Results     29-May-24
Analysis
Grauer & Weil (India)
Sale up 2%, NP up 34%
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

 

Grauer & Weil (India) : Consolidated Results

Particulars

2403 (03)

2303 (03)

Var.(%)

2403 (12)

2303 (12)

Var.(%)

Net Sales

333.12

327.18

2

1,068.90

981.82

9

OPM (%)

11.8

9.2

 

17.8

15.8

 

OP

39.28

30

31

190.47

155.34

23

Other Inc.

8.46

5.21

62

30.99

19.02

63

PBIDT

47.74

35.21

36

221.46

174.36

27

Interest

3.16

0.75

321

4.12

1.86

122

PBDT

44.58

34.46

29

217.34

172.5

26

Depreciation

5.38

4.67

15

21.12

19.81

7

PBT

39.2

29.79

32

196.22

152.69

29

Share of Profit/(Loss) from Associates

0

0

 

0

0

 

PBT before EO

39.2

29.79

32

196.22

152.69

29

EO Income

0

-0.72

LP

0

-0.72

PL

PBT after EO

39.2

29.07

35

196.22

151.97

29

Taxation

10.03

7.37

36

49.94

39.01

28

PAT

29.17

21.7

34

146.28

112.96

29

Minority Interest (MI)

0

0

 

0

0

 

Net profit

29.17

21.7

34

146.28

112.96

29

EPS (Rs)*

#

#

 

3.2

2.5

 

Notes

* EPS is on current equity of Rs 45.34 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

 

Grauer & Weil (India) : Consolidated Segment Results

 

% of (Total)

2403 (03)

2303 (03)

Var.(%)

% of (Total)

2403 (12)

2303 (12)

Var.(%)

Sales

Engineering

18

60.21

51.59

17

15

156.82

100.34

56

Shoppertainment

3

8.59

8.92

-4

3

36.29

36.46

0

Surface Finishings

79

265.04

267.79

-1

82

880.08

848.91

4

Total Reported Sales

100

333.84

328.3

2

100

1073.19

985.71

9

Add: Unallocable

 

7.74

4.09

89

 

26.7

15.13

76

Net Sales

 

341.58

332.39

3

 

1099.89

1000.84

10

PBIT

Engineering

22

10.05

3.93

156

13

27.89

10.15

175

Shoppertainment

13

5.65

6.82

-17

12

26.06

28.49

-9

Surface Finishings

65

29.36

22.67

30

75

162.11

134.63

20

Total PBIT

100

45.06

33.42

35

100

216.06

173.27

25

Less : Interest

 

3.16

0.75

321

 

4.12

1.86

122

Add: Other un-allcoable

 

-2.7

-3.6

-25

 

-15.72

-19.44

-19

PBT

 

39.2

29.07

35

 

196.22

151.97

29

 

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