For
the quarter ending March 2024, consolidated Net sales (including other operating income) of Craftsman Automation has increased 12.75% to Rs 1105.34 crore compared to quarter ended March 2023. Sales of Automotive-Powertrain & Other segment has gone down 0.75% to Rs 389.73 crore (accounting for 35.26% of total sales). Sales of Automotive-Aluminium Products segment has gone up 36.26% to Rs 532.83 crore (accounting for 48.21% of total sales). Sales of Industrial & Engineering segment fell 7.06% to Rs 182.78 crore (accounting for 16.54% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 1.39% to Rs 149.60 crore. PBIT of Automotive-Powertrain & Other segment fell 36.20% to Rs 59.17 crore (accounting for 39.55% of total PBIT). PBIT of Automotive-Aluminium Products segment rose 143.55% to Rs 85.68 crore (accounting for 57.27% of total PBIT). PBIT of Industrial & Engineering segment fell 75.79% to Rs 4.75 crore (accounting for 3.18% of total PBIT).
PBIT margin of Automotive-Powertrain & Other segment fell from 23.62% to 15.18%. PBIT margin of Automotive-Aluminium Products segment rose from 9.00% to 16.08%. PBIT margin of Industrial & Engineering segment fell from 9.98% to 2.60%. Overall PBIT margin fell from 15.05% to 13.53%.
Operating profit margin has declined from 19.22% to 18.72%, leading to 9.80% rise in operating profit to Rs 206.90 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 55.68% to 57.17%. Employee cost increased from 6.00% to 6.16%. Other expenses fell from 19.69% to 19.19%. Other income rose 8.81% to Rs 5.31 crore. PBIDT rose 9.77% to Rs 212.21 crore. Provision for interest rose 10.71% to Rs 46.4 crore. Loan funds rose to Rs 1,754.82 crore as of 31 March 2024 from Rs 1,240.23 crore as of 31 March 2023. Inventories rose to Rs 1,040.82 crore as of 31 March 2024 from Rs 836.01 crore as of 31 March 2023. Sundry debtors were higher at Rs 576.63 crore as of 31 March 2024 compared to Rs 535.29 crore as of 31 March 2023. Cash and bank balance rose to Rs 83.02 crore as of 31 March 2024 from Rs 47.34 crore as of 31 March 2023. Investments rose to Rs 4.47 crore as of 31 March 2024 from Rs 3.43 crore as of 31 March 2023 .
PBDT rose 9.51% to Rs 165.81 crore. Provision for depreciation rose 20.62% to Rs 72.29 crore. Fixed assets increased to Rs 2,555.33 crore as of 31 March 2024 from Rs 2,030.52 crore as of 31 March 2023. Intangible assets stood at Rs 189.99 crore.
Profit before tax grew 2.23% to Rs 93.52 crore. Share of profit/loss was 150% higher at Rs 0.3 crore. Provision for tax was expense of Rs 23.29 crore, compared to Rs 11.37 crore. Effective tax rate was 24.82% compared to 12.41%.
Minority interest increased 219.07% to Rs 8.20 crore. Net profit attributable to owners of the company decreased 19.74% to Rs 62.33 crore. Equity capital stood at Rs 10.56 crore as of 31 March 2024 to Rs 10.56 crore as of 31 March 2023. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 54.99% as of 31 March 2024 ,compared to 58.77% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Craftsman Automation has increased 39.88% to Rs 4451.73 crore. Sales of Automotive-Powertrain & Other segment has gone up 2.05% to Rs 1,558.37 crore (accounting for 35.01% of total sales). Sales of Automotive-Aluminium Products segment has gone up 130.43% to Rs 2,153.61 crore (accounting for 48.38% of total sales). Sales of Industrial & Engineering segment rose 2.61% to Rs 739.75 crore (accounting for 16.62% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 25.91% to Rs 663.01 crore. PBIT of Automotive-Powertrain & Other segment fell 23.67% to Rs 291.63 crore (accounting for 43.99% of total PBIT). PBIT of Automotive-Aluminium Products segment rose 316.49% to Rs 322.03 crore (accounting for 48.57% of total PBIT). PBIT of Industrial & Engineering segment fell 26.58% to Rs 49.35 crore (accounting for 7.44% of total PBIT).
PBIT margin of Automotive-Powertrain & Other segment fell from 25.02% to 18.71%. PBIT margin of Automotive-Aluminium Products segment rose from 8.27% to 14.95%. PBIT margin of Industrial & Engineering segment fell from 9.32% to 6.67%. Overall PBIT margin fell from 16.55% to 14.89%.
Operating profit margin has declined from 21.48% to 19.74%, leading to 28.56% rise in operating profit to Rs 878.83 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 52.25% to 54.79%. Employee cost decreased from 7.18% to 6.27%. Other expenses rose from 19.55% to 19.84%. Other income rose 37.48% to Rs 17.24 crore. PBIDT rose 28.72% to Rs 896.07 crore. Provision for interest rose 45.17% to Rs 174.54 crore. Loan funds rose to Rs 1,754.82 crore as of 31 March 2024 from Rs 1,240.23 crore as of 31 March 2023. Inventories rose to Rs 1,040.82 crore as of 31 March 2024 from Rs 836.01 crore as of 31 March 2023. Sundry debtors were higher at Rs 576.63 crore as of 31 March 2024 compared to Rs 535.29 crore as of 31 March 2023. Cash and bank balance rose to Rs 83.02 crore as of 31 March 2024 from Rs 47.34 crore as of 31 March 2023. Investments rose to Rs 4.47 crore as of 31 March 2024 from Rs 3.43 crore as of 31 March 2023 .
PBDT rose 25.28% to Rs 721.53 crore. Provision for depreciation rose 25.31% to Rs 277.69 crore. Fixed assets increased to Rs 2,555.33 crore as of 31 March 2024 from Rs 2,030.52 crore as of 31 March 2023. Intangible assets stood at Rs 189.99 crore.
Profit before tax grew 25.27% to Rs 443.84 crore. Share of profit/loss was 77.08% higher at Rs 0.85 crore. Provision for tax was expense of Rs 107.36 crore, compared to Rs 103.83 crore. Effective tax rate was 24.14% compared to 29.27%.
Minority interest increased 1,178.60% to Rs 32.86 crore. Net profit attributable to owners of the company increased 22.58% to Rs 304.47 crore.
Equity capital stood at Rs 10.56 crore as of 31 March 2024 to Rs 10.56 crore as of 31 March 2023. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 54.99% as of 31 March 2024 ,compared to 58.77% as of 31 March 2023 .
Cash flow from operating activities decreased to Rs 513.31 crore for year ended March 2024 from Rs 607.66 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 631.00 crore, compared to Rs 345.25 crore during the year ended March 2023.
Other highlights
The
board recommended a final dividend of Rs 11.25 per equity share of Rs 5 each
(225%) for the financial year ended 31 March, 2024. Record
date fixed for the purpose of determining the eligibility is Monday, 20th May,
2024.
The board approved Raising of funds, in one
or more tranche by way of issuance of equity shares and/or any other
instruments for an aggregate amount not exceeding Rs 1200 Crore. The proceeds
from the fund raise are intended to be utilized, inter-alia, towards repayment/
pre-payment of certain outstanding borrowings availed by the company.
The
board