Capitaline

Results 28-Feb-25

Analysis

Schaeffler India

Maintains double digit revenue growth and stable OPM

Schaeffler India has posted healthy 13.95% growth in the net sales (including other operating income) to Rs 2136.06 crore in Q4CY2024. Sales of Mobility components segment rose 8.58% to Rs 1601.64 crore (accounting for 74.98% of total sales) and other segment jumped 33.80% to Rs 534.42 crore (accounting for 25.02% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 10.85% to Rs 292.27 crore. PBIT of Mobility components segment rose 3.55% to Rs 196.79 crore (accounting for 67.33% of total PBIT). PBIT of Other segment rose 29.69% to Rs 95.48 crore (accounting for 32.67% of total PBIT).

PBIT margin of Mobility components segment fell from 12.88% to 12.29%. PBIT margin of other segment fell from 18.43% to 17.87%. Overall PBIT margin fell from 14.07% to 13.68%.

Operating profit margin rose from 17.29% in Q4CY23 to 17.34% in Q4CY24, leading to 14.28% rise in operating profit to Rs 370.39 crore in Q4CY23. Raw material cost as a % of total sales (net of stock adjustments) decreased from 41.17% to 38.79%. Purchase of finished goods cost rose from 20.21% to 21.96%. Employee cost increased from 6.35% to 6.43%. Other expenses fell from 14.30% to 14.13%.

Other income increased 15.30% to Rs 34.82 crore. PBIDT rose 14.37% to Rs 405.21 crore. Provision for interest fell 15.53% to Rs 0.87 crore. PBDT rose 14.46% to Rs 404.34 crore. Provision for depreciation jumped 29.27% to Rs 78.12 crore.

Profit before tax grew 11.40% to Rs 326.22 crore. Provision for tax was expense of Rs 88.94 crore, compared to Rs 78.53 crore. Effective tax rate was 27.26% compared to 27.25%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 13.20% to Rs 237.28 crore.

The Company has recommended a dividend for the year ended December 2024, at the rate of Rs 28 per equity share (Rs 26 per share for CY2023) of face value Rs 2.

Full financial year performance CY2024

Net sales (including other operating income) of Schaeffler India has increased 13.54% to Rs 8232.38 crore in CY2024. Sales of Mobility components segment has gone up 10.20% to Rs 6,294.44 crore (accounting for 76.46% of total sales). Sales of Other segment has gone up 25.90% to Rs 1,937.94 crore (accounting for 23.54% of total sales).

Profit before interest, tax and other unallocable items (PBIT) has jumped 5.98% to Rs 1,163.81 crore. PBIT of Mobility components segment rose 1.48% to Rs 801.90 crore (accounting for 68.90% of total PBIT). PBIT of Other segment rose 17.51% to Rs 361.91 crore (accounting for 31.10% of total PBIT).

PBIT margin of Mobility components segment fell from 13.84% to 12.74%. PBIT margin of other segment fell from 20.01% to 18.67%. Overall PBIT margin fell from 15.15% to 14.14%.

Operating profit margin has declined from 18.22% to 17.56%, leading to 9.40% rise in operating profit to Rs 1,445.36 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 42.09% to 39.20%. Purchase of finished goods cost rose from 20.40% to 24.13%. Employee cost increased from 6.31% to 6.46%. Other expenses fell from 13.17% to 12.97%.

Other income fell 5.02% to Rs 118.3 crore. PBIDT rose 8.16% to Rs 1563.66 crore. Provision for interest rose 2.11% to Rs 4.36 crore. Loan funds rose to Rs 55.53 crore as of 31 December 2024 from Rs 51.10 crore as of 31 December 2023. Inventories rose to Rs 1,469.62 crore as of 31 December 2024 from Rs 1,315.61 crore as of 31 December 2023. Sundry debtors were higher at Rs 1,292.92 crore as of 31 December 2024 compared to Rs 1,055.59 crore as of 31 December 2023. Cash and bank balance declined from Rs 1,585.66 crore as of 31 December 2023 to Rs 1,350.03 crore as of 31 December 2024.

PBDT rose 8.17% to Rs 1559.3 crore. Provision for depreciation rose 26.25% to Rs 281.55 crore. Fixed assets increased to Rs 2,336.40 crore as of 31 December 2024 from Rs 1,849.73 crore as of 31 December 2023. Intangible assets stood at Rs 82.23 crore.

Profit before tax grew 4.87% to Rs 1,277.75 crore. Provision for tax was expense of Rs 338.89 crore, compared to Rs 314.75 crore. Effective tax rate was 26.52% compared to 25.93%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 4.43% to Rs 938.86 crore.

Cash flow from operating activities decreased to Rs 839.87 crore for year ended December 2024 from Rs 884.46 crore for year ended December 2023. Cash flow used in acquiring fixed assets during the year ended December 2024 stood at Rs 744.02 crore, compared to Rs 520.10 crore during the year ended December 2023.

Schaeffler India : Consolidated Results
Particulars	2412 (3)	2312 (3)	Var (%)	2412 (12)	2312 (12)	Var (%)
Net Sales	2136.06	1874.55	14	8232.38	7250.91	14
OPM (%)	17.34	17.29		17.56	18.22
OP	370.39	324.10	14	1445.36	1321.20	9
Other Inc.	34.82	30.20	15	118.30	124.55	-5
PBIDT	405.21	354.30	14	1563.66	1445.75	8
Interest	0.87	1.03	-16	4.36	4.27	2
PBDT	404.34	353.27	14	1559.30	1441.48	8
Depreciation	78.12	60.43	29	281.55	223.01	26
PBT	326.22	292.84	11	1277.75	1218.47	5
EO Income	0.00	-4.70	-100	0.00	-4.70	-100
PBT after EO	326.22	288.14	13	1277.75	1213.77	5
Taxation	88.94	78.53	13	338.89	314.75	8
PAT	237.28	209.61	13	938.86	899.02	4
EPS (Rs)*	60.7	53.6		60.1	57.7
* EPS is annualized on current equity of Rs 31.26 crore, Face value of Rs 2, Excluding extraordinary items.
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

Schaeffler India : Consolidated Segment Results
	% of total	2412 (3)	2312 (3)	Var (%)	% of total	2412 (12)	2312 (12)	Var (%)
Sales
Mobility Components & Related Solutions	75.0	1601.64	1475.14	9	76.5	6294.44	5711.61	10
Others	25.0	534.42	399.41	34	23.5	1937.94	1539.30	26
Total Reported Sales	100.0	2136.06	1874.55	14	100.0	8232.38	7250.91	14
Less: Inter segment revenues	0.0	0.00	0.00	-	0.0	0.00	0.00	-
Net Sales	100.0	2136.06	1874.55	14	100.0	8232.38	7250.91	14
PBIT
Mobility Components & Related Solutions	67.3	196.79	190.05	4	68.9	801.90	790.22	1
Others	32.7	95.48	73.62	30	31.1	361.91	307.97	18
Total PBIT	100.0	292.27	263.67	11	100.0	1163.81	1098.19	6
Less : Interest		0.87	1.03	-16		4.36	4.27	2
Add: Other un-allcoable		34.82	25.50	37		118.30	119.85	-1
PBIT Margin(%)
Mobility Components & Related Solutions		12.29	12.88			12.74	13.84
Others		17.87	18.43			18.67	20.01
PBT		326.22	288.14	13		1277.75	1213.77	5

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