Results     24-May-24
Analysis
Esab India
Sales up 13%, net up 6%
Standalone net sales (including other operating income) of Esab India for the quarter ended Mar 2024 has increased 13.01% to Rs 340.93 crore.  Operating profit margin has declined from 18.80% to 18.26%, leading to 9.75% rise in operating profit to Rs 62.24 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 50.45% to 45.64%.   Purchase of finished goods cost rose from 10.16% to 14.03%.   Employee cost decreased from 8.45% to 8.16%.   Other expenses rose from 12.10% to 13.93%.   

Other income fell 55.81% to Rs 1.33 crore.  PBIDT rose 6.45% to Rs 63.57 crore.  Provision for interest up 9.09% to Rs 0.12 crore.  Loan funds rose to Rs 4.57 crore as of 31 March 2024 from Rs 4.01 crore as of 31 March 2023.  Inventories declined from Rs 123.43 crore as of 31 March 2023 to Rs 111.26 crore as of 31 March 2024.  Sundry debtors were higher at Rs 188.82 crore as of 31 March 2024 compared to Rs 152.28 crore as of 31 March 2023.  Cash and bank balance rose to Rs 87.78 crore as of 31 March 2024 from Rs 56.45 crore as of 31 March 2023.  Investments rose to Rs 0.44 crore as of 31 March 2024 from Rs 0.15 crore as of 31 March 2023 .  

PBDT rose 6.44% to Rs 63.45 crore.  Provision for depreciation rose 11.71% to Rs 3.53 crore.  Fixed assets increased to Rs 127.73 crore as of 31 March 2024 from Rs 111.95 crore as of 31 March 2023.  Intangible assets declined from Rs 2.60 crore to Rs 1.83 crore.  

Profit before tax grew 6.15% to Rs 59.92 crore.  Provision for tax was expense of Rs 15.67 crore, compared to Rs 14.59 crore.  Effective tax rate was 26.15% compared to 25.85%.

Profit after tax rose 5.71% to Rs 44.25 crore.  

 Full year results analysis


Net sales (including other operating income) of Esab India has increased 13.98% to Rs 1,243.32 crore.  Operating profit margin has jumped from 17.11% to 18.31%, leading to 21.96% rise in operating profit to Rs 227.68 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 47.65% to 45.61%.   Purchase of finished goods cost rose from 14.24% to 14.34%.   Employee cost decreased from 8.82% to 8.74%.   Other expenses rose from 12.31% to 13.05%.   

Other income fell 16.79% to Rs 6.49 crore.  PBIDT rose 20.41% to Rs 234.17 crore.  Provision for interest up 35.48% to Rs 0.42 crore.  Loan funds rose to Rs 4.57 crore as of 31 March 2024 from Rs 4.01 crore as of 31 March 2023.  Inventories declined from Rs 123.43 crore as of 31 March 2023 to Rs 111.26 crore as of 31 March 2024.  Sundry debtors were higher at Rs 188.82 crore as of 31 March 2024 compared to Rs 152.28 crore as of 31 March 2023.  Cash and bank balance rose to Rs 87.78 crore as of 31 March 2024 from Rs 56.45 crore as of 31 March 2023.  Investments rose to Rs 0.44 crore as of 31 March 2024 from Rs 0.15 crore as of 31 March 2023 .  

PBDT rose 20.38% to Rs 233.75 crore.  Provision for depreciation rose 16.08% to Rs 13.79 crore.  Fixed assets increased to Rs 127.73 crore as of 31 March 2024 from Rs 111.95 crore as of 31 March 2023.  Intangible assets declined from Rs 2.60 crore to Rs 1.83 crore.  

Profit before tax grew 20.66% to Rs 219.96 crore.  Provision for tax was expense of Rs 56.98 crore, compared to Rs 46.61 crore.  Effective tax rate was 25.90% compared to 25.57%.

Profit after tax rose 20.12% to Rs 162.98 crore.  

Equity capital stood at Rs 15.39 crore as of 31 March 2024 to Rs 15.39 crore as of 31 March 2023.  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 73.72% as of 31 March 2024 ,compared to 73.72% as of 31 March 2023 .  

Cash flow from operating activities increased to Rs 141.03 crore for year ended March 2024 from Rs 129.24 crore for year ended March 2023.  Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 28.49 crore, compared to Rs 33.76 crore during the year ended March 2023.  



Esab India : Standalone Results
Quarter endedYear ended
Particulars202403202303Var.(%)202403202303Var.(%)
Net Sales (including other operating income)340.93301.6813.011,243.321,090.8013.98
OPM (%)18.2618.80-54 bps18.3117.11120 bps
OP62.2456.719.75227.68186.6821.96
Other Inc.1.333.01-55.816.497.80-16.79
PBIDT63.5759.726.45234.17194.4820.41
Interest0.120.119.090.420.3135.48
PBDT63.4559.616.44233.75194.1720.38
Depreciation3.533.1611.7113.7911.8816.08
PBT59.9256.456.15219.96182.2920.66
PBT before EO59.9256.456.15219.96182.2920.66
EO Income00-00-
PBT after EO59.9256.456.15219.96182.2920.66
Taxation15.6714.597.4056.9846.6122.25
PAT44.2541.865.71162.98135.6820.12
P/(L) from discontinued operations net of tax00-00-
Net profit after discontinued operations44.2541.865.71162.98135.6820.12
EPS (Rs)*28.7527.205.71105.9088.1620.12
* EPS is on current equity of Rs 15.39 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database
Peer Comparision (Standalone) Q-202403
Sales
(Rs. Crs)
var.(%) OP
(Rs. Crs)
var.(%) Net Profit
(Rs. Crs)
var.(%) Share Price(Rs)
23-May-2024
var.(%)
over
One year
TTM EPS TTM PE
Esab India Ltd 340.93 13.01 62.24 9.75 44.25 5.71 5,750.30 60.45 105.91 54.30
Ador Fontech Ltd 54.25 -2.39 6.32 -32.84 7.55 18.15 138.10 31.11 7.60 18.16
Ador Welding Ltd 246.70 4.76 25.72 -22.3 18.67 -15.41 1,397.25 20.92 46.46 30.07
Industry 641.88 8.29 94.28 -4.98 70.47 0.21 10,443.15 49.23 22.80
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