Budget News

Elecon Engineering Company
November 04,2022 02:14

Consolidated net sales of EleconEngineering Company for the quarter ended Sep 2022 has increased 23.75% to Rs388.59 crore. Operating profit margin has jumped from 21.23% to 23.83%,leading to 38.88% rise in operating profit to Rs 92.59 crore. Rawmaterial cost as a % of total sales (net of stock adjustments) increased from47.25% to 48.93%. Employee cost decreased from 9.69% to 9.13%. Other expenses fell from 21.71% to 19.13%. Other directservice cost fell from 8.45% to 7.57%. Other income rose 164.81% toRs 4.29 crore. PBIDT rose 41.87% to Rs 96.88 crore. Provisionfor interest fell 76.33% to Rs 2.76 crore. PBDT rose 66.20% to Rs94.12 crore. Provision for depreciation fell 3.72% to Rs 11.9crore. Profit before tax grew 85.72% to Rs 82.22 crore. Shareof profit/loss was 380.95% higher at Rs 1.01 crore. Provision fortax was expense of Rs 18.72 crore, compared to Rs 9.1crore. Effective tax rate was 22.49% compared to 20.46%. Minorityinterest was nil in both the periods. Net profit attributable toowners of the company increased 82.33% to Rs 64.51 crore.

Sales of Material Handling Equipment segment has gone up 13.52% toRs 55.36 crore (accounting for 14.25% of total sales). Sales ofTransmission Equipment segment has gone up 25.63% to Rs 333.24 crore(accounting for 85.75% of total sales).

Profit before interest, tax and other unallocable items (PBIT) hasjumped 55.84% to Rs 87.37 crore. PBIT of Material Handling Equipmentsegment rose 19.13% to Rs 7.76 crore (accounting for 8.88% of totalPBIT). PBIT of Transmission Equipment segment rose 60.67% to Rs79.62 crore (accounting for 91.12% of total PBIT).

PBIT margin of Material Handling Equipment segment rose from13.35% to 14.01%. PBIT margin of Transmission Equipment segment rosefrom 18.68% to 23.89%. Overall PBIT margin rose from 17.85% to22.48%.

Half Yearly performance

Consolidated net-sales has increased 17.77% to Rs 716.31 crore. Operating profit margin has jumped from 20.64% to 21.98%, leading to 25.44%rise in operating profit to Rs 157.48 crore. Raw material cost as a% of total sales (net of stock adjustments) decreased from 48.18% to 46.72%. Employee cost increased from 10.17% to 10.67%. Otherexpenses fell from 21.47% to 21.19%. Other direct service cost rosefrom 7.59% to 7.91%. Other income rose 158.88% to Rs 8.75crore. PBIDT rose 28.94% to Rs 166.23 crore. Provisionfor interest fell 72.69% to Rs 6.88 crore. PBDT rose 53.62% to Rs159.35 crore. Provision for depreciation fell 5.20% to Rs 23.32crore. Profit before tax grew 71.91% to Rs 136.03crore. Share of profit/loss was 60% higher at Rs 0.8crore. Provision for tax was expense of Rs 30.02 crore, compared toRs 16.98 crore. Effective tax rate was 21.94% compared to 21.32%. Minorityinterest was nil in both the periods. Net profit attributable toowners of the company increased 70.49% to Rs 106.81 crore.

Sales of MaterialHandling Equipment segment has gone up 25.07% to Rs 98.11 crore (accounting for13.70% of total sales). Sales of Transmission Equipment segment hasgone up 16.69% to Rs 618.20 crore (accounting for 86.30% of total sales).

Profit before interest, tax and other unallocable items (PBIT) hasjumped 38.99% to Rs 147.29 crore. PBIT of Material HandlingEquipment segment rose 100.37% to Rs 12.39 crore (accounting for 8.41% of totalPBIT). PBIT of Transmission Equipment segment rose 35.18% to Rs134.90 crore (accounting for 91.59% of total PBIT).

PBIT margin of Material Handling Equipment segment rose from 7.88%to 12.63%. PBIT margin of Transmission Equipment segment rose from18.84% to 21.82%. Overall PBIT margin rose from 17.42% to 20.56%.

Order book

The company during Q2FY23 booked orders worth Rs 307 crore in gear business and this translates to anorder backlog of Rs 452 crore forexecution in the near to medium term. In the material handling business, it closed orders worth Rs 49 crore and the pending order book for MHE business now stands at Rs 112 crore.

Other Developments

Equity capital stood at Rs 22.44 crore as of 30 September 2022 toRs 22.44 crore as of 30 September 2021. Per share face Valueremained same at Rs 2.00.

Promoters' stake was 59.26% as of 30 September 2022 ,compared to59.21% as of 30 September 2021 . Promoters pledged stake was 3.76%as of 30 September 2022 ,compared to 11.29% as of 30 September 2021.

Loan funds declined from Rs 243.46 crore as of 30 September 2021to Rs 56.88 crore as of 30 September 2022. Inventories rose to Rs281.29 crore as of 30 September 2022 from Rs 253.45 crore as of 30 September2021. Sundry debtors were lower at Rs 374.76 crore as of 30September 2022 compared to Rs 440.01 crore as of 30 September2021. Cash and bank balance declined from Rs 147.30 crore as of 30September 2021 to Rs 106.22 crore as of 30 September2022. Investments rose to Rs 54.61 crore as of 30 September 2022from Rs 53.45 crore as of 30 September 2021. Fixed assets increased to Rs639.66 crore as of 30 September 2022 from Rs 620.32 crore as of 30 September2021. Intangible assets declined from Rs 122.36 crore to Rs 96.49crore.

Cash flow from operating activities increased to Rs 140.74 crorefor YTD ended September 2022 from Rs 131.04 crore for YTD ended September2021. Cash flow used in acquiring fixed assets during the YTD endedSeptember 2022 stood at Rs 15.64 crore, compared to Rs 11.03 crore during theYTD ended September 2021.

Elecon Engineering: Consolidated Results
	2209 (3)	2109 (3)	Var.(%)	2209 (6)	2109 (6)	Var.(%)	2203 (12)	2103 (12)	Var. (%)
Sales	388.59	314.02	24	716.31	608.23	18	1211.95	1044.71	16
OPM (%)	23.8	21.2		22.0	20.6		20.3	17.8
OP	92.59	66.67	39	157.48	125.54	25	246.44	185.61	33
Other inc.	4.29	1.62	165	8.75	3.38	159	8.56	5.73	49
PBIDT	96.88	68.29	42	166.23	128.92	29	255.00	191.34	33
Interest	2.76	11.66	-76	6.88	25.19	-73	37.34	59.81	-38
PBDT	94.12	56.63	66	159.35	103.73	54	217.66	131.53	65
Dep.	11.90	12.36	-4	23.32	24.60	-5	48.58	52.11	-7
PBT before EO	82.22	44.28	86	136.03	79.13	72	169.08	79.42	113
EO Exp	0.00	0.00		0.00	0.00		0.00	0.00
PBT after EO	82.22	44.28	86	136.03	79.13	72	169.08	79.42	113
Taxation	18.70	9.10	105	29.93	16.98	76	28.80	23.36	PL
PAT	63.52	35.17	81	106.10	62.15	71	140.28	56.06	150
PPT	0.03	0.00		0.09	0.00		1.23	0.30
PAT after PPT	63.49	35.17	81	106.01	62.15	71	139.05	55.76	149
Share of Profit/(Loss) from Associates	1.01	0.21	388	0.80	0.50	60	1.44	1.87	-23
Minority Interest	0.00	0.00		0.00	0.00		0.00	0.00
Net profit	64.51	35.38	82	106.81	62.65	70	140.49	57.63	144
EPS (Rs)*	#	#		#	#		12.6	5.2
* EPS is on current equity of Rs 22.44 crore, Face value of Rs 2
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Database

Elecon Engineering: Consolidated Segment Results
Particulars	% to total	2209 (3)	2109 (3)	Var. (%)	% to total	2209 (6)	2109 (6)	Var. (%)	% to total	2203 (12)	2103 (12)	Var.(%)
Sales
Material Handling Equipment	14	55.36	48.76	14	14	98.11	78.44	25	11	136.25	139.25	-2
Transmission Equipment	86	333.24	265.26	26	86	618.20	529.79	17	89	1075.70	905.46	19
Total	100	388.59	314.02	24	100	716.31	608.23	18	100	1211.95	1044.71	16
Less Inter segment revenue				####				####				###
Net sales		388.59	314.02	24		716.31	608.23	18		1211.95	1044.71	16
PBIT
Material Handling Equipment	9	7.76	6.51	19	8	12.39	6.18	100	0	-0.88	-50.43	-98
Transmission Equipment	91	79.62	49.55	61	92	134.90	99.79	35	100	211.30	196.01	8
Total	100	87.37	56.07	56	100	147.29	105.97	39	100	210.42	145.58	45
Less: Interest (net)		2.76	11.66	-76		6.88	25.19	-73		37.34	59.81	-38
Less: Others Un-allocable Exp/Income (net)		1.38	-0.08	####		3.59	1.15	211		2.55	4.48	-43
Add: EO
PBT		83.23	44.48	87		136.83	79.63	72		170.53	81.29	110
Note: Figures in Rs crore
Source: Capitaline 2000

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