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  • Corporate Results - Detailed News
PPAP Automotive
31-Jan-20   11:20 Hrs IST
PPAP Automotive, a leading manufacturer of automotive sealing systems, interior and exterior automotive parts in India, has registered 16% fall in consolidated sales to Rs 78.64crore. Lower sales together with 370 bpsslide in OPM to 13.4% has resulted in 34% fall in operating profit to Rs 10.55 crore. After accounting for lower other income, flat interest (as % of sales) and higher depreciation(as % of sales), the PBT (before share of profit from JV/assoc) fell by sharp 60% to Rs 3.60 crore. With share of loss from Associate & JV stand higher at Rs 0.94 crore (up from Rs 0.47 crore) the PBT was down by 68% to Rs 2.66 crore. But with taxation stand lowerby 95% in absolute terms to Rs 0.15 crore, the fall in PAT was restricted at Rs 2.52 crore, a fall of 54%.
  • Sales for the period was down by 16% Rs 78.64 crore with about over 99% of the sales come from passenger vehicle segment of Indian automotive industry. More over Maruti Suzuki including Suzuki Motors Gujarat continue to remain PPAP's top customer accounting for 56.2% of the parts sales and Honda account for about 21.8% of sales for the quarter.
  • Lower OPM to the tune of 370 bps to 13.4% was largely due to rise in all cost heads. The material cost was higher by 220 bps to 53.8%. And the staff cost was up by 80 bps to 19.2%. The OE was up by 90 bps to 14%.
  • Other income was lower by 26% to Rs 0.18 crore. The interest cost is down by 19% to Rs 0.68 crore and as % of sales it stood flat. The depreciation was flat at Rs 6.46 crore in absolute terms but as proportion to sales it stood higher. Thus hit by lower OI and higher depreciation, the PBT (before P/L from JV/Assoc) was down by 60% to Rs 3.60 crore.
  • Share of loss from JV/Associate was a loss of RS 0.94 crore compared to a loss of RS 0.47 crore in the corresponding previous period. Thus the PBT (after P/L from JV/Assoc) stood lower by 68% to Rs 2.66 crore. Eventually the PAT was down by 54% to Rs 2.52 crore with taxation stand lower by 95% to Rs 0.15 crore.

Nine month performance performance

Consolidated sales was down by 18% to Rs 255.98 crore and that together with 490 bps erosion in OPM to 14.3%, the operating profit was down by 39% to Rs 36.64 crore. After accounting for lower OI, lower interest and depreciation, the PBT was a down by 58% to Rs 15.88 crore. The share of loss from JV/Associates was higher at Rs 1.18 crore (against a profit of Rs 0.01 crore) the PBT was down by 61% to Rs 14.70 crore. But with taxation stand lower by 80% to Rs 2.34 crore, the fall at PAT was moderated to stand at 53% to Rs 12.35 crore.

Management Comment

Ajay Kumar Jain, CMD of PPAP, commenting on the performance said, The demand for vehicles continues to be timid in the quarter which effected the top line of the company. However, due to the company's stringent focus on cost and cash flow management, the company was able to maintain profitable operations. The demand is expected to rebound in the near future which will ensure the company bouncing back to its earlier financial performance due to higher utilisation of assets.

PPAP Automotive : Consolidated Results


1912 (3)1812 (3)Var. (%)1912 (9)1812 (9)Var. (%)1903 (12)1803 (12)Var. (%)
OPM (%)13.417.114.319.218.820.8
Other inc.0.180.25-260.490.73-321.072.59-59
PBT 3.608.90-6015.8838.10-5848.2357.05-15
Share of P/(L) from Assoc/JV-0.94-0.47100-1.180.01PL0.321.90-83
PBT before EO2.668.43-6814.7038.11-6148.5558.95-18
EO Exp0.
PBT after EO2.668.43-6814.7038.11-6148.5558.95-18
Provn for taxation0.152.96-952.3411.74-8014.8119.64-25
EPS (Rs)*####24.128.1
* EPS is on current equity of Rs 14.00 crore, Face value of Rs 10
Quarterly financials is under IND AS & Fully year is under IGAAP **
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Database

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