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Hind Rectifiers

capital market | Mumbai | February 21, 2014 22:44 IST

Equipment Business drives growth

Hind Rectifiers, leading manufacturer of the rectifier equipment and semi-conductor devices recorded 26% growth in net sales to Rs 26.16 crore for the quarter ended September 2011. This was primarily due to the robust 40% growth in Equipment business to Rs 23.75 crore as it contributes 87% to the total sales. However, the revenues from Electronics business fell by 25% to Rs 3.55 crore.

Moreover, OPM expanded by 190 basis points to 11.1% on the back of fall in costs across the business, led to robust 51% growth in operating profit to Rs 2.91 crore. Even after the increase in interest cost and depreciation there was 64% growth in PBT to Rs 2.01 crore. Further, the decline the effective tax rate during the quarter facilitated the 67% growth in net profit to Rs 1.61 crore.

Quarterly Performance:

Net sales higher by 26% to Rs 26.16 crore for the quarter ended September 2011, on the back of robust 40% growth in Equipment business to Rs 23.75 crore. However, revenues from Electronics business (13% of total sales) fell by 25% to Rs 3.55 crore. Moreover, OPM expanded by 190 basis points to 11.1% on the back of 150 basis points fall in other expenses coupled with 60 basis points decline in consumption cost as well 40 basis points decline in staff cost as percentage to sales and net of stock adjustments. As a result operating profit witnessed robust 51% growth to Rs 2.91 crore. Further, Other income rise by 52% to Rs 0.04 crore.

At PBIT level, margins from the Equipment business expanded by 340 basis points to 12.2% resulting sharp 94% growth in Equipment business to Rs 2.91 crore. However, the margins from the Electronics business fell by 460 basis points to 10% resulting 48% decline in Electronics business to Rs 0.35 crore.

With 125% rise in interest cost to Rs 0.33 crore and marginal 4% incline in depreciation to Rs 0.61 crore, there was 64% growth in PBT to Rs 2.01 crore. Further, the fall in effective tax rate by 140 basis points to 20.1% net profit grew by 67% to Rs 1.61 crore.

Half-yearly Performance:

Net sales higher by 29% to Rs 44.76 crore for the half-year ended September 2011. In addition, OPM expanded by 180 basis points to 10.9% resulting 53% growth in operating profit to Rs 4.89 crore. Also, other income grew by 28% to Rs 0.07 crore. Further, with 107% rise in interest cost to Rs 0.58 crore and 4% incline in depreciation to Rs 1.20 crore there was robust 76% growth in PBT to Rs 3.17 crore. The fall in effective tax rate by 90 basis points to 20.2% led to 77% growth in net profit to Rs 2.53 crore.

Other Information:

  • The scrip was down by 3.77% to Rs 43.35 at BSE, India on 15th November 2011

Financial Results: Hind Rectifiers

 

1109(03)1009(03)Var (%)1109(06)1009(06)Var (%)1103(12)
Total Income from operations26.1620.832644.7634.8029101.639
OPM (%)11.19.310.99.214.4
Operating Profit2.911.93514.893.195314.66
Other Income 0.040.02520.070.05280.1823
PBDIT2.951.96514.953.245314.85
Interest0.330.151250.580.281070.821
PBDT2.621.81454.372.964814.02
Depreciation0.610.5841.201.1542.40
PBT2.011.23643.171.817611.63
Tax0.410.27530.640.38681.5072
Net Profit1.610.97672.531.437710.12
EPS (Rs)*####6.7
*Paid up Equity capital of Rs 3.01 crore, Face Value Rs 2
PL: Profit to Loss, LP: Loss to Profit
#EPS is not calculated due to the seasonality of the business
Figures in Rs crore
Source: Capitaline Corporate Database

Hind Rectifiers - Segment Results

 

1109(03)1009(03)Var (%)% Of Total1109(06)1009(06)Var(%)% Of Total1103(12)
Segment Revenue
Electronic Components3.554.72-25136.279.40-331323.58
Equipments23.7516.99408740.4327.36488785.16
Total27.3021.712610046.7036.7727100108.73
Less: Inter Segment Revenue1.140.881.941.967.10
Net Sales/Income from operations26.1620.832644.7634.8029101.64
Segment Results (PBIT)
Electronic Components0.350.69-48110.55
BSE 54.70 [1.30]([2.32]%)
NSE 54.65 [1]([1.80]%)
As on: 01 Jan 70, 05:30

***Note: This is a BSE Chart









 

 
 
 
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