PPAP Automotive

Sales up 346% and net loss shrinks 72%

Aug 08, 2021 01:08 IST capital market

Consolidated net sales (including other operating income) of PPAP Automotive for the quarter ended Jun 2021 has increased 346% to Rs 78.75 crore.   Operating profit margin was 3.8% as against negative 71.3% and thus the operating profit was Rs 3.01 crore as against a loss of Rs 12.60 crore in the corresponding previous period.  Other income rose 75% to Rs 0.18 crore.  Provision for interest rose 110% to Rs 1.21 crore.  Provision for depreciation rose 10% to Rs 7.18 crore.  Profit before tax loss was down 73% to a Rs 5.20 crore.  Share of loss from associate was down 50% to Rs 0.55 crore. Thus the PBT before EO was down 72% to a loss of Rs 5.75 crore.    Provision for tax was credit of Rs 1.3 crore, compared to credit of Rs 4.92 crore.  Effective tax rate was 22.61% compared to 23.79%. Minority interest was nil in both the periods.  Net loss attributable to owners of the company was down 72% to Rs 4.45 crore. 

 

Management comment

Commenting on the results and performance for Q1 & FY22, Ajay Kumar Jain, Chairman & MD of PPAP Automotive Ltd said: ?PPAP Automotive has performed reasonably well in Q1FY22 despite challenging environment of Covid-19 coupled with unprecedented higher commodity prices and lower capacity utilisations. The second wave of Covid has been difficult for everyone and we believe health and safety of all our employees is of utmost priority. The Company has provided all the required support to its employees during such tough times amidst the pandemic. The Indian automobile industry is recovering gradually on a month-on-month basis, and we expect good demand revival in the industry in the coming quarters. The industry is still facing supply constraints due to semi-conductor shortage which is resulting into longer waiting period. Going forward, our focus will be on improving operating margins through increasing our capacity utilisations, increasing our share of value-added products and improve operational efficiencies.?  

Promoters stake was 64.87% as of 30 June 2021, compared to 64.29% as of 30 June 2020.

  

 

PPAP Automotive : Consolidated Results

 

 

2006 (3)

2106 (3)

Var. (%)

2103 (12)

2003 (12)

Var. (%)

 

Sales

78.75

17.68

346

322.20

359.51

-10

 

OPM (%)

3.8

-71.3

 

10.2

14.1

 

 

OP

3.01

-12.60

LP

32.91

50.72

-35

 

Other inc.

0.18

0.10

75

2.10

0.58

258

 

PBIDT

3.19

-12.50

LP

35.00

51.31

-32

 

Interest

1.21

0.58

110

3.78

2.64

44

 

PBDT

1.98

-13.08

LP

31.22

48.67

-36

 

Dep.

7.18

6.51

10

26.47

25.72

3

 

PBT

-5.20

-19.59

-73

4.75

22.95

-79

 

Share of P/(L) from Assoc/JV

-0.55

-1.09

-50

-1.52

-0.91

68

 

PBT before EO

-5.75

-20.68

-72

3.23

22.04

-85

 

EO Exp

0.00

0.00

 

0.00

0.00

 

 

PBT after EO

-5.75

-20.68

-72

3.23

22.04

-85

 

Provn for taxation

-1.30

-4.92

-74

1.13

3.84

-70

 

PAT

-4.45

-15.76

-72

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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