Other income rose 7.80% to Rs 2.35 crore.  PBIDT rose 8.02% to Rs 31.51 crore.  Provision for interest fell 33.70% to Rs 1.22 crore.  PBDT rose 10.83% to Rs 30.29 crore.  Provision for depreciation rose 12.74% to Rs 2.92 crore.  

Profit before tax grew 10.63% to Rs 27.37 crore.  Share of profit/loss was 93.70% lower at Rs 0.08 crore.  Provision for tax was expense of Rs 7.11 crore, compared to Rs 6.76 crore.  Effective tax rate was 25.90% compared to 25.99%.

For year-to-date (YTD) results analysis.

Consolidated net sales (including other operating income) of Shivalik Bimetal Controls for the half year ended Sep 2023 has increased 11.64% to Rs 254.96 crore.  

Other income fell 59.74% to Rs 3.78 crore.  PBIDT rose 2.09% to Rs 63.09 crore.  Provision for interest fell 27.25% to Rs 2.51 crore.   PBDT rose 3.82% to Rs 60.58 crore.  Provision for depreciation rose 16.04% to Rs 5.86 crore.   Profit before tax grew 2.66% to Rs 54.72 crore.  Share of profit/loss was 68.60% lower at Rs 0.65 crore.  Provision for tax was expense of Rs 13.75 crore, compared to Rs 14.43 crore.  Effective tax rate was 24.83% compared to 26.06%. Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 1.66% to Rs 41.62 crore.  

Mr. Rajeev Ranjan, CFO, commented on the Company’s financial performance: “Our growth percentages are a result of our control mechanisms for operating leverage. We maintain a consistent growth trajectory, showcasing a steady growth rate for Q2FY24 where our strong control mechanisms for operating leverage have enabled us to maintain healthy EBIDTA and profit margins reinforcing financial stability. As we complete Q2 and approach the third quarter, a pronounced upswing in market conditions is also expected as we have achieved a 25% growth in the domestic market. Although global headwinds may persist into the next calendar year, we are anticipating that the 10% to 40% growth range will return post-Q4FY24. In addition, we are in advanced discussions in finalisation of volume contracts spanning over the next 2-3 years with some renown Industry names , signalling a promising growth trajectory for the Company in the medium-term.” 

Towards a significant strategic move, Shivalik Bimetal Controls Ltd. has embarked on the process of establishing an MoU to assess the feasibility of a joint venture with Metalor, a Tanaka group company, which is a world leader in the field of Precious Metals. Metalor, a renowned Swiss company, is celebrated for its expertise in silver contacts and state-ofthe-art silver melting facilities in several locations around the world. Chairman of SBCL, 

Mr. S.S. Sandhu, shared, "We look forward to exploring a joint strategic partnership with Metalor in India. By conducting a feasibility study, we will assess the value addition this partnership can bring to manufacture and assemble silver contacts. This initiative affirms our commitment to pursue sustainable growth that can open doors to Metalor`s extensive global network. We hope to analyse how Shivalik’s silver contacts segment can be positioned for substantial volume growth through this venture, as we anticipate achieving greater milestones in this segment." 

Others

Equity capital increased from Rs 7.68 crore as of 30 September 2022 to Rs 11.52 crore as of 30 September 2023.  Per share face Value remained same at Rs 2.00.  

Promoters’ stake was 51.09% as of 30 September 2023 ,compared to 60.61% as of 30 September 2022 .  

Cash flow from operating activities increased to Rs 39.74 crore for YTD ended September 2023 from Rs 24.88 crore for YTD ended September 2022.  Cash flow used in acquiring fixed assets during the YTD ended September 2023 stood at Rs 13.77 crore, compared to Rs 17.63 crore during the YTD ended September 2022.