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For
quarter ended June 2023, consolidated net sales (including other operating income) of Alicon Castalloy has increased 3.12% to Rs 354.06 crore compared to quarter ended June 2022. Operating profit margin has jumped from 10.86% to 11.08%, leading to 5.17% rise in operating profit to Rs 39.23 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 50.30% to 48.01%. Purchase of finished goods cost fell from 1.56% to 0.02%. Employee cost increased from 11.67% to 13.78%. Other expenses rose from 25.45% to 26.77%. Other income rose 21.21% to Rs 0.8 crore. PBIDT rose 5.45% to Rs 40.03 crore. Provision for interest rose 33.43% to Rs 9.46 crore. PBDT fell 0.97% to Rs 30.57 crore. Provision for depreciation rose 22.79% to Rs 18.37 crore. Profit before tax down 23.32% to Rs 12.20 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 2.71 crore, compared to Rs 5.14 crore. Effective tax rate was 22.21% compared to 32.31%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 11.88% to Rs 9.49 crore. Promoters’ stake was 55.71% as of 30 June 2023 ,compared to 55.71% as of 30 June 2022 .
Full year results analysis.
Net sales (including other operating income) of Alicon Castalloy has increased 29.97% to Rs 1401.16 crore. Operating profit margin has jumped from 10.43% to 10.95%, leading to 36.40% rise in operating profit to Rs 153.41 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 47.96% to 48.73%. Purchase of finished goods cost fell from 2.85% to 2.44%. Employee cost decreased from 12.75% to 11.68%. Other expenses rose from 26.04% to 26.28%. Other income rose 5.42% to Rs 3.5 crore. PBIDT rose 35.51% to Rs 156.91 crore. Provision for interest rose 3.72% to Rs 31.24 crore. Loan funds rose to Rs 300.86 crore as of 31 March 2023 from Rs 264.62 crore as of 31 March 2022. Inventories rose to Rs 152.84 crore as of 31 March 2023 from Rs 131.00 crore as of 31 March 2022. Sundry debtors were higher at Rs 440.93 crore as of 31 March 2023 compared to Rs 402.53 crore as of 31 March 2022. Cash and bank balance rose to Rs 11.95 crore as of 31 March 2023 from Rs 10.97 crore as of 31 March 2022. Investments rose to Rs 2.76 crore as of 31 March 2023 from Rs 0.01 crore as of 31 March 2022 . PBDT rose 46.69% to Rs 125.67 crore. Provision for depreciation rose 19.72% to Rs 63.56 crore. Fixed assets increased to Rs 384.93 crore as of 31 March 2023 from Rs 381.12 crore as of 31 March 2022. Intangible assets increased from Rs 33.49 crore to Rs 47.99 crore. Profit before tax grew 90.64% to Rs 62.11 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 10.69 crore, compared to Rs 8.4 crore. Effective tax rate was 17.21% compared to 25.78%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 112.66% to Rs 51.42 crore. Equity capital stood at Rs 8.06 crore as of 31 March 2023 to Rs 8.06 crore as of 31 March 2022. Per share face Value remained same at Rs 5.00. Promoters’ stake was 55.71% as of 31 March 2023 ,compared to 55.71% as of 31 March 2022 . Cash flow from operating activities increased to Rs 86.85 crore for year ended March 2023 from Rs 77.18 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 81.86 crore, compared to Rs 74.03 crore during the year ended March 2022. Other Highlights
In
Q1 FY24, auto business contributed 94% to total revenue and Non-auto 6%.
In
Q1FY24, domestic automobile market witnessed 3% growth on a YoY basis, driven
by, 7% growth in PV segment on a YoY basis, 1% growth in 2W segment on a YoY
basis and 2% decline in CV segment on a YoY basis.
In
Q1 FY24, exports contributed 23% to total revenue and domestic 77%.
Board recommended final dividend of Rs 3.75
per Equity Share of Rs 5 each (75%) for the Financial Year 2022-23. The total
dividend for the FY 2022-23 will be Rs 6.25 per share (135%).
Management commentary: Mr. Rajeev Sikand,
Group CEO, Alicon Castalloy said, “We are delighted to commence Fiscal Year
2023-24 on a positive note with a consolidated total income of Rs. 354.9 crore,
higher by 11% compared to the immediately preceding quarter. Despite several
challenges across the landscape, we have added several new parts as well as new
customers, which has helped to drive this momentum. Additionally, some of our
existing customers witnessed improved fraction during the quarter leading to
higher volumes. We had indicated that we are well poised to improve
profitability and the initial results are visible in the QI FY24 performance.
The EBITDA margin of 11.3% has improved both on a Q-0-Q basis as well as a
Y-o-Y basis, owing to a better product mix and cost optimization initiatives.
The ESOP Scheme announced this quarter has contributed to a sharp rise of
around 20% in employee costs both Q-0-Q and Y-o-Y. Excluding this non-cash
charge, the EBITDA margin performance is even stronger indicating that steps to
enhance margin performance have yielded benefits. We have undertaken
significant efforts to revamp our business model, positioning us as an agile
and diversified entity that capitalizes on inherent strengths in design excellence,
value engineering and consistent execution. Our global teams have actively
fostered deeper customer engagements and the efforts of last few years have
resulted in an enhanced frack record leading to an increasing number of
references and opening doors to marquee, global customers. We firmly believe
that we have the necessary levers in place to achieve sustainable growth and
are cautiously optimistic about our prospects, amidst a backdrop of demand
volatility across the global auto industry that is likely to sustain in the
near term. The Board has recommended a final dividend of Rs. 3.75 per share
which, along with interim dividend declared earlier, fakes the total dividend
for FY22-23 to Rs. 6.25 per share, substantially higher than prior years
reiterating our focus on shareholder value creation.”
| Alicon Castalloy : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 354.06 | 343.34 | 3.12 | 1,401.16 | 1,078.05 | 29.97 | | OPM (%) | 11.08 | 10.86 | 22 bps | 10.95 | 10.43 | 52 bps | | OP | 39.23 | 37.30 | 5.17 | 153.41 | 112.47 | 36.40 | | Other Inc. | 0.80 | 0.66 | 21.21 | 3.50 | 3.32 | 5.42 | | PBIDT | 40.03 | 37.96 | 5.45 | 156.91 | 115.79 | 35.51 | | Interest | 9.46 | 7.09 | 33.43 | 31.24 | 30.12 | 3.72 | | PBDT | 30.57 | 30.87 | -0.97 | 125.67 | 85.67 | 46.69 | | Depreciation | 18.37 | 14.96 | 22.79 | 63.56 | 53.09 | 19.72 | | PBT | 12.20 | 15.91 | -23.32 | 62.11 | 32.58 | 90.64 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 12.2 | 15.91 | -23.32 | 62.11 | 32.58 | 90.64 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 12.2 | 15.91 | -23.32 | 62.11 | 32.58 | 90.64 | | Taxation | 2.71 | 5.14 | -47.28 | 10.69 | 8.4 | 27.26 | | PAT | 9.49 | 10.77 | -11.88 | 51.42 | 24.18 | 112.66 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 9.49 | 10.77 | -11.88 | 51.42 | 24.18 | 112.66 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 9.49 | 10.77 | -11.88 | 51.42 | 24.18 | 112.66 | | EPS (Rs)* | 5.89 | 6.68 | -11.88 | 31.91 | 15.01 | 112.66 | | | * EPS is on current equity of Rs 8.06 crore, Face value of Rs 5, 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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