating income) of KEI Industries for FY23 has increased 20.70%
to Rs 6912.33 crore. Operating profit margin has declined from
10.28% to 10.22%, leading to 19.95% rise in operating profit to Rs 706.19
crore. Other income rose 89.18% to Rs 27.62 crore. PBIDT
rose 21.63% to Rs 733.81 crore. Provision for interest fell 14.06%
to Rs 34.71 crore. PBDT rose 24.19% to Rs 699.1
crore. Provision for depreciation rose 2.94% to Rs 57.08
crore. Profit before tax grew 26.51% to Rs 642.02 crore. Share
of profit/loss were nil in both the periods. Provision for tax was
expense of Rs 164.67 crore, compared to Rs 131.51 crore. Effective
tax rate was 25.65% compared to 25.91%. Minority
interest was nil in both the periods. Net profit attributable to
owners of the company increased 26.95% to Rs 477.35 crore.
Sales of Segment-Cables
segment has gone up 22.07% to Rs 6,253.91 crore (accounting for 86.68% of total
sales). Sales of Segment-Stainees Steel Wire segment has gone up
12.90% to Rs 255.09 crore (accounting for 3.54% of total sales). Sales
of Segment-EPC projects segment has gone down 19.17% to Rs 706.02 crore
(accounting for 9.79% of total sales). Inter-segment sales came down
from Rs 495.56 crore to Rs 302.69 crore.
Profit before interest,
tax and other unallocable items (PBIT) has jumped 12.84% to Rs 656.68
crore. PBIT of Segment-Cables segment rose 17.36% to Rs 570.78 crore
(accounting for 86.92% of total PBIT). PBIT of Segment-Stainees
Steel Wire segment rose 39.63% to Rs 19.04 crore (accounting for 2.90% of total
PBIT). PBIT of Segment-EPC projects segment fell 18.44% to Rs 66.87
crore (accounting for 10.18% of total PBIT).
PBIT margin of
Segment-Cables segment fell from 9.49% to 9.13%. PBIT margin of
Segment-Stainees Steel Wire segment rose from 6.03% to 7.46%. PBIT
margin of Segment-EPC projects segment rose from 9.39% to
9.47%. Overall PBIT margin fell from 9.35% to 9.10%.
Other developments
Equity capital increased from Rs 18.02 crore as of 31 March 2022
to Rs 18.04 crore as of 31 March 2023. Per share face Value remained
same at Rs 2.00.
Promoters’ stake was 37.21% as of 31 March 2023 ,compared to
38.02% as of 31 March 2022 .
Standalone loan funds declined from Rs 355.39 crore as of 31 March
2022 to Rs 161.83 crore as of 31 March 2023. Inventories rose to Rs
1,102.29 crore as of 31 March 2023 from Rs 1,079.41 crore as of 31 March
2022. Sundry debtors were lower at Rs 1,387.79 crore as of 31 March
2023 compared to Rs 1,395.53 crore as of 31 March 2022. Cash and
bank balance rose to Rs 537.16 crore as of 31 March 2023 from Rs 360.03 crore
as of 31 March 2022. Investments declined from Rs 2.01 crore as of
31 March 2022 to Rs 1.27 crore as of 31 March 2023. Fixed assets
increased to Rs 580.19 crore as of 31 March 2023 from Rs 545.35 crore as of 31
March 2022. Intangible assets declined from Rs 2.07 crore to Rs 1.69
crore. Cash flow from operating activities increased to Rs 513.91
crore for year ended March 2023 from Rs 228.63 crore for year ended March
2022. Cash flow used in acquiring fixed assets during the year ended
March 2023 stood at Rs 97.94 crore, compared to Rs 59.73 crore during the year
ended March 2022.
Consolidated Loan funds declined from Rs 355.39 crore as of 31
March 2022 to Rs 161.83 crore as of 31 March 2023. Inventories rose
to Rs 1,102.29 crore as of 31 March 2023 from Rs 1,079.41 crore as of 31 March
2022. Sundry debtors were lower at Rs 1,387.79 crore as of 31 March
2023 compared to Rs 1,395.53 crore as of 31 March 2022. Cash and
bank balance rose to Rs 537.17 crore as of 31 March 2023 from Rs 360.04 crore
as of 31 March 2022. Investments declined from Rs 2.02 crore as of
31 March 2022 to Rs 1.27 crore as of 31 March 2023. Fixed assets
increased to Rs 580.19 crore as of 31 March 2023 from Rs 545.35 crore as of 31
March 2022. Intangible assets declined from Rs 2.07 crore to Rs 1.69
crore. Cash flow from operating activities increased to Rs 513.91
crore for year ended March 2023 from Rs 228.62 crore for year ended March
2022. Cash flow used in acquiring fixed assets during the year ended
March 2023 stood at Rs 97.65 crore, compared to Rs 59.73 crore during the year
ended March 2022.
| KEI Industries : Standalone Results | | Quarter ended | Year ended |
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| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 1,954.53 | 1,792.15 | 9.06 | 6,912.33 | 5,726.99 | 20.70 | | OPM (%) | 10.43 | 9.59 | 84 bps | 10.22 | 10.28 | -6 bps | | OP | 203.82 | 171.89 | 18.58 | 706.22 | 588.68 | 19.97 | | Other Inc. | 5.06 | 7.82 | -35.29 | 27.62 | 14.89 | 85.49 | | PBIDT | 208.88 | 179.71 | 16.23 | 733.84 | 603.57 | 21.58 | | Interest | 10.09 | 10.05 | 0.40 | 34.71 | 40.39 | -14.06 | | PBDT | 198.79 | 169.66 | 17.17 | 699.13 | 563.18 | 24.14 | | Depreciation | 14.32 | 13.86 | 3.32 | 57.08 | 55.45 | 2.94 | | PBT | 184.47 | 155.80 | 18.40 | 642.05 | 507.73 | 26.46 | | PBT before EO | 184.47 | 155.8 | 18.40 | 642.05 | 507.73 | 26.46 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 184.47 | 155.8 | 18.40 | 642.05 | 507.73 | 26.46 | | Taxation | 46.36 | 39.92 | 16.13 | 164.67 | 131.51 | 25.21 | | PAT | 138.11 | 115.88 | 19.18 | 477.38 | 376.22 | 26.89 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 138.11 | 115.88 | 19.18 | 477.38 | 376.22 | 26.89 | | EPS (Rs)* | 15.31 | 12.85 | 19.18 | 52.93 | 41.71 | 26.89 | | | * 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 ended |
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| % of (Total) | 202303 | 202203 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
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| Sales | | Segment - Cables | 85.90 | 1,755.46 | 1,621.80 | 8.24 | 86.68 | 6,253.91 | 5,123.12 | 22.07 | | Segment - Stainless Steel Wire | 3.17 | 64.87 | 61.19 | 6.02 | 3.54 | 255.09 | 225.94 | 12.90 | | Segment-EPC Projects | 10.92 | 223.17 | 217.44 | 2.63 | 9.79 | 706.02 | 873.49 | -19.17 | | Total Reported Sales | 100.00 | 2,043.50 | 1,900.43 | 7.53 | 100.00 | 7,215.02 | 6,222.55 | 15.95 | | Less: Inter segment revenues | | 88.97 | 108.27 | -17.83 | | 302.69 | 495.56 | -38.92 | | Net Sales | 100.00 | 1,954.53 | 1,792.15 | 9.06 | 100.00 | 6,912.33 | 5,726.99 | 20.70 | | PBIT | | Segment - Cables | 89.01 | 165.83 | 131.26 | 26.34 | 86.92 | 570.82 | 486.42 | 17.35 | | Segment - Stainless Steel Wire | 3.19 | 5.94 | 3.38 | 75.58 | 2.90 | 19.04 | 13.63 | 39.63 | | Segment-EPC Projects | 7.80 | 14.53 | 24.89 | -41.62 | 10.18 | 66.87 | 81.98 | -18.44 | | Total PBIT | 100.00 | 186.30 | 159.53 | 16.78 | 100.00 | 656.72 | 582.03 | 12.83 | | Less : Interest | | 10.09 | 10.05 | 0.38 | | 34.71 | 40.39 | -14.08 | | Add: Other un-allcoable | | 8.26 | 6.32 | 30.64 | | 20.03 | -33.91 | LP | | PBIT Margin(%) | | Segment - Cables | | 9.45 | 8.09 | 135.33 | | 9.13 | 9.49 | -36.72 | | Segment - Stainless Steel Wire | | 9.15 | 5.53 | 362.63 | | 7.46 | 6.03 | 142.83 | | Segment-EPC Projects | | 6.51 | 11.45 | -493.54 | | 9.47 | 9.39 | 8.54 | | PBT | 100.00 | 184.47 | 155.80 | 18.40 | 100.00 | 642.05 | 507.73 | 26.45 |
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| KEI Industries : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 1,954.53 | 1,792.15 | 9.06 | 6,912.33 | 5,726.99 | 20.70 | | OPM (%) | 10.43 | 9.60 | 83 bps | 10.22 | 10.28 | -6 bps | | OP | 203.81 | 171.99 | 18.50 | 706.19 | 588.72 | 19.95 | | Other Inc. | 5.06 | 7.82 | -35.29 | 27.62 | 14.60 | 89.18 | | PBIDT | 208.87 | 179.81 | 16.16 | 733.81 | 603.32 | 21.63 | | Interest | 10.09 | 10.05 | 0.40 | 34.71 | 40.39 | -14.06 | | PBDT | 198.78 | 169.76 | 17.09 | 699.10 | 562.93 | 24.19 | | Depreciation | 14.32 | 13.86 | 3.32 | 57.08 | 55.45 | 2.94 | | PBT | 184.46 | 155.90 | 18.32 | 642.02 | 507.48 | 26.51 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0.04 | - | | PBT before EO | 184.46 | 155.9 | 18.32 | 642.02 | 507.52 | 26.50 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 184.46 | 155.9 | 18.32 | 642.02 | 507.52 | 26.50 | | Taxation | 46.36 | 39.92 | 16.13 | 164.67 | 131.51 | 25.21 | | PAT | 138.1 | 115.98 | 19.07 | 477.35 | 376.01 | 26.95 | | Minority Interest (MI) | 0 | 0 | - | 0 | -0.01 | - | | Net profit | 138.1 | 115.98 | 19.07 | 477.35 | 376.02 | 26.95 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 138.1 | 115.98 | 19.07 | 477.35 | 376.02 | 26.95 | | EPS (Rs)* | 15.31 | 12.86 | 19.07 | 52.93 | 41.69 | 26.95 | | | * 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 ended |
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| % of (Total) | 202303 | 202203 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
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| Sales | | Segment-Cables | 85.90 | 1,755.46 | 1,621.80 | 8.24 | 86.68 | 6,253.91 | 5,123.12 | 22.07 | | Segment-Stainees Steel Wire | 3.17 | 64.87 | 61.19 | 6.02 | 3.54 | 255.09 | 225.94 | 12.90 | | Segment-EPC project | 10.92 | 223.17 | 217.44 | 2.63 | 9.79 | 706.02 | 873.49 | -19.17 | | Total Reported Sales | 100.00 | 2,043.50 | 1,900.43 | 7.53 | 100.00 | 7,215.02 | 6,222.55 | 15.95 | | Less: Inter segment revenues | | 88.97 | 108.27 | -17.83 | | 302.69 | 495.56 | -38.92 | | Net Sales | 100.00 | 1,954.53 | 1,792.15 | 9.06 | 100.00 | 6,912.33 | 5,726.99 | 20.70 | | PBIT | | Segment-Cables | 89.01 | 165.82 | 131.25 | 26.35 | 86.92 | 570.78 | 486.36 | 17.36 | | Segment-Stainees Steel Wire | 3.19 | 5.94 | 3.38 | 75.58 | 2.90 | 19.04 | 13.63 | 39.63 | | Segment-EPC project | 7.80 | 14.53 | 24.89 | -41.62 | 10.18 | 66.87 | 81.98 | -18.44 | | Total PBIT | 100.00 | 186.29 | 159.52 | 16.79 | 100.00 | 656.68 | 581.97 | 12.84 | | Less : Interest | | 10.09 | 10.05 | 0.38 | | 34.71 | 40.39 | -14.08 | | Add: Other un-allcoable | | 8.26 | 6.43 | 28.34 | | 20.03 | -34.05 | LP | | PBIT Margin(%) | | Segment-Cables | | 9.45 | 8.09 | 135.36 | | 9.13 | 9.49 | -36.66 | | Segment-Stainees Steel Wire | | 9.15 | 5.53 | 362.63 | | 7.46 | 6.03 | 142.83 | | Segment-EPC project | | 6.51 | 11.45 | -493.54 | | 9.47 | 9.39 | 8.54 | | PBT | 100.00 | 184.46 | 155.90 | 18.32 | 100.00 | 642.01 | 507.53 | 26.50
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