For quarter ended Sept 2023,
Consolidated Net sales (including other operating income) of CIE Automotive India has increased 2.24% to Rs 2279.41 crore compared to quarter ended Sept 2022. Sales of India segment has gone down 0.4% to Rs 1536.74 crore (accounting for 67.38% of total sales). Sales of Europe segment has gone down 37.58% to Rs 744.01 crore (accounting for 32.62% of total sales). Inter-segment sales came down from Rs 11.77 crore to Rs 1.34 crore. Revenue from discontinued operations was nil compared to Rs 493.72 crore.Profit before interest, tax and other unallocable items (PBIT) has jumped 103.37% to Rs 495.91 crore. PBIT of India segment rose 14.36% to Rs 185.96 crore (accounting for 37.5% of total PBIT). PBIT of Europe segment rose 281.59% to Rs 309.95 crore (accounting for 62.5% of total PBIT).
PBIT margin of India segment rose from 10.54% to 12.10%. PBIT margin of Europe segment rose from 6.81% to 41.66%. Overall PBIT margin rose from 8.92% to 21.74%.
Operating profit margin has jumped from 13.16% to 15.15%, leading to 17.70% rise in operating profit to Rs 345.39 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 56.07% to 53.20%. Employee cost increased from 9.57% to 10.52%. Other expenses fell from 21.33% to 20.62%. Other income rose 49.74% to Rs 20.02 crore. PBIDT rose 19.10% to Rs 365.41 crore. Provision for interest rose 185% to Rs 30.98 crore.
PBDT rose 13.01% to Rs 334.43 crore. Provision for depreciation rose 7.26% to Rs 78.35 crore.
Profit before tax grew 14.89% to Rs 256.08 crore. Provision for tax was expense of Rs 69.14 crore, compared to Rs 55.6 crore. Effective tax rate was 27.02% compared to 24.91%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 11.43% to Rs 186.74 crore. Profit from discontinued operations was Rs 188.68 crore compared to Rs 3.78 crore. NP after discontinued operations increased 119% to Rs 375.42 crore.Promoters’ stake was 65.70% as of 30 September 2023 ,compared to 74.96% as of 30 September 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of CIE Automotive India has increased 8.20% to Rs 7039.95 crore. Sales of India segment has gone up 5.51% to Rs 4458.59 crore (accounting for 54.65% of total sales). Sales of Europe segment has gone down 2.92% to Rs 3700.08 crore (accounting for 45.35% of total sales). Inter-segment sales increased from Rs 35.72 crore to Rs 43.47 crore. Revenue from discontinued operations was Rs 1075.24 crore compared to Rs 1495 crore.
Profit before interest, tax and other unallocable items (PBIT) has jumped 103.23% to Rs 1457.56 crore. PBIT of India segment rose 20.42% to Rs 530.1 crore (accounting for 36.37% of total PBIT). PBIT of Europe segment rose 234.86% to Rs 927.46 crore (accounting for 63.63% of total PBIT).
PBIT margin of India segment rose from 10.42% to 11.89%. PBIT margin of Europe segment rose from 7.27% to 25.07%. Overall PBIT margin rose from 8.92% to 17.87%.
Operating profit margin has jumped from 13.52% to 15.57%, leading to 24.65% rise in operating profit to Rs 1,096.46 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 55.51% to 52.80%. Employee cost increased from 10.14% to 10.75%. Other expenses fell from 20.96% to 20.73%. Other income rose 63.79% to Rs 55.51 crore. PBIDT rose 26.10% to Rs 1151.97 crore. Provision for interest rose 421.11% to Rs 77.02 crore.
PBDT rose 19.61% to Rs 1074.95 crore. Provision for depreciation rose 11.21% to Rs 244.11 crore.
Profit before tax grew 22.32% to Rs 830.84 crore. Provision for tax was expense of Rs 210.06 crore, compared to Rs 164.53 crore. Effective tax rate was 25.29% compared to 24.16%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 20.15% to Rs 620.58 crore. Profit from discontinued operations was Rs 335.63 crore compared to Rs 5.13 crore. NP after discontinued operations increased 83.30% to Rs 956.21 crore.
Promoters’ stake was 65.70% as of 30 September 2023 ,compared to 74.96% as of 30 September 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
PAT includes Rs 335.6 crore of
profit from discontinued operations (CFG). This profit includes a one time
impact of approximately Rs 11 lakh of settled insurance claim and others. PAT
also includes Rs 209 crore of Foreign Currency Translation Reserve (non-cash)
credited to P&L on sale of German business.