Budget News

GMM Pfaudler
November 04,2022 08:35

Consolidated net sales(including other operating income) of GMM Pfaudler for the quarter ended Sep2022 has increased 20.52% to Rs 780.05 crore. Operating profit margin hasjumped from 14.48% to 15.23%, leading to 26.70% rise in operating profit to Rs118.78 crore. Raw material cost as a % of total sales (net of stockadjustments) increased from 37.57% to 40.00%. Employee costdecreased from 27.57% to 23.55%. Other expenses rose from 19.95% to21.24%. Contract job process charges rose from 2.75% to3.00%. Other income rose 560% to Rs 19.47 crore. PBIDTrose 42.97% to Rs 138.25 crore. Provision for interest rose 363.44%to Rs 8.62 crore. PBDT rose 36.68% to Rs 129.63crore. Provision for depreciation fell 27.98% to Rs 28.23crore. Profit before tax grew 82.24% to Rs 101.40crore. Share of profit/loss were nil in both theperiods. Provision for tax was expense of Rs 4.51 crore, compared toRs 16.84 crore. Effective tax rate was 4.45% compared to 30.27%.Minority interest increased 659.76% to Rs 31.91 crore. Net profitattributable to owners of the company increased 87.80% to Rs 64.98crore.

Sales of India segmenthas gone up 22.87% to Rs 221.48 crore (accounting for 28.39% of totalsales). Sales of Overseas segment has gone up 19.61% to Rs 558.57crore (accounting for 71.61% of total sales).
Profit before interest, tax and other unallocable items (PBIT) hasjumped 91.34% to Rs 110.02 crore. PBIT of India segment rose 13.87%to Rs 41.06 crore (accounting for 37.32% of total PBIT). PBIT ofOverseas segment rose 221.64% to Rs 68.96 crore (accounting for 62.68% of totalPBIT).
PBIT margin of India segment fell from 20.00% to18.54%. PBIT margin of Overseas segment rose from 4.59% to12.35%. Overall PBIT margin rose from 8.88% to 14.10%.

Half yearly performance

Net sales has increased26.72% to Rs 1519.29 crore. Operating profit margin has jumped from10.82% to 14.26%, leading to 67.01% rise in operating profit to Rs 216.59crore. Raw material cost as a % of total sales (net of stockadjustments) increased from 38.35% to 39.97%. Employee costdecreased from 29.49% to 24.44%. Other expenses rose from 21.17% to21.26%. Contract job process charges rose from 2.64% to2.96%. Other income rose 1,055.66% to Rs 47.96 crore. PBIDTrose 97.66% to Rs 264.55 crore. Provision for interest rose 51.72%to Rs 24.26 crore. PBDT rose 103.89% to Rs 240.29crore. Provision for depreciation fell 28.77% to Rs 55.46crore. Profit before tax grew 362.19% to Rs 184.83crore. Share of profit/loss were nil in both the periods. Provisionfor tax was expense of Rs 26.47 crore, compared to Rs 19.59crore. Effective tax rate was 14.32% compared to 48.99%. Net profitattributable to owners of the company increased 194.41% to Rs 109.49crore.

Sales of India segment has gone up 30.98% to Rs 438.13 crore(accounting for 28.84% of total sales). Sales of Overseas segmenthas gone up 25.07% to Rs 1,081.16 crore (accounting for 71.16% of totalsales).
Profit before interest, tax and other unallocable items (PBIT) hasjumped 273.52% to Rs 209.09 crore. PBIT of India segment rose 1.97%to Rs 72.50 crore (accounting for 34.67% of total PBIT). PBIT ofOverseas reported profit of Rs 136.59 crore compared to loss of Rs 15.12crore.
PBIT margin of India segment fell from 21.25% to 16.55%. PBITmargin of Overseas segment rose from negative 1.75% to12.63%. Overall PBIT margin rose from 4.67% to 13.76%.

Order book

Order Backlog as end of Sep 2022 standsat Rs 2,119 crore and the order intake increased by 6%.

ManagementComment

Commenting on the Company's Q2 results,Mr. Tarak Patel, Managing Director said, “Building on the strong start to theyear we have delivered another strong performance this quarter. Our costcontrol measures, especially in Europe, have helped mitigate rising energycosts, however global uncertainties continue. Order intake and backlog numbersremain on track with all platforms showing good traction in our core as well asadjacent industries.” “I am also pleased to announce that we have completed theacquisition of the balance 46% in GMM Pfaudler International S.à.r.l. (GMMI)and will now have 100% profits accrue from Q3 FY23.”

Others key development

The Board recommended an interimdividend of ?1 per equity share for FY23.

Completed the acquisition of Hydro AirResearch Italia S.r.l.

Completed the acquisition of the balance46% stake in GMM International S.à.r.l. (GMMI), GMMI is now a wholly ownedsubsidiary of GMMP with 100% profits accruing from Q3 FY23 onwards.

Issuance of 11,04,724 shares on apreferential basis to Millars Concrete Technologies Pvt. Ltd. (Patel Group) hasbeen completed on November 1, 2022.

Equity capital increased from Rs 2.92 crore as of 30 September2021 to Rs 8.99 crore as of 30 September 2022. Per share face Valueremained same at Rs 2.00.

Promoters' stake was 56.06% as of 30 September 2022 ,compared to54.95% as of 30 September 2021 .

Cash flow from operating activities decreased to Rs 17.47 crorefor YTD ended September 2022 from Rs 54.40 crore for YTD ended September2021. Cash flow used in acquiring fixed assets during the YTD endedSeptember 2022 stood at Rs 37.24 crore, compared to Rs 71.47 crore during theYTD ended September 2021.

Loan funds rose to Rs 888.06 crore as of 30 September 2022 from Rs668.45 crore as of 30 September 2021. Inventories rose to Rs 709.66crore as of 30 September 2022 from Rs 610.28 crore as of 30 September2021. Sundry debtors were higher at Rs 385.60 crore as of 30September 2022 compared to Rs 293.12 crore as of 30 September2021. Cash and bank balance rose to Rs 300.27 crore as of 30September 2022 from Rs 278.92 crore as of 30 September2021. Investments declined from Rs 0.66 crore as of 30 September2021 to Rs 0.09 crore as of 30 September 2022. Fixed assets increased toRs 969.13 crore as of 30 September 2022 from Rs 574.00 crore as of 30 September2021. Intangible assets declined from Rs 484.07 crore to Rs 70.86crore.

GMM Pfaudler : 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)	780.05	647.24	20.52	1,519.29	1,198.92	26.72	2,540.57	1,001.12	153.77
OPM (%)	15.23	14.48	74 bps	14.26	10.82	344 bps	11.17	13.86	-269 bps
OP	118.78	93.75	26.70	216.59	129.69	67.01	283.87	138.76	104.58
Other Inc.	19.47	2.95	560.00	47.96	4.15	1,055.66	6.73	23.48	-71.34
PBIDT	138.25	96.70	42.97	264.55	133.84	97.66	290.60	162.24	79.12
Interest	8.62	1.86	363.44	24.26	15.99	51.72	24.60	10.18	141.65
PBDT	129.63	94.84	36.68	240.29	117.85	103.89	266.00	152.06	74.93
Depreciation	28.23	39.2	-27.98	55.46	77.86	-28.77	132.62	50.48	162.72
PBT	101.40	55.64	82.24	184.83	39.99	362.19	133.38	101.58	31.31
Share of Profit/(Loss) from Associates	0	0	-	0	0	-	0	0	-
PBT before EO	101.4	55.64	82.24	184.83	39.99	362.19	133.38	101.58	31.31
EO Income	0	0	-	0	0	-	0	-33.52	-
PBT after EO	101.4	55.64	82.24	184.83	39.99	362.19	133.38	68.06	95.97
Taxation	4.51	16.84	-73.22	26.47	19.59	35.12	58.02	4.51	1,186.47
PAT	96.89	38.8	149.72	158.36	20.4	676.27	75.36	63.55	18.58
Minority Interest (MI)	31.91	4.2	659.76	48.87	-16.79	PL	-9.69	-9.89	2.02
Net profit	64.98	34.6	87.80	109.49	37.19	194.41	85.05	73.44	15.81
P/(L) from discontinued operations net of tax	0	0	-	0	0	-	0	0	-
Net profit after discontinued operations	64.98	34.6	87.80	109.49	37.19	194.41	85.05	73.44	15.81
EPS (Rs)*	14.45	7.70	87.80	24.35	8.27	194.41	18.92	24.38	-22.41

* EPS is on current equity of Rs 8.99 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

GMM Pfaudler : Consolidated Segment Results

td>-

	Quarter ended				Year to Date				Year ended
	% of (Total)	202209	202109	Var.(%)	% of (Total)	202209	202109	Var.(%)	% of (Total)	202203	202103	Var.(%)
Sales
India	28.39	221.48	180.26	22.87	28.84	438.13	334.50	30.98	27.80	706.34	616.55	14.56
Overseas	71.61	558.57	466.98	19.61	71.16	1,081.16	864.41	25.07	72.20	1,834.23	384.57	376.96
Total Reported Sales	100.00	780.05	647.24	20.52	100.00	1,519.29	1,198.92	26.72	100.00	2,540.57	1,001.12	153.77
Less: Inter segment revenues		0.00	0.00	-		0.00	0.00		0.00	0.00	-
Net Sales	100.00	780.05	647.24	20.52	100.00	1,519.29	1,198.92	26.72	100.00	2,540.57	1,001.12	153.77
PBIT
India	37.32	41.06	36.06	13.87	34.67	72.50	71.10	1.97	76.98	121.61	112.38	8.21
Overseas	62.68	68.96	21.44	221.64	65.33	136.59	-15.12	LP	23.02	36.37	-34.34	LP
Total PBIT	100.00	110.02	57.50	91.34	100.00	209.09	55.98	273.52	100.00	157.98	78.04	102.43
Less : Interest		8.62	1.86	363.44		24.26	15.99	51.71		24.60	10.18	141.65
Add: Other un-allcoable		0.00	0.00	-		0.00	0.00	-		0.00	0.00	-
PBIT Margin(%)
India		18.54	20.00	-146.55		16.55	21.25	-470.66		17.22	18.23	-101.03
Overseas		12.35	4.59	775.46		12.63	-1.75	1,438.25		1.98	-8.93	1,091.23
PBT	100.00	101.40	55.64	82.24	100.00	184.83	39.99	362.21	100.00	133.38	67.86	96.55

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