For
the quarter ending Sept 2023, consolidated Net sales (including other operating income) of Craftsman Automation has increased 51.89% to Rs 1179.06 crore compared to quarter ended Sept 2022. Sales of Automotive-Powertrain & Other segment has gone up 4.13% to Rs 393.79 crore (accounting for 33.40% of total sales). Sales of Automotive-Aluminium Products segment has gone up 199.78% to Rs 588.58 crore (accounting for 49.92% of total sales). Sales of Industrial & Engineering segment fell 2.49% to Rs 196.69 crore (accounting for 16.68% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 40.15% to Rs 187.26 crore. PBIT of Automotive-Powertrain & Other segment fell 16.76% to Rs 77.32 crore (accounting for 41.29% of total PBIT). PBIT of Automotive-Aluminium Products segment rose 503.84% to Rs 89.67 crore (accounting for 47.89% of total PBIT). PBIT of Industrial & Engineering segment fell 21.65% to Rs 20.27 crore (accounting for 10.82% of total PBIT).
PBIT margin of Automotive-Powertrain & Other segment fell from 24.56% to 19.63%. PBIT margin of Automotive-Aluminium Products segment rose from 7.56% to 15.23%. PBIT margin of Industrial & Engineering segment fell from 12.82% to 10.31%. Overall PBIT margin fell from 17.21% to 15.88%.
Operating profit margin has declined from 22.18% to 20.14%, leading to 37.93% rise in operating profit to Rs 237.50 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 51.69% to 53.79%. Employee cost decreased from 7.36% to 6.05%. Other expenses rose from 19.01% to 20.28%. Other income rose 171.26% to Rs 4.72 crore. PBIDT rose 39.26% to Rs 242.22 crore. Provision for interest rose 78.61% to Rs 41.58 crore. Loan funds rose to Rs 1,502.69 crore as of 30 September 2023 from Rs 810.96 crore as of 30 September 2022. Inventories rose to Rs 965.23 crore as of 30 September 2023 from Rs 632.09 crore as of 30 September 2022. Sundry debtors were higher at Rs 615.85 crore as of 30 September 2023 compared to Rs 374.40 crore as of 30 September 2022. Cash and bank balance declined from Rs 47.84 crore as of 30 September 2022 to Rs 39.66 crore as of 30 September 2023. Investments rose to Rs 3.87 crore as of 30 September 2023 from Rs 2.59 crore as of 30 September 2022 .
PBDT rose 33.18% to Rs 200.64 crore. Provision for depreciation rose 22.20% to Rs 66.83 crore. Fixed assets increased to Rs 2,240.29 crore as of 30 September 2023 from Rs 1,648.04 crore as of 30 September 2022. Intangible assets increased from Rs 3.73 crore to Rs 189.99 crore.
Profit before tax grew 39.44% to Rs 133.81 crore. Share of profit/loss was 140% higher at Rs 0.24 crore. Provision for tax was expense of Rs 29.56 crore, compared to Rs 33.58 crore. Effective tax rate was 22.05% compared to 34.96%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 51.31% to Rs 94.54 crore. Equity capital stood at Rs 10.56 crore as of 30 September 2023 to Rs 10.56 crore as of 30 September 2022. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 54.99% as of 30 September 2023 ,compared to 58.77% as of 30 September 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Craftsman Automation has increased 52.54% to Rs 2216.69 crore. Sales of Automotive-Powertrain & Other segment has gone up 6.92% to Rs 776.19 crore (accounting for 35.02% of total sales). Sales of Automotive-Aluminium Products segment has gone up 192.74% to Rs 1,076.50 crore (accounting for 48.56% of total sales). Sales of Industrial & Engineering segment rose 1.25% to Rs 364.00 crore (accounting for 16.42% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 33.32% to Rs 348.81 crore. PBIT of Automotive-Powertrain & Other segment fell 14.42% to Rs 161.13 crore (accounting for 46.19% of total PBIT). PBIT of Automotive-Aluminium Products segment rose 343.55% to Rs 156.35 crore (accounting for 44.82% of total PBIT). PBIT of Industrial & Engineering segment fell 17.79% to Rs 31.33 crore (accounting for 8.98% of total PBIT).
PBIT margin of Automotive-Powertrain & Other segment fell from 25.93% to 20.76%. PBIT margin of Automotive-Aluminium Products segment rose from 9.59% to 14.52%. PBIT margin of Industrial & Engineering segment fell from 10.60% to 8.61%. Overall PBIT margin fell from 18.00% to 15.74%.
Operating profit margin has declined from 23.18% to 20.38%, leading to 34.10% rise in operating profit to Rs 451.73 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 50.07% to 53.73%. Employee cost decreased from 7.80% to 6.17%. Other expenses rose from 19.21% to 20.10%. Other income rose 176.39% to Rs 8.43 crore. PBIDT rose 35.37% to Rs 460.16 crore. Provision for interest rose 72.46% to Rs 83.97 crore. Loan funds rose to Rs 1,502.69 crore as of 30 September 2023 from Rs 810.96 crore as of 30 September 2022. Inventories rose to Rs 965.23 crore as of 30 September 2023 from Rs 632.09 crore as of 30 September 2022. Sundry debtors were higher at Rs 615.85 crore as of 30 September 2023 compared to Rs 374.40 crore as of 30 September 2022. Cash and bank balance declined from Rs 47.84 crore as of 30 September 2022 to Rs 39.66 crore as of 30 September 2023. Investments rose to Rs 3.87 crore as of 30 September 2023 from Rs 2.59 crore as of 30 September 2022 .
PBDT rose 29.17% to Rs 376.19 crore. Provision for depreciation rose 25.20% to Rs 135.12 crore. Fixed assets increased to Rs 2,240.29 crore as of 30 September 2023 from Rs 1,648.04 crore as of 30 September 2022. Intangible assets increased from Rs 3.73 crore to Rs 189.99 crore.
Profit before tax grew 31.51% to Rs 241.07 crore. Share of profit/loss was 186.67% higher at Rs 0.43 crore. Provision for tax was expense of Rs 56.17 crore, compared to Rs 64.34 crore. Effective tax rate was 23.26% compared to 35.07%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 41.89% to Rs 169.02 crore.
Equity capital stood at Rs 10.56 crore as of 30 September 2023 to Rs 10.56 crore as of 30 September 2022. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 54.99% as of 30 September 2023 ,compared to 58.77% as of 30 September 2022 .
Full year results analysis.
Net sales (including other operating income) of Craftsman Automation has increased 43.55% to Rs 3182.6 crore. Sales of Automotive-Powertrain & Other segment has gone up 32.29% to Rs 1,527.09 crore (accounting for 47.98% of total sales). Sales of Automotive-Aluminium Products segment has gone up 69.31% to Rs 934.61 crore (accounting for 29.37% of total sales). Sales of Industrial & Engineering segment rose 41.17% to Rs 720.90 crore (accounting for 22.65% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 37.66% to Rs 526.58 crore. PBIT of Automotive-Powertrain & Other segment rose 25.78% to Rs 382.04 crore (accounting for 72.55% of total PBIT). PBIT of Automotive-Aluminium Products segment rose 88.72% to Rs 77.32 crore (accounting for 14.68% of total PBIT). PBIT of Industrial & Engineering segment rose 77.83% to Rs 67.22 crore (accounting for 12.77% of total PBIT).
PBIT margin of Automotive-Powertrain & Other segment fell from 26.31% to 25.02%. PBIT margin of Automotive-Aluminium Products segment rose from 7.42% to 8.27%. PBIT margin of Industrial & Engineering segment rose from 7.40% to 9.32%. Overall PBIT margin fell from 17.25% to 16.55%.
Operating profit margin has declined from 24.09% to 21.48%, leading to 27.98% rise in operating profit to Rs 683.61 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 47.39% to 52.25%. Employee cost decreased from 8.35% to 7.18%. Other expenses fell from 20.51% to 19.55%. Other income rose 69.46% to Rs 12.54 crore. PBIDT rose 28.55% to Rs 696.15 crore. Provision for interest rose 42.76% to Rs 120.23 crore. Loan funds rose to Rs 1,240.23 crore as of 31 March 2023 from Rs 799.55 crore as of 31 March 2022. Inventories rose to Rs 836.01 crore as of 31 March 2023 from Rs 626.41 crore as of 31 March 2022. Sundry debtors were higher at Rs 535.29 crore as of 31 March 2023 compared to Rs 296.21 crore as of 31 March 2022. Cash and bank balance rose to Rs 47.34 crore as of 31 March 2023 from Rs 43.48 crore as of 31 March 2022. Investments rose to Rs 3.43 crore as of 31 March 2023 from Rs 2.65 crore as of 31 March 2022 .
PBDT rose 25.93% to Rs 575.92 crore. Provision for depreciation rose 7.58% to Rs 221.61 crore. Fixed assets increased to Rs 2,030.52 crore as of 31 March 2023 from Rs 1,581.52 crore as of 31 March 2022. Intangible assets increased from Rs 4.24 crore to Rs 189.99 crore.
Profit before tax grew 40.96% to Rs 354.31 crore. Share of profit/loss was 26.32% higher at Rs 0.48 crore. Provision for tax was expense of Rs 103.83 crore, compared to Rs 88.64 crore. Effective tax rate was 29.27% compared to 35.21%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 52.30% to Rs 248.39 crore.
Equity capital stood at Rs 10.56 crore as of 31 March 2023 to Rs 10.56 crore as of 31 March 2022. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 58.77% as of 31 March 2023 ,compared to 59.76% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 607.66 crore for year ended March 2023 from Rs 327.21 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 345.25 crore, compared to Rs 212.89 crore during the year ended March 2022.
Other highlights
Board has approved the proposal for setting
up of a new plant/unit at Kothavadi, Coimbatore. Proposed capacity addition
will happen in phases. Estimated cost of the project will be approx. Rs 208
crore. Phase 1 will be for Automotive Powertrain & Industrial engineering
and is expected to get complete in 24 to 30 months. Phase 2 will be for all
segments, and is expected to get complete in 30 months after phase 1.
Board also approved an equity investment in
Sulur Maharaja Solar Green Power up to Rs 21,87,000 (ie., 2,18,700 equity
shares of face value of Rs 10 each) for solar power captive consumption.