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For quarter ending June 2024, consolidated Net sales (including other operating income) of Sharda Motor Industries has increased 4.79% to Rs 685.43 crore compared to quarter ended June 2023. Operating profit margin has jumped from 10.43% to 13.96%, leading to 40.18% rise in operating profit to Rs 95.66 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 77.07% to 71.56%. Employee cost increased from 4.74% to 5.21%. Other expenses rose from 5.66% to 7.09%. Other income rose 6.68% to Rs 19.63 crore. PBIDT rose 33.07% to Rs 115.29 crore. Provision for interest fell 5.88% to Rs 0.48 crore. PBDT rose 33.30% to Rs 114.81 crore. Provision for depreciation rose 5.67% to Rs 12.87 crore. Profit before tax grew 37.85% to Rs 101.94 crore. Share of profit/loss was 292.31% higher at Rs 0.51 crore. Provision for tax was expense of Rs 25.62 crore, compared to Rs 18.86 crore. Effective tax rate was 25.01% compared to 25.46%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 39.13% to Rs 76.83 crore. Promoters’ stake was 64.31% as of 30 June 2024 ,compared to 73.20% as of 30 June 2023 .
Full year results analysis.
Net sales (including other operating income) of Sharda Motor Industries has increased 4.05% to Rs 2809.26 crore. Operating profit margin has jumped from 10.44% to 12.87%, leading to 28.29% rise in operating profit to Rs 361.45 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 77.75% to 74.25%. Purchase of finished goods cost fell from 2.40% to 2.15%. Employee cost increased from 3.65% to 4.68%. Other expenses rose from 5.77% to 6.12%. Other income rose 110.47% to Rs 87.85 crore. PBIDT rose 38.89% to Rs 449.3 crore. Provision for interest rose 15.71% to Rs 2.21 crore. Loan funds declined from Rs 24.64 crore as of 31 March 2023 to Rs 23.67 crore as of 31 March 2024. Inventories declined from Rs 204.07 crore as of 31 March 2023 to Rs 196.91 crore as of 31 March 2024. Sundry debtors were lower at Rs 227.16 crore as of 31 March 2024 compared to Rs 331.48 crore as of 31 March 2023. Cash and bank balance rose to Rs 264.64 crore as of 31 March 2024 from Rs 161.71 crore as of 31 March 2023. Investments rose to Rs 667.91 crore as of 31 March 2024 from Rs 29.76 crore as of 31 March 2023 . PBDT rose 39.03% to Rs 447.09 crore. Provision for depreciation rose 13.59% to Rs 52.56 crore. Fixed assets increased to Rs 209.03 crore as of 31 March 2024 from Rs 208.73 crore as of 31 March 2023. Intangible assets declined from Rs 12.24 crore to Rs 10.19 crore. Profit before tax grew 43.30% to Rs 394.53 crore. Share of profit/loss was 61.17% higher at Rs 4.69 crore. Provision for tax was expense of Rs 99.63 crore, compared to Rs 69.89 crore. Effective tax rate was 24.96% compared to 25.12%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 43.81% to Rs 299.59 crore. Equity capital stood at Rs 5.95 crore as of 31 March 2024 to Rs 5.95 crore as of 31 March 2023. Per share face Value remained same at Rs 2.00. Promoters’ stake was 73.20% as of 31 March 2024 ,compared to 73.20% as of 31 March 2023 . Cash flow from operating activities has turned positive Rs 369.56 crore for year ended March 2024 from negative Rs 200.34 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 73.14 crore, compared to Rs 102.66 crore during the year ended March 2023. Other Highlights
The Board of
Directors at its meeting held on April 18, 2024, approved a proposal to
buy-back upto 10,27,777 equity shares of the company for an aggregate amount
not exceeding Rs 18,499.99 lakh, at Rs 1800 per equity share. The company
bought back 10,27,777 equity shares out of the shares that were tendered by
eligible shareholders and extinguished the equity shares on June 28, 2024.
Capital redemption
reserve was created to the extent of share capital extinguished (Rs 20.55
lakh). As a result, equity share capital decreased to Rs 5.74 crore in Q1 FY25,
down from Rs 5.95 crore in Q4 FY24.
| Sharda
Motor Industries: Consolidated Results |
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2406 (3) |
2306 (3) |
Var (%) |
|
2403 (12) |
2303 (12) |
Var (%) |
| Sales |
685.43 |
654.10 |
4.79% |
|
2,809.26 |
2,699.94 |
4.05% |
| OPM (%) |
13.96% |
10.43% |
353
bps |
|
12.87% |
10.44% |
243
bps |
| OP |
95.66 |
68.24 |
40.18% |
|
361.4409 |
281.75 |
28.28% |
| Other inc. |
19.63 |
18.40 |
6.67% |
|
87.85 |
41.74 |
110.47% |
| PBIDT |
115.29 |
86.64 |
33.07% |
|
449.29 |
323.49 |
38.89% |
| Interest |
0.48 |
0.51 |
-5.20% |
|
2.21 |
1.91 |
15.71% |
| PBDT |
114.80 |
86.13 |
33.29% |
|
447.08 |
321.58 |
39.03% |
| Dep. |
12.87 |
12.18 |
5.63% |
|
52.56 |
46.27 |
13.59% |
| PBT |
101.94 |
73.95 |
37.85% |
|
394.52 |
275.31 |
43.30% |
| Share of
profit/loss from JV |
0.51 |
0.13 |
293.15% |
|
4.70 |
2.91 |
61.51% |
| PBT Before EO |
102.45 |
74.08 |
38.30% |
|
399.22 |
278.22 |
43.49% |
| Exceptional
items |
0.00 |
- |
0.00% |
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- |
- |
0.00% |
| PBT After EO |
102.45 |
74.08 |
38.30% |
|
399.22 |
278.22 |
43.49% |
| Total Tax |
25.62 |
18.86 |
35.84% |
|
99.63 |
69.89 |
42.55% |
| PAT |
76.83 |
55.22 |
39.13% |
|
299.59 |
208.33 |
43.81% |
| Minority
Interest |
0.00 |
- |
0.00% |
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- |
- |
0.00% |
| Net Profit |
76.83 |
55.22 |
39.13% |
|
299.59 |
208.33 |
43.81% |
| EPS (Rs)* |
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# |
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104.39 |
72.59 |
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| * EPS is on current
equity of Rs 5.74 crore, Face value of Rs 2 Each |
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| # EPS is not
annualised due to seasonality of business |
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| EO:
Extraordinary items. EPS is calculated after excluding EO and relevant tax |
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| BPS- Basis points |
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| LP: Loss to profit |
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| PL: Profit to Loss |
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| Figures in Rs crore |
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| Source: Capitaline
Corporate Database |
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