SKF India

3 Nov 2022 , 08:22 PM

For quarter ended Sept 2022, consolidated net sales (including other operating income) of SKF India has increased 11.58% to Rs 1078.26 crore compared to quarter ended sept 2021.  Operating profit margin has jumped from 16.53% to 19.90%, leading to 34.31% rise in operating profit to Rs 214.56 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 23.19% to 23.61%.   Purchase of finished goods cost fell from 38.22% to 34.59%.   Employee cost decreased from 7.48% to 7.22%.   Other expenses rose from 14.56% to 14.90%.   Other income rose 9.84% to Rs 10.16 crore.  PBIDT rose 32.97% to Rs 224.72 crore.  Provision for interest fell 36.36% to Rs 0.35 crore.  Loan funds declined from Rs 16.57 crore as of 30 September 2021 to Rs 15.65 crore as of 30 September 2022.  Inventories declined from Rs 700.37 crore as of 30 September 2021 to Rs 675.76 crore as of 30 September 2022.  Sundry debtors were higher at Rs 694.72 crore as of 30 September 2022 compared to Rs 581.81 crore as of 30 September 2021.  Cash and bank balance rose to Rs 663.46 crore as of 30 September 2022 from Rs 369.62 crore as of 30 September 2021.  Investments declined from Rs 2.36 crore as of 30 September 2021 to Rs 2.27 crore as of 30 September 2022.  PBDT rose 33.20% to Rs 224.37 crore.  Provision for depreciation rose 36.77% to Rs 16.85 crore.  Fixed assets increased to Rs 459.85 crore as of 30 September 2022 from Rs 435.35 crore as of 30 September 2021.  Intangible assets increased from Rs 0.23 crore to Rs 0.44 crore.  Profit before tax grew 32.91% to Rs 207.52 crore.  Share of profit/loss was 62.50% lower at Rs -0.13 crore.  Provision for tax was expense of Rs 51.57 crore, compared to Rs 38.49 crore.  Effective tax rate was 24.87% compared to 24.67%.Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 32.55% to Rs 155.82 crore.  Equity capital stood at Rs 49.44 crore as of 30 September 2022 to Rs 49.44 crore as of 30 September 2021.  Per share face Value remained same at Rs 10.00.  Promoters stake was 52.58% as of 30 September 2022 ,compared to 52.58% as of 30 September 2021 .  

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

Net sales (including other operating income) of SKF India has increased 28.50% to Rs 2133 crore.  Operating profit margin has jumped from 16.48% to 18.67%, leading to 45.62% rise in operating profit to Rs 398.28 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 22.41% to 24.42%.   Purchase of finished goods cost fell from 40.88% to 34.80%.   Employee cost decreased from 7.48% to 7.34%.   Other expenses rose from 14.62% to 14.75%.   Other income rose 21.78% to Rs 19.07 crore.  PBIDT rose 44.33% to Rs 417.35 crore.  Provision for interest fell 7.78% to Rs 0.83 crore.  Loan funds declined from Rs 16.57 crore as of 30 September 2021 to Rs 15.65 crore as of 30 September 2022.  Inventories declined from Rs 700.37 crore as of 30 September 2021 to Rs 675.76 crore as of 30 September 2022.  Sundry debtors were higher at Rs 694.72 crore as of 30 September 2022 compared to Rs 581.81 crore as of 30 September 2021.  Cash and bank balance rose to Rs 663.46 crore as of 30 September 2022 from Rs 369.62 crore as of 30 September 2021.  Investments declined from Rs 2.36 crore as of 30 September 2021 to Rs 2.27 crore as of 30 September 2022.  PBDT rose 44.49% to Rs 416.52 crore.  Provision for depreciation rose 25.02% to Rs 32.93 crore.  Fixed assets increased to Rs 459.85 crore as of 30 September 2022 from Rs 435.35 crore as of 30 September 2021.  Intangible assets increased from Rs 0.23 crore to Rs 0.44 crore.  Profit before tax grew 46.45% to Rs 383.59 crore.  Share of profit/loss was 137.50% lower at Rs -0.19 crore.  Provision for tax was expense of Rs 98.46 crore, compared to Rs 65.17 crore.  Effective tax rate was 25.68% compared to 24.89%.Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 44.87% to Rs 284.94 crore.  Equity capital stood at Rs 49.44 crore as of 30 September 2022 to Rs 49.44 crore as of 30 September 2021.  Per share face Value remained same at Rs 10.00.  Promoters stake was 52.58% as of 30 September 2022 ,compared to 52.58% as of 30 September 2021 .  Cash flow from operating activities has turned positive Rs 352.49 crore for YTD ended September 2022 from negative Rs 13.18 crore for YTD ended September 2021.  Cash flow used in acquiring fixed assets during the YTD ended September 2022 stood at Rs 44.21 crore, compared to Rs 50.44 crore during the YTD ended September 2021.  
Full year results analysis.

Net sales (including other operating income) of SKF India has increased 37.26% to Rs 3665.89 crore.  Operating profit margin has declined from 15.73% to 15.16%, leading to 32.30% rise in operating profit to Rs 555.74 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 22.36% to 23.46%.   Purchase of finished goods cost rose from 35.94% to 39.53%.   Employee cost decreased from 9.26% to 7.44%.   Other expenses fell from 16.65% to 15.09%.   Other income fell 5.26% to Rs 34.4 crore.  PBIDT rose 29.31% to Rs 590.14 crore.  Provision for interest fell 2.35% to Rs 2.08 crore.  Loan funds declined from Rs 17.58 crore as of 31 March 2021 to Rs 16.10 crore as of 31 March 2022.  Inventories rose to Rs 676.82 crore as of 31 March 2022 from Rs 468.00 crore as of 31 March 2021.  Sundry debtors were higher at Rs 687.13 crore as of 31 March 2022 compared to Rs 583.44 crore as of 31 March 2021.  Cash and bank balance declined from Rs 500.31 crore as of 31 March 2021 to Rs 401.85 crore as of 31 March 2022.  Investments declined from Rs 2.44 crore as of 31 March 2021 to Rs 2.27 crore as of 31 March 2022.  PBDT rose 29.46% to Rs 588.06 crore.  Provision for depreciation fell 1.47% to Rs 57.1 crore.  Fixed assets increased to Rs 453.76 crore as of 31 March 2022 from Rs 409.75 crore as of 31 March 2021.  Intangible assets declined from Rs 0.26 crore to Rs 0.25 crore.  Profit before tax grew 33.98% to Rs 530.96 crore.  Share of profit/loss was 325% lower at Rs -0.17 crore.  Provision for tax was expense of Rs 135.83 crore, compared to Rs 98.56 crore.  Effective tax rate was 25.59% compared to 24.87%.Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 32.67% to Rs 394.96 crore.  Equity capital stood at Rs 49.44 crore as of 31 March 2022 to Rs 49.44 crore as of 31 March 2021.  Per share face Value remained same at Rs 10.00.  Promoters stake was 52.58% as of 31 March 2022 ,compared to 52.58% as of 31 March 2021 .  Cash flow from operating activities decreased to Rs 57.09 crore for year ended March 2022 from Rs 323.96 crore for year ended March 2021.  Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 91.63 crore, compared to Rs 73.58 crore during the year ended March 2021.  

SKF India : Consolidated Results

Quarter ended Year to Date Year ended Particulars 202209 202109 Var.(%) 202209 202109 Var.(%) 202203 202103 Var.(%) Net Sales (including other operating income) 1,078.26 966.37 11.58 2,133.00 1,659.90 28.50 3,665.89 2,670.73 37.26 OPM (%) 19.90 16.53 337 bps 18.67 16.48 219 bps 15.16 15.73 -57 bps OP 214.56 159.75 34.31 398.28 273.51 45.62 555.74 420.06 32.30 Other Inc. 10.16 9.25 9.84 19.07 15.66 21.78 34.40 36.31 -5.26 PBIDT 224.72 169.00 32.97 417.35 289.17 44.33 590.14 456.37 29.31 Interest 0.35 0.55 -36.36 0.83 0.90 -7.78 2.08 2.13 -2.35 PBDT 224.37 168.45 33.20 416.52 288.27 44.49 588.06 454.24 29.46 Depreciation 16.85 12.32 36.77 32.93 26.34 25.02 57.1 57.95 -1.47 PBT 207.52 156.13 32.91 383.59 261.93 46.45 530.96 396.29 33.98 Share of Profit/(Loss) from Associates -0.13 -0.08 -62.50 -0.19 -0.08 -137.50 -0.17 -0.04 -325.00 PBT before EO 207.39 156.05 32.90 383.4 261.85 46.42 530.79 396.25 33.95 EO Income 0 0 – 0 0 – 0 0 – PBT after EO 207.39 156.05 32.90 383.4 261.85 46.42 530.79 396.25 33.95 Taxation 51.57 38.49 33.98 98.46 65.17 51.08 135.83 98.56 37.81 PAT 155.82 117.56 32.55 284.94 196.68 44.87 394.96 297.69 32.67 Minority Interest (MI) 0 0 – 0 0 – 0 0 – Net profit 155.82 117.56 32.55 284.94 196.68 44.87 394.96 297.69 32.67 P/(L) from discontinued operations net of tax 0 0 – 0 0 – 0 0 – Net profit after discontinued operations 155.82 117.56 32.55 284.94 196.68 44.87 394.96 297.69 32.67 EPS (Rs)* 31.52 23.78 32.55 57.64 39.78 44.87 79.89 60.21 32.67 * EPS is on current equity of Rs 49.44 crore, Face value of Rs 10, Excluding extraordinary items. EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database

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