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  • Shivalik Bimetal Controls
  • December 12,2017  12:38
  • Shivalik Bimetal Controls has registered 31% jump in sales for the quarter ended Sep 2017 to Rs 37.97 crore. Higher sales together with 120 bps expansion in operating profit margin to 15.9%, facilitated 41% growth in operating profit to Rs 6.03 crore. After accounting for lower other income, higher interest and depreciation cost, the growth at PBT moderated and stood at 37% to Rs 4.44 crore. EO for the quarter was nil compared to and expense of Rs 0.09 crore in the corresponding previous period and thus on deflated base, the PBT after EO was up by 41% to Rs 4.44 crore. Eventually the PAT was up by 44% to Rs 3.46 crore with tax rate stand lower for the quarter.
    • Value of production for the quarter was up by 33% (to Rs 39.64 crore) even as the revenue net of excise was up by 31% to Rs 37.97 crore. Sales for the quarter is marginally lower than value of production thereby reflecting inventory built up. And this could get diluted or delivery happens going forward.
    • Operating profit margin for the quarter expanded by strong 120 bps to 15.9%. Expansion in OPM can be attributed to lower staff cost. Material cost as proportion to sales net of stocks was higher by 40 bps to 54.5%. And that of OE was up by 20 bps to 21.4%. However the staff cost was down by 150 bps (to 8.8%). Thus facilitated by higher sales and higher OPM, the operating profit grew up by 41% to Rs 6.03 crore.
    • Other income was down by 40% to Rs 0.31 crore. The interest cost was down by sharp 82% to Rs 0.77 crore. And the depreciation cost was up by 1% to Rs 1.14 crore. While the interest as proportion to operating profit stood higher at 12.7% (compared to 9.9%) that of deprecation was lower at 18.8% compared to 26.3% in corresponding previous period. Thus the PBT before forex and EO were up by 37% to Rs 4.44 crore.
    • Forex Gain was nil for the quarter as well as corresponding previous period. And EO income was nil compared to marginal Rs 0.09 crore in the corresponding previous period. Thus the PBT after forex and EO were up by 41% to Rs 4.44 crore.
    • The taxation was up by 29% to Rs 0.98 crore in absolute terms. Current tax expense for the quarter is net of excess provision of tax of Rs 0.63 crore related to earlier years. But the tax rate was marginally lower at 22.00% compared to 24.0% in corresponding previous period. Thus the PAT was up by 44% to Rs 3.46 crore.

    Half yearly performance

    Sales were higher by 33% to Rs 74.91 crore. Higher sales together with 280 bps expansion in operating profit margin to 17.6%, facilitated 59% growth in operating profit to Rs 13.19 crore. After accounting for lower other income, higher interest and depreciation cost, the growth at PBT was strong 85% to Rs 10.31 crore. EO for the period was nil compared to and expense of Rs 0.08 crore in the corresponding previous period and thus on deflated base, the PBT after EO jumped up by 88% to Rs 10.31 crore. Eventually the PAT was up by 85% to Rs 7.27 crore with tax rate stand lower.

    Shivalik Bimetal Controls: Results

     

    1709 (3)1609 (3)Var. (%)1709 (6)1609 (6)Var. (%)
    Sales37.9729.013174.9156.2133
    OPM (%)15.914.717.614.8
    OP6.034.264113.198.3059
    Other inc.0.310.52-400.730.81-9
    PBIDT6.344.783313.929.1153
    Interest0.770.42821.361.314
    PBDT5.574.362812.567.8061
    Dep.1.141.1212.252.221
    PBT before forex gain & EO4.443.243710.315.5885
    Forex Gain0.000.000.000.00
    PBT after forex gain before EO4.443.243710.315.5885
    EO Income0.00-0.09-1000.00-0.08-100
    PBT after EO4.443.154110.315.5088
    Current Tax 0.980.76293.041.5794
    PAT3.462.39447.273.9385
    EPS (Rs)*####
    * EPS is on current equity capital of Rs 3.8403 crore Face value of Rs 2
    # EPS not caluclated due to seasonality of business
    Figures in Rs crore
    Source: Capitaline Corporate Databases

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