Savita Oil Technologies

OP up 18%, net profit up 56%

Aug 13, 2019 05:08 IST capital market

Savita Oil Technologies net sales fell 1% to Rs 536.48 crore in Q1FY20 compared to Q1FY19. The company operating margins increased 140 bps to 8.5% leading to 18% increase in operating profits to Rs 45.47 crore. Cost of material consumed as a percentage of net sales (net of stock adjustment) was down 300 bps to 73.8% while employee benefit expenses was up 80 bps to 3% and other expenses decreased 50 bps to 13.1%. Purchase of stock in trade rose 100 bps to 1.5%.

Other income increased 153% to Rs 4.1 crore compared to Rs 1.62 crore. Interest cost was down 51% to Rs 4.06 crore. Depreciation fell 6% to Rs 5.32 crore. PBT was up 53% to Rs 40.29 crore.

Effective rate of taxes was down 130 bps to 29.5%. PAT reported was up 56% to Rs 28.39 crore.

Segment wise, petroleum products revenue stood at Rs 528.66 crore, down by 1% YoY and accounted for 98% of sales. PBIT from the same was up by 28% to Rs 42.89 crore and accounted for 88% of total PBIT with PBIT margin at 8.1% as compared to 6.3% for June18 quarter.

For the quarter, sales from wind power stood at Rs 10.66 crore up by 9% YoY and accounted for 2% of sales. PBIT from the same was up 32% to Rs 5.6 crore and accounted for 12% of total. PBIT margins stood at 52.5% as compared to 43.4% for June 18 quarter.

Performance for the year ended March 2019

For year ended March 2019, net sales rose 27% to Rs 2262.52 crore. The company operating margins decreased 170 bps to 8.7%. As a result operating profits rose 6% to Rs 196.79 crore.

Other income rose 93% to Rs 18.4 crore. Interest cost was up 111% to Rs 28.95 crore. Depreciation fell 9% to Rs 23.53 crore. PBT was up 4% to Rs 162.71 crore.

Effective tax rate was up 1070 bps to 29.8%. PAT reported was down 9% to Rs 114.27 crore.

For the 12 months, sales from the petroleum products stood at Rs 2236.21 crore and accounted for 98% of sales. PBIT from the same was up by 11% to Rs 181.91 crore and accounted for 90% of total with PBIT margin at 8.1%.

For the 12 months, sales from the wind power stood at Rs 41.13 crore and accounted for 2% of sales. PBIT from the same was up by 3% to Rs 20.58 crore and accounted for 10% of total with PBIT margin at 50%.

The scrip is currently trading at Rs 895

Savita Oil Technologies: Results

 

Particulars 1906 (3) 1806 (3) Var. (%) 1903 (12) 1803 (12) Var. (%)
Net Sales 536.48 542.41 -1 2262.52 1782.70 27
OPM (%) 8.5 7.1 8.7 10.4
OP 45.57 38.59 18 196.79 186.16 6
Other income 4.10 1.62 153 18.40 9.55 93
PBIDT 49.67 40.21 24 215.19 195.71 10
Interest 4.06 8.24 -51 28.95 13.75 111
PBDT 45.61 31.97 43 186.24 181.96 2
Depreciation 5.32 5.64 -6 23.53 25.88 -9
PBT 40.29 26.33 53 162.71 156.08 4
Tax 11.90 8.12 47 48.44 29.88 62
Net profit after tax 28.39 18.22 56 114.27 126.20 -9
EPS (Rs)* # # 79.8 88.1
* Annualized on current equity of Rs 14.32 crore. Face Value: Rs 10 each
# EPS not annualized due to seasonality of business
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

Savita Oil Technologies: Segment Results

 

Particulars 1906 (3) 1806 (3) % of total Var. (%) 1903 (12) 1803 (12) % of total Var. (%)
Segment Revenue
Petroleum Products 528.66 533.78 98 -1 2236.21 1,790.25 98 25
Wind Power 10.66 9.80 2 9 41.13 41.67 2 -1
Others 1.26 0.45  0 3.58 2.26  0
Total 540.58 544.03 100 -1 2280.92 1834.18 100 24
Segment Results
Petroleum Products 42.89 33.54 88 28 181.91 164.15 90 11
Wind Power 5.60 4.26 12 32 20.58 19.95 10 3
Others 0.00 0
Total 48.50 37.79 100 28 202.49 184.10 100 10
Capital Employed
Petroleum Products 701.78 560.57 80 25 665.71 573.71 78 16
Wind Power 94.18 107.45 11 -12 90.93 110.58 11 -18
Unallocable 83.97 92.46 10 94.96 58.02 11
Total 879.93 760.49 100 16 851.6 742.31 100 15
Figures in Rs crore.
LP: Loss to Profit PL: Profit to Loss

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