Results Q4-FY23 (18 May 2024)

#NSE0054– Results Q4-FY23

Precision Wires India

1. Net Profit:
   • YoY: ₹219 million compared to ₹180 million, reflecting an increase of 21.7%.
2. EBITDA:
   • YoY: ₹373 million compared to ₹333 million, showing an increase of 12%.
3. EBITDA Margin:
   • YoY: 4.25% compared to 4.17%, indicating a slight improvement in margins.

Analysis

• Net Profit: The 21.7% increase in net profit is a positive indicator of improved bottom-line performance, suggesting better cost management, increased efficiency, or higher sales.
• EBITDA: The 12% growth in EBITDA demonstrates enhanced operational profitability, reflecting improved earnings before interest, taxes, depreciation, and amortization.
• EBITDA Margin: The slight improvement in the EBITDA margin from 4.17% to 4.25% indicates a marginally better efficiency in converting revenue into EBITDA, suggesting improved operational efficiency or cost control.

Parag Milk Foods

1. Revenue:
   • YoY: ₹790 crore, essentially flat compared to the previous year.
2. EBITDA:
   • YoY: ₹36.5 crore, flat compared to the previous year.
   • EBITDA Margin: 4.6% compared to 5% last year, indicating a slight contraction.
3. Profit After Tax (PAT):
   • YoY: ₹9.8 crore, down 56% from the previous year.
   • Tax Rate: The significant decline in PAT is partly due to tax adjustments. Last year had a negative tax rate of -36%, while this year the tax rate is 27%.
4. Operating Cash Flow (OCF):
   • YoY: ₹99 crore compared to negative ₹190 crore last year, showing a substantial improvement.

Analysis

• Revenue: The flat revenue indicates that the company has maintained its sales levels but hasn’t achieved growth. This could be due to market saturation, pricing challenges, or competitive pressures.
• EBITDA and Margins: While the EBITDA remains flat, the slight contraction in margins from 5% to 4.6% suggests increased operating costs or pricing pressures that have not been fully offset by revenue.
• Net Profit: The sharp decline in PAT by 56% is notable and primarily due to the tax rate adjustments. Last year’s negative tax rate likely provided a significant one-time benefit, while this year’s normal tax rate of 27% has resulted in a lower net profit.
• Operating Cash Flow: The substantial improvement in OCF from negative ₹190 crore to positive ₹99 crore is a positive indicator of improved cash generation from operations. This could be due to better working capital management or other operational efficiencies.

Anupam Rasayan

1. Revenue:
   • YoY: ₹401 crore compared to ₹480 crore, reflecting a decline of 16.5%.
2. Net Profit:
   • YoY: ₹31 crore compared to ₹57 crore, showing a substantial decrease of 45.6%.
3. EBITDA:
   • YoY: ₹92 crore compared to ₹117 crore, indicating a decline of 21.4%.
4. EBITDA Margin:
   • YoY: 23% compared to 24.4%, showing a contraction of 1.4 percentage points.

Analysis

• Revenue Decline: The significant YoY drop in revenue suggests a reduction in sales, which could be due to lower demand, pricing pressures, or competitive challenges.
• Profitability: The sharp decline in net profit by 45.6% indicates severe pressure on the bottom line. This decline is more pronounced than the revenue drop, suggesting that the company is facing higher costs or lower efficiency.
• EBITDA and Margins: The EBITDA decline of 21.4% is substantial, and the margin contraction indicates that the company’s operating efficiency has worsened. The reduced EBITDA margin (23% vs. 24.4%) highlights increased operational costs or reduced pricing power.

Trident

1. Revenue:
   • QoQ: ₹1,682 crore compared to ₹1,835 crore, reflecting a decline of 8.3%.
   • YoY: ₹1,682 crore compared to ₹1,573 crore, showing a growth of 6.9%.
2. Profit Before Tax (PBT):
   • QoQ: ₹78 crore compared to ₹146 crore, indicating a significant decline of 46.6%.
   • YoY: ₹78 crore compared to ₹172 crore, marking a substantial decrease of 54.7%.
3. Profit After Tax (PAT):
   • QoQ: ₹59 crore compared to ₹109 crore, reflecting a decline of 45.9%.
   • YoY: ₹59 crore compared to ₹130 crore, showing a significant decrease of 54.6%.

Analysis

• Revenue: While the YoY revenue shows modest growth, the QoQ decline suggests challenges in sustaining the momentum from the previous quarter.
• Profitability: Both PBT and PAT have seen drastic declines QoQ and YoY, indicating severe pressure on the company’s profitability. The sharp reductions in PBT and PAT highlight significant operational issues or increased costs that have not been offset by revenue growth.
• EBITDA Margins: The report notes a big decline in EBITDA margins, which typically reflects higher operating costs, lower pricing power, or inefficiencies in cost management.

Tide Water Oil

1. Revenue:
   • YoY: ₹486 crore compared to ₹470 crore, reflecting a modest increase of 3.4%.
2. Profit Before Tax (PBT):
   • YoY: ₹51 crore compared to ₹41 crore, showing a growth of 24.4%.
   • QoQ: ₹51 crore compared to ₹41 crore in Q3, indicating a 24.4% increase.
3. Profit After Tax (PAT):
   • YoY: ₹43 crore compared to ₹34 crore, marking an increase of 26.5%.
   • QoQ: ₹43 crore compared to ₹34 crore in Q3, reflecting a 26.5% increase.
4. Operating Cash Flow (OCF):
   • YoY: ₹155 crore compared to ₹103 crore, showing a significant increase of 50.5%.

Tide Water Oil has demonstrated solid YoY growth in both PBT and PAT, with a notable improvement in operating cash flow. The increase in revenue is modest, but the strong growth in profitability metrics indicates improved operational efficiency or cost management. The substantial rise in operating cash flow suggests enhanced cash generation from operations.

Data Patterns

1. Revenue:
   • The revenue is described as “flattish,” indicating minimal growth or a stable revenue figure compared to the previous periods.
2. Profit Before Tax (PBT):
   • YoY: ₹95 crore compared to ₹72 crore, representing a growth of 31.9%.
   • QoQ: ₹95 crore compared to ₹65 crore in Q3, reflecting a significant increase of 46.2%.
3. Profit After Tax (PAT):
   • YoY: ₹71 crore compared to ₹55 crore, marking an increase of 29.1%.
   • QoQ: ₹71 crore compared to ₹50 crore in Q3, showing an improvement of 42%.
4. Operating Cash Flow (OCF):
   • YoY: ₹139 crore compared to negative ₹17 crore, indicating a substantial turnaround in cash flow generation.

Additional Highlights:

• Margin Expansion: There is solid margin expansion both QoQ and YoY, indicating improved operational efficiency or cost management.
• Order Book: A strong order book suggests good future revenue visibility and potential for sustained performance.

ASK Auto

1. Revenue:
   • YoY: ₹782 crore compared to ₹568 crore, representing a substantial increase of 37.7%.
2. Profit Before Tax (PBT):
   • YoY: ₹59 crore compared to ₹31 crore, showing an impressive growth of 90.3%.
   • QoQ: ₹59 crore compared to ₹55 crore in Q3, reflecting a modest increase.
3. Profit After Tax (PAT):
   • YoY: ₹48 crore compared to ₹22 crore, marking a significant increase of 118.2%.
   • QoQ: ₹48 crore compared to ₹50 crore in Q3, indicating a slight decrease.
4. Operating Cash Flow (OCF):
   • YoY: ₹304 crore compared to ₹138 crore, showing a remarkable increase of 120.3%.

Precision Wires India

1. Revenue:
   • YoY: ₹878 crore compared to ₹800 crore, showing a growth of 9.75%.
   • QoQ: This quarter’s revenue isn’t compared with the previous quarter directly, but the yearly growth indicates consistent sales performance.
2. Profit Before Tax (PBT):
   • YoY: ₹29 crore compared to ₹25 crore, reflecting a growth of 16%.
   • QoQ: ₹29 crore compared to ₹18 crore in Q3, indicating a substantial improvement of 61%.
3. Profit After Tax (PAT):
   • YoY: ₹22 crore compared to ₹18 crore, marking a growth of 22%.
   • QoQ: ₹22 crore compared to ₹13 crore in Q3, showing a significant increase of 69%.
4. Operating Cash Flow (OCF):
   • YoY: ₹60 crore compared to ₹77 crore, showing a decrease of approximately 22%.

Dodla Dairy

1. Revenue:
   • YoY: ₹787 crore compared to ₹724 crore in the same quarter of the previous year.
   • QoQ: Revenue in Q4FY24 shows an increase, although Q3 figures are not provided for a direct comparison.
2. Profit Before Tax (PBT):
   • YoY: ₹64 crore compared to ₹25 crore.
   • QoQ: ₹64 crore compared to ₹69 crore in Q3FY24, indicating a slight decrease.
3. Profit After Tax (PAT):
   • YoY: ₹47 crore compared to ₹22 crore.
   • QoQ: ₹47 crore compared to ₹41 crore in Q3FY24, showing an improvement.
4. Operating Cash Flow (OCF):
   • YoY: Negative ₹70 lakhs compared to positive ₹160 crore, indicating a significant decline.

Jyoti CNC Machines

1. Revenue:
   • YoY: ₹450 crore compared to ₹445 crore.
   • QoQ: ₹450 crore compared to ₹379 crore in Q3.
2. Profit Before Tax (PBT):
   • YoY: ₹108 crore compared to ₹52 crore.
   • QoQ: ₹108 crore compared to ₹67 crore in Q3.
3. Profit After Tax (PAT):
   • YoY: ₹100 crore compared to ₹69 crore.
   • QoQ: ₹100 crore compared to ₹48 crore in Q3.
4. Operating Cash Flow (OCF):
   • YoY: Negative ₹48 crore compared to positive ₹42 crore.

Disclaimer-

It’s important to note that discussions like are for informational purposes only and should not be taken as specific We are not SEBI registered investment advisor. Whether analyzing a company’s financial health, examining market trends, or discussing technical chart patterns, the goal is to provide insights and perspectives that can help you make more informed decisions according to your own research and investment strategy. Always consider consulting with a financial advisor or conducting thorough personal research before making any investment decisions.