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Results
29-May-24
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Analysis
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Grauer & Weil (India)
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Sale up 2%, NP up 34%
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Grauer & Weil (India) Consolidated net sales
(including other operating income) of Grauer & Weil (India) has increased
1.82% to Rs 333.12 crore. Sales of
Engineering segment has gone up 17% to Rs 60.21 crore (accounting for 18% of total
sales). Sales of Shoppertainment segment
fell 4% to Rs 8.59 crore (accounting for 3% of total sales). Sales of Surface Finishings segment has gone
down 1% to Rs 265.04 crore (accounting for 79% of total sales).
Profit before interest, tax and other unallocable
items (PBIT) has jumped 35% to Rs 45.06 crore.
PBIT of Engineering segment rose 156% to Rs 10.05 crore (accounting for
22% of total PBIT). PBIT of
Shoppertainment segment fell 17% to Rs 5.65 crore (accounting for 13% of total
PBIT). PBIT of Surface Finishings
segment rose 30% to Rs 29.36 crore (accounting for 65% of total PBIT).
PBIT margin of Engineering segment rose from 8% to
17%. PBIT margin of Shoppertainment
segment fell from 76% to 66%. PBIT margin
of Surface Finishings segment rose from 8% to 11%. Overall PBIT margin rose from 10% to
13%.
Operating profit margin has jumped from 9.17% to
11.79%, leading to 30.93% rise in operating profit to Rs 39.28 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 60.41% to 57.97%. Purchase of finished goods cost fell from
0.50% to 0.31%. Employee cost increased
from 8.70% to 8.77%. Other expenses
rose from 20.29% to 20.75%.
Other income rose 62.38% to Rs 8.46 crore. PBIDT rose 35.59% to Rs 47.74 crore. Provision for interest rose 321.33% to Rs
3.16 crore. Loan funds rose to Rs 26.86
crore as of 31 March 2024 from Rs 24.44 crore as of 31 March 2023. Inventories rose to Rs 137.68 crore as of 31
March 2024 from Rs 127.03 crore as of 31 March 2023. Sundry debtors were higher at Rs 185.76 crore
as of 31 March 2024 compared to Rs 183.71 crore as of 31 March 2023. Cash and bank balance rose to Rs 422.96 crore
as of 31 March 2024 from Rs 287.33 crore as of 31 March 2023. Investments rose to Rs 49.42 crore as of 31
March 2024 from Rs 17.28 crore as of 31 March 2023 .
PBDT rose 29.37% to Rs 44.58 crore. Provision for depreciation rose 15.20% to Rs
5.38 crore. Fixed assets increased to Rs
251.95 crore as of 31 March 2024 from Rs 241.65 crore as of 31 March 2023. Intangible assets increased from Rs 5.38
crore to Rs 5.65 crore.
Profit before tax grew 31.59% to Rs 39.20
crore. Share of profit/loss were nil in
both the periods. Provision for tax was
expense of Rs 10.03 crore, compared to Rs 7.37 crore. Effective tax rate was 25.59% compared to
25.35%.
Minority interest was nil in both the periods. Net profit attributable to owners of the
company increased 34.42% to Rs 29.17 crore.
Equity capital stood at Rs 22.67 crore as of 31
March 2024 to Rs 22.67 crore as of 31 March 2023. Per share face Value remained same at Rs
1.00.
Promoters’ stake was 69.05% as of 31 March 2024 compared
to 69.05% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of
Grauer & Weil (India) has increased 8.87% to Rs 1068.9 crore. Sales of Engineering segment has gone up 56%
to Rs 156.82 crore (accounting for 15% of total sales). Sales of Shoppertainment segment was flat at
Rs 36.29 crore (accounting for 3% of total sales). Sales of Surface Finishings segment has gone
up 4% to Rs 880.08 crore (accounting for 82% of total sales).
Profit before interest, tax and other unallocable
items (PBIT) has jumped 25% to Rs 216.06 crore.
PBIT of Engineering segment rose 175% to Rs 27.89 crore (accounting for
13% of total PBIT). PBIT of
Shoppertainment segment fell 9% to Rs 26.06 crore (accounting for 12% of total
PBIT). PBIT of Surface Finishings
segment rose 20% to Rs 162.11 crore (accounting for 75% of total PBIT).
PBIT margin of Engineering segment rose from 10% to
18%. PBIT margin of Shoppertainment
segment fell from 78% to 72%. PBIT
margin of Surface Finishings segment rose from 16% to 18%. Overall PBIT margin rose from 18% to 20%.
Operating profit margin has jumped from 15.82% to
17.82%, leading to 22.61% rise in operating profit to Rs 190.47 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 56.14% to 51.97%. Purchase of finished goods cost fell from
0.44% to 0.40%. Employee cost increased
from 9.58% to 9.91%. Other expenses
rose from 18.00% to 20.01%.
Other income rose 62.93% to Rs 30.99 crore. PBIDT rose 27.01% to Rs 221.46 crore. Provision for interest rose 121.51% to Rs 4.12
crore. Loan funds rose to Rs 26.86 crore
as of 31 March 2024 from Rs 24.44 crore as of 31 March 2023. Inventories rose to Rs 137.68 crore as of 31
March 2024 from Rs 127.03 crore as of 31 March 2023. Sundry debtors were higher at Rs 185.76 crore
as of 31 March 2024 compared to Rs 183.71 crore as of 31 March 2023. Cash and bank balance rose to Rs 422.96 crore
as of 31 March 2024 from Rs 287.33 crore as of 31 March 2023. Investments rose to Rs 49.42 crore as of 31
March 2024 from Rs 17.28 crore as of 31 March 2023 .
PBDT rose 25.99% to Rs 217.34 crore. Provision for depreciation rose 6.61% to Rs
21.12 crore. Fixed assets increased to
Rs 251.95 crore as of 31 March 2024 from Rs 241.65 crore as of 31 March
2023. Intangible assets increased from
Rs 5.38 crore to Rs 5.65 crore.
Profit before tax grew 28.51% to Rs 196.22
crore. Share of profit/loss were nil in
both the periods. Provision for tax was
expense of Rs 49.94 crore, compared to Rs 39.01 crore. Effective tax rate was 25.45% compared to
25.67%.
Minority interest was nil in both the periods. Net profit attributable to owners of the
company increased 29.50% to Rs 146.28 crore.
Equity capital stood at Rs 22.67 crore as of 31
March 2024 to Rs 22.67 crore as of 31 March 2023. Per share face Value remained same at Rs
1.00.
Promoters’ stake was 69.05% as of 31 March 2024 ,compared to 69.05% as of
31 March 2023 .
The scrip is
currently trading at Rs 87
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Grauer & Weil (India) :
Consolidated Results
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Particulars
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2403 (03)
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2303 (03)
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Var.(%)
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2403 (12)
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2303 (12)
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Var.(%)
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Net Sales
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333.12
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327.18
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2
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1,068.90
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981.82
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9
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OPM (%)
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11.8
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9.2
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17.8
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15.8
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OP
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39.28
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30
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31
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190.47
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155.34
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23
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Other Inc.
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8.46
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5.21
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62
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30.99
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19.02
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63
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PBIDT
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47.74
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35.21
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36
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221.46
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174.36
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27
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Interest
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3.16
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0.75
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321
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4.12
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1.86
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122
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PBDT
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44.58
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34.46
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29
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217.34
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172.5
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26
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Depreciation
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5.38
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4.67
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15
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21.12
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19.81
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7
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PBT
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39.2
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29.79
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32
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196.22
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152.69
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29
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Share of Profit/(Loss) from Associates
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0
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0
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0
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0
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PBT before EO
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39.2
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29.79
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32
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196.22
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152.69
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29
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EO Income
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0
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-0.72
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LP
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0
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-0.72
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PL
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PBT after EO
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39.2
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29.07
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35
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196.22
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151.97
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29
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Taxation
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10.03
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7.37
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36
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49.94
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39.01
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28
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PAT
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29.17
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21.7
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34
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146.28
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112.96
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29
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Minority Interest (MI)
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0
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0
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0
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0
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Net profit
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29.17
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21.7
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34
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146.28
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112.96
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29
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EPS (Rs)*
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#
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#
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3.2
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2.5
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Notes
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* EPS is on current equity of Rs 45.34 crore, Face value of Rs
1, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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Grauer & Weil (India) :
Consolidated Segment Results
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% of (Total)
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2403 (03)
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2303 (03)
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Var.(%)
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% of (Total)
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2403 (12)
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2303 (12)
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Var.(%)
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Sales
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Engineering
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18
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60.21
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51.59
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17
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15
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156.82
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100.34
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56
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Shoppertainment
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3
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8.59
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8.92
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-4
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3
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36.29
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36.46
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0
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Surface Finishings
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79
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265.04
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267.79
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-1
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82
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880.08
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848.91
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4
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Total Reported Sales
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100
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333.84
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328.3
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2
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100
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1073.19
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985.71
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9
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Add: Unallocable
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7.74
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4.09
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89
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26.7
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15.13
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76
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Net Sales
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341.58
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332.39
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3
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1099.89
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1000.84
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10
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PBIT
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Engineering
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22
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10.05
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3.93
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156
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13
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27.89
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10.15
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175
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Shoppertainment
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13
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5.65
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6.82
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-17
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12
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26.06
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28.49
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-9
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Surface Finishings
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65
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29.36
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22.67
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30
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75
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162.11
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134.63
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20
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Total PBIT
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100
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45.06
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33.42
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35
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100
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216.06
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173.27
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25
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Less : Interest
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3.16
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0.75
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321
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4.12
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1.86
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122
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Add: Other un-allcoable
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-2.7
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-3.6
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-25
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-15.72
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-19.44
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-19
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PBT
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39.2
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29.07
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35
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196.22
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151.97
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29
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Previous News |
Grauer & Weil (India)
(
Results
-
Analysis
28-May-23
09:37
)
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Grauer & Weil (India) to hold board meeting
(
Corporate News
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18-Oct-24
10:42
)
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Grauer & Weil hits record high as board to mull bonus issue
(
Hot Pursuit
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22-Feb-24
10:03
)
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Grauer & Weil (India) consolidated net profit rises 56.46% in the September 2022 quarter
(
Results
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Announcements
08-Nov-22
07:57
)
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Grauer & Weil (India) consolidated net profit rises 27.99% in the June 2023 quarter
(
Results
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Announcements
10-Aug-23
15:46
)
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Grauer & Weil (India) consolidated net profit rises 47.62% in the December 2022 quarter
(
Results
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Announcements
11-Feb-23
07:33
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Grauer & Weil (India) schedules board meeting
(
Corporate News
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02-Feb-23
18:56
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Grauer & Weil (India) announces board meeting date
(
Corporate News
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22-Feb-24
10:08
)
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Grauer & Weil (India) to conduct board meeting
(
Corporate News
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16-May-23
12:59
)
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Grauer & Weil (India) consolidated net profit rises 47.85% in the June 2022 quarter
(
Results
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Announcements
10-Aug-22
08:16
)
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Grauer & Weil (India) consolidated net profit rises 20.29% in the March 2023 quarter
(
Results
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Announcements
29-May-23
07:44
)
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