M M Forgings

On consolidated basis

Quarter ended March 2025 compared with Quarter ended March 2024.

Net sales (including other operating income) of M M Forgings has declined 6.76% to Rs 370.63 crore.''Operating profit margin has jumped from 19.51% to 19.66%, leading to 6.02% decline in operating profit to Rs 72.87 crore.''Raw material cost as a % of total sales (net of stock adjustments) decreased from 46.82% to 41.28%. ''Employee cost increased from 9.92% to 11.63%. ''Other expenses rose from 24.73% to 25.78%. ''Power and Oil fuel cost rose from 8.81% to 9.58%. ''

Other income rose 12.52% to Rs 6.47 crore.''PBIDT fell 4.74% to Rs 79.34 crore.''Provision for interest rose 2.86% to Rs 13.65 crore.''Loan funds rose to Rs 1,051.38 crore as of 31 March 2025 from Rs 810.60 crore as of 31 March 2024.''Inventories declined from Rs 344.91 crore as of 31 March 2024 to Rs 341.69 crore as of 31 March 2025.''Sundry debtors were higher at Rs 372.60 crore as of 31 March 2025 compared to Rs 275.17 crore as of 31 March 2024.''Cash and bank balance rose to Rs 217.94 crore as of 31 March 2025 from Rs 209.80 crore as of 31 March 2024.''Investments declined from Rs 22.84 crore as of 31 March 2024 to Rs 3.84 crore as of 31 March 2025.''

PBDT fell 6.18% to Rs 65.69 crore.''Provision for depreciation rose 26.47% to Rs 25.56 crore.''Fixed assets increased to Rs 1,347.77 crore as of 31 March 2025 from Rs 1,037.78 crore as of 31 March 2024.''

Profit before tax down 19.43% to Rs 40.13 crore.''Share of profit/loss were nil in both the periods.''Extraordinary items were decreased to Rs 0.02 crore.''Provision for tax was expense of Rs 6.86 crore, compared to Rs 13.61 crore.''Effective tax rate was 17.09% compared to 27.00%.

Minority interest was nil in both the periods.''Net profit attributable to owners of the company decreased 9.54% to Rs 33.29 crore.''

Equity capital increased from Rs 24.14 crore as of 31 March 2024 to Rs 48.28 crore as of 31 March 2025.''Per share face Value remained same at Rs 10.00.''

Promoters' stake was 56.34% as of 31 March 2025 ,compared to 56.34% as of 31 March 2024 .''

Full year results analysis.

Net sales (including other operating income) of M M Forgings has declined 2.42% to Rs 1525.18 crore.''Operating profit margin has jumped from 18.73% to 19.41%, leading to 1.11% rise in operating profit to Rs 296.08 crore.''Raw material cost as a % of total sales (net of stock adjustments) decreased from 47.90% to 43.36%. ''Employee cost increased from 9.26% to 10.64%. ''Other expenses rose from 24.81% to 26.58%. ''Power and Oil fuel cost fell from 9.08% to 9.03%. ''

Other income rose 10.49% to Rs 22.64 crore.''PBIDT rose 1.72% to Rs 318.72 crore.''Provision for interest rose 40.48% to Rs 59.79 crore.''Loan funds rose to Rs 1,051.38 crore as of 31 March 2025 from Rs 810.60 crore as of 31 March 2024.''Inventories declined from Rs 344.91 crore as of 31 March 2024 to Rs 341.69 crore as of 31 March 2025.''Sundry debtors were higher at Rs 372.60 crore as of 31 March 2025 compared to Rs 275.17 crore as of 31 March 2024.''Cash and bank balance rose to Rs 217.94 crore as of 31 March 2025 from Rs 209.80 crore as of 31 March 2024.''Investments declined from Rs 22.84 crore as of 31 March 2024 to Rs 3.84 crore as of 31 March 2025.''

PBDT fell 4.37% to Rs 258.93 crore.''Provision for depreciation rose 12.62% to Rs 93.26 crore.''Fixed assets increased to Rs 1,347.77 crore as of 31 March 2025 from Rs 1,037.78 crore as of 31 March 2024.''

Profit before tax down 11.85% to Rs 165.67 crore.''Share of profit/loss were nil in both the periods.''Extraordinary items were decreased to Rs 0.06 crore.''Provision for tax was expense of Rs 43.87 crore, compared to Rs 54.45 crore.''Effective tax rate was 26.47% compared to 28.77%.

Minority interest was nil in both the periods.''Net profit attributable to owners of the company decreased 9.60% to Rs 121.86 crore.''

Equity capital increased from Rs 24.14 crore as of 31 March 2024 to Rs 48.28 crore as of 31 March 2025.''Per share face Value remained same at Rs 10.00.''

Promoters' stake was 56.34% as of 31 March 2025 ,compared to 56.34% as of 31 March 2024 .''

Cash flow from operating activities increased to Rs 183.45 crore for year ended March 2025 from Rs 148.67 crore for year ended March 2024.''Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 402.74 crore, compared to Rs 253.81 crore during the year ended March 2024.''

Other highlights

The board recommended a final dividend of Rs 4 per share for FY25. The record date for the purpose is 30 July 2025.

In FY25, CVs contributed 79.8% to total revenue, PV 11.5%, Tractors 8.1% and others 0.7%.

In FY25, exports contributed 38.5% to total revenue and domestic 61.5%.

Management Comments :
Shri. Vidyashankar Krishnan Chairman and Managing Director said, 'The global economy remains characterized by a complex and varied landscape. Multiple factors, including ongoing geopolitical tensions, widespread increases in sovereign debt, persistent inflationary pressures, extreme weather conditions, etc., continue to contribute to the uncertainty of the global economic outlook. The tariff taxation of the US Government is causing huge turmoil to global trade. The Indian automotive sector has faced a notable decline since Q2FY25, which is linked to a lackluster demand forecast across different segments within the domestic market. Despite the numerous challenges posed by the macro economic downturn and market stagnation, MM Forgings Limited exhibited a consistent performance during F25 due to team effort and God's Grace. The sustained focus on new product development, business strategies including cost reduction initiatives and focus on new markets has systematically benefitted the company during these volatile times and will continue to do so. I am pleased to present the Company`s performance for the year ended 31 March 2025.'

M M Forgings : Consolidated Results

' Quarter ended Year ended Particulars 202503 202403 Var.(%) 202503 202403 Var.(%) Net Sales (including other operating income) 370.63 397.50 -6.76 1,525.18 1,563.07 -2.42 OPM (%) 19.66 19.51 15 bps 19.41 18.73 68 bps OP 72.87 77.54 -6.02 296.08 292.83 1.11 Other Inc. 6.47 5.75 12.52 22.64 20.49 10.49 PBIDT 79.34 83.29 -4.74 318.72 313.32 1.72 Interest 13.65 13.27 2.86 59.79 42.56 40.48 PBDT 65.69 70.02 -6.18 258.93 270.76 -4.37 Depreciation 25.56 20.21 26.47 93.26 82.81 12.62 PBT 40.13 49.81 -19.43 165.67 187.95 -11.85 Share of Profit/(Loss) from Associates 0 0 - 0 0 - PBT before EO 40.13 49.81 -19.43 165.67 187.95 -11.85 EO Income 0.02 0.6 -96.67 0.06 1.3 -95.38 PBT after EO 40.15 50.41 -20.35 165.73 189.25 -12.43 Taxation 6.86 13.61 -49.60 43.87 54.45 -19.43 PAT 33.29 36.8 -9.54 121.86 134.8 -9.60 Minority Interest (MI) 0 0 - 0 0 - Net profit 33.29 36.8 -9.54 121.86 134.8 -9.60 P/(L) from discontinued operations net of tax 0 0 - 0 0 - Net profit after discontinued operations 33.29 36.8 -9.54 121.86 134.8 -9.60 EPS (Rs)* 6.89 7.50 -8.09 25.23 27.65 -8.75 * EPS is on current equity of Rs 48.28 crore, Face value of Rs 10, Excluding extraordinary items. # EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database