For
the quarter ending June 2023, Standalone Net sales (including other operating income) of Igarashi Motors India has increased 17.98% to Rs 168.25 crore compared to quarter ended June 2022. Sales of Automotive segment has gone up 10.95% to Rs 136.36 crore (accounting for 81.04% of total sales). Sales of non-Automotive segment has gone up 61.85% to Rs 31.89 crore (accounting for 18.96% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 69.10% to Rs 15.61 crore. PBIT of Automotive segment rose 51.66% to Rs 16.23 crore (accounting for 103.99% of total PBIT). PBIT of non-Automotive segment was negative Rs 0.62 crore compared to negative Rs 1.47 crore (accounting for -3.99% of total PBIT).
PBIT margin of Automotive segment rose from 8.71% to 11.91%. PBIT margin of non-Automotive segment rose from negative 7.47% to negative 1.95%. Overall PBIT margin rose from 6.47% to 9.28%.
Operating profit margin has jumped from 5.49% to 9.63%, leading to 107.02% rise in operating profit to Rs 16.21 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 68.24% to 67.50%. Employee cost increased from 8.56% to 8.67%. Other expenses fell from 17.79% to 14.31%. Other income up 190.32% to Rs 0.9 crore. PBIDT rose 110.20% to Rs 17.11 crore. Provision for interest up 22.80% to Rs 3.07 crore.
PBDT rose 148.94% to Rs 14.04 crore. Provision for depreciation rose 7.64% to Rs 12.12 crore.
Profit before tax reported profit of Rs 1.92 crore compared to loss of Rs 5.62 crore. Provision for tax was debit of Rs 0.49 crore, compared to credit of Rs 1.42 crore. Effective tax rate was 25.52% compared to 25.27%.
Profit after tax reported profit of Rs 1.43 crore compared to loss of Rs 4.20 crore.
Promoters’ stake was 75.00% as of 30 June 2023 ,compared to 75.00% as of 30 June 2022 .
Full year results analysis
Net sales (including other operating income) of Igarashi Motors India has increased 17.95% to Rs 656.25 crore. Sales of Automotive segment has gone up 15.04% to Rs 573.14 crore (accounting for 87.34% of total sales). Sales of non-Automotive segment has gone up 42.78% to Rs 83.11 crore (accounting for 12.66% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 63.78% to Rs 71.28 crore. PBIT of Automotive segment rose 58.49% to Rs 76.25 crore (accounting for 106.98% of total PBIT). PBIT of non-Automotive segment fell 8.35% to Rs -4.97 crore (accounting for -6.98% of total PBIT).
PBIT margin of Automotive segment rose from 9.66% to 13.30%. PBIT margin of non-Automotive segment rose from negative 7.89% to negative 5.99%. Overall PBIT margin rose from 7.82% to 10.86%.
Operating profit margin has jumped from 8.34% to 9.20%, leading to 30.13% rise in operating profit to Rs 60.38 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 65.83% to 66.95%. Employee cost decreased from 8.98% to 8.79%. Other expenses fell from 16.77% to 15.19%. Other income up 15.73% to Rs 8.02 crore. PBIDT rose 28.26% to Rs 68.4 crore. Provision for interest up 85.34% to Rs 12.14 crore. Loan funds rose to Rs 120.78 crore as of 31 March 2023 from Rs 100.31 crore as of 31 March 2022. Inventories rose to Rs 108.60 crore as of 31 March 2023 from Rs 81.96 crore as of 31 March 2022. Sundry debtors were higher at Rs 175.54 crore as of 31 March 2023 compared to Rs 134.71 crore as of 31 March 2022. Cash and bank balance declined from Rs 6.63 crore as of 31 March 2022 to Rs 5.38 crore as of 31 March 2023. Investments declined from Rs 20.87 crore as of 31 March 2022 to Rs 17.37 crore as of 31 March 2023.
PBDT rose 20.27% to Rs 56.26 crore. Provision for depreciation rose 6.05% to Rs 47.16 crore. Fixed assets increased to Rs 381.89 crore as of 31 March 2023 from Rs 379.34 crore as of 31 March 2022. Intangible assets declined from Rs 9.39 crore to Rs 9.33 crore.
Profit before tax grew 293.94% to Rs 9.10 crore. Provision for tax was expense of Rs 3.86 crore, compared to Rs 1.12 crore. Effective tax rate was 42.42% compared to 48.48%.
Profit after tax rose 340.34% to Rs 5.24 crore.
Promoters’ stake was 75.00% as of 31 March 2023 ,compared to 75.00% as of 31 March 2022 .
Cash flow from operating activities decreased to Rs 34.03 crore for year ended March 2023 from Rs 72.77 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 36.04 crore, compared to Rs 36.18 crore during the year ended March 2022.
| Igarashi Motors India : Standalone Results |
| Quarter ended | Year ended |
|---|
| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 168.25 | 142.61 | 17.98 | 656.25 | 556.40 | 17.95 | | OPM (%) | 9.63 | 5.49 | 414 bps | 9.20 | 8.34 | 86 bps | | OP | 16.21 | 7.83 | 107.02 | 60.38 | 46.40 | 30.13 | | Other Inc. | 0.90 | 0.31 | 190.32 | 8.02 | 6.93 | 15.73 | | PBIDT | 17.11 | 8.14 | 110.20 | 68.40 | 53.33 | 28.26 | | Interest | 3.07 | 2.5 | 22.80 | 12.14 | 6.55 | 85.34 | | PBDT | 14.04 | 5.64 | 148.94 | 56.26 | 46.78 | 20.27 | | Depreciation | 12.12 | 11.26 | 7.64 | 47.16 | 44.47 | 6.05 | | PBT | 1.92 | -5.62 | LP | 9.1 | 2.31 | 293.94 | | PBT before EO | 1.92 | -5.62 | LP | 9.1 | 2.31 | 293.94 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 1.92 | -5.62 | LP | 9.1 | 2.31 | 293.94 | | Taxation | 0.49 | -1.42 | PL | 3.86 | 1.12 | 244.64 | | PAT | 1.43 | -4.2 | LP | 5.24 | 1.19 | 340.34 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 1.43 | -4.2 | LP | 5.24 | 1.19 | 340.34 | | EPS (Rs)* | 0.45 | -1.33 | LP | 1.66 | 0.38 | 340.34 | | | * EPS is on current equity of Rs 31.48 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 |
|
| Igarashi Motors India: Standalone Segment results |
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|
|
| Sales |
% of Total 2306
(3) |
2306 (3) |
2206 (3) |
Var. (%) |
% of Total 2303
(12) |
2303 (12) |
2203 (12) |
Var. (%) |
| Automotive |
81.04% |
136.36 |
122.90 |
10.95% |
87.34% |
573.14 |
498.20 |
15.04% |
| Non-Automotive |
18.96% |
31.89 |
19.71 |
61.85% |
12.66% |
83.11 |
58.21 |
42.78% |
| Total
Reportable Segment |
|
168.25 |
142.61 |
17.98% |
|
656.25 |
556.41 |
17.94% |
| Un allocated |
|
0.00 |
0.00 |
0.00% |
|
0.00 |
0.00 |
0.00% |
| Total |
|
168.25 |
142.61 |
17.98% |
|
656.25 |
556.41 |
17.94% |
| Less: Inter
segment revenues |
|
0.00 |
0.00 |
0.00% |
|
0.00 |
0.00 |
0.00% |
| Net sales |
|
168.25 |
142.61 |
17.98% |
|
656.25 |
556.41 |
17.94% |
| PBIT |
|
|
|
|
|
|
|
|
| Automotive |
103.99% |
16.23 |
10.70 |
51.66% |
106.97% |
76.25 |
48.11 |
58.49% |
| Non-Automotive |
-3.99% |
-0.62 |
-1.47 |
57.73% |
-6.97% |
-4.97 |
-4.59 |
8.28% |
| Total |
|
15.61 |
9.23 |
69.10% |
|
71.28 |
43.52 |
63.79% |
| Less: Int |
|
3.07 |
2.50 |
22.89% |
|
12.14 |
6.55 |
85.34% |
| Other
un-allcoable |
|
-10.62 |
-12.35 |
14.02% |
|
-50.04 |
-34.66 |
44.37% |
| PBT |
|
1.92 |
-5.62 |
LP |
|
9.10 |
2.31 |
293.94% |
| LP: Loss to
profit |
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|
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| PL: Profit to
Loss |
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| Figures in Rs
crore |
|
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|
|
|
|
| Source:
Capitaline Corporate Database |
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