August 12, 2023 | |
SEL/SEC/ 2023-2024/36 | |
BSE Limited | National Stock Exchange of India Ltd |
Department of Corporate Services | Exchange Plaza, C-1,Block-G, |
P. J. Towers, 25th Floor, Dalal Street, | Bandra Kurla Complex, Bandra (E) |
Mumbai- 400 001 | Mumbai- 400 051 |
Ref: 532509 | Ref: SUPRAJIT |
Dear Sirs,
Sub: Press Release
Please find enclosed Press Release dated August 12, 2023.
Kindly take the aforesaid information on record in compliance of SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015.
Thanking you,
Yours faithfully,
For Suprajit Engineering Limited
MEDAPPA
GOWDA JANTIKAPU
Digitally signed by
MEDAPPA GOWDA JANTIKAPU
Date: 2023.08.12 15:05:45 +05'30'
Medappa Gowda J CFO & Company
Encl: as above
PRESS RELEASE
FINANCIAL RESULTS AND BUSINESS UPDATE - 12th August 2023
Unaudited results for the quarter ended :
(Rs. In Million)
CONSOLIDATED | June 2023 | June 2022 | Growth | ||
Amount | % | Amount | % | ||
OPERATING REVENUE (Net of taxes) | 6796.83 | 6451.84 | 5.35% | ||
EBITDA (Operational) | 743.60 | 10.94% | 565.84 | 8.77% | 31.41% |
STANDALONE | June 2023 | June 2022 | Growth | ||
Amount | % | Amount | % | ||
OPERATING REVENUE (Net of taxes) | 3332.26 | 3366.25 | (1.01%) | ||
EBITDA (Operational) | 590.90 | 17.73% | 514.77 | 15.29% | 14.79% |
Suprajit Controls Division | June 2023 | June 2022 | Growth | ||
(SCD) | Amount | % | Amount | % | |
OPERATING REVENUE (Net of taxes) | 3493.86 | 3237.28 | 7.93% | ||
EBITDA (Operational) | 250.27 | 7.16% | 153.49 | 4.74% | 63.05% |
Domestic Cable Division (DCD) | June 2023 | June 2022 | Growth | ||
Amount | % | Amount | % | ||
OPERATING REVENUE (Net of taxes) | 2398.33 | 2379.38 | 0.80% | ||
EBITDA (Operational) | 423.40 | 17.65% | 366.33 | 15.40% | 15.58% |
Phoenix Lamps Division | June 2023 | June 2022 | Growth | ||
Consolidated (PLD) | Amount | % | Amount | % | |
OPERATING REVENUE (Net of taxes) | 876.76 | 835.17 | 4.98% | ||
EBITDA (Operational) | 70.37 | 8.03% | 46.02 | 5.51% | 52.92% |
Suprajit Electronics Division | June 2023 | June 2022 | Growth | ||
(SED) | Amount | % | Amount | % | |
OPERATING REVENUE (Net of | 27.89 | - | - | - | |
taxes) | |||||
EBITDA (Operational) | (0.44) | (1.58%) | - | - | - |
Above Operational EBITDA is without considering all non-operational income/ expenses on forex gain/ loss & acquisition expenses.
2 | PRESS RELEASE |
Group Debt Level (Rs. in Million) & Investments :
PARTICULARS | June-23 | Mar-23 |
Short Term | 2,832 | 3,769 |
Long Term | 3,295 | 2,648 |
TOTAL | 6,127 | 6,417 |
Investment in Mutual Funds / Bonds | 4,872 | 4,451 |
Sector and Geographical Transformation:
BUSINESS UPDATE:
- The overall Indian automotive segment grew at 2.8% during first quarter of 2023-24. Against this the consolidated quarterly operational income increased to Rs. 6796.83 Million from Rs. 6451.84 Million a growth of 5.35%
- The operational EBITDA on a consolidated basis increased to Rs. 743.60 Million from Rs. 565.84 Million, a growth of 31.41%.
- Both consolidated and standalone margins have improved compared to Q1 of last year.
- High interest rates and inflation continue to impact the global economy leading to recessionary trends. This is felt significantly in the non-automotive part of the business with consumers postponing discretionary purchases like outdoor power equipment, power sports vehicles, etc.
3 | PRESS RELEASE |
- While the global automotive industry did not grow in this quarter, Suprajit grew its business well, due to significant new businesses won and productionised.
- Domestic revenues remained flat due to seasonal trends in the aftermarket.
- As informed in the last business update dated 29th May 2023, the group's business is now regrouped under 4 divisions and the performance of the individual divisions has been reported as above. A commentary on each division is provided hereunder.
DIVISIONAL HIGHLIGHTS FOR THE YEAR:
Suprajit Controls Division (SCD) :
SCD comprises of automotive and non-automotive exports from India and businesses outside of India, through Unit 9 /SAL / SEU/ Wescon/ LDC entities, including Shanghai Lonestar, Suprajit Hungary and Suprajit Mexico.
- SCD had a business of Rs. 3493.86 Million against Rs.3237.28 Million, a growth of 7.93%
- Operational EBIDTA improved to Rs.250.27 Million from 153.49 Million, an increase of 63.05%
- Shanghai Lonestar growth suffered due to significant cutbacks from select non- automotive customers. This is due to macroeconomic factors and expected to continue for a few more quarters.
- Wescon and Unit 9 had a negative growth due to significant drop in the north American non-automotive business. Some customers reduced offtake by up to 50% and new business wins were not sufficient to compensate for such significant cutbacks.
- This division faced certain unfavorable currency movements.
- The operations at Matamoros and Siófok had double-digit revenue growth, due to new business wins.
- SAL and SEU had strong double-digit growth, due to new wins.
- Integration of all the divisions within SCD is progressing well. Joint marketing efforts have led to significant new business wins and will lead to robust growth in coming years.
- The strategy of "One Suprajit" as a global platform for control cables and actuation is leading to a strong customer acceptance despite the weak global market.
- A list of new wins in cables and Electro Mechanical Actuators (EMA) with annual and lifetime potential is tabled below.
4 | PRESS RELEASE |
AUTOMOTIVE WINS (For the Last 1 Year): | (in US$ Million) |
Note : 1. Estimated value based on customers' projections and subject to change.
- These projects are expected to go into production in the coming 1-3 years with different start dates.
- Actual volumes will be as per customer requirements at the start of commercial production.
- This is a one-time disclosure only to provide an insight on business wins under the new division.
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Suprajit Engineering Limited published this content on 12 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2023 10:04:06 UTC.