Capitaline

Results 11-Nov-24

Analysis

Goodluck India

Significant growth in both volume and value sales

Net sales (including other operating income) of Goodluck India has increased 10.18% to Rs 976.21 crore. Operating profit margin has declined from 8.12% to 7.28%, leading to 1.25% decline in operating profit to Rs 71.02 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 72.68% to 71.98%. Employee cost decreased from 5.13% to 4.65%. Other expenses rose from 14.12% to 15.66%.

Other income rose 947.43% to Rs 18.33 crore. PBIDT rose 21.28% to Rs 89.35 crore. Provision for interest fell 11.56% to Rs 16.98 crore. Loan funds rose to Rs 664.31 crore as of 30 September 2024 from Rs 653.43 crore as of 30 September 2023. Inventories rose to Rs 592.93 crore as of 30 September 2024 from Rs 550.92 crore as of 30 September 2023. Sundry debtors were higher at Rs 472.50 crore as of 30 September 2024 compared to Rs 367.09 crore as of 30 September 2023. Cash and bank balance rose to Rs 81.71 crore as of 30 September 2024 from Rs 17.12 crore as of 30 September 2023. Investments rose to Rs 13.64 crore as of 30 September 2024 from Rs 3.60 crore as of 30 September 2023 .

PBDT rose 32.86% to Rs 72.37 crore. Provision for depreciation rose 20.54% to Rs 10.27 crore. Fixed assets increased to Rs 786.27 crore as of 30 September 2024 from Rs 481.73 crore as of 30 September 2023. Intangible assets stood at Rs 0.77 crore.

Profit before tax grew 35.15% to Rs 62.10 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 15.56 crore, compared to Rs 11.26 crore. Effective tax rate was 25.06% compared to 24.50%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 33.21% to Rs 46.21 crore.

Equity capital increased from Rs 5.45 crore as of 30 September 2023 to Rs 6.55 crore as of 30 September 2024. Per share face Value remained same at Rs 2.00.

Promoters’ stake was 55.78% as of 30 September 2024 ,compared to 58.73% as of 30 September 2023 . Promoters pledged stake was 3.22% as of 30 September 2024.

Commenting on the financial performance of the company, Mr. M C Garg, chairman, Goodluck India, said, "It has been an exceptionally good quarter for us where we have witnessed a significant growth in both our volume and value sales. While the volume growth in sales is backed by robust demand from almost all quarters of the industry, the higher profitability is primarily on account of a good growth in our value-added offerings. Moving forward, we expect our value-added offerings to contribute to a bigger share of our sales thereby shoring up our profitability. We are also witnessing a robust demand from export market and we are looking to capitalize on that with customized products and offerings.

Goodluck India, which had recently supplied and fabricated steel bridges for the high-speed bullet train project, expects a good demand for critical steel bridges in the country on the back of recent government proposal to initiate feasibility studies for bullet train corridors in North, South and East India.

This apart, the company also expects a good demand from defence and aerospace segments on the back of the Government`s increasing thrust on Make in India, Aatmanirbhar Bharat. The company has set up a subsidiary, Goodluck Defence and Aerospace Limited, to cater to the extensive needs of defence & aerospace industry.

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Goodluck India has increased 8.33% to Rs 1889.29 crore. Operating profit margin has declined from 8.13% to 7.73%, leading to 3.01% rise in operating profit to Rs 146.02 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 73.62% to 72.20%. Employee cost increased from 4.34% to 4.59%. Other expenses rose from 14.02% to 15.27%.

Other income rose 724.01% to Rs 22.99 crore. PBIDT rose 16.93% to Rs 169.01 crore. Provision for interest fell 5.98% to Rs 38.66 crore. Loan funds rose to Rs 664.31 crore as of 30 September 2024 from Rs 653.43 crore as of 30 September 2023. Inventories rose to Rs 592.93 crore as of 30 September 2024 from Rs 550.92 crore as of 30 September 2023. Sundry debtors were higher at Rs 472.50 crore as of 30 September 2024 compared to Rs 367.09 crore as of 30 September 2023. Cash and bank balance rose to Rs 81.71 crore as of 30 September 2024 from Rs 17.12 crore as of 30 September 2023. Investments rose to Rs 13.64 crore as of 30 September 2024 from Rs 3.60 crore as of 30 September 2023 .

PBDT rose 26.04% to Rs 130.35 crore. Provision for depreciation rose 17.53% to Rs 20.38 crore. Fixed assets increased to Rs 786.27 crore as of 30 September 2024 from Rs 481.73 crore as of 30 September 2023. Intangible assets stood at Rs 0.77 crore.

Profit before tax grew 27.75% to Rs 109.97 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 27.43 crore, compared to Rs 22.8 crore. Effective tax rate was 24.94% compared to 26.49%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 29.47% to Rs 81.93 crore.

Equity capital increased from Rs 5.45 crore as of 30 September 2023 to Rs 6.55 crore as of 30 September 2024. Per share face Value remained same at Rs 2.00.

Promoters’ stake was 55.78% as of 30 September 2024 ,compared to 58.73% as of 30 September 2023 . Promoters pledged stake was 3.22% as of 30 September 2024

Cash flow from operating activities increased to Rs 94.42 crore for YTD ended September 2024 from Rs 50.66 crore for YTD ended September 2023. Cash flow used in acquiring fixed assets during the YTD ended September 2024 stood at Rs 209.28 crore, compared to Rs 61.37 crore during the YTD ended September 2023.

The scrip trades at Rs 950

Goodluck India : Consolidated Results
Particulars	2409 (03)	2309 (03)	Var.(%)	2409 (06)	2309 (06)	Var.(%)	2403 (12)	2303 (12)	Var.(%)
Net Sales	976.21	885.99	10	1,889.29	1,744.02	8	3,524.77	3,072.01	15
OPM (%)	7.3	8.1		7.7	8.1		8.0	6.7
OP	71.02	71.92	-1	146.02	141.75	3	282.24	204.37	38
Other Inc.	18.33	1.75	947	22.99	2.79	724	12.95	14.79	-12
PBIDT	89.35	73.67	21	169.01	144.54	17	295.19	219.16	35
Interest	16.98	19.2	-12	38.66	41.12	-6	77.48	65.52	18
PBDT	72.37	54.47	33	130.35	103.42	26	217.71	153.64	42
Depreciation	10.27	8.52	21	20.38	17.34	18	35.29	32.59	8
PBT	62.1	45.95	35	109.97	86.08	28	182.42	121.05	51
Share of Profit/(Loss) from Associates	0	0		0	0		0	0
PBT before EO	62.1	45.95	35	109.97	86.08	28	182.42	121.05	51
EO Income	0	0		0	0		0	0
PBT after EO	62.1	45.95	35	109.97	86.08	28	182.42	121.05	51
Taxation	15.56	11.26	38	27.43	22.8	20	50.15	33.25	51
PAT	46.54	34.69	34	82.54	63.28	30	132.27	87.8	51
Minority Interest (MI)	0.33	0		0.61	0		0.34	0
Net profit	46.21	34.69	33	81.93	63.28	29	131.93	87.8	50
EPS (Rs)*	#	#		#	#		41.6	27.7
Notes
* EPS is on current equity of Rs 6.35 crore, Face value of Rs 2, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

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