Budget News

ISGEC Heavy Engineering
March 04,2021 10:34

ISGEC Heavy Engineering registered 17% fall in consolidated sales for the quarter ended Dec 2020 to Rs1392.46 crore. However with operating profit margin expand by 170 bps to 7.2%, the operating profit was up by 9% to Rs100.64 crore. After accounting for higher other income, lower interest and lower depreciation, the PBT was up by 14% to Rs 96.52 crore. The share of profit from associate was a loss of Rs 0.01 crore, a swing of Rs 0.15 crore. Thus the PBT after Share of profit from associate was up 14% to Rs 96.51 crore. The taxation was up by 44% to Rs 31.63 crore and thus the PAT was up by 3% to Rs 64.88 crore. The MI was a share of loss of Rs 1.37 crore (against a share of profit of Rs 5.12 crore) and thus the PAT after MI was up 14% to Rs 66.25 crore.

Downside in revenue was largely driven by lower revenue reported by all business segments of the company. While the revenue of machinery & equipment manufacturing (M&E)was down by 37% to Rs353.98 crore (or 24% of sales) that of EPC revenue was down by 5% to Rs982.48 crore (or 66% of sales). The sugar was down by 3% to Rs155.95 crore and others was up by 923% to Rs3.07 crore.
EBIT for the period was up by 10% to Rs105.27 crore with all segments report barring M&E report growth in profits. Hit by lower sales and 110 bps contraction in segment margin, the segment profit of M&E was down by 46% to Rs 22.93 crore. However despite lower sales the segment profit of EPC was up by 20% to Rs 51.18 crore as its segment margin expand by 100 bps to 5.2%. The segment profit of sugar was up by 170% to Rs 37.85 crore.

Nine month performance

Consolidated sales was down by 12% to Rs 3807.87 crore but with OPM expand by 320 bps to 8.8%, the OP was up by 37% to Rs333.33 crore. The PBT was up by 40% to Rs260.06 crore hit by lower OI, higher interest and higher depreciation. The share of profit from associate was flat at Rs 0.14 crore. The EO was nil for the period as well as corresponding previous period. With taxation stand higher by 53% to Rs 75.65 crore, the PAT was up by 35% to Rs184.55 crore. After accounting for higherMI, the PAT (after MI) was eventually higher by 40% to Rs184.43 crore.

Other developments

To pay interim dividend of Rs 2 per equity share of Rs 1 each. The record date is Feb 25, 2021.

ISGEC Heavy Engineering: Consolidated Results

2012 (3) 1912 (3) Var. (%) 2012 (9) 1912 (9) Var. (%) 2003 (12) 1903 (12) Var. (%)
Sales 1392.46 1685.72 -17 3807.87 4310.70 -12 5882.06 5050.66 16
OPM (%) 7.2 5.5 8.8 5.6 5.5 5.3
OP 100.64 92.74 9 333.33 242.72 37 324.59 266.21 22
Other inc. 30.96 29.11 6 42.00 43.30 -3 32.09 68.76 -53
PBIDT 131.60 121.85 8 375.33 286.02 31 356.68 334.97 6
Interest 9.33 9.72 -4 36.04 26.91 34 41.14 25.55 61
PBDT 122.27 112.13 9 339.29 259.11 31 315.54 309.42 2
Dep. 25.75 27.33 -6 79.23 73.33 8 101.19 82.48 23
PBT 96.52 84.80 14 260.06 185.78 40 214.35 226.94 -6
Share of Profit from Associates -0.01 0.14 0.14 0.14 0.10 0.00
PBT before EO 96.51 84.94 14 260.20 185.92 40 214.45 226.94 -6
EO Exp 0.00 0.00 0.00 0.00 0.00 0.00
PBT after EO 96.51 84.94 14 260.20 185.92 40 214.45 226.94 -6
Taxation 31.63 21.91 44 75.65 49.37 53 65.32 82.92 -21
PAT 64.88 63.03 3 184.55 136.55 35 149.13 144.02 4
Minority Interest (MI)/Loss from Discontinued operations -1.37 5.12 -127 0.12 5.23 999 4.62 1.25 270
PAT after MI 66.25 57.91 14 184.43 131.32 40 144.51 142.77 1
EPS (Rs)* # # # # 19.7 19.4
* EPS is on current equity of Rs 7.35 crore, Face value of Rs 1
# EPS is not annualised due to seasonality of business
** Variance could not be calculated as no previous period figures
Figures in Rs crore
Source: Capitaline Corporate Database

ISGEC Heavy Engineering: Consolidated Segment Results

Segment 2012 (3) 1912 (3) Var.(%) % to total 2012 (9) 1912 (9) Var.(%) % to total 2003 (12) 1903 (12) Var.(%) % to total
Sales
Machinery & Equipment - Mfg 353.98 558.82 -37 24 1003.58 1261.31 -20 25 1612.58 1552.36 4 26
EPC 982.48 1031.12 -5 66 2457.75 2829.21 -13 61 3929.01 3237.83 21 64
Sugar 155.95 161.05 -3 10 561.73 400.25 40 14 584.41 558.30 5 10
Others/ Unallocated 3.07 0.30 923 0 16.59 0.35 4640 0 4.17 0.17 2353 0
Total Sales 1495.48 1751.29 -15 100 4039.65 4491.12 -10 100 6130.17 5348.66 15 100
Inter Segment Revenue 103.02 65.57 231.78 180.42 248.11 298.00
Net sales 1392.46 1685.72 3807.87 4310.70 5882.06 5050.66
PBIT
Machinery & Equipment - Mfg 22.93 42.62 -46 22 88.94 94.91 -6 30 84.41 142.69 -41 32
EPC 51.18 42.82 20 49 125.55 105.27 19 43 151.62 118.23 28 57
Sugar 37.85 14.01 170 36 90.00 31.98 181 31 48.30 19.97 142 18
Others/ Unallocated -6.69 -3.36 99 -6 -9.60 -9.94 -3 -3 -18.58 7.56 -346 -7
Total PBIT 105.27 96.09 10 100 294.89 222.22 33 100 265.75 288.45 -8 100
LESS: Interest expenes 8.44 9.03 33.67 25.06 37.94 22.84
Other income &unallocable expenses 0.32 2.12 1.02 11.24 13.36 38.67
PBT 96.51 84.94 14 260.20 185.92 40 214.45 226.94 -6
Note: Figures in Rs crore

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	2012 (3)	1912 (3)	Var. (%)	2012 (9)	1912 (9)	Var. (%)	2003 (12)	1903 (12)	Var. (%)
Sales	1392.46	1685.72	-17	3807.87	4310.70	-12	5882.06	5050.66	16
OPM (%)	7.2	5.5		8.8	5.6		5.5	5.3
OP	100.64	92.74	9	333.33	242.72	37	324.59	266.21	22
Other inc.	30.96	29.11	6	42.00	43.30	-3	32.09	68.76	-53
PBIDT	131.60	121.85	8	375.33	286.02	31	356.68	334.97	6
Interest	9.33	9.72	-4	36.04	26.91	34	41.14	25.55	61
PBDT	122.27	112.13	9	339.29	259.11	31	315.54	309.42	2
Dep.	25.75	27.33	-6	79.23	73.33	8	101.19	82.48	23
PBT	96.52	84.80	14	260.06	185.78	40	214.35	226.94	-6
Share of Profit from Associates	-0.01	0.14		0.14	0.14		0.10	0.00
PBT before EO	96.51	84.94	14	260.20	185.92	40	214.45	226.94	-6
EO Exp	0.00	0.00		0.00	0.00		0.00	0.00
PBT after EO	96.51	84.94	14	260.20	185.92	40	214.45	226.94	-6
Taxation	31.63	21.91	44	75.65	49.37	53	65.32	82.92	-21
PAT	64.88	63.03	3	184.55	136.55	35	149.13	144.02	4
Minority Interest (MI)/Loss from Discontinued operations	-1.37	5.12	-127	0.12	5.23	999	4.62	1.25	270
PAT after MI	66.25	57.91	14	184.43	131.32	40	144.51	142.77	1
EPS (Rs)*	#	#		#	#		19.7	19.4
* EPS is on current equity of Rs 7.35 crore, Face value of Rs 1 # EPS is not annualised due to seasonality of business ** Variance could not be calculated as no previous period figures Figures in Rs crore Source: Capitaline Corporate Database

Segment	2012 (3)	1912 (3)	Var.(%)	% to total	2012 (9)	1912 (9)	Var.(%)	% to total	2003 (12)	1903 (12)	Var.(%)	% to total
Sales
Machinery & Equipment - Mfg	353.98	558.82	-37	24	1003.58	1261.31	-20	25	1612.58	1552.36	4	26
EPC	982.48	1031.12	-5	66	2457.75	2829.21	-13	61	3929.01	3237.83	21	64
Sugar	155.95	161.05	-3	10	561.73	400.25	40	14	584.41	558.30	5	10
Others/ Unallocated	3.07	0.30	923	0	16.59	0.35	4640	0	4.17	0.17	2353	0
Total Sales	1495.48	1751.29	-15	100	4039.65	4491.12	-10	100	6130.17	5348.66	15	100
Inter Segment Revenue	103.02	65.57			231.78	180.42			248.11	298.00
Net sales	1392.46	1685.72			3807.87	4310.70			5882.06	5050.66

PBIT
Machinery & Equipment - Mfg	22.93	42.62	-46	22	88.94	94.91	-6	30	84.41	142.69	-41	32
EPC	51.18	42.82	20	49	125.55	105.27	19	43	151.62	118.23	28	57
Sugar	37.85	14.01	170	36	90.00	31.98	181	31	48.30	19.97	142	18
Others/ Unallocated	-6.69	-3.36	99	-6	-9.60	-9.94	-3	-3	-18.58	7.56	-346	-7
Total PBIT	105.27	96.09	10	100	294.89	222.22	33	100	265.75	288.45	-8	100
LESS: Interest expenes	8.44	9.03			33.67	25.06			37.94	22.84
Other income &unallocable expenses	0.32	2.12			1.02	11.24			13.36	38.67
PBT	96.51	84.94	14		260.20	185.92	40		214.45	226.94	-6
Note: Figures in Rs crore