The standalone revenue for Q1FY22 stood at Rs. 1,114 crores, a growth of 154.3% YoY. The revenue declined by (-12.2%) on a QoQ basis.
Operating profit stood at Rs. 194 crores. The company suffered a operating loss during of Rs. (-100) crores during Q1FY21. The operating profit declined by (-1.5%) on QoQ basis.
The operating profit margins stood at 17% in Q1FY22 as compared to 16% in Q4FY21, a growth of 100 bps.
The company registered a PAT of Rs. 181 crores as compared to a loss of Rs. (-125) crores in Q1FY21. PAT declined by (-26.1 %) on QoQ basis.
Consolidated Q1FY22 results
The consolidated revenue for Q1FY22 stood at Rs. 16,157 crores, a growth of 90% YoY. The revenue declined by (-4.8%) on a QoQ basis.
Operating profit stood at Rs. 1,375 crores as compared to operating loss of Rs. (-671) crores in Q1FY21. The operating profit declined by (-22.9%) on QoQ basis.
The operating profit margins stood at 9% in Q1FY22 as compared to 11% in Q4FY21, a decline of -200 bps.
The company registered a PAT of Rs. 290 crores as compared to a loss of Rs. (-810) crores in Q1FY21. PAT declined by (-59.4 %) on QoQ basis.
The performance of the company was impacted by COVID situation in India, supply side problems in international regions, one time expense in PKC and a sharp increase in copper prices.
Con-call Highlights
The demand of PVs and CVs is strong. The company expects good recovery in demand, majorly in North America and European markets.
SMRPBV has won new orders amounting to EUR 4.5 billion. The contribution of EVs to order book is close to 25%.
Headwinds could be caused due to OEM production due to global supply chain disruption and semiconductor shortages in near term.
The company expects the situation to improve from H2FY22 onwards.
SMP’s greenfield plants are improving. Plant in Hungary saw a bigger impact due to supply chain issues.
Lag in copper price pass, component shortages, high logistic costs and high product launch costs were the reasons due to which PKC performance got impacted.
PKC has strong order book. Disruptions are caused by hurricane in Texas and floods in Europe.
PKC is also working with its customers on electric trucks.
Consolidated net debt increased due to higher working capital.
The company said the CAPEX for FY22 would be close to Rs. 2,000 crores.