1812 (3) 1712 (3) Var. (%) 1812 (9) 1712 (9) Var. (%) 1803 (12) 1703 (12) Var. (%) Sales 726.44 572.16 27 2182.28 1701.28 28 2445.13 2246.01 9 OPM (%) 22.7 22.2   21.5 21.7   21.9 28.3   OP 165.23 126.87 30 468.62 369.12 27 535.70 634.65 -16 Other inc. 28.92 32.12 -10 97.29 72.31 35 121.81 104.36 17 PBIDT 194.16 158.99 22 565.91 441.43 28 657.51 739.01 -11 Interest 2.03 1.09 87 5.57 4.07 37 6.93 4.49 54 PBDT 192.12 157.90 22 560.34 437.36 28 650.59 734.52 -11 Dep. 21.59 17.89 21 56.19 51.60 9 65.58 72.48 -10 PBT 170.53 140.01 22 504.15 385.75 31 585.01 662.04 -12 JV/Associate Profit/Loss Share 0.00 0.00   0.00 0.00   0.00 0.00   PBT after JV/Associate P/L Share 170.53 140.01 22 504.15 385.75 31 585.01 662.04 -12 EO Income 0.00 0.00   0.00 0.00   0.00 0.00   PBT 170.53 140.01 22 504.15 385.75 31 585.01 662.04 -12 Taxation 41.31 23.48 76 148.61 93.89 58 141.39 204.83 -31 PAT 129.22 116.53 11 355.54 291.87 22 443.62 457.21 -3 EO (net of tax) 0.00 0.00   0.00 0.00   0.00 0.00   Net profit before NCI 129.22 116.53 11 355.54 291.87 22 443.62 457.21 -3 Non Controlling Interest (NCI) 0.27 0.37 -28 0.52 0.72 -27 0.27 0.44 -39 Net Profit 128.96 116.15 11 355.02 291.15 22 443.35 456.77 -3 Other Comprehensive Income (net of tax)- attributable to owners -38.55 -13.85 178 -19.89 -14.34 39 -20.65 -17.86 16 Total Comprehensive Income (net of tax) - Owners of the company 90.41 102.31 -12 335.13 276.81 21 422.70 438.91 -4 EPS (Rs)* # #   # #   47.0 48.4   * 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 " />
single

AIA Engineering has registered 27% growth in its consolidated sales for the quarter ended Dec 2018 to Rs 726.44 crore. Higher sales together with 50 bps expansion in operating profit margin (OPM) facilitated 30% growth at operating profit to Rs 165.23 crore. After accounting for lower other income and lower depreciation (as %of OP) the growth at PBT was restricted at 22% to Rs 170.53 even while the interest cost (as %of OP) marginally stand lower. Hit further by higher taxation, the PAT was up by 11% to Rs 129.22 crore. With non controlling interest (NCI) stand lower by 28% to Rs 0.27 crore the net profit before OCI was up by 11% to Rs 128.96 crore. As other comprehensive expense (OCI) jump by 178% to Rs 38.55 crore, the total comprehensive income was down by 12% to Rs 90.41 crore. But for higher taxation and higher other comprehensive expenses the bottom-line would have registered a growth.

  • Production volume for the quarter was higher by 34% to 74619 Mt and that of sales were up by 15% to 59235 MT. Higher sales volumes together with higher unit realisation (up 9% to Rs 118208.29/MT) the operational income (excluding other operating income) for the quarter was higher by 26% to Rs 700.21 crore.
  • Value of production for the quarter was up by 41% to Rs 812.91 crore and sales for the quarter was about 89.45 of value of production. Sale for corresponding previous period was about 99.6% of value of production of that period. Sales for the quarter lower than value of production reflects inventory build up which will get liquidated going forward.
  • Other operating income was up by 66% to Rs 26.23 crore. Other operating income is fully made of export benefits. Thus overall sale was up by 27% to Rs 726.44 crore.
  • The 50 bps expansion in OPM to 22.7% was largely due to rise in material cost. Material cost as proportion to sales (net of stocks) was up by 480 bps to 43.6%. The staff and OE were lower by 110 bps (to 3.8%) and 200 bps (to 32.8%) respectively.
  • Other income was down by 10% to Rs 28.92 crore. Thus the growth at PBIDT was restricted at 22% to Rs 194.16 crore. The interest cost up by 87% to Rs 2.03 crore and as % of OP it was up at 1.2% compared to 0.9% in the corresponding previous period. Depreciation was up by 21% to Rs 21.59 crore but as % of OP it was down at 13.1% compared to 14.1% in corresponding previous period. Thus the PBT was up by 22% to Rs 170.53 crore.
  • Taxation was up by 76% to Rs 41.31 crore and the tax rate was higher at 24.2% for the quarter compared to 16.8% in corresponding previous period. And thus the growth at PAT moderated and stood at 11% to Rs 129.22 crore.

Nine month performance

Sales was up by 28% to Rs 2182.28 crore but with 20 bps contraction in OPM, the operating profit was up by 27% (to Rs 468.62 crore). After accounting for higher other income, higher interest (as proportion to OP) and lower depreciation (as proportion to OP) the PBT was up by 31% to Rs 504.15 crore. The taxation was up by 58% to Rs 148.61 crore and thus the PAT was up by 22% to Rs 355.54 crore. Eventually the total comprehensive income was up by 21% to Rs 335.13 crore after accounting for lower NCI (down 27% to Rs 0.52 crore) and higher other comprehensive expenses (up 39% to Rs 19.89 crore).

Order book

Order book at the start of Jan 1, 2018 was Rs 668 crore.

Other developments

Total capital outlay for Grinding Media, Mill Liners and Wind Turbine will be Rs 800 crore in which Rs 336 crore during F.Y. 2018-19 & remaining during F.Y. 2019-20. Capex incurred till nine months-FY 2019: Rs 156 crore.

AIA Engineering: Consolidated Results

 

 

  1812 (3) 1712 (3) Var. (%) 1812 (9) 1712 (9) Var. (%) 1803 (12) 1703 (12) Var. (%)
Sales 726.44 572.16 27 2182.28 1701.28 28 2445.13 2246.01 9
OPM (%) 22.7 22.2   21.5 21.7   21.9 28.3  
OP 165.23 126.87 30 468.62 369.12 27 535.70 634.65 -16
Other inc. 28.92 32.12 -10 97.29 72.31 35 121.81 104.36 17
PBIDT 194.16 158.99 22 565.91 441.43 28 657.51 739.01 -11
Interest 2.03 1.09 87 5.57 4.07 37 6.93 4.49 54
PBDT 192.12 157.90 22 560.34 437.36 28 650.59 734.52 -11
Dep. 21.59 17.89 21 56.19 51.60 9 65.58 72.48 -10
PBT 170.53 140.01 22 504.15 385.75 31 585.01 662.04 -12
JV/Associate Profit/Loss Share 0.00 0.00   0.00 0.00   0.00 0.00  
PBT after JV/Associate P/L Share 170.53 140.01 22 504.15 385.75 31 585.01 662.04 -12
EO Income 0.00 0.00   0.00 0.00   0.00 0.00  
PBT 170.53 140.01 22 504.15 385.75 31 585.01 662.04 -12
Taxation 41.31 23.48 76 148.61 93.89 58 141.39 204.83 -31
PAT 129.22 116.53 11 355.54 291.87 22 443.62 457.21 -3
EO (net of tax) 0.00 0.00   0.00 0.00   0.00 0.00  
Net profit before NCI 129.22 116.53 11 355.54 291.87 22 443.62 457.21 -3
Non Controlling Interest (NCI) 0.27 0.37 -28 0.52 0.72 -27 0.27 0.44 -39
Net Profit 128.96 116.15 11 355.02 291.15 22 443.35 456.77 -3
Other Comprehensive Income (net of tax)- attributable to owners -38.55 -13.85 178 -19.89 -14.34 39 -20.65 -17.86 16
Total Comprehensive Income (net of tax) - Owners of the company 90.41 102.31 -12 335.13 276.81 21 422.70 438.91 -4
EPS (Rs)* # #   # #   47.0 48.4  
* 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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