Equity Analysis

Corporate Results - Detailed News
Automobile corporation of Goa
27-Jan-22   21:24 Hrs IST
For the quarter ending Dec 2021, Net sales (including other operating income) of Automobile Corporation Of Goa has increased 115.77% to Rs 76.06 crore compared to quarter ended Dec 2020. Sales of Pressing Segment segment has gone up 49.65% to Rs 18.15 crore (accounting for 23.84% of total sales).  Sales of Bus Body Segment segment has gone up 150.74% to Rs 57.97 crore (accounting for 76.16% of total sales).  

PBIT of Pressing Segment grew by 116.85% to Rs 1.25 crore.  PBIT of Bus Body Segment reported profit of Rs 2.41 crore compared to profit of Rs 3.17 crore.  

PBIT margin of Pressing Segment segment rose from 4.74% to 6.87%.  PBIT margin of Bus Body Segment segment rose from -13.72% to 4.16%.  Overall PBIT margin rose from -7.37% to 4.81%.  

Operating profit margin (OPM) has turned from negative 6.31% to positive 6.16%, Operating profit for the quarter stood at Rs 4.69 crore compared to loss of Rs 2.22 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 62.74% to 72.03%.   Employee cost decreased from 26.26% to 11.25%.   Other expenses fell from 17.06% to 11.41%.   

Other income fell 63.80% to Rs 1.15 crore.  PBIDT rose 508.24% to Rs 5.84 crore.  Provision for interest up 2.42% to Rs 0.03 crore.  

PBDT rose 521.65% to Rs 5.82 crore.  Provision for depreciation down 2.92% to Rs 1.25 crore.  

Profit before tax reported profit of Rs 4.56 crore compared to loss of Rs 0.36 crore.  Provision for tax was Rs 1.16 crore compared to nil

Profit after tax reported profit of Rs 3.41 crore compared to loss of Rs 0.35 crore.  

Promoters' stake was 56.43% as of 31 December 2021 ,compared to 56.43% as of 31 December 2020 .  

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Automobile Corporation Of Goa has increased 140.31% to Rs 166.90 crore. Sales of Pressing Segment segment has up down 91.41% to Rs 41.68 crore (accounting for 24.96% of total sales).  Sales of Bus Body Segment segment has gone up 162.83% to Rs 125.31 crore (accounting for 75.04% of total sales).  

PBIT of Pressing Segment reported profit of Rs 1.55 crore compared to loss of Rs 1.34 crore.  PBIT of Bus Body Segment reported loss of Rs 10.33 crore compared to loss of Rs 17.85 crore.  

PBIT margin of Pressing Segment segment rose from -6.14% to 3.71%.  PBIT margin of Bus Body Segment segment rose from -37.43% to -8.24%.  Overall PBIT margin rose from -27.62% to -5.26%.  

Operating profit margin has jumped from negative 24.50% to negative 2.25%, leading to 77.90% fall in operating loss to Rs 3.76 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 63.04% to 72.07%.   Employee cost decreased from 41.58% to 17.02%.   Other expenses fell from 19.48% to 13.00%.   

Other income fell 29.11% to Rs 5.64 crore.  PBIDT stood at Rs 1.88 crore compared to loss of Rs 9.05 crore.  Provision for interest fell 13.43% to Rs 0.08 crore.  

PBDT stood at Rs 1.80 crore compared to loss of Rs 9.14 crore.  Provision for depreciation down 1.44% to Rs 3.78 crore.  

Loss before tax has fallen 84.78% to Rs -1.98 crore.  Provision for tax was credit of Rs 0.45 crore, compared to credit of Rs 3.21 crore.  Effective tax rate was 22.73% compared to 24.69%.

Loss after tax fell 84.37% to Rs -1.53 crore.  

Promoters' stake was 56.43% as of 31 December 2021 ,compared to 56.43% as of 31 December 2020 .  


Full year results analysis

Net sales (including other operating income) of Automobile Corporation Of Goa has declined 65.27% to Rs 115.70 crore.  Sales of Pressing Segment segment has gone down 33.50% to Rs 38.05 crore (accounting for 32.89% of total sales).  Sales of Bus Body Segment segment has gone down 71.90% to Rs 77.65 crore (accounting for 67.11% of total sales).  

PBIT of Pressing Segment reported loss of Rs 0.18 crore compared to profit of Rs 0.76 crore.  PBIT of Bus Body Segment reported loss of Rs 22.98 crore compared to profit of Rs 8.08 crore.  

PBIT margin of Pressing Segment segment fell from 1.32% to 0.48%.  PBIT margin of Bus Body Segment segment fell from 2.92% to 29.59%.  Overall PBIT margin fell from 2.65% to -20.02%.  

Operating profit margin (OPM) has turned from positive 2.91% to negative 18.59%, Operating profit for the quarter stood loss of Rs 21.51 crore compared to profit of Rs 9.71 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 65.55% to 65.11%.   Employee cost increased from 13.74% to 34.43%.   Other expenses rose from 17.78% to 18.89%.   

Other income up 0.56% to Rs 10.44 crore.  PBIDT stood at Rs 11.07 crore compared to profit of Rs 20.1 crore.  Provision for interest fell 40.64% to Rs 0.11 crore.  Loan funds rose to Rs 17.38 crore as of 31 March 2021 from Rs 0.54 crore as of 31 March 2020.  Inventories declined from Rs 39.54 crore as of 31 March 2020 to Rs 39.45 crore as of 31 March 2021.  Sundry debtors were lower at Rs 23.86 crore as of 31 March 2021 compared to Rs 49.49 crore as of 31 March 2020.  Cash and bank balance declined from Rs 11.73 crore as of 31 March 2020 to Rs 1.64 crore as of 31 March 2021.  Investments rose to Rs 8.96 crore as of 31 March 2021 from Rs 6.04 crore as of 31 March 2020 .  

PBDT stood at Rs 11.18 crore compared to profit of Rs 19.91 crore.  Provision for depreciation down 2.49% to Rs 5.1 crore.  Fixed assets declined from Rs 59.69 crore as of 31 March 2020 to Rs 54.90 crore as of 31 March 2021.  Intangible assets declined from Rs 0.13 crore to Rs 0.07 crore.  

Profit before tax reported loss of Rs 16.28 crore compared to profit of Rs 14.68 crore.  Extraordinary items were increased to Rs -0.02 crore.  Provision for tax was credit of Rs 3.79 crore, compared to debit of Rs 3.37 crore.  Effective tax rate was 23.25% compared to 25.28%.

Profit after tax reported loss of Rs 12.51 crore compared to profit of Rs 9.96 crore.  

Promoters' stake was 56.43% as of 31 March 2021 ,compared to 56.43% as of 31 March 2020 .  

Cash flow from operating activities has turned negative Rs 19.97 crore for year ended March 2021 from positive Rs 21.47 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 0.40 crore, compared to Rs 1.40 crore during the year ended March 2020.  

Automobile Corporation of Goa : Standalone Results

 

2112 (3)2012 (3)Var (%)2112 (9)2012 (9)Var (%)2103 (12)2003 (12)Var (%)
Sales76.06 35.25115.77%166.90 69.45140.31%115.7333.17-65.27%
OPM (%)6.16%-6.31%1247 bps-2.25%-24.50%2225 bps-18.59%2.91%-2150 bps
OP4.69 (2.22)LP(3.76)(17.01)77.90%(21.51)9.71 -321.47%
Other inc.1.15 3.19 -63.80%5.64 7.96 -29.11%10.44 10.38 0.56%
PBIDT5.84 0.96 -508.24%1.88 (9.05)LP(11.07)20.09 -155.07%
Interest0.03 0.02 2.42%0.08 0.09 -13.43%0.11 0.19 -40.64%
PBDT5.82 0.94 -521.65%1.80 (9.14)LP(11.18)19.91 -156.14%
Dep.1.25 1.29 -2.92%3.78 3.84 -1.44%5.10 5.23 -2.49%
PBT4.56 (0.36)LP(1.98)(12.98)84.76%(16.28)14.68 -210.89%
Share of profit/loss from JV- - 0.00%- - 0.00%- - 0.00%
PBT Befor EO4.56 (0.36)LP(1.98)(12.98)84.76%(16.28)14.68 -210.89%
Execptional items- - 0.00%- 0.02 LP0.02 1.35 -98.52%
PBT After EO4.56 (0.36)LP(1.98)(13.00)84.78%(16.30)13.33 -222.28%
Total Tax1.16 (0.00)PL(0.45)(3.21)-86.05%(3.79)3.37 LP
PAT3.41 (0.35)LP(1.53)(9.79)84.37%(12.51)9.96 -225.60%
Minority Interest- - 0.00%- - 0.00%- - 0.00%
Net Profit3.41 (0.35)LP(1.53)(9.79)84.37%(12.51)9.96 -225.60%
EPS (Rs)*##-20.5118.01
* EPS is on current equity of Rs 6.0886 crore, Face value of Rs. 10 Each
# EPS is not annualised due to seasonality of business
BPS- Basis points
LP: Loss to profit
PL: Profit to Loss
Figures in Rs crore
Source: Capitaline Corporate Database

Automobile Corporation of Goa : Standalone Segment results

 

Sales% of Total 2112(3)2112 (3)2012(3)Var. (%)% of Total 2112(9)2112 (9)2012(9)Var. (%)% of Total 2103(12)2103 (12)2003(12)Var. (%)
Pressing Segment23.84%18.1512.1349.65%24.96%41.6821.7791.41%32.89%38.0557.21-33.49%
Bus body segment76.16%57.9723.12150.74%75.04%125.3147.68162.83%67.11%77.65276.36-71.90%
Total Reportable Segment76.1235.25115.96%166.9969.45140.44%115.70333.57-65.31%
Un allocated0.000.000.00%0.000.000.00%0.000.000.00%
Total76.1235.25115.96%166.9969.45140.44%115.70333.57-65.31%
Less: Inter segment revenues0.060.000.00%0.090.000.00%0.000.40LP
Net sales76.0635.25115.77%166.9069.45140.31%115.70333.17-65.27%
PBIT
Pressing Segment34.07%1.250.58116.85%-17.63%1.55-1.34LP0.78%-0.180.76PL
Bus body segment65.93%2.41-3.17LP117.63%-10.33-17.85-42.14%99.22%-22.988.08PL
Total3.66-2.60LP-8.78-19.18-54.24%-23.168.83PL
Less: Interest0.010.014.76%0.030.05-35.77%0.060.14-53.99%
Less: unallocable income-0.92-2.25-59.42%-6.84-6.239.65%-6.92-4.6349.58%
PBT4.56 -0.36-1382.54%(1.98)-13.00-84.80%-16.3013.33-222.30%
LP: Loss to profit
PL: Profit to Loss
Figures in Rs crore
Source: Capitaline Corporate Database

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