For quarter ended June 2024,
Consolidated Net sales (including other operating income) of CIE Automotive India has declined 1.19% to Rs 2292.69 crore compared to quarter ended June 2023. Sales of India segment has gone up 3.63% to Rs 1,506.23 crore (accounting for 65.65% of total sales). Sales of Europe segment has gone down 43.85% to Rs 787.97 crore (accounting for 34.35% of total sales). Inter-segment sales came down from Rs 18.63 crore to Rs 1.51 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 45.96% to Rs 308.27 crore. PBIT of India segment rose 21.09% to Rs 208.30 crore (accounting for 67.57% of total PBIT). PBIT of Europe segment fell 74.91% to Rs 99.98 crore (accounting for 32.43% of total PBIT).
PBIT margin of India segment rose from 11.83% to 13.83%. PBIT margin of Europe segment fell from 28.39% to 12.69%. Overall PBIT margin fell from 19.97% to 13.44%.
Operating profit margin has declined from 15.97% to 15.70%, leading to 2.82% decline in operating profit to Rs 360.01 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 53.15% to 52.00%. Employee cost increased from 10.83% to 11.47%. Other expenses rose from 20.42% to 21.09%. Other income rose 56.89% to Rs 30.64 crore. PBIDT rose 0.17% to Rs 390.65 crore. Provision for interest fell 4.48% to Rs 21.09 crore. Loan funds remained nil.
PBDT rose 0.45% to Rs 369.56 crore. Provision for depreciation rose 0.44% to Rs 83.62 crore.
Profit before tax grew 0.45% to Rs 285.94 crore. Provision for tax was expense of Rs 70.17 crore, compared to Rs 70.76 crore. Effective tax rate was 24.49% compared to 24.88%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 1.31% to Rs 216.39 crore. Promoters’ stake was 65.70% as of 30 June 2024 ,compared to 65.70% as of 30 June 2023 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of CIE Automotive India has declined 0.86% to Rs 4719.49 crore. Sales of India segment has gone up 3.15% to Rs 3,013.75 crore (accounting for 63.83% of total sales). Sales of Europe segment has gone down 42.22% to Rs 1,708.12 crore (accounting for 36.17% of total sales). Inter-segment sales came down from Rs 42.13 crore to Rs 2.38 crore.
Profit before interest, tax and other unallocable items (PBIT) has slumped 34.01% to Rs 634.62 crore. PBIT of India segment rose 22.41% to Rs 421.27 crore (accounting for 66.38% of total PBIT). PBIT of Europe segment fell 65.45% to Rs 213.35 crore (accounting for 33.62% of total PBIT).
PBIT margin of India segment rose from 11.78% to 13.98%. PBIT margin of Europe segment fell from 20.89% to 12.49%. Overall PBIT margin fell from 16.36% to 13.44%.
Operating profit margin has declined from 15.78% to 15.27%, leading to 4.06% decline in operating profit to Rs 720.58 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 52.61% to 52.08%. Employee cost increased from 10.85% to 11.23%. Other expenses rose from 20.78% to 21.38%. Other income rose 130.91% to Rs 81.95 crore. PBIDT rose 2.03% to Rs 802.53 crore. Provision for interest fell 6.34% to Rs 43.12 crore. Loan funds remained nil.
PBDT rose 2.55% to Rs 759.41 crore. Provision for depreciation rose 2.53% to Rs 169.96 crore.
Profit before tax grew 2.55% to Rs 589.45 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 143.89 crore, compared to Rs 140.92 crore. Effective tax rate was 24.37% compared to 24.52%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 2.93% to Rs 446.58 crore.
Promoters’ stake was 65.70% as of 30 June 2024 ,compared to 65.70% as of 30 June 2023 .
Cash flow from operating activities decreased to Rs 106.12 crore for YTD ended June 2024 from Rs 635.56 crore for YTD ended June 2023. Cash flow used in acquiring fixed assets during the YTD ended June 2024 stood at Rs 200.10 crore, compared to Rs 290.22 crore during the YTD ended June 2023.
Full year results analysis.
Net sales (including other operating income) of CIE Automotive India has increased 6.02% to Rs 9280.35 crore. Sales of India segment has gone up 5.56% to Rs 5,945.91 crore (accounting for 57.16% of total sales). Sales of Europe segment has gone down 13.19% to Rs 4,457.08 crore (accounting for 42.84% of total sales). Inter-segment sales rose Rs 44.84 crore to Rs 47.40 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 59.02% to Rs 1,717.27 crore. PBIT of India segment rose 11.64% to Rs 708.79 crore (accounting for 41.27% of total PBIT). PBIT of Europe segment rose 126.63% to Rs 1,008.49 crore (accounting for 58.73% of total PBIT).
PBIT margin of India segment rose from 11.27% to 11.92%. PBIT margin of Europe segment rose from 8.67% to 22.63%. Overall PBIT margin rose from 10.03% to 16.51%.
Operating profit margin has jumped from 13.39% to 15.34%, leading to 21.49% rise in operating profit to Rs 1,423.90 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 55.00% to 52.62%. Employee cost increased from 10.21% to 10.78%. Other expenses fell from 21.53% to 21.16%. Other income rose 40.69% to Rs 82.01 crore. PBIDT rose 22.40% to Rs 1505.91 crore. Provision for interest rose 372.79% to Rs 107.37 crore. Loan funds declined from Rs 984.52 crore as of 31 December 2022 to Rs 855.42 crore as of 31 December 2023. Inventories declined from Rs 1,210.80 crore as of 31 December 2022 to Rs 1,162.61 crore as of 31 December 2023. Sundry debtors were lower at Rs 633.14 crore as of 31 December 2023 compared to Rs 860.75 crore as of 31 December 2022. Cash and bank balance rose to Rs 238.72 crore as of 31 December 2023 from Rs 85.92 crore as of 31 December 2022. Investments rose to Rs 820.55 crore as of 31 December 2023 from Rs 575.65 crore as of 31 December 2022 .
PBDT rose 15.81% to Rs 1398.54 crore. Provision for depreciation rose 8.77% to Rs 322.2 crore. Fixed assets increased to Rs 2,983.16 crore as of 31 December 2023 from Rs 2,862.21 crore as of 31 December 2022. Intangible assets increased from Rs 2,803.95 crore to Rs 2,880.97 crore.
Profit before tax grew 18.10% to Rs 1,076.34 crore. Provision for tax was expense of Rs 278.22 crore, compared to Rs 240.09 crore. Effective tax rate was 25.86% compared to 25.23%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 12.13% to Rs 797.63 crore.
Equity capital increased from Rs 379.32 crore as of 31 December 2022 to Rs 379.36 crore as of 31 December 2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 65.70% as of 31 December 2023 ,compared to 74.96% as of 31 December 2022 .
Cash flow from operating activities increased to Rs 1,383.26 crore for year ended December 2023 from Rs 1,118.24 crore for year ended December 2022. Cash flow used in acquiring fixed assets during the year ended December 2023 stood at Rs 530.32 crore, compared to Rs 501.41 crore during the year ended December 2022.
India
Highlights
In
India, tractors sales during Q2 CY24 increased by 1%, two wheelers sales
increased 19.6%, MHCV sales increased 12.5% and <6T vehicles (include Passenger
Vehicles, Utility Vehicles, Vans and Light Commercial Vehicles) went up by 3.7%
compared to Q2 CY23.
In
India, tractors sales during H1 CY24 decreased by 7%, two wheelers sales
increased 22.8%, MHCV sales increased 2.7% and <6T vehicles went up by 6.8%
compared to H2 CY23.