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Results
18-May-23
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Analysis
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Shivalik Bimetal Controls
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Net up 49% on strong operating show & lower taxation
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Consolidated net sales
(including other operating income) of Shivalik Bimetal Controls for the quarter
ended Mar 2023 has increased 38.38% to Rs 123.6 crore. Operating
profit margin has jumped from 21.53% to 22.55%, leading to 44.93% rise in
operating profit to Rs 27.87 crore. Raw material cost as a % of
total sales (net of stock adjustments) decreased from 50.39% to 49.74%.
Employee cost increased from 8.00% to 9.61%. Other
expenses fell from 20.30% to 16.94%. Other income rose 12.42% to Rs
1.72 crore. PBIDT rose 42.53% to Rs 29.59
crore. Provision for interest rose 37.50% to Rs 1.65 crore.
PBDT rose 42.84% to Rs 27.94 crore. Provision for depreciation rose
48.39% to Rs 2.76 crore. Profit before tax grew 42.26% to Rs 25.18
crore. Share of profit/loss was 61.24% lower at Rs 0.5
crore. Provision for tax was expense of Rs 4.17 crore, compared to
Rs 4.53 crore. Effective tax rate was 16.24% compared to 23.85%. Minority
interest was nil in both the periods. Net profit attributable to
owners of the company increased 48.76% to Rs 21.51 crore.
Full year results
analysis.
Net sales (including other operating income) of Shivalik Bimetal Controls has
increased 45.18% to Rs 470.37 crore. Operating profit margin has
jumped from 22.68% to 23.16%, leading to 48.26% rise in operating profit to Rs
108.94 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 51.36% to 53.83%. Employee cost decreased
from 8.09% to 7.81%. Other expenses fell from 18.61% to
16.02%. Other income rose 82.02% to Rs 9.92 crore. PBIDT
rose 50.59% to Rs 118.86 crore. Provision for interest rose 155.07%
to Rs 7.04 crore. PBDT rose 46.80% to Rs 111.82
crore. Provision for depreciation rose 65.36% to Rs 10.55
crore. Profit before tax grew 45.11% to Rs 101.27
crore. Share of profit/loss was 70.66% lower at Rs 1.03
crore. Provision for tax was expense of Rs 23.2 crore, compared to
Rs 18.19 crore. Effective tax rate was 22.68% compared to 24.82%.
Minority interest was nil in both the periods. Net profit
attributable to owners of the company increased 43.53% to Rs 79.10
crore.
Management Comment
"We are
pleased to announce outstanding year-end financial results, with robust growth
across each product group," said S.S. Sandhu, Chairman. "Our team
has worked tirelessly to sustain our industry leadership, and deliver quality
products that meet our customer’s expectations. We are experiencing significant
demand for our both products. Underscoring our DNA for engineering and
technical excellence, we continue our commitment to providing high-quality,
reliable products to our OEMs and investing in innovation to maintain our pole
position.”
Rajeev
Ranjan, Chief Financial Officer, added, "Our strong financial year end has
a YoY increase of 31.50% in gross profit margin and a significant YoY growth of
41.94% in EBITDA to reach Rs. 104.37 crore for FY23. This performance clearly
reflects our innate ability to generate strong operating cash flows and
maintain financial and operational discipline. We have leveraged our
long-standing relationships and initiated new commercial partnerships to drive
growth across our product segments. We are confident in sustaining this
momentum and driving long-term value for our shareholders.”
Dividend & other
developments
The Board of Directors
of parent Company at their meeting held on 17th May, 2023 have recommended a
final dividend of Rs.0.70 per equity share of the face value of Rs.2/- each,
subject to the approval of the shareholders in the ensuing Annual General
Meeting. With this, the total dividend for the year (including interim dividend
of Rs. 0.50 per equity share paid during the year) is Rs.1.20 per share.
Equity capital increased
from Rs 7.68 crore as of 31 March 2022 to Rs 11.52 crore as of 31 March
2023. Per share face Value remained same at Rs 2.00.
Promoters’ stake was
60.61% as of 31 March 2023 ,compared to 60.61% as of 31 March 2022
.
Loan funds rose to Rs
58.45 crore as of 31 March 2023 from Rs 57.74 crore as of 31 March
2022. Inventories rose to Rs 131.97 crore as of 31 March 2023 from
Rs 114.88 crore as of 31 March 2022. Sundry debtors were higher at
Rs 93.22 crore as of 31 March 2023 compared to Rs 59.28 crore as of 31 March
2022. Cash and bank balance rose to Rs 17.91 crore as of 31 March
2023 from Rs 11.82 crore as of 31 March 2022. Investments declined
from Rs 16.54 crore as of 31 March 2022 to Rs 7.86 crore as of 31 March
2023. Fixed assets increased to Rs 122.20 crore as of 31 March 2023 from
Rs 85.35 crore as of 31 March 2022. Intangible assets increased from
Rs 1.16 crore to Rs 2.04 crore.
Cash flow from operating
activities has turned positive Rs 65.82 crore for year ended March 2023 from
negative Rs 3.48 crore for year ended March 2022. Cash flow used in
acquiring fixed assets during the year ended March 2023 stood at Rs 30.93
crore, compared to Rs 25.56 crore during the year ended March 2022.
| Shivalik Bimetal Controls : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 123.60 | 89.32 | 38.38 | 470.37 | 323.99 | 45.18 | | OPM (%) | 22.55 | 21.53 | 102 bps | 23.16 | 22.68 | 48 bps | | OP | 27.87 | 19.23 | 44.93 | 108.94 | 73.48 | 48.26 | | Other Inc. | 1.72 | 1.53 | 12.42 | 9.92 | 5.45 | 82.02 | | PBIDT | 29.59 | 20.76 | 42.53 | 118.86 | 78.93 | 50.59 | | Interest | 1.65 | 1.20 | 37.50 | 7.04 | 2.76 | 155.07 | | PBDT | 27.94 | 19.56 | 42.84 | 111.82 | 76.17 | 46.80 | | Depreciation | 2.76 | 1.86 | 48.39 | 10.55 | 6.38 | 65.36 | | PBT | 25.18 | 17.70 | 42.26 | 101.27 | 69.79 | 45.11 | | Share of Profit/(Loss) from Associates | 0.5 | 1.29 | -61.24 | 1.03 | 3.51 | -70.66 | | PBT before EO | 25.68 | 18.99 | 35.23 | 102.3 | 73.3 | 39.56 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 25.68 | 18.99 | 35.23 | 102.3 | 73.3 | 39.56 | | Taxation | 4.17 | 4.53 | -7.95 | 23.2 | 18.19 | 27.54 | | PAT | 21.51 | 14.46 | 48.76 | 79.1 | 55.11 | 43.53 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 21.51 | 14.46 | 48.76 | 79.1 | 55.11 | 43.53 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 21.51 | 14.46 | 48.76 | 79.1 | 55.11 | 43.53 | | EPS (Rs)* | 3.73 | 2.51 | 48.76 | 13.73 | 9.57 | 43.53 | | | * EPS is on current equity of Rs 11.52 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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