Steel City

International Combustion (India)

(09:36, 21 Jul 2024)

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Standalone net sales (including other operating income) of International Combustion (India) has declined 13.47% to Rs 59.53 crore. Operating profit margin has declined from 15.99% to 8.10%, leading to 56.18% decline in operating profit to Rs 4.82 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 51.61% to 52.91%. Employee cost increased from 17.99% to 22.10%. Other expenses rose from 14.36% to 17.41%. Other income up 6.25% to Rs 0.34 crore. PBIDT fell 54.42% to Rs 5.16 crore. Provision for interest up 86.90% to Rs 1.57 crore. PBDT fell 65.74% to Rs 3.59 crore. Provision for depreciation rose 35.78% to Rs 1.48 crore. Profit before tax down 77.53% to Rs 2.11 crore. Provision for tax was expense of Rs 0.34 crore, compared to Rs 3.67 crore. Effective tax rate was 16.11% compared to 39.08%. Profit after tax fell 69.06% to Rs 1.77 crore.

Sales of Mineral & Material Processing & Handing Equipment segment has gone down 23.34% to Rs 35.30 crore (accounting for 58.32% of total sales). Sales of Geared Motor & Gear Box segment has gone down 0.77% to Rs 18.99 crore (accounting for 31.37% of total sales). Sales of Building MaterialBuilding Material segment has gone up 11.20% to Rs 6.25 crore (accounting for 10.32% of total sales). Inter-segment sales came down from Rs 1.99 crore to Rs 1.01 crore.
Profit before interest, tax and other unallocable items (PBIT) has slumped 31.73% to Rs 11.08 crore. PBIT of Mineral & Material Processing & Handing Equipment segment fell 24.94% to Rs 10.76 crore (accounting for 97.06% of total PBIT). PBIT of Geared Motor & Gear Box segment fell 77.95% to Rs 0.48 crore (accounting for 4.29% of total PBIT). PBIT of Building MaterialBuilding Material segment rose 41.16% to Rs -0.15 crore (accounting for -1.35% of total PBIT).
PBIT margin of Mineral & Material Processing & Handing Equipment segment fell from 31.12% to 30.48%. PBIT margin of Geared Motor & Gear Box segment fell from 11.28% to 2.51%. PBIT margin of Building MaterialBuilding Material segment rose from negative 4.52% to negative 2.39%. Overall PBIT margin fell from 22.93% to 18.31%.

Full year results analysis

Net sales (including other operating income) of International Combustion (India) has increased 33.35% to Rs 296.78 crore. Sales of Mineral & Material Processing & Handing Equipment segment has gone up 45.09% to Rs 197.33 crore (accounting for 64.90% of total sales). Sales of Geared Motor & Gear Box segment has gone up 17.85% to Rs 81.27 crore (accounting for 26.73% of total sales). Sales of Building Material segment has gone up 20.04% to Rs 25.46 crore (accounting for 8.37% of total sales). Inter-segment sales rose Rs 3.61 crore to Rs 7.27 crore.

Profit before interest, tax and other unallocable items (PBIT) has jumped 67.60% to Rs 61.50 crore. PBIT of Mineral & Material Processing & Handing Equipment segment rose 68.25% to Rs 58.20 crore (accounting for 94.64% of total PBIT). PBIT of Geared Motor & Gear Box segment fell 12.69% to Rs 3.81 crore (accounting for 6.19% of total PBIT). PBIT of Building Material segment rose 77.46% to Rs -0.51 crore (accounting for -0.83% of total PBIT).

PBIT margin of Mineral & Material Processing & Handing Equipment segment rose from 25.44% to 29.49%. PBIT margin of Geared Motor & Gear Box segment fell from 6.33% to 4.69%. PBIT margin of Building Material segment rose from negative 10.65% to negative 2.00%. Overall PBIT margin rose from 16.22% to 20.23%.

Operating profit margin has jumped from 7.79% to 12.91%, leading to 120.93% rise in operating profit to Rs 38.31 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 53.97% to 52.27%. Employee cost decreased from 21.39% to 18.70%. Other expenses fell from 16.96% to 16.20%.

Other income up 88.78% to Rs 1.85 crore. PBIDT rose 119.21% to Rs 40.16 crore. Provision for interest up 53.20% to Rs 3.11 crore. Loan funds rose to Rs 31.15 crore as of 31 March 2024 from Rs 13.12 crore as of 31 March 2023. Inventories rose to Rs 70.14 crore as of 31 March 2024 from Rs 53.28 crore as of 31 March 2023. Sundry debtors were higher at Rs 67.33 crore as of 31 March 2024 compared to Rs 46.49 crore as of 31 March 2023. Cash and bank balance rose to Rs 5.56 crore as of 31 March 2024 from Rs 4.62 crore as of 31 March 2023. Investments declined from Rs 11.21 crore as of 31 March 2023 to Rs 9.30 crore as of 31 March 2024.

PBDT rose 127.44% to Rs 37.05 crore. Provision for depreciation rose 19.09% to Rs 4.99 crore. Fixed assets increased to Rs 59.69 crore as of 31 March 2024 from Rs 42.98 crore as of 31 March 2023.

Profit before tax grew 164.96% to Rs 32.06 crore. Provision for tax was expense of Rs 12.11 crore, compared to Rs 3.79 crore. Effective tax rate was 37.77% compared to 31.32%.

Profit after tax rose 140.07% to Rs 19.95 crore.

Promoters' stake was 52.88% as of 31 March 2024 ,compared to 52.79% as of 31 March 2023 .

Cash flow from operating activities increased to Rs 5.84 crore for year ended March 2024 from Rs 4.83 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 21.03 crore, compared to Rs 9.90 crore during the year ended March 2023.

International Combustion (India) : Standalone Results

	Quarter ended			Year ended
Particulars	202406	202306	Var.(%)	202403	202303	Var.(%)
Net Sales (including other operating income)	59.53	68.80	-13.47	296.78	222.56	33.35
OPM (%)	8.10	15.99	-789 bps	12.91	7.79	512 bps
OP	4.82	11.00	-56.18	38.31	17.34	120.93
Other Inc.	0.34	0.32	6.25	1.85	0.98	88.78
PBIDT	5.16	11.32	-54.42	40.16	18.32	119.21
Interest	1.57	0.84	86.90	3.11	2.03	53.20
PBDT	3.59	10.48	-65.74	37.05	16.29	127.44
Depreciation	1.48	1.09	35.78	4.99	4.19	19.09
PBT	2.11	9.39	-77.53	32.06	12.1	164.96
PBT before EO	2.11	9.39	-77.53	32.06	12.1	164.96
EO Income	0	0	-	0	0	-
PBT after EO	2.11	9.39	-77.53	32.06	12.1	164.96
Taxation	0.34	3.67	-90.74	12.11	3.79	219.53
PAT	1.77	5.72	-69.06	19.95	8.31	140.07
P/(L) from discontinued operations net of tax	0	0	-	0	0	-
Net profit after discontinued operations	1.77	5.72	-69.06	19.95	8.31	140.07
EPS (Rs)*	7.41	23.93	-69.06	83.47	34.77	140.07

* EPS is on current equity of Rs 2.39 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

International Combustion (India) : Standalone Segment Results

	% of (Total)	202406	202306	Var.(%)	% of (Total)	202403	202303	Var.(%)
	Quarter ended				Year ended
Sales
Mineral & Material Processing & Handing Equipment	58.32	35.30	46.05	-23.34	64.90	197.33	136.00	45.09
Geared Motor & Gear Box	31.37	18.99	19.14	-0.77	26.73	81.27	68.96	17.85
Others	0.00	0.00	0.00	-
Building MaterialBuilding Material	10.32	6.25	5.62	11.20	8.37	25.46	21.21	20.04
Total Reported Sales	100.00	60.53	70.80	-14.50	100.00	304.06	226.17	34.44
Less: Inter segment revenues		1.01	1.99	-49.57		7.27	3.61	101.26
Net Sales	100.00	59.53	68.80	-13.49	100.00	296.78	222.56	33.35
PBIT
Mineral & Material Processing & Handing Equipment	97.06	10.76	14.33	-24.94	94.64	58.20	34.59	68.25
Geared Motor & Gear Box	4.29	0.48	2.16	-77.95	6.19	3.81	4.36	-12.69
Others	0.00	0.00	0.00	-
Building MaterialBuilding Material	-1.35	-0.15	-0.25	41.16	-0.83	-0.51	-2.26	77.46
Total PBIT	100.00	11.08	16.24	-31.73	100.00	61.50	36.70	67.60
Less : Interest		1.57	0.84	87.56		3.11	2.03	52.85
Add: Other un-allcoable		-7.39	-6.01	-23.10		-26.33	-22.57	-16.65
PBIT Margin(%)
Mineral & Material Processing & Handing Equipment		30.48	31.12	-64.81		29.49	25.44	405.90
Geared Motor & Gear Box		2.51	11.28	-877.49		4.69	6.33	-163.92
Others		0.00	0.00	0.00
Building MaterialBuilding Material		-2.39	-4.52	213.06		-2.00	-10.65	865.36
PBT	100.00	2.12	9.39	-77.44	100.00	32.07	12.10	165.13

Peer Comparision (Standalone)	Q-202406
Peer Comparision (Standalone)	Sales (Rs. Crs)	var.(%)	OP (Rs. Crs)	var.(%)	Net Profit (Rs. Crs)	var.(%)	Share Price(Rs) 19-Jul-2024	var.(%) over One year	TTM EPS	TTM PE
International Combustion (India) Ltd	59.53	-13.47	4.82	-56.18	1.77	-69.06	1,371.90	98.05	66.95	20.49
Atam Valves Ltd	11.48	10.38	1.47	-2	0.93	10.71	180.65	-15.98	5.16	34.98
Eimco Elecon (India) Ltd	69.72	59.25	15.06	507.26	14.78	137.62	2,897.50	286.72	84.87	34.14
Elecon Engineering Company Ltd	293.42	-9.54	72.54	-16.32	55.10	-9.52	642.00	70.07	13.25	48.45
Hawa Engineers Ltd	27.73	6.86	1.43	62.5	0.40	90.48	167.60	45.74	5.64	29.70
Integra Engineering India Ltd	35.34	-7.58	5.18	-22.92	2.94	-29.67	241.00	2.55	3.87	62.32
Kabra Extrusion Technik Ltd	88.20	-34	9.16	-26.07	2.56	-54.04	384.40	-12.85	8.20	46.89
Rajoo Engineers Ltd	50.87	62.99	7.12	143.84	5.34	117.07	399.40	713.28	3.67	108.74
Industry	636.29	-5.93	116.78	-6.26	83.82	-2.65	21,138.21	109.86		56.35

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