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PPAP Automotive

PAT up 20% on good operating show

May 11, 2021 9:20 IST | capital market
Net sales (including other operating income) of PPAP Automotive has increased 10% to Rs 114.12 crore on a weak base impacted by national lockdown at fag end of Mar 2020 to control covid pandemic.  Operating profit margin has jumped from 13.6% to 14.8%, leading to 20% rise in operating profit to Rs 16.89 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 58.6% to 56.8%.   Employee cost decreased from 15.8% to 15.5%.  Other expenses rose from 11.8% to 12.9%.   

Other income rose 1756% to Rs 1.67 crore.  Provision for interest rose 87% to Rs 1.24 crore.  Provision for depreciation rose 3% to Rs 6.66 crore.    Profit before tax grew 51% to Rs 10.66 crore.  Share of profit from associate was a loss of Rs 1.03 crore compared to a profit of Rs 0.27 crore. Thus PBT after share of P/L from associate was up 31% to Rs 9.63 crore. Provision for tax was expense of Rs 2.60 crore, compared to Rs 1.49 crore.    Thus PAT was up 20% to Rs 7.03 crore.

Yearly performance

Net sales (including other operating income) has declined 10% to Rs 322.2 crore.  Operating profit margin has slumped from 14.1% to 10.2%, leading to 35% decline in operating profit to Rs 32.90 crore.  Other income rose 258% to Rs 2.1 crore.  Provision for interest rose 44% to Rs 3.78 crore.   Provision for depreciation rose 2.92% to Rs 26.47 crore. Profit before tax shrink 79% to Rs 4.75 crore.  Share of profit/loss was 68% lower at Rs -1.52 crore. Thus the PBT after share of profit from associate was down 85% to Rs 3.23 crore.  Provision for tax was expense of Rs 1.13 crore, compared to Rs 3.84 crore.   Thus the PAT was down by 88% to Rs 2.10 crore.

Management comment

Commenting on the results and performance for Q4 & FY21, Mr. Ajay Kumar Jain, Chairman & MD of PPAP Automotive Ltd said: PPAP Automotive has delivered a steady performance amidst all the challenges due to Covid-19 pandemic. We are delighted to witness the rise in the revenue by 9.6% YoY in Q4FY21 whereas EBITDA grew by 21.9% and PAT at 49.2% over last year. EBITDA margins stood at 15.1% in Q4FY21 indicating a rise of 150 bps over last year. The Indian automobile industry witnessed a robust growth in Q4FY21 with the rise in the passenger vehicle sales by 42% on a YoY basis. Utility vehicles also grew by 12% over last year. Going forward, we will endorse a three pronged strategy to deliver sustainable growth. The strategy will focus on expanding our customer base, increasing our market share and adding new products.

Other developments

Equity capital stood at Rs 14.00 crore as of 31 March 2021 to Rs 14.00 crore as of 31 March 2020.  Per share face Value remained same at Rs 10.00.  

Promoters stake was 64.78% as of 31 March 2021 ,compared to 64.29% as of 31 March 2020 .  

The board has recommended a dividend of Re. 1 per share of Rs. 10 each for FY21

PPAP Automotive : Consolidated Results

 

2012 (3) 1912 (3) Var. (%) 2103 (12) 2003 (12) Var. (%)
Sales 114.12 103.53 10 322.20 359.51 -10
OPM (%) 14.8 13.6 10.2 14.1
OP 16.89 14.08 20 32.91 50.72 -35
Other inc. 1.67 0.09 999 2.10 0.58 258
PBIDT 18.56 14.17 31 35.00 51.31 -32
Interest 1.24 0.66 87 3.78 2.64 44
PBDT 17.32 13.51 28 31.22 48.67 -36
Dep. 6.66 6.44 3 26.47 25.72 3
PBT 10.66 7.07 51 4.75 22.95 -79
Share of P/(L) from Assoc/JV -1.03 0.27 PL -1.52 -0.91 68
PBT before EO 9.63 7.34 31 3.23 22.04 -85
EO Exp 0.00 0.00 0.00 0.00
PBT after EO 9.63 7.34 31 3.23 22.04 -85
Provn for taxation 2.60 1.49 74 1.13 3.84 -70
PAT 7.03 5.85 20 2.10 18.20 -88
EPS (Rs)* # # 1.5 13.0
* EPS is on current equity of Rs 14.00 crore, Face value of Rs 10
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Database

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