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Motherson Sumi Systems

Net profit down 66.86%

December 01, 2021 6:55 IST | capital market
For the quarter ending Sept 2021, consolidated net sales (including other operating income) of Motherson Sumi Systems has declined 5.89% to Rs 14076.39 crore compared to quarter ended sept 2020.

Sales of MSSL segment has gone up 28.46% to Rs 1,278.89 crore (accounting for 8.83% of total sales).  Sales of SMR segment has gone down 16.65% to Rs 2,565.88 crore (accounting for 17.72% of total sales).  Sales of SMP segment fell 11.53% to Rs 7,011.47 crore (accounting for 48.41% of total sales).  Sales of PKC segment has gone up 9.49% to Rs 2,496.75 crore (accounting for 17.24% of total sales).  Sales of Others segment has gone up 6.30% to Rs 1,130.24 crore (accounting for 7.80% of total sales).  Inter-segment sales rose Rs 749.05 crore to Rs 865.40 crore.  

Profit before interest, tax and other unallocable items (PBIT) has slumped 32.43% to Rs 465.04 crore.  PBIT of MSSL segment rose 170.10% to Rs 268.78 crore (accounting for 57.80% of total PBIT).  PBIT of SMR segment fell 77.32% to Rs 61.87 crore (accounting for 13.30% of total PBIT).  PBIT of SMP segment fell 54.83% to Rs 77.24 crore (accounting for 16.61% of total PBIT).  PBIT of PKC reported loss of Rs 1.90 crore compared to profit of Rs 106.63 crore.  PBIT of Others segment rose 54.02% to Rs 59.05 crore (accounting for 12.70% of total PBIT).  

PBIT margin of MSSL segment rose from 10.00% to 21.02%.  PBIT margin of SMR segment fell from 8.86% to 2.41%.  PBIT margin of SMP segment fell from 2.16% to 1.10%.  PBIT margin of PKC segment fell from 4.68% to 0.08%.  PBIT margin of Others segment rose from 3.61% to 5.22%.  Overall PBIT margin fell from 4.49% to 3.21%.  

Operating profit margin has declined from 9.31% to 6.70%, leading to 32.19% decline in operating profit to Rs 943.75 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 55.36% to 57.54%.   Purchase of finished goods cost fell from 0.74% to 0.21%.   Employee cost increased from 23.50% to 24.73%.   Other expenses fell from 11.11% to 10.87%.   

Other income rose 57.63% to Rs 87.14 crore.  PBIDT fell 28.76% to Rs 1030.89 crore.  Provision for interest rose 3.47% to Rs 131.32 crore.  Loan funds declined from Rs 14,132.28 crore as of 30 September 2020 to Rs 12,218.83 crore as of 30 September 2021.  Inventories rose to Rs 6,379.32 crore as of 30 September 2021 from Rs 4,599.45 crore as of 30 September 2020.  Sundry debtors were lower at Rs 5,532.99 crore as of 30 September 2021 compared to Rs 5,769.30 crore as of 30 September 2020.  Cash and bank balance declined from Rs 5,397.96 crore as of 30 September 2020 to Rs 3,445.11 crore as of 30 September 2021.  Investments declined from Rs 826.85 crore as of 30 September 2020 to Rs 825.00 crore as of 30 September 2021.  

PBDT fell 31.86% to Rs 899.57 crore.  Provision for depreciation rose 0.37% to Rs 737.33 crore.  Fixed assets increased to Rs 18,452.49 crore as of 30 September 2021 from Rs 16,850.24 crore as of 30 September 2020.  Intangible assets declined from Rs 4,377.80 crore to Rs 2,536.44 crore.  

Profit before tax down 72.29% to Rs 162.24 crore.  Share of profit/loss was 40.47% lower at Rs 16.43 crore.  Provision for tax was expense of Rs 85.63 crore, compared to Rs 165.65 crore.  Effective tax rate was 47.93% compared to 29.92%.

Minority interest decreased 92.90% to Rs 9.69 crore.  Net profit attributable to owners of the company decreased 66.86% to Rs 83.35 crore.  

Equity capital stood at Rs 315.79 crore as of 30 September 2021 to Rs 315.79 crore as of 30 September 2020.  Per share face Value remained same at Rs 1.00.  

Promoters stake was 61.73% as of 30 September 2021 ,compared to 61.73% as of 30 September 2020 .  Promoters pledged stake was 4.38% as of 30 September 2021 ,compared to 10.69% as of 30 September 2020 .  


For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Motherson Sumi Systems has increased 29.73% to Rs 30233.74 crore.  Sales of MSSL segment has gone up 87.92% to Rs 2,392.76 crore (accounting for 7.70% of total sales).  Sales of SMR segment has gone up 17.31% to Rs 5,433.20 crore (accounting for 17.49% of total sales).  Sales of SMP segment rose 23.04% to Rs 15,447.60 crore (accounting for 49.73% of total sales).  Sales of PKC segment has gone up 44.17% to Rs 5,397.53 crore (accounting for 17.38% of total sales).  Sales of Others segment has gone up 37.41% to Rs 2,388.96 crore (accounting for 7.69% of total sales).  Inter-segment sales rose Rs 1,044.86 crore to Rs 1,705.87 crore.  

PBIT of MSSL segment rose 1,810.90% to Rs 471.61 crore (accounting for 40.35% of total PBIT).  PBIT of SMR segment rose 115.92% to Rs 251.66 crore (accounting for 21.53% of total PBIT).  PBIT of SMP reported profit of Rs 304.54 crore compared to loss of Rs 566.35 crore.  PBIT of PKC reported profit of Rs 16.76 crore compared to loss of Rs 42.25 crore.  PBIT of Others reported profit of Rs 124.13 crore compared to loss of Rs 50.75 crore.  

PBIT margin of MSSL segment rose from 1.94% to 19.71%.  PBIT margin of SMR segment rose from 2.52% to 4.63%.  PBIT margin of SMP segment rose from negative 4.51% to 1.97%.  PBIT margin of PKC segment rose from negative 1.13% to 0.31%.  PBIT margin of Others segment rose from negative 2.92% to 5.20%.  Overall PBIT margin rose from 2.16% to 3.76%.  

Operating profit margin has jumped from 3.61% to 7.16%, leading to 157.24% rise in operating profit to Rs 2,163.72 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 56.21% to 57.56%.   Purchase of finished goods cost fell from 1.11% to 0.14%.   Employee cost decreased from 26.99% to 24.40%.   Other expenses fell from 12.09% to 10.83%.   

Other income rose 135.81% to Rs 241.92 crore.  PBIDT rose 154.91% to Rs 2405.64 crore.  Provision for interest rose 6.36% to Rs 252.08 crore.  Loan funds declined from Rs 14,132.28 crore as of 30 September 2020 to Rs 12,218.83 crore as of 30 September 2021.  Inventories rose to Rs 6,379.32 crore as of 30 September 2021 from Rs 4,599.45 crore as of 30 September 2020.  Sundry debtors were lower at Rs 5,532.99 crore as of 30 September 2021 compared to Rs 5,769.30 crore as of 30 September 2020.  Cash and bank balance declined from Rs 5,397.96 crore as of 30 September 2020 to Rs 3,445.11 crore as of 30 September 2021.  Investments declined from Rs 826.85 crore as of 30 September 2020 to Rs 825.00 crore as of 30 September 2021.  

PBDT rose 204.73% to Rs 2153.56 crore.  Provision for depreciation rose 3.81% to Rs 1488.59 crore.  Fixed assets increased to Rs 18,452.49 crore as of 30 September 2021 from Rs 16,850.24 crore as of 30 September 2020.  Intangible assets declined from Rs 4,377.80 crore to Rs 2,536.44 crore.  

Profit before tax reported profit of Rs 664.97 crore compared to loss of Rs 727.25 crore.  Share of profit/loss was 33.49% higher at Rs 36.59 crore.  Extraordinary items were increased to Rs -0.49 crore.  Provision for tax was debit of Rs 240.38 crore, compared to credit of Rs 25.76 crore.  Effective tax rate was 34.29% compared to 3.39%.

Equity capital stood at Rs 315.79 crore as of 30 September 2021 to Rs 315.79 crore as of 30 September 2020.  Per share face Value remained same at Rs 1.00.  

Promoters stake was 61.73% as of 30 September 2021 ,compared to 61.73% as of 30 September 2020 .  Promoters pledged stake was 4.38% as of 30 September 2021 ,compared to 10.69% as of 30 September 2020 .  

Cash flow from operating activities has turned negative Rs 440.01 crore for YTD ended September 2021 from positive Rs 792.78 crore for YTD ended September 2020.  Cash flow used in acquiring fixed assets during the YTD ended September 2021 stood at Rs 1,241.51 crore, compared to Rs 758.73 crore during the YTD ended September 2020.  


Full year results analysis.

Net sales (including other operating income) of Motherson Sumi Systems has declined 5.53% to Rs 57369.91 crore.  Sales of MSSL segment has gone down 7.93% to Rs 3,669.21 crore (accounting for 6.24% of total sales).  Sales of SMR segment has gone down 8.38% to Rs 11,362.99 crore (accounting for 19.32% of total sales).  Sales of SMP segment fell 4.52% to Rs 30,647.58 crore (accounting for 52.11% of total sales).  Sales of PKC segment has gone down 4.01% to Rs 9,005.64 crore (accounting for 15.31% of total sales).  Sales of Others segment has gone down 6.68% to Rs 4,128.59 crore (accounting for 7.02% of total sales).  Inter-segment sales rose Rs 2,700.92 crore to Rs 2,756.74 crore.  

Profit before interest, tax and other unallocable items (PBIT) has slumped 25.69% to Rs 1,582.11 crore.  PBIT of MSSL segment fell 25.77% to Rs 285.11 crore (accounting for 18.02% of total PBIT).  PBIT of SMR segment fell 27.91% to Rs 731.52 crore (accounting for 46.24% of total PBIT).  PBIT of SMP reported profit of Rs 283.33 crore compared to loss of Rs 82.62 crore.  PBIT of PKC segment fell 63.33% to Rs 228.58 crore (accounting for 14.45% of total PBIT).  PBIT of Others segment fell 71.75% to Rs 53.57 crore (accounting for 3.39% of total PBIT).  

PBIT margin of MSSL segment fell from 9.64% to 7.77%.  PBIT margin of SMR segment fell from 8.18% to 6.44%.  PBIT margin of SMP segment rose from negative 0.26% to 0.92%.  PBIT margin of PKC segment fell from 6.64% to 2.54%.  PBIT margin of Others segment fell from 4.29% to 1.30%.  Overall PBIT margin fell from 3.42% to 2.69%.  

Operating profit margin has declined from 7.66% to 7.60%, leading to 6.34% decline in operating profit to Rs 4,358.97 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 56.43% to 56.78%.   Purchase of finished goods cost fell from 1.17% to 0.18%.   Employee cost increased from 23.66% to 24.50%.   Other expenses fell from 11.08% to 10.97%.   

Other income rose 2.13% to Rs 229.33 crore.  PBIDT fell 5.95% to Rs 4588.3 crore.  Provision for interest fell 13.72% to Rs 511.47 crore.  Loan funds declined from Rs 13,035.35 crore as of 31 March 2020 to Rs 11,929.45 crore as of 31 March 2021.  Inventories declined from Rs 5,156.59 crore as of 31 March 2020 to Rs 4,995.64 crore as of 31 March 2021.  Sundry debtors were higher at Rs 5,693.06 crore as of 31 March 2021 compared to Rs 5,178.44 crore as of 31 March 2020.  Cash and bank balance rose to Rs 5,906.19 crore as of 31 March 2021 from Rs 4,878.90 crore as of 31 March 2020.  Investments rose to Rs 846.61 crore as of 31 March 2021 from Rs 796.03 crore as of 31 March 2020 .  

PBDT fell 4.88% to Rs 4076.83 crore.  Provision for depreciation rose 7.54% to Rs 2926.06 crore.  Fixed assets declined from Rs 19,195.87 crore as of 31 March 2020 to Rs 18,504.18 crore as of 31 March 2021.  Intangible assets increased from Rs 2,406.04 crore to Rs 2,471.75 crore.  

Profit before tax down 26.46% to Rs 1,150.77 crore.  Share of profit/loss was 47.67% higher at Rs 84.85 crore.  Provision for tax was credit of Rs 69.34 crore, compared to debit of Rs 688.1 crore.  Effective tax rate was negative 5.91% compared to 42.41%.

Minority interest increased 326.24% to Rs 530.24 crore.  Net profit attributable to owners of the company decreased 12.02% to Rs 712.45 crore.  

Equity capital stood at Rs 315.79 crore as of 31 March 2021 to Rs 315.79 crore as of 31 March 2020.  Per share face Value remained same at Rs 1.00.  

Promoters stake was 61.73% as of 31 March 2021 ,compared to 61.73% as of 31 March 2020 .  Promoters pledged stake was 4.21% as of 31 March 2021 ,compared to 13.05% as of 31 March 2020 .  

Cash flow from operating activities decreased to Rs 5,051.17 crore for year ended March 2021 from Rs 6,352.05 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 1,970.01 crore, compared to Rs 2,274.13 crore during the year ended March 2020.  

Other Highlights

Companys cashflows were impacted due to higher working capital requirements in H1 FY22.

On 20th Nov 2021, Samvardhana Motherson Reflectec (SMR) announces successful completion of its acquisition of a majority stake in Nanchang JMCG Mekra Lang Vehicle Mirror Co., Ltd. through its JV SMR-NBHX.

Management commentary: Mr. Vivek Chaand Sehgal, Chairman, Motherson Sumi Systems Ltd. said, The global automotive industry continues to face multiple challenges on account of supply chain disruptions. Our strategy of 3CX10 has helped us limit the impact to our earnings. Our teams are working very hard to support the customers and deliver value to our stakeholders. We are focused on controlling our cost structure and conserve cash in the current volatile market conditions. We expect the industry headwinds to ease gradually in the upcoming quarters.

Motherson Sumi Systems : Consolidated Results

 

Quarter ended Year to Date Year ended
Particulars 202109 202009 Var.(%) 202109 202009 Var.(%) 202103 202003 Var.(%)
Net Sales (including other operating income) 14,076.39 14,957.21 -5.89 30,233.74 23,305.56 29.73 57,369.91 60,728.99 -5.53
OPM (%) 6.7 9.31 -260 bps 7.16 3.61 355 bps 7.6 7.66 -7 bps
OP 943.75 1,391.80 -32.19 2,163.72 841.13 157.24 4,358.97 4,654.15 -6.34
Other Inc. 87.14 55.28 57.63 241.92 102.59 135.81 229.33 224.55 2.13
PBIDT 1,030.89 1,447.08 -28.76 2,405.64 943.72 154.91 4,588.30 4,878.70 -5.95
Interest 131.32 126.92 3.47 252.08 237 6.36 511.47 592.83 -13.72
PBDT 899.57 1,320.16 -31.86 2,153.56 706.72 204.73 4,076.83 4,285.87 -4.88
Depreciation 737.33 734.59 0.37 1488.59 1433.97 3.81 2926.06 2721 7.54
PBT 162.24 585.57 -72.29 664.97 -727.25 LP 1150.77 1564.87 -26.46
Share of Profit/(Loss) from Associates 16.43 27.6 -40.47 36.59 27.41 33.49 84.85 57.46 47.67
PBT before EO 178.67 613.17 -70.86 701.56 -699.84 LP 1235.62 1622.33 -23.84
EO Income 0 -59.59 - -0.49 -59.59 99.18 -62.27 0 -
PBT after EO 178.67 553.58 -67.72 701.07 -759.43 LP 1173.35 1622.33 -27.68
Taxation 85.63 165.65 -48.31 240.38 -25.76 PL -69.34 688.1 LP
PAT 93.04 387.93 -76.02 460.69 -733.67 LP 1242.69 934.23 33.02
Minority Interest (MI) 9.69 136.44 -92.9 166.54 -244.76 PL 530.24 124.4 326.24
Net profit 83.35 251.49 -66.86 294.15 -488.91 LP 712.45 809.83 -12.02
P/(L) from discontinued operations net of tax 133.51 86.09 55.08 212.34 16.04 1,223.82 326.68 360.21 -9.31
Net profit after discontinued operations 216.86 337.58 -35.76 506.49 -472.87 LP 1039.13 1170.04 -11.19
EPS (Rs)* 0.26 0.88 -69.89 0.93 -1.42 LP 2.24 2.56 -12.5
* EPS is on current equity of Rs 315.79 crore, Face value of Rs 1, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

Motherson Sumi Systems : Consolidated Segment Results

 

Quarter ended Year to Date Year ended
% of (Total) 202109 202009 Var.(%) % of (Total) 202109 202009 Var.(%) % of (Total) 202103 202003 Var.(%)
Sales
MSSL 8.83 1,278.89 995.57 28.46 7.7 2,392.76 1,273.31 87.92 6.24 3,669.21 3,985.05 -7.93
SMR 17.72 2,565.88 3,078.32 -16.65 17.49 5,433.20 4,631.56 17.31 19.32 11,362.99 12,402.90 -8.38
SMP 48.41 7,011.47 7,925.64 -11.53 49.73 15,447.60 12,554.98 23.04 52.11 30,647.58 32,099.81 -4.52
PKC 17.24 2,496.75 2,280.31 9.49 17.38 5,397.53 3,743.92 44.17 15.31 9,005.64 9,382.16 -4.01
Others 7.8 1,130.24 1,063.24 6.3 7.69 2,388.96 1,738.57 37.41 7.02 4,128.59 4,423.99 -6.68
Total Reported Sales 100 14,483.23 15,343.08 -5.6 100 31,060.05 23,942.34 29.73 100 58,814.01 62,293.91 -5.59
Less: Inter segment revenues 865.4 749.05 15.53 1,705.87 1,044.86 63.26 2,756.74 2,700.92 2.07
Net Sales 100 13,617.83 14,594.03 -6.69 100 29,354.18 22,897.48 28.2 100 56,057.27 59,592.99 -5.93
PBIT
MSSL 57.8 268.78 99.51 170.1 40.35 471.61 24.68 1,810.90 18.02 285.11 384.11 -25.77
SMR 13.3 61.87 272.75 -77.32 21.53 251.66 116.55 115.92 46.24 731.52 1,014.75 -27.91
SMP 16.61 77.24 171.01 -54.83 26.06 304.54 -566.35 LP 17.91 283.33 -82.62 LP
PKC -0.41 -1.9 106.63 PL 1.43 16.76 -42.25 LP 14.45 228.58 623.3 -63.33
Others 12.7 59.05 38.34 54.02 10.62 124.13 -50.75 LP 3.39 53.57 189.62 -71.75
Total PBIT 100 465.04 688.24 -32.43 100 1,168.70 -518.12 LP 100 1,582.11 2,129.16 -25.69
Less : Interest 115.14 115.23 -0.08 227.29 223.6 1.65 454.41 562.55 -19.22
Add: Other un-allcoable 7.25 95.68 -92.42 44 4.45 888.76 485.18 546.25 -11.18
PBIT Margin(%)
MSSL 21.02 10 1,102.14 19.71 1.94 1,777.16 7.77 9.64 -186.84
SMR 2.41 8.86 -644.91 4.63 2.52 211.55 6.44 8.18 -174.38
SMP 1.1 2.16 -105.61 1.97 -4.51 648.24 0.92 -0.26 118.19
PKC -0.08 4.68 -475.22 0.31 -1.13 143.9 2.54 6.64 -410.53
Others 5.22 3.61 161.86 5.2 -2.92 811.51 1.3 4.29 -298.86
PBT 100 357.15 668.69 -46.59 100 985.41 -737.27 LP 100 1,612.88 2,112.86 -23.66

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