M&M Q2 PAT after EI at Rs 1,432 crores up

M&M Results Q2 and half year FY2022

 

M&M Q2 PAT after EI at Rs 1,432 crores up 8x

Consolidated PAT after EI at Rs 1,929 crores up 214%

 

•     M&M Q2 Revenue Rs 13,305 crores up 15%; Consolidated Revenues at Rs 21,470 crores up 12%

•     XUV 7OO launch – an overwhelming response: 50,000 bookings in 3 hours, 70,000 plus to date

•     Auto business continues to maintain strong booking pipeline for its key products

•     Farm Equipment Sector (FES) Tractors Market Share at 40.1% up 1.9 % compared to Q2 FY2021

•     Farm Subsidiaries recorded 5^th consecutive quarter of Positive PBIT; 2^nd quarter over Rs. 100 crores

•     EV 3 wheelers volume with 68% market share up by 318% compared to Q2 FY2021

•     Strong exports volumes: Farm up 105% (highest ever in H1); Auto up 86% compared to Q2 FY2021

 

The Board of Directors of Mahindra & Mahindra Limited today approved the financial results for the quarter and half year ended 30^th September 2021 of the Company and the consolidated Mahindra Group

Key highlights below:    Rs. crores

	Q2 FY2022	Q2 FY2021		Growth% YOY		H1 FY2022		H1 FY2021		Growth% YOY
M&M Results
Revenue	13,305	11,590		15%		25,068		17,180		46%
EBITDA	1,660	2,057		-19%		3,292		2,630		25%
PAT before EI	1,687	1,311		29%		2,621		1,350		94%
PAT after EI	1,432	162		8x		2,287		230		9x
Group Consolidated Results
Revenue	21,470	19,227		12%		40,642		31,196		30%
PAT** (before EI) from continuing operations	1,975	1,385		43%		2,448		1,365		79%
PAT** (after EI) from continuing operations	1,929	615		214%		2,353		566		316%
Volumes
Total Vehicles sold	99,334	91,536		9%		1,85,192		1,21,155		53%
Total Tractors sold	88,920	93,246		-5%		1,88,849		1,58,903		19%

EI - Exceptional Items

**PAT is PAT after NCI - Non-Controlling Interest

Highlights of the financial results are:

-        M&M operating margin 12.5% despite rising commodity prices and shortage of semi-conductors

-        Strong growth in exports both in Auto and Farm businesses

-        Strong recovery across group companies … Mahindra Finance NPA recovery on track

-        Porter, one of our new age digital platforms, valued at Rs. 3,750 crores with external funding round of Rs. 750 crores

 

Automotive

·         Very healthy booking pipeline and buoyant demand for the Company’s products

·         Global shortage of semi-conductors has impacted the production and sales for another quarter

·         Overall 160k plus bookings with XUV7OO leading the way with 70k plus bookings

·         Stringent cost control measures have helped partially mitigate margin impact of commodity price increase

 

Farm Equipment

·         Farm Business delivered excellent performance with second highest Q2 in terms of (a) PBIT, (b) Domestic volumes, and (c) Export Volumes

·         Healthy growth of 1.9% in market share for M&M

·         Yuvo Tech+ tractors launched in 35, 39 & 42 HP range; powered by advanced 3-cylinder mZIP engine offering best in Class: Ergonomics, High precision lift capacity (up to 1700 kgs) and 6 years Warranty

 

Commenting on Q2 FY22 performance …

 

Dr. Anish Shah, Managing Director & CEO, M&M Ltd, said, “We have seen significant all around improvement in our performance this quarter. Our strong show in the Auto and Farm sectors was complemented well by the improved performance in the group companies. Our investments in digital platforms are doing well and present a meaningful opportunity to create and unlock value.”

Mr. Rajesh Jejurikar, Executive Director, M&M Ltd, said, “FES continued to deliver robust performance both in terms of market share and financial metrics despite steep commodity inflation. We had a blockbuster XUV7OO launch witnessing bookings of more than 70k. The demand for our other key automotive products also remains strong. With better availability of semi-conductors, we hope to maintain the volume growth momentum Q3 onwards. We are poised well to deliver very strong growth and returns through an exciting new product portfolio.“

Mr. Manoj Bhat, Group Chief Financial Officer, M&M Ltd, said, “Commodity prices have impacted our margins in both the Auto and Farm business, but our focus on cost management and optimization has helped mitigate some of the impact.”

NTPC – Q1 FY21 Unaudited

NTPC – Q1 FY21 Unaudited Results

  

The country’s largest power generator- NTPC Ltd. with a group installed capacity of 62110 MW, declared the unaudited financial results for Q1 FY21 today.

The gross generation of NTPC in Q1 FY21 was 60.18 Billion units as against 68.49 Billion units during the corresponding previous quarter. NTPC Coal stations achieved PLF of 58.22% in Q1 FY21 as against the National Average PLF of 46.70%.

On standalone basis, in Q1 FY21, the total income was Rs.24,021 crore as against the total income of Rs.24518.81 crore during the corresponding previous quarter. Profit After Tax (PAT) for Q1 FY21 was Rs.2,470.16 crore (after allowing rebate to beneficiaries which have met the conditions approved by the Board, of Rs.802.57 crore on the capacity charges during the lock down period) as compared to Rs.2,602.79 crore in the corresponding previous quarter

RITES FY20 Revenue up by

RITES FY20 Revenue up by 22.1%, PAT up by 29.3%

Final dividend of Rs 6 per share

RITES Ltd. (NSE: RITES, BSE: 541556), the leading Transport  Infrastructure Consultancy and Engineering firm, announced its standalone and consolidated financial results for the Quarter and Year ended on 31^st March, 2020. 

        

       Highlights for FY20 Standalone Financials

      §  Total Revenue up by 23.1% to  Rs 2665 crore, highest ever

§  Achieved growth of 21.9% against targeted growth of 17% in operating revenue

§  Exports increased by 161.6% to Rs 541 crore

§  Profit After Tax up by 34.1% to Rs 596 crore, highest ever

§  Final Dividend of Rs 6 per share recommended by Board of Directors

§  Highest ever annual dividend of Rs 400 crore

     Highlights for FY20 Consolidated Financials

§  Total Revenue up by 22.1% to Rs 2735 crore, highest ever

§  Profit After Tax up by 29.3% to Rs 633 crore, highest ever

§  Order Book as on 31.03.2020 stands at Rs 6223 crore

§  EPS at Rs 24.64 as compared to last year’s Rs 18.78 up by 31.2%

   Highlights for Q4 FY20 Standalone Financials

§  Total Revenue stands at Rs 596 crore as against Rs 765 crore in Q4FY19

§  Profit After Tax stands at Rs 131 crore as against Rs 133 crore in Q4FY19

§  Margins maintained across segments

Highlights for Q4 FY20 Consolidated Financials

§  Total Revenue stands at Rs 614 crore as against Rs 789 crore in Q4FY19

§  Profit After Tax stands at Rs 144 crore as against Rs 150 crore in Q4FY19

§  EPS at Rs 5.56 as compared to last year’s Rs 5.81

Revenue and Profit Growth

Consolidated

RITES total consolidated revenue has gone up by 22.1% to Rs 2735 crore. Similarly, the operating revenue, excluding other income, increased by 20.9% and reached Rs 2474 crore. Consolidated EBITDA and PAT have gone up by 19.6% and 29.3% to `929 crore and Rs 633 crore, respectively, over FY19. This significant growth came with sustained EBITDA and PAT margins which stand at 34% and 23.2% respectively. These margins are the result of strategic focus on order execution and increased human resource productivity.

Standalone

RITES total standalone revenue has gone up by 23.1% to Rs 2665 crore. Similarly, the operating revenue, excluding other income, increased by 21.9% and reached `2401 crore in FY20. EBITDA and PAT have gone up by 21.6% and 34.1% to `867 crore and `596 crore, respectively, over FY19. Consultancy and leasing helped to maintain profit margins and EBITDA and PAT margin stand at 32.5% and 22.4%, respectively during the year. Key performance was in Exports which saw a jump of 161.6%. Consultancy revenue remained almost flat because of various reasons including disruption in March’20 and certain foreign projects suffered due to lockdown in those countries. Other than exports, leasing and turnkey also saw high growth of 16.5% and 18.7% respectively.

Q4FY20 (standalone)

Q4FY20 total revenue stands at `596 crore as against `765 crore in Q4FY19. Revenue moderated during the quarter due to lockdown and major exports shipments were already completed till Q3FY20. Similarly, the operating revenue, excluding other income, stands at `553 crore in FY20. EBITDA and PAT margin stand at 31.9% and 22%, respectively which remained intact on better margins from consultancy.

Performance of our Subsidiary and JV

Revenue from our subsidiary REMCL has remained almost flat amounting to `81 crore against `83 crore in the previous financial year. PBT has shown a slight growth of 0.6% with `50 crore against `49 crore in FY19. Revenue from this subsidiary got impacted in Q4FY20 due to low demand from railways during lockdown and maintenance work for wind mills.

Our wagon manufacturing Joint Venture, SRBWPL, has achieved a profit of `16 crore with revenue of `265 crore during FY20. The wagon manufacturing joint venture has produced and rehabilitated 1066 wagons during the last financial year.

Commenting on the results, Mr. Rajeev Mehrotra, Chairman and Managing Director, RITES Limited, said, “Notwithstanding the challenging business environment, I am pleased to share that our company has demonstrated sustained growth momentum across the segments during FY20 and again surpassed the revenue and profitability targets. Rolling stock exports remained our strategic growth area duly supported with Govt of India’s Make in India program. We achieved a major success by securing an export order of `706 crore from Mozambique for cape gauge locomotives and coaches. We plan to develop products for standard gauge countries too. ”

Dividend

After declaring 2 interim dividends of `150 crore (`6 per share) and `100 crore (`4 per share) for FY20, Board of Directors have recommended a final dividend of `150 crore (`6 per share) for FY20 which is 60% of paid-up capital. This dividend will take the dividend payout of the company to 67% for the FY20 based on the PAT of FY20 and it will make it the highest ever annual dividend declared by the company.

Growth Outlook for FY21

Commenting on the outlook, Mr. Mehrotra said, “The Company has successfully surpassed the guidance for FY20. Some uncertainties have emerged in recent times due to Covid-19, which may impact the business operations in FY21 but sufficient order book, diversified business segments and opportunities in infrastructure sector at domestic level as well as abroad are expected to help in quick recovery and future business growth.”

Annual press conference 2020 | Bosch Limited registers

Annual press conference 2020 | Bosch Limited registers 16.6 percent Profit Before Tax (before EI) in FY 2019-20 from continuing operations

„  Investments stood at INR 399 crores in fiscal year (FY) 2019-20

„  Total revenue from operations declined by 18.6 percent during the FY 2019-20 due to the slowdown in auto industry

„  Profit Before Tax (PBT) from continuing operations and before exceptional items stood at 1,636 crores, down 29.9 percent compared to the previous year

„  For the quarter ended on March 31, 2020, total revenue from operations declined by 18.1 percent compared to the same period of the previous year

„  Dividend of INR 105 per share proposed for FY 2019-20

 Bosch Limited, a leading supplier of technology and services, ended its fiscal year 2019-20 with a total revenue from operations of INR 9,842 crores (1.25 billion euros), thus registering a decline of 18.6 percent compared to the previous fiscal year. Profit Before Tax (PBT) from continuing operations and before exceptional items declined by 29.9 percent to INR 1,636 crores. 

PBT in FY 2019-20 thus amounted to 16.6 percent of total revenue from operations. “The financial figures reported are in-line with the downward trend in the automotive industry which has been going through a challenging phase for some time and is now having to deal with the impact of the coronavirus. More than ever, it is now important to stay connected with associates and customers and assess ground-level activities.

We have to prepare ourselves for a prolonged slowdown in the market in FY 2020-21”, said Soumitra Bhattacharya, Managing Director of Bosch Limited.” He further commented, “Following directives from the Center and State, Bosch Limited gradually ramped up its production in the country. We have taken multiple safety measures for our associates and we are making every effort to ensure sustained and stable supplies to support our customers.”

During the FY 2019-20, Bosch Limited has made a provision of INR 717 crores, towards various restructuring, reskilling and redeployment initiatives. These provisions are in line with the company’s transformation initiatives and has been made to capitalize on opportunities emerging in electromobility and other mobility related projects. The PBT after exceptional items stood at INR 920 crores, or 9.3 percent of totalrevenue from operations. Profit After Tax (PAT) from continuing operations stood at INR 730 crores before exceptional tax items. The impact of deferred tax assets, due to exercising the option of a concessional tax rate of 22 percent plus applicable surcharge and cess for domestic companies has been defined as an exceptional item. In accordance with the approvals received from the Board of Directors from the shareholders, Bosch Limited has executed a business transfer agreement on October 1, 2019 and transferred the business of the former Packaging Technology division.

Consequently, the Profit Before and After Tax of INR 87 and 65 crores respectively of this division has been disclosed separately as discontinuing operations for the year. PAT for the period including discontinuing operations stood at INR 650 crores in the financial year 2019-20. Total investments in 2019-20 amounted to INR 399 crores with major spend on expansion of our Bidadi plant and Adugodi campus.

Results in Quarter 4 of FY 2019-20

In the quarter ending on March 31, 2020, – Quarter 4 of FY 2019-20 – Bosch Limited posted a total revenue from operations of INR 2,237 crores, thus registering a decline of 18.1 percent compared to the corresponding quarter in 2019. PBT before exceptional items from continuing operations for the current quarter stood at INR 361 crores, 36.2 percent decline over the same period of previous year. The decline is due to the reduced turnover following the market slowdown and the impact of the coronavirus pandemic  during the last few days of the quarter. 

The PBT after exceptional items stood at INR 64 crores which is a margin of 2.9 percent of total revenue from operations.

During the quarter, Bosch Limited has made an incremental provision of INR 297 crores, towards various restructuring, reskilling and transformational projects as mentioned above. The PAT from continuing operations before and after exceptional items stood at 13.9 percent and 3.6 percent of total revenue from operations respectively. “Bosch is adapting to the current market developments with measures to manage resources and enhance operational efficiencies. Various restructuring and transformation projects are under implementation to secure future profitability and growth. We will continue our investments in future business viz. electrification, mobility services and revamping of our Adugodi campus as a technology hub.” said Bhattacharya. Total revenue of Bosch Limited’s Mobility Solutions Business sector decreased by 23.7 percent in the quarter ending on March 31, 2020. Within this business sector, total revenue of the Powertrain division declined by 29.5 percent, while the Two-Wheeler and Powersports product unit witnessed good growth during the quarter.

Business development in FY 2019-20

Bosch Limited’s Mobility business sector declined by 24.4 percent in 2019-20, due to slowdown in the auto segment. Domestic sales declined by 25.9 percent and export sales declined by 6.1 percent. Within the Mobility segment, the Powertrain Solutions business registered a decline of 30.2 percent owing to low performing automotive market. Business beyond Mobility solutions has recorded a decline of  14.4 percent.

Considering the company’s performance, the Board of Directors recommended a dividend of INR 105 per share for this twelve-month period.

Bosch Limited: Outlook for fiscal year 2020-21

Speaking about the outlook for the upcoming fiscal year, Bhattacharya commented: “As a leading automotive technology company with 80 percent of our revenues driven through mobility business, we have been affected severly. We welcome the Prime Minister’s announcement of INR 20 lakh crore economic package and hope to see some light towards economic growth. We are still awating to receive further guidance on industry-specific stimulus package that will  support the auto sector.”

Bosch has a long term strategy to shape the market in key technologies with innovative products and solutions. Bosch Limited thus continues its stance to be a technology agnostic partner to Customers, Government and Stakeholders at large. Since 2017, Bosch has executed 79 BS-VI projects in Passenger Cars and Commercial Vehicles segments with major OEMs. Amisdst the crisis, Bosch in India will continue with critical investments in competence development as well as for solutions designed and developed in India and for India. For all Bosch businesses beyond Mobility Solutions, the company has a two-pronged approach. On the one hand, Bosch continues to bring-in ‘Fit for market’ products and solutions while on the other, the company will increase its ‘Go to Market’ footprint using both offline and digital platforms.

Bosch Group: Outlook for 2020 and long-term strategic course

In view of the coronavirus pandemic, Bosch anticipates considerable challenges for the global economy in the current business year. To achieve at least a balanced result, will take a supreme effort, the board of management of the Bosch Group announced during the recent Annual Press Conference in Germany. Despite the challenges of the current situation, Bosch is maintaining its long-term strategic course: the supplier of technology and services is continuing with its systematic pursuit of ambitious climate goals and is developing the activities required to support an expansion of sustainable mobility. “Although other issues are currently in the spotlight, we must not lose sight of the future of our planet,” said Bosch CEO Volkmar Denner. Bosch will reach its global climate action targets for 2020 and make all its 400 locations worldwide climate-neutral. In addition, Bosch set itself the goal to make upstream and downstream activities along the value chain as climate neutral as possible – by 2030, the associated emissions (Scope 3) are expected to fall by 15 percent. Moreover, the company plans to pool the experience from more than 1,000 energy-efficiency projects of its own in a new advisory company, called Bosch Climate Solutions. As climate action is accelerating structural change in many sectors, hydrogen is becoming increasingly important, both in the automotive industry and in building technology. Bosch is therefore working with partners on mobile and stationary fuel cells. When it comes to mobility, what is important according to Denner, is a broad technology offensive that not only sets out a battery-electric path to sustainable mobility, but also takes into consideration efficient combustion engines and especially renewable synthetic fuels and fuel cells.

Wherever possible, Bosch wants to contribute to efforts to contain the pandemic, for instance through the newly developed rapid Covid-19 test and the Vivalytic analysis device. Bosch intends to produce more than a million rapid tests in 2020, and to increase this to three million next year. Furthermore, Bosch produces facemasks and disinfectants in some regions, mainly used for the protection of its associates.