Automotive Axles

Net sales rose 556.40% YoY

Aug 09, 2021 08:08 IST capital market

For the quarter ending June 2021,Net sales (including other operating income) of Automotive Axles has increased 556.40% to Rs 255.01 crore compared to quarter ending june 2020.

Operating profit margin has turned from negative 35.44% to positive 6.11%. Operating profit for the quarter stood at Rs 15.38 crore compared to loss of Rs 13.77 crore.Raw material cost as a % of total sales (net of stock adjustments) increased from 57.33% to 71.14%.   Employee cost decreased from 52.68% to 9.64%.   Other expenses fell from 30.27% to 13.33%.   

Other income fell 51.34% to Rs 1.09 crore. During the quarter ending June 2021, PBIDT stood at Rs 16.67 crore compared to a loss of Rs 11.53 crore in quarter endedJune 2020

 Provision for interest fell 15% to Rs 0.68 crore.  Provision for depreciation down 5.08% to Rs 8.22 crore.  

Profit befor tax was Rs 7.77 crore compared to Loss of Rs 24.76 crore.Provision for tax was debit of Rs 2.2 crore, compared to credit of Rs 1.72 crore.  Effective tax rate was 28.31% compared to 6.95%. Profit After tax was Rs 5.57 crore compared to a loss of Rs 23.04 crore.

Promoters stake was 71.04% as of 30 June 2021 ,compared to 71.04% as of 30 June 2020 .  

Full year results analysis

Net sales (including other operating income) of Automotive Axles has declined 4.87% to Rs 905.57 crore.  

Operating profit margin has slumped from 9.80% to 7.27%, leading to 29.42% decline in operating profit to Rs 65.84 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 67.16% to 70.66%.   Employee cost decreased from 9.55% to 9.43%.   Other expenses fell from 13.29% to 12.92%.   

Other income fell 8.42% to Rs 7.07 crore.  Provision for interest up 64.09% to Rs 2.97 crore.  Loan funds declined from Rs 31.15 crore as of 31 March 2020 to Rs 25.32 crore as of 31 March 2021.  Inventories rose to Rs 200.57 crore as of 31 March 2021 from Rs 156.00 crore as of 31 March 2020.  Sundry debtors were higher at Rs 282.00 crore as of 31 March 2021 compared to Rs 122.73 crore as of 31 March 2020.  Cash and bank balance declined from Rs 74.01 crore as of 31 March 2020 to Rs 72.88 crore as of 31 March 2021.  

Provision for depreciation down 3.28% to Rs 36 crore.  Fixed assets declined from Rs 278.82 crore as of 31 March 2020 to Rs 277.19 crore as of 31 March 2021.  Intangible assets declined from Rs 0.61 crore to Rs 0.44 crore.  

Profit before tax down 45.23% to Rs 33.94 crore.  Extraordinary items were decreased to Rs -3.77 crore.  Provision for tax was expense of Rs 7.44 crore, compared to Rs 18.82 crore.  Effective tax rate was 24.66% compared to 31.39%.

Profit after tax fell 44.74% to Rs 22.73 crore.  

Promoters stake was 71.04% as of 31 March 2021 ,compared to 71.04% as of 31 March 2020 .  

Cash flow from operating activities decreased to Rs 48.69 crore for year ended March 2021 from Rs 197.80 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 34.77 crore, compared to Rs 62.94 crore during the year ended March 2020. 

Automotive Axles : Standalone Results

 

Quarter ended Year ended
Particulars 202106 202006 Var.(%) 202103 202003 Var.(%)
Net Sales (including other operating income) 255.01 38.85 556.4 905.57 951.96 -4.87
OPM (%) 6.11 -35.44 4,155 bps 7.27 9.8 -253 bps
OP 15.58 -13.77 LP 65.84 93.28 -29.42
Other Inc. 1.09 2.24 -51.34 7.07 7.72 -8.42
PBIDT 16.67 -11.53 LP 72.91 101 -27.81
Interest 0.68 0.8 -15 2.97 1.81 64.09
PBDT 15.99 -12.33 LP 69.94 99.19 -29.49
Depreciation 8.22 8.66 -5.08 36 37.22 -3.28
PBT 7.77 -20.99 LP 33.94 61.97 -45.23
PBT before EO 7.77 -20.99 LP 33.94 61.97 -45.23
EO Income 0 -3.77 - -3.77 -2.02 -86.63
PBT after EO 7.77 -24.76 LP 30.17 59.95 -49.67
Taxation 2.2 -1.72 PL 7.44 18.82 -60.47
PAT 5.57 -23.04 LP 22.73 41.13 -44.74
P/(L) from discontinued operations net of tax 0 0 - 0 0 -
Net profit after discontinued operations 5.57 -23.04 LP 22.73 41.13 -44.74
EPS (Rs)* 3.69 -12.75 LP 16.92 28.14 -39.86
Notes
* EPS is on current equity of Rs 15.11 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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