Capitaline

Sales of Mfg of Machinery & Equipment segment has gone up 54.11% to Rs 835.18 crore (accounting for 39.25% of total sales). Sales of Engineering Procurement & Construct segment has gone up 10.89% to Rs 1,088.38 crore (accounting for 51.15% of total sales). Sales of Sugar segment fell 9.66% to Rs 152.37 crore (accounting for 7.16% of total sales). Sales of Ethanol segment has gone down 4.01% to Rs 51.65 crore (accounting for 2.43% of total sales). Inter-segment sales came down from Rs 145.46 crore to Rs 85.66 crore.
Profit before interest, tax and other unallocable items (PBIT) has jumped 78.30% to Rs 141.82 crore. PBIT of Mfg of Machinery & Equipment segment rose 61.59% to Rs 67.64 crore (accounting for 47.69% of total PBIT). PBIT of Engineering Procurement & Construct segment rose 1.18% to Rs 41.20 crore (accounting for 29.05% of total PBIT). PBIT of Sugar segment rose 195.07% to Rs 28.12 crore (accounting for 19.83% of total PBIT). PBIT of Plant Under Construction reported profit of Rs 4.20 crore compared to loss of Rs 12.54 crore. PBIT of Ethanol reported profit of Rs 0.66 crore compared to loss of Rs 0.03 crore.
PBIT margin of Mfg of Machinery & Equipment segment rose from 7.72% to 8.10%. PBIT margin of Engineering Procurement & Construct segment fell from 4.15% to 3.79%. PBIT margin of Sugar segment rose from 5.65% to 18.46%. PBIT margin of Plant Under Construction segment rose from 200.32% to 976.74%. PBIT margin of Ethanol segment rose from negative 0.06% to 1.28%. Overall PBIT margin rose from 4.57% to 6.66%.

Full year results analysis.

Net sales (including other operating income) of ISGEC Heavy Engineering has increased 16.36% to Rs 6399.04 crore. Operating profit margin has jumped from 5.66% to 7.10%, leading to 46.01% rise in operating profit to Rs 454.61 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 27.96% to 30.10%. Purchase of finished goods cost fell from 35.13% to 29.55%. Employee cost decreased from 7.60% to 7.56%. Other expenses rose from 23.85% to 25.35%. Other direct service cost fell from 10.93% to 10.18%. Other income fell 4.31% to Rs 12.67 crore. PBIDT rose 43.96% to Rs 467.28 crore. Provision for interest rose 12.02% to Rs 72.99 crore. PBDT rose 51.98% to Rs 394.29 crore. Provision for depreciation rose 2.90% to Rs 104.3 crore. Profit before tax grew 83.45% to Rs 289.99 crore. Share of profit/loss was 100% higher at Rs 0.04 crore. Provision for tax was expense of Rs 84.49 crore, compared to Rs 43.11 crore. Effective tax rate was 29.13% compared to 27.27%. Minority interest increased 46.68% to Rs 9.05 crore. Net profit attributable to owners of the company increased 80.56% to Rs 196.49 crore.

Sales of Manufactuirng of Machinery & Equipment segment has gone up 34.89% to Rs 2,290.72 crore (accounting for 33.69% of total sales). Sales of Engineering, Procurement and Construction segment has gone down 0.27% to Rs 3,391.87 crore (accounting for 49.88% of total sales). Sales of Sugar segment rose 33.05% to Rs 898.62 crore (accounting for 13.21% of total sales). Sales of Ethanol segment has gone up 9,544.25% to Rs 217.96 crore (accounting for 3.21% of total sales). Inter-segment sales rose Rs 310.86 crore to Rs 408.00 crore.
Profit before interest, tax and other unallocable items (PBIT) has jumped 53.92% to Rs 372.70 crore. PBIT of Manufactuirng of Machinery & Equipment segment rose 36.01% to Rs 158.65 crore (accounting for 42.57% of total PBIT). PBIT of Engineering, Procurement and Construction segment rose 48.70% to Rs 147.94 crore (accounting for 39.69% of total PBIT). PBIT of Sugar segment rose 37.57% to Rs 94.84 crore (accounting for 25.45% of total PBIT). PBIT of Ethanol (Plant Under Construction) segment rose 10.71% to Rs -36.51 crore (accounting for -9.80% of total PBIT). PBIT of Ethanol reported profit of Rs 7.78 crore compared to loss of Rs 2.05 crore.
PBIT margin of Manufacturing of Machinery & Equipment segment rose from 6.87% to 6.93%. PBIT margin of Engineering, Procurement and Construction segment rose from 2.93% to 4.36%. PBIT margin of Sugar segment rose from 10.21% to 10.55%. PBIT margin of Ethanol (Plant Under Construction) segment fell from 197.44% to 2,992.62%. PBIT margin of Ethanol segment rose from negative 90.71% to 3.57%. Overall PBIT margin rose from 4.21% to 5.48%.

Others

Equity capital stood at Rs 7.35 crore as of 31 March 2023 to Rs 7.35 crore as of 31 March 2022. Per share face Value remained same at Rs 1.00.

Promoters’ stake was 62.43% as of 31 March 2023 ,compared to 62.43% as of 31 March 2022 .

Loan funds rose to Rs 1,235.30 crore as of 31 March 2023 from Rs 1,233.19 crore as of 31 March 2022. Inventories declined from Rs 1,403.45 crore as of 31 March 2022 to Rs 1,163.84 crore as of 31 March 2023. Sundry debtors were higher at Rs 2,819.49 crore as of 31 March 2023 compared to Rs 2,151.83 crore as of 31 March 2022. Cash and bank balance rose to Rs 210.51 crore as of 31 March 2023 from Rs 136.46 crore as of 31 March 2022. Investments declined from Rs 134.61 crore as of 31 March 2022 to Rs 33.35 crore as of 31 March 2023. Fixed assets increased to Rs 1,734.85 crore as of 31 March 2023 from Rs 1,655.39 crore as of 31 March 2022. Intangible assets declined from Rs 23.25 crore to Rs 17.35 crore.

Quarter ended

Year ended

Particulars

202303

202203

Var.(%)

202303

202203

Var.(%)

Net Sales (including other operating income)

2,042.74

1,596.15

27.98

6,399.04

5,499.34

16.36

OPM (%)

8.05

6.67

137 bps

7.10

5.66

144 bps

164.39

106.52

54.33

454.61

311.36

46.01

Other Inc.

5.65

1.13

400.00

12.67

13.24

-4.31

PBIDT

170.04

107.65

57.96

467.28

324.60

43.96

Interest

17.49

31.82

-45.03

72.99

65.16

12.02

PBDT

152.55

75.83

101.17

394.29

259.44

51.98

Depreciation

26.77

27.41

-2.33

104.3

101.36

2.90

PBT

125.78

48.42

159.77

289.99

158.08

83.45

Share of Profit/(Loss) from Associates

0.02

-0.02

0.04

0.02

100.00

PBT before EO

125.8

48.4

159.92

290.03

158.1

83.45

EO Income

PBT after EO

125.8

48.4

159.92

290.03

158.1

83.45

Taxation

32.64

9.21

254.40

84.49

43.11

95.99

PAT

93.16

39.19

137.71

205.54

114.99

78.75

Minority Interest (MI)

7.03

1.55

353.55

9.05

6.17

46.68

Net profit

86.13

37.64

128.83

196.49

108.82

80.56

P/(L) from discontinued operations net of tax

Net profit after discontinued operations

86.13

37.64

128.83

196.49

108.82

80.56

EPS (Rs)*

11.71

5.12

128.83

26.72

14.80

80.56

* EPS is on current equity of Rs 7.35 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

Quarter ended

Year ended

% of (Total)

202303

202203

Var.(%)

% of (Total)

202303

202203

Var.(%)

Sales

Mfg of Machinery & Equipment

39.25

835.18

541.93

54.11

33.69

2,290.72

1,698.24

34.89

Engineering Procurement & Construct

51.15

1,088.38

981.50

10.89

49.88

3,391.87

3,401.19

-0.27

Sugar

7.16

152.37

168.66

-9.66

13.21

898.62

675.38

33.05

Plant Under Construction

0.02

0.43

-6.26

0.02

1.22

-20.71

Ethanol

2.43

51.65

53.81

-4.01

3.21

217.96

2.26

9,544.25

Total Reported Sales

100.00

2,128.01

1,739.64

22.32

100.00

6,800.39

5,756.36

18.14

Less: Inter segment revenues

85.66

145.46

-41.11

408.00

310.86

31.25

Net Sales

100.00

2,042.35

1,594.18

28.11

100.00

6,392.39

5,445.50

17.39

PBIT

Mfg of Machinery & Equipment

47.69

67.64

41.86

61.59

42.57

158.65

116.65

36.01

Engineering Procurement & Construct

29.05

41.20

40.72

1.18

39.69

147.94

99.49

48.70

Sugar

19.83

28.12

9.53

195.07

25.45

94.84

68.94

37.57

Plant Under Construction

2.96

4.20

-12.54

-9.80

-36.51

-40.89

10.71

Ethanol

0.47

0.66

-0.03

2.09

7.78

-2.05

Total PBIT

100.00

141.82

79.54

78.30

100.00

372.70

242.14

53.92

Less : Interest

16.62

28.33

-41.33

68.21

58.88

15.85

Add: Other un-allcoable

0.60

-2.81

-14.46

-25.16

42.53

PBIT Margin(%)

Mfg of Machinery & Equipment

8.10

7.72

37.46

6.93

6.87

5.69

Engineering Procurement & Construct

3.79

4.15

-36.33

4.36

2.93

143.65

Sugar

18.46

5.65

1,280.47

10.55

10.21

34.64

Plant Under Construction

976.74

200.32

77,642.47

-2,992.62

197.44

-3,19,006.38

Ethanol

1.28

-0.06

133.36

3.57

-90.71

9,427.74

PBT

100.00

125.80

48.40

159.92

100.00

290.03

158.10

83.45