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  • AIA Engineering
  • June 08,2019  11:49
  • AIA Engineering has registered 19% growth in its consolidated sales for the quarter ended March 2019 to Rs 887.22 crore. But with operating profit margin contract by 80 bps to 21.6%, the growth at operating profit was restricted at 15% to Rs 191.28 crore. But the PBT was down by 5% to Rs 190.25 crore dragged largely by lower other income and higher depreciation. However facilitated by lower taxation (down 28% to Rs 34.36 crore) the PAT was up by 3% to Rs 155.89 crore. With non controlling interest (NCI) being a share of profit of Rs 0.08 crore (against share of loss of Rs 0.45 crore) and other comprehensive income attributable to owners stand higher at Rs 13.35 crore (as swing of Rs 19.66 crore) the total comprehensive income attributable to owners was up by 16% to Rs 169.16 crore.
    • Production volume for the quarter was higher by 19% to 72942 Mt and that of sales were up by 21% to 80033 MT. But with unit realisation stand lower by 1% to Rs 107581.36/MT driven by higher volume the operational income (excluding other operating income) for the quarter was higher by 19% to Rs 861.01 crore.
    • Value of production for the quarter was up by 21% to Rs 843.55 crore and sales for the quarter was about 105.2% of value of production. Sale for corresponding previous period was about 106.3% of value of production of that period. Sales for the quarter higher than value of production reflects liquidation of earlier period inventory.
    • Other operating income was up by 13% to Rs 26.21 crore. Other operating income is fully made of export benefits. Thus overall sale was up by 19% to Rs 887.22 crore.
    • The 80 bps contraction in OPM to 21.6% was largely due to rise in material cost as well as OE. Material cost as proportion to sales (net of stocks) was up by 90 bps to 41.4%. Similarly the OE was higher by 30 bps (to 32.9%). But the staff cost was down by 20 bps to 3.7%.
    • Other income was down by sharp 52% to Rs 23.61 crore. Sharp fall in other income was largely due to Rs 15.89 crore swing in forex variation to a forex loss of Rs 1.90 crore and lower income such as fair value of investments. Thus the PBIDT was down by 1% to Rs 214.88 crore. The interest cost was down by 31% to Rs 1.98 crore. The depreciation was up by 62% to Rs 22.66 crore. Thus the PBT was down by 5% to Rs 190.25 crore.
    • Taxation was down by 28% to Rs 34.36 crore and the tax rate was higher at 18.1% for the quarter compared to 23.8% in corresponding previous period. And thus the growth at PAT was 3% to Rs 155.89 crore.

    Yearly performance

    Sales was up by 26% to Rs 3069.50 crore but with 40 bps contraction in OPM to 21.5%, the operating profit was up by 23% to Rs 659.90 crore. After accounting for lower other income, higher interest and higher depreciation the PBT was up by 19% to Rs 694.40 crore. The taxation was up by 29% to Rs 182.96 crore and thus the PAT was up by 15% to Rs 511.44 crore. Eventually the total comprehensive income was up by 19% to Rs 504.29 crore after accounting for higher NCI (up 126% to Rs 0.61 crore) and lower other comprehensive expenses (down 68% to Rs 6.54 crore).

    Order book

    Order book at the start of Apr 1, 2019 was Rs 637 crore.

    AIA Engineering: Consolidated Results

     

    1903 (3)1803 (3)Var. (%)1903 (12)1803 (12)Var. (%)
    Sales887.22743.85193069.502445.1326
    OPM (%)21.622.421.521.9
    OP191.28166.5815659.90535.7023
    Other inc.23.6149.51-52120.89121.81-1
    PBIDT214.88216.08-1780.79657.5119
    Interest1.982.85-317.556.939
    PBDT212.91213.230773.25650.5919
    Dep.22.6613.986278.8565.5820
    PBT190.25199.25-5694.40585.0119
    JV/Associate Profit/Loss Share0.000.000.000.00
    PBT after JV/Associate P/L Share190.25199.25-5694.40585.0119
    EO Income0.000.000.000.00
    PBT 190.25199.25-5694.40585.0119
    Taxation34.3647.50-28182.96141.3929
    PAT155.89151.753511.44443.6215
    EO (net of tax)0.000.000.000.00
    Net profit before NCI155.89151.753511.44443.6215
    Non Controlling Interest (NCI)0.08-0.45LP0.610.27126
    Net Profit 155.81152.202510.83443.3515
    Other Comprehensive Income (net of tax)- attributable to owners13.35-6.31LP-6.54-20.65-68
    Total Comprehensive Income (net of tax) - Owners of the company169.16145.8916504.29422.7019
    EPS (Rs)*##54.247.0
    * Annualised on current equity of Rs 18.8641 crore, Face value of Rs 2
    # EPS is not annualised due to seasonality of business
    Figures in Rs crore
    Source: Capitaline Corporate Database

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