Sterling Tools

18 May 2022 , 06:22 PM

For the quarter ending March 2022, consolidated net sales (including other operating income) of Sterling Tools has increased 33.05% to Rs 169.43 crore compared to quarter ended march 2021. 
Operating profit margin has declined from 16.61% to 10.20%, leading to 18.30% decline in operating profit to Rs 17.28 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 38.98% to 51.62%.   Employee cost decreased from 7.66% to 6.25%.   Other expenses fell from 37.91% to 31.76%.   Stores consumed for sales fell from 7.89% to 6.43%.   Power and Oil fuel cost fell from 7.81% to 6.85%.   Other income rose 40.43% to Rs 0.66 crore.  PBIDT fell 17.02% to Rs 17.94 crore.  Provision for interest fell 10.26% to Rs 1.75 crore.  Loan funds rose to Rs 110.03 crore as of 31 March 2022 from Rs 105.44 crore as of 31 March 2021.  Inventories rose to Rs 116.12 crore as of 31 March 2022 from Rs 109.69 crore as of 31 March 2021.  Sundry debtors were higher at Rs 47.33 crore as of 31 March 2022 compared to Rs 41.63 crore as of 31 March 2021.  Cash and bank balance declined from Rs 32.33 crore as of 31 March 2021 to Rs 23.02 crore as of 31 March 2022.  Investments declined from Rs 25.92 crore as of 31 March 2021 to Rs 23.49 crore as of 31 March 2022.  PBDT fell 17.69% to Rs 16.19 crore.  Provision for depreciation fell 0.84% to Rs 7.09 crore.  Fixed assets increased to Rs 281.08 crore as of 31 March 2022 from Rs 256.96 crore as of 31 March 2021.  Intangible assets declined from Rs 0.61 crore to Rs 0.44 crore.  Profit before tax down 27.32% to Rs 9.10 crore.  Provision for tax was expense of Rs 2.23 crore, compared to Rs 1.71 crore.  Effective tax rate was 24.48% compared to 13.99%.Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 34.54% to Rs 6.88 crore.  Equity capital stood at Rs 7.20 crore as of 31 March 2022 to Rs 7.20 crore as of 31 March 2021.  Per share face Value remained same at Rs 2.00.  Promoters stake was 65.77% as of 31 March 2022 ,compared to 65.77% as of 31 March 2021 .  

Full year results analysis.

Net sales (including other operating income) of Sterling Tools has increased 43.35% to Rs 509.58 crore.  Operating profit margin has declined from 17.38% to 13.06%, leading to 7.72% rise in operating profit to Rs 66.57 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 36.92% to 45.07%.   Employee cost decreased from 10.22% to 8.57%.   Other expenses fell from 36.21% to 33.55%.   Stores consumed for sales fell from 7.90% to 7.64%.   Power and Oil fuel cost fell from 8.29% to 7.46%.   PBIDT rose 7.36% to Rs 69.6 crore.  Provision for interest fell 9.61% to Rs 6.87 crore.  Loan funds rose to Rs 110.03 crore as of 31 March 2022 from Rs 105.44 crore as of 31 March 2021.  Inventories rose to Rs 116.12 crore as of 31 March 2022 from Rs 109.69 crore as of 31 March 2021.  Sundry debtors were higher at Rs 47.33 crore as of 31 March 2022 compared to Rs 41.63 crore as of 31 March 2021.  Cash and bank balance declined from Rs 32.33 crore as of 31 March 2021 to Rs 23.02 crore as of 31 March 2022.  Investments declined from Rs 25.92 crore as of 31 March 2021 to Rs 23.49 crore as of 31 March 2022.  PBDT rose 9.61% to Rs 62.73 crore.  Provision for depreciation rose 3.64% to Rs 27.34 crore.  Fixed assets increased to Rs 281.08 crore as of 31 March 2022 from Rs 256.96 crore as of 31 March 2021.  Intangible assets declined from Rs 0.61 crore to Rs 0.44 crore.  Profit before tax grew 14.72% to Rs 35.39 crore.  Share of profit/loss was 21.57% lower at Rs -0.62 crore.  Provision for tax was expense of Rs 9.23 crore, compared to Rs 6.83 crore.  Effective tax rate was 26.55% compared to 22.51%.Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 8.63% to Rs 25.54 crore.  Equity capital stood at Rs 7.20 crore as of 31 March 2022 to Rs 7.20 crore as of 31 March 2021.  Per share face Value remained same at Rs 2.00.  Promoters stake was 65.77% as of 31 March 2022 ,compared to 65.77% as of 31 March 2021 .   Dividend update Board of Directors have recommended final dividend at Re 1 per share (face value of Rs 2 per share) for the financial year 2021-22.

Sterling Tools : Consolidated Results

Quarter ended Year ended Particulars 202203 202103 Var.(%) 202203 202103 Var.(%) Net Sales (including other operating income) 169.43 127.34 33.05 509.58 355.48 43.35 OPM (%) 10.20 16.61 -641 bps 13.06 17.38 -432 bps OP 17.28 21.15 -18.30 66.57 61.80 7.72 Other Inc. 0.66 0.47 40.43 3.03 3.03 0 PBIDT 17.94 21.62 -17.02 69.60 64.83 7.36 Interest 1.75 1.95 -10.26 6.87 7.60 -9.61 PBDT 16.19 19.67 -17.69 62.73 57.23 9.61 Depreciation 7.09 7.15 -0.84 27.34 26.38 3.64 PBT 9.10 12.52 -27.32 35.39 30.85 14.72 Share of Profit/(Loss) from Associates 0.01 -0.3 LP -0.62 -0.51 -21.57 PBT before EO 9.11 12.22 -25.45 34.77 30.34 14.60 EO Income 0 0 – 0 0 – PBT after EO 9.11 12.22 -25.45 34.77 30.34 14.60 Taxation 2.23 1.71 30.41 9.23 6.83 35.14 PAT 6.88 10.51 -34.54 25.54 23.51 8.63 Minority Interest (MI) 0 0 – 0 0 – Net profit 6.88 10.51 -34.54 25.54 23.51 8.63 P/(L) from discontinued operations net of tax 0 0 – 0 0 – Net profit after discontinued operations 6.88 10.51 -34.54 25.54 23.51 8.63 EPS (Rs)* 1.91 2.92 -34.54 7.09 6.53 8.63 * EPS is on current equity of Rs 7.20 crore, Face value of Rs 2, 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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