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For quarter ended June 2023,
Consolidated Net sales (including other operating income) of CIE Automotive India has increased 4.71% to Rs 2320.34 crore compared to quarter ended June 2022. Sales of India segment has gone up 4.82% to Rs 1,453.47 crore (accounting for 50.88% of total sales). Sales of Europe segment has gone up 5.32% to Rs 1,403.23 crore (accounting for 49.12% of total sales). Inter-segment sales rose Rs 11.72 crore to Rs 18.63 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 126.45% to Rs 570.42 crore. PBIT of India segment rose 20.01% to Rs 172.01 crore (accounting for 30.16% of total PBIT). PBIT of Europe segment rose 266.96% to Rs 398.41 crore (accounting for 69.84% of total PBIT). PBIT margin of India segment rose from 10.34% to 11.83%. PBIT margin of Europe segment rose from 8.15% to 28.39%. Overall PBIT margin rose from 9.26% to 19.97%. Operating profit margin has jumped from 13.80% to 15.97%, leading to 21.15% rise in operating profit to Rs 370.45 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 56.01% to 53.15%. Employee cost increased from 10.14% to 10.83%. Other expenses rose from 20.22% to 20.42%. Other income rose 95.69% to Rs 19.53 crore. PBIDT rose 23.51% to Rs 389.98 crore. Provision for interest rose 16,884.60% to Rs 22.08 crore. PBDT rose 16.56% to Rs 367.9 crore. Provision for depreciation rose 11.25% to Rs 83.25 crore. Profit before tax grew 18.22% to Rs 284.65 crore. Provision for tax was expense of Rs 70.76 crore, compared to Rs 57.34 crore. Effective tax rate was 24.88% compared to 23.70%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 15.72% to Rs 213.59 crore. Promoters’ stake was 65.70% as of 30 June 2023 ,compared to 74.87% as of 30 June 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of CIE Automotive India has increased 11.31% to Rs 4760.54 crore. Operating profit margin has jumped from 13.71% to 15.78%, leading to 28.13% rise in operating profit to Rs 751.08 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 55.21% to 52.60%. Employee cost increased from 10.44% to 10.85%. Other expenses rose from 20.76% to 20.79%. Other income rose 71.28% to Rs 35.49 crore. PBIDT rose 29.60% to Rs 786.57 crore. Provision for interest rose 1,020.19% to Rs 46.04 crore. PBDT rose 22.85% to Rs 740.53 crore. Provision for depreciation rose 13.12% to Rs 165.76 crore. Profit before tax grew 25.97% to Rs 574.77 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 140.92 crore, compared to Rs 108.93 crore. Effective tax rate was 24.52% compared to 23.80%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 24.37% to Rs 433.85 crore. Promoters’ stake was 65.70% as of 30 June 2023 ,compared to 74.87% as of 30 June 2022 .
Full year results analysis.
Net sales (including other operating income) of CIE Automotive India 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. 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. Other
Highlights
On 18th July 2023, board of
directors of the company agreed to proposed plan of closure of operation of BF
Precision (BFPPL), as it is not in line with the Group strategy of keeping the
Group Entity structure simplified. The closure of operations is expected to be
completed within a period of 6 months.
India
Highlights
In India, tractors sales during Q2
CY23 decreased by 9.8%, two wheelers sales increased 1.3%, MHCV sales increased
6.3% and <6T vehicles (include Passenger Vehicles, Utility Vehicles, Vans
and Light Commercial Vehicles) went up by 2.7% compared to Q2 CY22.
In India, tractors sales during H1
CY23 increased by 8%, two wheelers sales decreased 0.8%, MHCV sales decreased
0.2% and <6T vehicles (include Passenger Vehicles, Utility Vehicles, Vans
and Light Commercial Vehicles) went up by 6.5% compared to H1 CY22.
Europe
Highlights
In Q2 CY23, <6T vehicles (include
Passenger Vehicles, Utility Vehicles, Vans and Light Commercial Vehicles) sales
increased by 14.6% compared to Q2 CY22.
In H1 CY23, <6T vehicles (include
Passenger Vehicles, Utility Vehicles, Vans and Light Commercial Vehicles) sales
increased by 16.5% compared to H1 CY22.
| CIE Automotive India : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202306 | 202206 | Var.(%) | 202306 | 202206 | Var.(%) | 202212 | 202112 | Var.(%) |
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| Net Sales (including other operating income) | 2,320.34 | 2,215.96 | 4.71 | 4,760.54 | 4,276.77 | 11.31 | 8,753.04 | 6,765.17 | 29.38 | | OPM (%) | 15.97 | 13.80 | 217 bps | 15.78 | 13.71 | 207 bps | 13.39 | 13.92 | -53 bps | | OP | 370.45 | 305.77 | 21.15 | 751.08 | 586.18 | 28.13 | 1,172.00 | 941.74 | 24.45 | | Other Inc. | 19.53 | 9.98 | 95.69 | 35.49 | 20.72 | 71.28 | 58.29 | 46.80 | 24.55 | | PBIDT | 389.98 | 315.75 | 23.51 | 786.57 | 606.90 | 29.60 | 1,230.29 | 988.54 | 24.46 | | Interest | 22.08 | 0.13 | 16,884.60 | 46.04 | 4.11 | 1,020.19 | 22.71 | 34.76 | -34.67 | | PBDT | 367.90 | 315.62 | 16.56 | 740.53 | 602.79 | 22.85 | 1,207.58 | 953.78 | 26.61 | | Depreciation | 83.25 | 74.83 | 11.25 | 165.76 | 146.53 | 13.12 | 296.22 | 273.29 | 8.39 | | PBT | 284.65 | 240.79 | 18.22 | 574.77 | 456.26 | 25.97 | 911.36 | 680.49 | 33.93 | | Share of Profit/(Loss) from Associates | -0.3 | 1.13 | PL | 0 | 1.52 | - | 2.2 | 1.2 | 83.33 | | PBT before EO | 284.35 | 241.92 | 17.54 | 574.77 | 457.78 | 25.56 | 913.56 | 681.69 | 34.01 | | EO Income | 0 | 0 | - | 0 | 0 | - | 37.87 | -12.8 | LP | | PBT after EO | 284.35 | 241.92 | 17.54 | 574.77 | 457.78 | 25.56 | 951.43 | 668.89 | 42.24 | | Taxation | 70.76 | 57.34 | 23.40 | 140.92 | 108.93 | 29.37 | 240.09 | 273.06 | -12.07 | | PAT | 213.59 | 184.58 | 15.72 | 433.85 | 348.85 | 24.37 | 711.34 | 395.83 | 79.71 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 213.59 | 184.58 | 15.72 | 433.85 | 348.85 | 24.37 | 711.34 | 395.83 | 79.71 | | P/(L) from discontinued operations net of tax | 88.09 | 4.27 | 1,963.00 | 146.95 | 1.43 | 10,176.20 | -847.51 | -2.99 | -28,244.80 | | Net profit after discontinued operations | 301.68 | 188.85 | 59.75 | 580.8 | 350.28 | 65.81 | -136.17 | 392.84 | PL | | EPS (Rs)* | 5.63 | 4.87 | 15.71 | 11.44 | 9.20 | 24.37 | 18.01 | 10.63 | 69.33 | | | * EPS is on current equity of Rs 379.36 crore, Face value of Rs 10, 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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| CIE Automotive India : Consolidated Segment Results | | | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202306 | 202206 | Var.(%) | % of (Total) | 202206 | 202106 | Var.(%) | % of (Total) | 202212 | 202112 | Var.(%) |
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| Sales | | India | 50.88 | 1,453.47 | 1,386.63 | 4.82 | 50.60 | 2,682.84 | 2,081.23 | 28.91 | 52.31 | 5,632.60 | 4,394.50 | 28.17 | | Europe | 49.12 | 1,403.23 | 1,332.30 | 5.32 | 49.40 | 2,619.17 | 2,183.09 | 19.98 | 47.69 | 5,134.31 | 4,058.99 | 26.49 | | Total Reported Sales | 100.00 | 2,856.69 | 2,718.92 | 5.07 | 100.00 | 5,302.01 | 4,264.32 | 24.33 | 100.00 | 10,766.91 | 8,453.49 | 27.37 | | Less: Inter segment revenues | | 18.63 | 11.72 | 58.96 | | 23.95 | 32.44 | -26.18 | | 44.84 | 66.78 | -32.85 | | Net Sales | 100.00 | 2,838.06 | 2,707.20 | 4.83 | 100.00 | 5,278.06 | 4,231.88 | 24.72 | 100.00 | 10,722.06 | 8,386.71 | 27.85 | | PBIT | | India | 30.16 | 172.01 | 143.33 | 20.01 | 58.65 | 277.60 | 194.14 | 42.99 | 58.79 | 634.90 | 391.77 | 62.06 | | Europe | 69.84 | 398.41 | 108.57 | 266.96 | 41.35 | 195.74 | 206.53 | -5.22 | 41.21 | 444.99 | 326.47 | 36.30 | | Total PBIT | 100.00 | 570.42 | 251.89 | 126.45 | 100.00 | 473.34 | 400.67 | 18.14 | 100.00 | 1,079.89 | 718.24 | 50.35 | | Less : Interest | | 26.94 | 4.41 | 510.49 | | 12.88 | 27.26 | -52.76 | | 45.40 | 53.25 | -14.75 | | Add: Other un-allcoable | | -259.14 | 0.00 | - | | 0.00 | 0.00 | - | | -83.08 | 0.00 | - | | PBIT Margin(%) | | India | | 11.83 | 10.34 | 149.83 | | 10.35 | 9.33 | 101.89 | | 11.27 | 8.91 | 235.70 | | Europe | | 28.39 | 8.15 | 2,024.31 | | 7.47 | 9.46 | -198.68 | | 8.67 | 8.04 | 62.38 | | PBT | 100.00 | 284.34 | 247.48 | 14.89 | 100.00 | 460.46 | 373.40 | 23.31 | 100.00 | 951.41 | 664.98 | 43.07 |
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