Capitaline

Sales of Mfg of Machinery & Equipment segment has gone up 1.32% to Rs 564.92 crore (accounting for 35.77% of total sales). Sales of Engineering Procurement & Construct segment has gone down 1.74% to Rs 801.20 crore (accounting for 50.73% of total sales). Sales of Sugar segment fell 47.22% to Rs 170.93 crore (accounting for 10.82% of total sales). Sales of Ethanol segment has gone down 24.34% to Rs 42.28 crore (accounting for 2.68% of total sales). Inter-segment sales came down from Rs 134.05 crore to Rs 90.48 crore.

Profit before interest, tax and other unallocable items (PBIT) has slumped 1.72% to Rs 100.88 crore. PBIT of Mfg of Machinery & Equipment segment rose 82.08% to Rs 51.91 crore (accounting for 51.46% of total PBIT). PBIT of Engineering Procurement & Construct segment fell 20.12% to Rs 28.83 crore (accounting for 28.58% of total PBIT). PBIT of Sugar segment fell 65.93% to Rs 9.21 crore (accounting for 9.13% of total PBIT). PBIT of Plant Under Construction segment fell 72.27% to Rs 2.69 crore (accounting for 2.67% of total PBIT). PBIT of Ethanol segment rose 524.24% to Rs 8.24 crore (accounting for 8.17% of total PBIT).

PBIT margin of Mfg of Machinery & Equipment segment rose from 5.11% to 9.19%. PBIT margin of Engineering Procurement & Construct segment fell from 4.43% to 3.60%. PBIT margin of Sugar segment fell from 8.35% to 5.39%. PBIT margin of Plant Under Construction segment rose from negative 35.14% to 26,900.00%. PBIT margin of Ethanol segment rose from 2.36% to 19.49%. Overall PBIT margin rose from 5.95% to 6.39%.

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

Net sales (including other operating income) of ISGEC Heavy Engineering has declined 0.11% to Rs 4351.38 crore. Sales of Manufactuirng of Machinery & Equipment segment has gone up 4.55% to Rs 1,521.78 crore (accounting for 32.89% of total sales). Sales of Engineering, Procurement and Construction segment has gone up 3.85% to Rs 2,421.02 crore (accounting for 52.33% of total sales). Sales of Sugar segment fell 29.98% to Rs 522.53 crore (accounting for 11.29% of total sales). Sales of Ethanol segment has gone down 3.30% to Rs 160.82 crore (accounting for 3.48% of total sales). Inter-segment sales came down from Rs 322.34 crore to Rs 278.72 crore.

Profit before interest, tax and other unallocable items (PBIT) has jumped 35.94% to Rs 313.85 crore. PBIT of Manufactuirng of Machinery & Equipment segment rose 73.15% to Rs 157.58 crore (accounting for 50.21% of total PBIT). PBIT of Engineering, Procurement and Construction segment fell 12.33% to Rs 93.58 crore (accounting for 29.82% of total PBIT). PBIT of Sugar segment fell 6.44% to Rs 62.42 crore (accounting for 19.89% of total PBIT). PBIT of Ethanol (Plant Under Construction) segment rose 55.44% to Rs -18.14 crore (accounting for -5.78% of total PBIT). PBIT of Ethanol segment rose 158.57% to Rs 18.41 crore (accounting for 5.87% of total PBIT).

PBIT margin of Manufactuirng of Machinery & Equipment segment rose from 6.25% to 10.35%. PBIT margin of Engineering, Procurement and Construction segment fell from 4.58% to 3.87%. PBIT margin of Sugar segment rose from 8.94% to 11.95%. PBIT margin of Ethanol (Plant Under Construction) segment fell from 150.67% to 6,976.92%. PBIT margin of Ethanol segment rose from 4.28% to 11.45%. Overall PBIT margin rose from 4.94% to 6.78%.

Operating profit margin has jumped from 6.66% to 8.28%, leading to 24.20% rise in operating profit to Rs 360.46 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 29.36% to 29.90%. Purchase of finished goods cost fell from 30.08% to 27.74%. Employee cost increased from 8.22% to 8.68%. Other direct service cost rose from 10.19% to 11.59%.

Other income rose 211.82% to Rs 21.89 crore. PBIDT rose 28.63% to Rs 382.35 crore. Provision for interest fell 5.10% to Rs 52.67 crore.

PBDT rose 36.38% to Rs 329.68 crore. Provision for depreciation rose 0.66% to Rs 78.04 crore.

Profit before tax grew 53.24% to Rs 251.64 crore. Share of profit/loss was 400% higher at Rs 0.1 crore. Provision for tax was expense of Rs 68.93 crore, compared to Rs 51.85 crore. Effective tax rate was 27.38% compared to 31.57%.

Minority interest increased 416.83% to Rs 10.44 crore. Net profit attributable to owners of the company increased 56.19% to Rs 172.37 crore.

Promoters’ stake was 62.43% as of 31 December 2023 ,compared to 62.43% as of 31 December 2022 .

Quarter ended

Year to Date

Year ended

Particulars

202312

202212

Var.(%)

202312

202212

Var.(%)

202303

202203

Var.(%)

Net Sales (including other operating income)

1,492.52

1,597.06

-6.55

4,351.38

4,356.30

-0.11

6,399.04

5,499.34

16.36

OPM (%)

8.26

8.00

26 bps

8.28

6.66

162 bps

7.10

5.66

144 bps

123.34

127.75

-3.45

360.46

290.22

24.20

454.61

311.36

46.01

Other Inc.

5.27

0.91

479.12

21.89

7.02

211.82

12.67

13.24

-4.31

PBIDT

128.61

128.66

-0.04

382.35

297.24

28.63

467.28

324.60

43.96

Interest

12.96

17.44

-25.69

52.67

55.50

-5.10

72.99

65.16

12.02

PBDT

115.65

111.22

3.98

329.68

241.74

36.38

394.29

259.44

51.98

Depreciation

27.04

26.2

3.21

78.04

77.53

0.66

104.3

101.36

2.90

PBT

88.61

85.02

4.22

251.64

164.21

53.24

289.99

158.08

83.45

Share of Profit/(Loss) from Associates

0.07

0.06

16.67

0.1

0.02

400.00

0.04

0.02

100.00

PBT before EO

88.68

85.08

4.23

251.74

164.23

53.29

290.03

158.1

83.45

EO Income

PBT after EO

88.68

85.08

4.23

251.74

164.23

53.29

290.03

158.1

83.45

Taxation

22.1

19.22

14.98

68.93

51.85

32.94

84.49

43.11

95.99

PAT

66.58

65.86

1.09

182.81

112.38

62.67

205.54

114.99

78.75

Minority Interest (MI)

4.66

2.9

60.69

10.44

2.02

416.83

9.05

6.17

46.68

Net profit

61.92

62.96

-1.65

172.37

110.36

56.19

196.49

108.82

80.56

P/(L) from discontinued operations net of tax

Net profit after discontinued operations

61.92

62.96

-1.65

172.37

110.36

56.19

196.49

108.82

80.56

EPS (Rs)*

8.42

8.56

-1.65

23.44

15.01

56.19

26.72

14.80

80.56

* EPS is on current equity of Rs 7.35 crore, Face value of Rs 1, Excluding extraordinary items.

# EPS is not annualised

bps : Basis points

EO : Extraordinary items

Figures in Rs crore

Source: Capitaline Corporate Database

Quarter ended

Year to Date

Year ended

% of (Total)

202312

202212

Var.(%)

% of (Total)

202312

202212

Var.(%)

% of (Total)

202303

202203

Var.(%)

Sales

Mfg of Machinery & Equipment

35.77

564.92

557.54

1.32

32.89

1,521.78

1,455.54

4.55

33.69

2,290.72

1,698.24

34.89

Engineering Procurement & Construct

50.73

801.20

815.40

-1.74

52.33

2,421.02

2,331.30

3.85

49.88

3,391.87

3,401.19

-0.27

Sugar

10.82

170.93

323.85

-47.22

11.29

522.53

746.25

-29.98

13.21

898.62

675.38

33.05

Plant Under Construction

0.00

0.01

-27.60

0.01

0.26

-27.02

0.02

1.22

-20.71

Ethanol

2.68

42.28

55.88

-24.34

3.48

160.82

166.31

-3.30

3.21

217.96

2.26

9,544.25

Total Reported Sales

100.00

1,579.34

1,725.07

-8.45

100.00

4,626.41

4,672.38

-0.98

100.00

6,800.39

5,756.36

18.14

Less: Inter segment revenues

90.48

134.05

-32.50

278.72

322.34

-13.53

408.00

310.86

31.25

Net Sales

100.00

1,488.86

1,591.02

-6.42

100.00

4,347.69

4,350.04

-0.05

100.00

6,392.39

5,445.50

17.39

PBIT

Mfg of Machinery & Equipment

51.46

51.91

28.51

82.08

50.21

157.58

91.01

73.15

42.57

158.65

116.65

36.01

Engineering Procurement & Construct

28.58

28.83

36.09

-20.12

29.82

93.58

106.74

-12.33

39.69

147.94

99.49

48.70

Sugar

9.13

9.21

27.03

-65.93

19.89

62.42

66.72

-6.44

25.45

94.84

68.94

37.57

Plant Under Construction

2.67

2.69

9.70

-72.27

-5.78

-18.14

-40.71

55.44

-9.80

-36.51

-40.89

10.71

Ethanol

8.17

8.24

1.32

524.24

5.87

18.41

7.12

158.57

2.09

7.78

-2.05

Total PBIT

100.00

100.88

102.65

-1.72

100.00

313.85

230.88

35.94

100.00

372.70

242.14

53.92

Less : Interest

12.08

14.99

-19.41

50.03

51.59

-3.02

68.21

58.88

15.85

Add: Other un-allcoable

-0.13

-2.58

94.96

-12.08

-15.06

19.79

-14.46

-25.16

42.53

PBIT Margin(%)

Mfg of Machinery & Equipment

9.19

5.11

407.54

10.35

6.25

410.23

6.93

6.87

5.69

Engineering Procurement & Construct

3.60

4.43

-82.77

3.87

4.58

-71.32

4.36

2.93

143.65

Sugar

5.39

8.35

-295.83

11.95

8.94

300.50

10.55

10.21

34.64

Plant Under Construction

26,900.00

-35.14

26,93,514.49

-6,976.92

150.67

-7,12,758.93

-2,992.62

197.44

-3,19,006.38

Ethanol

19.49

2.36

1,712.69

11.45

4.28

716.64

3.57

-90.71

9,427.74

PBT

100.00

88.67

85.08

4.22

100.00

251.74

164.23

53.29

100.00

290.03

158.10

83.45