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Commenting on results, Mr Vivek Chaand Sehgal, Chairman, MSSL said Amidst challenging global market conditions, the Board recognised and appreciated the efforts of the teams who have worked very hard. The Greenfield plants of SMP are showing slow continuous improvement and we expect the trend to continue provided there is no further global slow down. We are pleased with the continued robust performance of PKC Group as well as other businesses. We continue to focus on managing cash flows and debt, and in improving operational efficiency. We thank our customers for their continued trust in us.
During the first quarter endedJune 2019, domestic salesfell 4.4% and sales outside India grew by 16.3%.
During the quarter, Standalone revenues fell 8% and EBITDA fell 12%.SMR revenues fell 2% andEBITDA fell 13%. SMP revenues grew by 32% but it incurred a loss of Rs 86.84 crore vis a vis a profit of Rs 228.17 crore in the previous corresponding quarter.
The operating profit margin on a consolidated basis fell 200bps to 7% due to increased employee and other cost.Thus the operating profit decreased by 12% to Rs 1170.7crore. Raw material costs, as % to sales net stock adjusted, fell 120 bps to 56.7% during the quarter. The employee expenses costs rose 160 bps to 23.1%. Other cost rose 80 bps at 11.6%.
Following 23% rise in other income to Rs 54.74 crore, PBIDT fell 11% to Rs 1225.5crore. The interest cost rose 55% at Rs 155.92crore while depreciation cost rose 51% to Rs 552.24 crore. Followingnil EO expense, PBT after EO fell 43% to Rs 517.31 crore. Following46%drop in tax provision (170 bps drop in tax rate), PAT fell 42% at Rs 339.91crore.
The scrip is currently trading around Rs 99 at BSE.
Motherson Sumi Systems: Consolidated Results
|Total Operating Income||16792.53||14775.46||14||63522.88||56293.32||13|
|PBT before forex gain/loss||517.31||909.27||-43||3087.19||3306.73||-7|
|PBT Before EO||517.31||909.27||-43||3087.19||3306.73||-7|
|PBT after EO||517.31||909.27||-43||3087.19||3129.01||-1|
|Total comprehensive income|
|Share of profit/loss of associates||20.7||36.4||-43||113.09||138.07||-18|
|* Annualized On Current Equity Of Rs 315.79 Crore.|
Face Value: Rs 1
^ Tax Includes Provision For Income Tax And Fringe Benefit Tax
Var. (%) Exceeding 999 Has Been Truncated To 999
LP: Loss To Profit
PL: Profit To Loss
EO: Extraordinary Items
EPS Is Calculated After Excluding EO And Relevant Tax
Figures In Rs Crore
Source: Capitaline Corporate Database
Motherson Sumi Systems: Consolidated Segment Results
|Total Segment Revenue||17204.47||15168.30||13||65091.82||57859.51||12|
|Less : Inter-Segment Revenue||411.94||392.84||5||1568.94||1339.21||17|
|Total Segment Results||640.09||977.76||-35||3337.09||3558.77||-6|
|Less : Inter-Segment eliminations||#DIV/0!||#DIV/0!|
|Net Segment Result||640.09||977.76||-35||3337.09||3558.77||-6|
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