For the quarter ending March 2024, consolidated Net sales (including other operating income) of S J S Enterprises has increased 75.27% to Rs 186.79 crore compared to quarter ended March 2023.?Operating profit margin has jumped from 22.52% to 25.48%, leading to 98.33% rise in operating profit to Rs 47.60 crore.??Raw material cost as a % of total sales (net of stock adjustments) increased from 43.65% to 45.34%. ??Employee cost decreased from 13.84% to 10.25%. ??Other expenses fell from 19.51% to 18.84%. ??

Other income fell 38.99% to Rs 1.94 crore.??PBIDT rose 82.27% to Rs 49.54 crore.??Provision for interest rose 388.89% to Rs 2.2 crore.??Loan funds rose to Rs 84.21 crore as of 31 March 2024 from Rs 30.49 crore as of 31 March 2023.??Inventories rose to Rs 71.96 crore as of 31 March 2024 from Rs 48.41 crore as of 31 March 2023.??Sundry debtors were higher at Rs 162.41 crore as of 31 March 2024 compared to Rs 90.51 crore as of 31 March 2023.??Cash and bank balance declined from Rs 29.72 crore as of 31 March 2023 to Rs 15.32 crore as of 31 March 2024.??Investments declined from Rs 138.77 crore as of 31 March 2023 to Rs 39.64 crore as of 31 March 2024.??

PBDT rose 77.10% to Rs 47.34 crore.??Provision for depreciation rose 80.26% to Rs 10.96 crore.??Fixed assets increased to Rs 302.43 crore as of 31 March 2024 from Rs 171.58 crore as of 31 March 2023.??Intangible assets increased from Rs 28.93 crore to Rs 174.43 crore.??

Profit before tax grew 76.17% to Rs 36.38 crore.??Share of profit/loss were nil in both the periods.??Provision for tax was expense of Rs 9.2 crore, compared to Rs 5.27 crore.??Effective tax rate was 25.29% compared to 25.52%.

Minority interest was nil in both the periods.??Net profit attributable to owners of the company increased 73.60% to Rs 26.70 crore.??

Equity capital increased from Rs 30.44 crore as of 31 March 2023 to Rs 31.04 crore as of 31 March 2024.??Per share face Value remained same at Rs 10.00.??

Promoters? stake was 21.80% as of 31 March 2024 ,compared to 50.37% as of 31 March 2023 .??

Full year results analysis.

Net sales (including other operating income) of S J S Enterprises has increased 44.97% to Rs 627.8 crore.??Operating profit margin has declined from 24.62% to 24.25%, leading to 42.76% rise in operating profit to Rs 152.22 crore.??Raw material cost as a % of total sales (net of stock adjustments) increased from 44.10% to 45.59%. ??Employee cost decreased from 12.74% to 11.23%. ??Other expenses rose from 18.95% to 19.03%. ??

Other income fell 24.14% to Rs 7.7 crore.??PBIDT rose 36.94% to Rs 159.92 crore.??Provision for interest rose 268.83% to Rs 8.52 crore.??Loan funds rose to Rs 84.21 crore as of 31 March 2024 from Rs 30.49 crore as of 31 March 2023.??Inventories rose to Rs 71.96 crore as of 31 March 2024 from Rs 48.41 crore as of 31 March 2023.??Sundry debtors were higher at Rs 162.41 crore as of 31 March 2024 compared to Rs 90.51 crore as of 31 March 2023.??Cash and bank balance declined from Rs 29.72 crore as of 31 March 2023 to Rs 15.32 crore as of 31 March 2024.??Investments declined from Rs 138.77 crore as of 31 March 2023 to Rs 39.64 crore as of 31 March 2024.??

PBDT rose 32.26% to Rs 151.4 crore.??Provision for depreciation rose 66.27% to Rs 38.74 crore.??Fixed assets increased to Rs 302.43 crore as of 31 March 2024 from Rs 171.58 crore as of 31 March 2023.??Intangible assets increased from Rs 28.93 crore to Rs 174.43 crore.??

Profit before tax grew 23.57% to Rs 112.66 crore.??Share of profit/loss were nil in both the periods.??Provision for tax was expense of Rs 27.28 crore, compared to Rs 23.92 crore.??Effective tax rate was 24.21% compared to 26.24%.

Minority interest was nil in both the periods.??Net profit attributable to owners of the company increased 26.13% to Rs 84.82 crore.??

Equity capital increased from Rs 30.44 crore as of 31 March 2023 to Rs 31.04 crore as of 31 March 2024.??Per share face Value remained same at Rs 10.00.??

Promoters? stake was 21.80% as of 31 March 2024 ,compared to 50.37% as of 31 March 2023 .??

Cash flow from operating activities increased to Rs 108.70 crore for year ended March 2024 from Rs 87.00 crore for year ended March 2023.??Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 30.11 crore, compared to Rs 30.82 crore during the year ended March 2023.??

Other Highlights

The board recommended a final dividend of Rs 2 per equity share of Rs 10 each (20%) for the financial year ended March 31, 2024. The record date for payment of the final dividend would be Tuesday, August 13, 2024.

In Q4 FY24, Overall domestic sales clocked 76.8% YoY growth on back of 110.2% YoY growth in PV business & 115.3% YoY growth in consumer business.

In Q4 FY24, exports grew 57.2% YoY. Exports as a percent of consolidated sales was 7.7%.

In FY24, two-wheelers contributed 37% to its revenue, passenger vehicles 36%, consumer segment 20% and others 7%.

The company is getting future ready with the new generation products contribution increasing from 9.4% in FY23 to 25.2% in FY24, post WPI acquisition.

Management Comments :
Mr. K. A. Joseph, Managing Director & Co-Founder, SJS Enterprises, said, ?Q4FY24 was marked by yet another quarter of better than industry performance by SJS with a revenue growth of 75.3% YoY to ? 1,867.9 Mn, compared to 22.8% YoY growth in automotive industry (2W+PV) production volumes. This growth is a result of our prudent capital allocation, our strategic investments in WPI acquisition and operational excellence. Our WPI business is progressing according to plan, with sustained margin improvement. At SJS, we will continue to explore evolving cross-selling opportunities. Our primary goal is to build a sustainable and resilient organization that effectively meets the needs of our global customers and positions us as a one stop solution provider for aesthetic products. New technology product categories like IML, IMD and IMF have been added via WPI acquisition and optical plastics / cover glass will also pick up traction in the medium term. This will help us to further increase our new generation products contribution from 25.2% of revenue to even higher levels in the coming years. I am pleased to announce that the Board has recommended a final dividend of 20% on the face value, the first time since our IPO. This underscores the Company`s growth trajectory and commitment to creating value for all shareholders.?

Mr. Sanjay Thapar, Executive Director & CEO, SJS Enterprises, said, ?FY24 have demonstrated our ability to execute our strategic plans to create a business model that will drive growth, coupled with strong performance in the PV and consumer segments, as well as increased exports. We are very happy with our Company?s performance as we have achieved our FY24 guidance of 45% revenue growth and exceeded 30% PAT growth. During the quarter, WPI`s EBITDA margins reached 25.5%, a significant increase from 20.4% in Q3 FY24. With WPI acquisition, we at SJS, now have formidable array of products & technology that will drive our growth in coming years. Our aim remains to achieve new milestones, while staying focussed to the ever-evolving needs of our customers.?

S J S Enterprises : Consolidated Results

? Quarter ended Year ended Particulars 202403 202303 Var.(%) 202403 202303 Var.(%) Net Sales (including other operating income) 186.79 106.57 75.27 627.80 433.05 44.97 OPM (%) 25.48 22.52 296 bps 24.25 24.62 -38 bps OP 47.60 24.00 98.33 152.22 106.63 42.76 Other Inc. 1.94 3.18 -38.99 7.70 10.15 -24.14 PBIDT 49.54 27.18 82.27 159.92 116.78 36.94 Interest 2.20 0.45 388.89 8.52 2.31 268.83 PBDT 47.34 26.73 77.10 151.40 114.47 32.26 Depreciation 10.96 6.08 80.26 38.74 23.3 66.27 PBT 36.38 20.65 76.17 112.66 91.17 23.57 Share of Profit/(Loss) from Associates 0 0 - 0 0 - PBT before EO 36.38 20.65 76.17 112.66 91.17 23.57 EO Income 0 0 - 0 0 - PBT after EO 36.38 20.65 76.17 112.66 91.17 23.57 Taxation 9.2 5.27 74.57 27.28 23.92 14.05 PAT 27.18 15.38 76.72 85.38 67.25 26.96 Minority Interest (MI) 0.48 0 - 0.56 0 - Net profit 26.7 15.38 73.60 84.82 67.25 26.13 P/(L) from discontinued operations net of tax 0 0 - 0 0 - Net profit after discontinued operations 26.7 15.38 73.60 84.82 67.25 26.13 EPS (Rs)* 8.60 4.96 73.60 27.33 21.67 26.13 * EPS is on current equity of Rs 31.04 crore, Face value of Rs 10, Excluding extraordinary items. # EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database

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