On consolidated basis
Quarter ended September 2024 compared with Quarter ended September 2023.
Net sales (including other operating income) of Sandhar Technologies Limited has increased 11.22% to Rs 984.16 crore. Sales of India segment has gone up 14.30% to Rs 868.97 crore (accounting for 88.30% of total sales). Sales of Overseas segment has gone down 7.54% to Rs 115.19 crore (accounting for 11.70% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 32.60% to Rs 63.81 crore. PBIT of India segment rose 52.72% to Rs 61.39 crore (accounting for 96.21% of total PBIT). PBIT of Overseas segment fell 69.47% to Rs 2.42 crore (accounting for 3.79% of total PBIT). PBIT margin of India segment rose from 5.29% to 7.06%. PBIT margin of Overseas segment fell from 6.36% to 2.10%. Overall PBIT margin rose from 5.44% to 6.48%. Operating profit margin has jumped from 9.17% to 10.04%, leading to 21.79% rise in operating profit to Rs 98.82 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 61.23% to 61.71%. Employee cost decreased from 13.72% to 13.50%. Other expenses fell from 15.86% to 14.77%. Other income rose 82.65% to Rs 5.79 crore. PBIDT rose 24.08% to Rs 104.61 crore. Provision for interest rose 8.61% to Rs 13.75 crore. Loan funds rose to Rs 730.76 crore as of 30 September 2024 from Rs 667.74 crore as of 30 September 2023. Inventories rose to Rs 395.87 crore as of 30 September 2024 from Rs 311.97 crore as of 30 September 2023. Sundry debtors were lower at Rs 402.37 crore as of 30 September 2024 compared to Rs 421.90 crore as of 30 September 2023. Cash and bank balance rose to Rs 60.31 crore as of 30 September 2024 from Rs 16.36 crore as of 30 September 2023. Investments rose to Rs 65.89 crore as of 30 September 2024 from Rs 51.07 crore as of 30 September 2023 . PBDT rose 26.81% to Rs 90.86 crore. Provision for depreciation rose 14.51% to Rs 42.21 crore. Fixed assets increased to Rs 1,414.86 crore as of 30 September 2024 from Rs 1,263.86 crore as of 30 September 2023. Intangible assets declined from Rs 72.87 crore to Rs 5.53 crore. Profit before tax grew 39.84% to Rs 48.65 crore. Share of profit/loss was 112.12% higher at Rs 1.4 crore. Provision for tax was expense of Rs 10.03 crore, compared to Rs 7.93 crore. Effective tax rate was 20.04% compared to 22.37%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 46.59% to Rs 40.02 crore. Equity capital stood at Rs 60.19 crore as of 30 September 2024 to Rs 60.19 crore as of 30 September 2023. Per share face Value remained same at Rs 10.00. Promoters’ stake was 70.38% as of 30 September 2024 ,compared to 70.38% as of 30 September 2023 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Sandhar Technologies Limited has increased 10.68% to Rs 1896.73 crore. Sales of India segment has gone up 14.40% to Rs 1,663.95 crore (accounting for 87.73% of total sales). Sales of Europe segment has gone down 10.20% to Rs 232.78 crore (accounting for 12.27% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 29.27% to Rs 115.25 crore. PBIT of India segment rose 43.60% to Rs 107.25 crore (accounting for 93.06% of total PBIT). PBIT of Europe segment fell 44.71% to Rs 8.00 crore (accounting for 6.94% of total PBIT). PBIT margin of India segment rose from 5.13% to 6.45%. PBIT margin of Europe segment fell from 5.58% to 3.44%. Overall PBIT margin rose from 5.20% to 6.08%. Operating profit margin has jumped from 8.98% to 9.73%, leading to 19.82% rise in operating profit to Rs 184.49 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 61.30% to 61.37%. Employee cost increased from 13.78% to 13.84%. Other expenses fell from 15.93% to 15.14%. Other income rose 72.49% to Rs 10.47 crore. PBIDT rose 21.82% to Rs 194.96 crore. Provision for interest rose 16.77% to Rs 28.06 crore. Loan funds rose to Rs 730.76 crore as of 30 September 2024 from Rs 667.74 crore as of 30 September 2023. Inventories rose to Rs 395.87 crore as of 30 September 2024 from Rs 311.97 crore as of 30 September 2023. Sundry debtors were lower at Rs 402.37 crore as of 30 September 2024 compared to Rs 421.90 crore as of 30 September 2023. Cash and bank balance rose to Rs 60.31 crore as of 30 September 2024 from Rs 16.36 crore as of 30 September 2023. Investments rose to Rs 65.89 crore as of 30 September 2024 from Rs 51.07 crore as of 30 September 2023 . PBDT rose 22.71% to Rs 166.9 crore. Provision for depreciation rose 15.56% to Rs 82.96 crore. Fixed assets increased to Rs 1,414.86 crore as of 30 September 2024 from Rs 1,263.86 crore as of 30 September 2023. Intangible assets declined from Rs 72.87 crore to Rs 5.53 crore. Profit before tax grew 30.71% to Rs 83.94 crore. Share of profit/loss was 257.14% higher at Rs 3.25 crore. Provision for tax was expense of Rs 18.11 crore, compared to Rs 16.1 crore. Effective tax rate was 20.77% compared to 24.72%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 41.88% to Rs 69.08 crore. Equity capital stood at Rs 60.19 crore as of 30 September 2024 to Rs 60.19 crore as of 30 September 2023. Per share face Value remained same at Rs 10.00. Promoters’ stake was 70.38% as of 30 September 2024 ,compared to 70.38% as of 30 September 2023 . Cash flow from operating activities decreased to Rs 142.16 crore for YTD ended September 2024 from Rs 159.44 crore for YTD ended September 2023. Cash flow used in acquiring fixed assets during the YTD ended September 2024 stood at Rs 90.64 crore, compared to Rs 120.71 crore during the YTD ended September 2023.
Full year results analysis.
Net sales (including other operating income) of Sandhar Technologies Limited has increased 21.05% to Rs 3521.11 crore. Sales of India segment has gone up 22.50% to Rs 3,033.17 crore (accounting for 86.14% of total sales). Sales of Europe segment has gone up 12.72% to Rs 487.93 crore (accounting for 13.86% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 46.98% to Rs 201.72 crore. PBIT of India segment rose 46.70% to Rs 178.30 crore (accounting for 88.39% of total PBIT). PBIT of Europe segment rose 49.13% to Rs 23.43 crore (accounting for 11.61% of total PBIT). PBIT margin of India segment rose from 4.91% to 5.88%. PBIT margin of Europe segment rose from 3.63% to 4.80%. Overall PBIT margin rose from 4.72% to 5.73%. Operating profit margin has jumped from 8.56% to 9.67%, leading to 36.74% rise in operating profit to Rs 340.61 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 62.89% to 61.07%. Employee cost increased from 13.19% to 13.66%. Other expenses rose from 15.38% to 15.60%. Other income fell 13.61% to Rs 10.79 crore. PBIDT rose 34.34% to Rs 351.4 crore. Provision for interest rose 43.99% to Rs 51.52 crore. Loan funds rose to Rs 741.03 crore as of 31 March 2024 from Rs 666.34 crore as of 31 March 2023. Inventories rose to Rs 336.90 crore as of 31 March 2024 from Rs 300.45 crore as of 31 March 2023. Sundry debtors were higher at Rs 457.53 crore as of 31 March 2024 compared to Rs 355.36 crore as of 31 March 2023. Cash and bank balance rose to Rs 35.52 crore as of 31 March 2024 from Rs 7.08 crore as of 31 March 2023. Investments rose to Rs 57.41 crore as of 31 March 2024 from Rs 49.04 crore as of 31 March 2023 . PBDT rose 32.81% to Rs 299.88 crore. Provision for depreciation rose 26.42% to Rs 153.62 crore. Fixed assets increased to Rs 1,406.63 crore as of 31 March 2024 from Rs 1,281.19 crore as of 31 March 2023. Intangible assets stood at Rs 5.53 crore. Profit before tax grew 40.26% to Rs 146.26 crore. Provision for tax was expense of Rs 39.95 crore, compared to Rs 26.81 crore. Effective tax rate was 26.60% compared to 26.71%. Minority interest decreased 18.64% to Rs 0.48 crore. Net profit attributable to owners of the company increased 50.45% to Rs 109.78 crore. Equity capital stood at Rs 60.19 crore as of 31 March 2024 to Rs 60.19 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00. Promoters’ stake was 70.38% as of 31 March 2024 ,compared to 70.38% as of 31 March 2023 . Cash flow from operating activities decreased to Rs 274.82 crore for year ended March 2024 from Rs 307.90 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 237.22 crore, compared to Rs 256.65 crore during the year ended March 2023. Other Highlights
In Q2 FY25, 2-Wheelers contributed 63.3% to revenue, Passenger
vehicles 16.1%, OHV 14.3%, CV 1.4% and others 4.9%.
In H1 FY25, 2-Wheelers contributed 62.1% to revenue, Passenger
vehicles 16.7%, OHV 14.4%, CV 1.6% and others 5.2%.
In Q2 FY25, locking and vision systems contributed 23.9% to
total revenue, Cabins & Fabrication 13.6%, Sheet Metal 18.1%, ADC –
Overseas 11.7%, ADC – Domestic 14.4%, Assemblies 10.4% and Others 7.9%.
In H1 FY25, locking and vision systems contributed 23.9% to
total revenue, Cabins & Fabrication 13.7%, Sheet Metal 18.4%, ADC –
Overseas 12.3%, ADC – Domestic 13.6%, Assemblies 10.3% and Others 7.8%.
Management Comments :
Mr. Yashpal
Jain, CFO, Sandhar said, “In Q2 & H1 FY 25 at consolidated level, we
achieved revenue of Rs 1,907 Crores, representing a growth of 11% YoY, and Rs
195 Crores of EBITDA at 10.2%. The current financial year provides good
visibility for growth in coming quarters. We will focus on increasing
operational efficiency, improving margins, generating free cash flows and
improving return on capital employed. The Investment in New Projects has
started generating revenues. Our company is on the path of enormous growth and
we hope to move forward, even more aggressively, to ‘Growth, Motivation and
Better life”. We are thrilled to announce a transformative milestone in the
electric vehicle (EV) sector with the inauguration and successful commissioning
of cutting-edge manufacturing facility namely “Sandhar Auto Electric Solutions
Private Limited” (Wholly Owned Subsidiary Company) strategically located in
Behrampur, Haryana. This new venture is poised to revolutionize the EV product
line with its exceptional range of Motor Controllers, Battery Chargers and
DC-DC Converters, designed specifically for the 2-wheeler and 3-wheeler
markets”.
| Sandhar Technologies Limited: Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202409 | 202309 | Var.(%) | 202409 | 202309 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 984.16 | 884.85 | 11.22 | 1,896.73 | 1,713.75 | 10.68 | 3,521.11 | 2,908.91 | 21.05 | | OPM (%) | 10.04 | 9.17 | 87 bps | 9.73 | 8.98 | 74 bps | 9.67 | 8.56 | 111 bps | | OP | 98.82 | 81.14 | 21.79 | 184.49 | 153.97 | 19.82 | 340.61 | 249.09 | 36.74 | | Other Inc. | 5.79 | 3.17 | 82.65 | 10.47 | 6.07 | 72.49 | 10.79 | 12.49 | -13.61 | | PBIDT | 104.61 | 84.31 | 24.08 | 194.96 | 160.04 | 21.82 | 351.40 | 261.58 | 34.34 | | Interest | 13.75 | 12.66 | 8.61 | 28.06 | 24.03 | 16.77 | 51.52 | 35.78 | 43.99 | | PBDT | 90.86 | 71.65 | 26.81 | 166.90 | 136.01 | 22.71 | 299.88 | 225.80 | 32.81 | | Depreciation | 42.21 | 36.86 | 14.51 | 82.96 | 71.79 | 15.56 | 153.62 | 121.52 | 26.42 | | PBT | 48.65 | 34.79 | 39.84 | 83.94 | 64.22 | 30.71 | 146.26 | 104.28 | 40.26 | | Share of Profit/(Loss) from Associates | 1.4 | 0.66 | 112.12 | 3.25 | 0.91 | 257.14 | 3.95 | -2.81 | LP | | PBT before EO | 50.05 | 35.45 | 41.18 | 87.19 | 65.13 | 33.87 | 150.21 | 101.47 | 48.03 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | -1.1 | - | | PBT after EO | 50.05 | 35.45 | 41.18 | 87.19 | 65.13 | 33.87 | 150.21 | 100.37 | 49.66 | | Taxation | 10.03 | 7.93 | 26.48 | 18.11 | 16.1 | 12.48 | 39.95 | 26.81 | 49.01 | | PAT | 40.02 | 27.52 | 45.42 | 69.08 | 49.03 | 40.89 | 110.26 | 73.56 | 49.89 | | Minority Interest (MI) | 0 | 0.22 | - | 0 | 0.34 | - | 0.48 | 0.59 | -18.64 | | Net profit | 40.02 | 27.3 | 46.59 | 69.08 | 48.69 | 41.88 | 109.78 | 72.97 | 50.45 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 40.02 | 27.3 | 46.59 | 69.08 | 48.69 | 41.88 | 109.78 | 72.97 | 50.45 | | EPS (Rs)* | 6.65 | 4.54 | 46.59 | 11.48 | 8.09 | 41.88 | 18.24 | 12.26 | 48.79 | | | * EPS is on current equity of Rs 60.19 crore, Face value of Rs 10, 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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| Sandhar Technologies Limited : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202409 | 202309 | Var.(%) | % of (Total) | 202409 | 202309 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
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| Sales | | India | 88.30 | 868.97 | 760.26 | 14.30 | 87.73 | 1,663.95 | 1,454.54 | 14.40 | 86.14 | 3,033.17 | 2,476.02 | 22.50 | | Overseas | 11.70 | 115.19 | 124.59 | -7.54 | 12.27 | 232.78 | 259.21 | -10.20 | 13.86 | 487.93 | 432.89 | 12.72 | | Total Reported Sales | 100.00 | 984.16 | 884.85 | 11.22 | 100.00 | 1,896.73 | 1,713.75 | 10.68 | 100.00 | 3,521.11 | 2,908.91 | 21.05 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 984.16 | 884.85 | 11.22 | 100.00 | 1,896.73 | 1,713.75 | 10.68 | 100.00 | 3,521.11 | 2,908.91 | 21.05 | | PBIT | | India | 96.21 | 61.39 | 40.20 | 52.72 | 93.06 | 107.25 | 74.69 | 43.60 | 88.39 | 178.30 | 121.54 | 46.70 | | Overseas | 3.79 | 2.42 | 7.92 | -69.47 | 6.94 | 8.00 | 14.47 | -44.71 | 11.61 | 23.43 | 15.71 | 49.13 | | Total PBIT | 100.00 | 63.81 | 48.12 | 32.60 | 100.00 | 115.25 | 89.16 | 29.27 | 100.00 | 201.72 | 137.25 | 46.98 | | Less : Interest | | 13.75 | 12.66 | 8.63 | | 28.06 | 24.03 | 16.79 | | 51.52 | 35.78 | 43.99 | | Add: Other un-allcoable | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | -1.10 | - | | PBIT Margin(%) | | India | | 7.06 | 5.29 | 177.71 | | 6.45 | 5.13 | 131.07 | | 5.88 | 4.91 | 96.96 | | Overseas | | 2.10 | 6.36 | -425.81 | | 3.44 | 5.58 | -214.56 | | 4.80 | 3.63 | 117.25 | | PBT | 100.00 | 50.05 | 35.46 | 41.17 | 100.00 | 87.19 | 65.13 | 33.87 | 100.00 | 150.21 | 100.36 | 49.66 |
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