For
quarter ending March 2024, consolidated net sales (including other operating income) of SKF India has increased 9.93% to Rs 1203.4 crore compared to quarter ended March 2023. Operating profit margin has jumped from 15.26% to 17.73%, leading to 27.75% rise in operating profit to Rs 213.36 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 24.35% to 26.68%. Purchase of finished goods cost fell from 36.61% to 33.59%. Employee cost increased from 6.99% to 7.14%. Other expenses fell from 16.65% to 15.52%. Other income rose 76.73% to Rs 34.94 crore. PBIDT rose 32.94% to Rs 248.3 crore. Provision for interest fell 25% to Rs 0.24 crore. Loan funds declined from Rs 14.44 crore as of 31 March 2023 to Rs 11.76 crore as of 31 March 2024. Inventories declined from Rs 686.03 crore as of 31 March 2023 to Rs 683.88 crore as of 31 March 2024. Sundry debtors were higher at Rs 751.33 crore as of 31 March 2024 compared to Rs 678.65 crore as of 31 March 2023. Cash and bank balance rose to Rs 1,222.11 crore as of 31 March 2024 from Rs 957.96 crore as of 31 March 2023. Investments rose to Rs 8.92 crore as of 31 March 2024 from Rs 2.36 crore as of 31 March 2023 .
PBDT rose 33.04% to Rs 248.06 crore. Provision for depreciation rose 11.78% to Rs 18.88 crore. Fixed assets increased to Rs 560.91 crore as of 31 March 2024 from Rs 487.14 crore as of 31 March 2023. Intangible assets declined from Rs 0.32 crore to Rs 0.15 crore.
Profit before tax grew 35.15% to Rs 229.18 crore. Share of profit/loss was 437.50% higher at Rs 0.43 crore. Provision for tax was expense of Rs 54.38 crore, compared to Rs 46.72 crore. Effective tax rate was 23.68% compared to 27.54%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 42.54% to Rs 175.23 crore. Equity capital stood at Rs 49.44 crore as of 31 March 2024 to Rs 49.44 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 52.58% as of 31 March 2024 ,compared to 52.58% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of SKF India has increased 6.16% to Rs 4570.13 crore. Operating profit margin has declined from 17.41% to 15.70%, leading to 4.25% decline in operating profit to Rs 717.59 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 24.03% to 25.30%. Purchase of finished goods cost fell from 35.84% to 35.61%. Employee cost increased from 6.91% to 7.49%. Other expenses rose from 15.92% to 15.94%. Other income rose 81.24% to Rs 94.01 crore. PBIDT rose 1.29% to Rs 811.6 crore. Provision for interest fell 19.87% to Rs 1.21 crore. Loan funds declined from Rs 14.44 crore as of 31 March 2023 to Rs 11.76 crore as of 31 March 2024. Inventories declined from Rs 686.03 crore as of 31 March 2023 to Rs 683.88 crore as of 31 March 2024. Sundry debtors were higher at Rs 751.33 crore as of 31 March 2024 compared to Rs 678.65 crore as of 31 March 2023. Cash and bank balance rose to Rs 1,222.11 crore as of 31 March 2024 from Rs 957.96 crore as of 31 March 2023. Investments rose to Rs 8.92 crore as of 31 March 2024 from Rs 2.36 crore as of 31 March 2023 .
PBDT rose 1.33% to Rs 810.39 crore. Provision for depreciation rose 11.61% to Rs 74.6 crore. Fixed assets increased to Rs 560.91 crore as of 31 March 2024 from Rs 487.14 crore as of 31 March 2023. Intangible assets declined from Rs 0.32 crore to Rs 0.15 crore.
Profit before tax grew 0.39% to Rs 735.79 crore. Share of profit/loss was 66.67% lower at Rs 0.03 crore. Provision for tax was expense of Rs 184.02 crore, compared to Rs 208.14 crore. Effective tax rate was 25.01% compared to 28.39%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 5.13% to Rs 551.80 crore.
Equity capital stood at Rs 49.44 crore as of 31 March 2024 to Rs 49.44 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 52.58% as of 31 March 2024 ,compared to 52.58% as of 31 March 2023 .
Cash flow from operating activities decreased to Rs 624.09 crore for year ended March 2024 from Rs 690.23 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 130.30 crore, compared to Rs 106.72 crore during the year ended March 2023.
Business highlights
The
board recommended a final dividend of Rs 130 per equity share for the financial
year ended 31 March 2024. Record date fixed for the purpose is Thursday, 04 July 2024.