S J S Enterprises

On consolidated basis

Quarter ended September 2024 compared with Quarter ended September 2023.

Net sales (including other operating income) of S J S Enterprises has increased 18.15% to Rs 192.79 crore.  Operating profit margin has jumped from 22.09% to 25.91%, leading to 38.56% rise in operating profit to Rs 49.95 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 48.67% to 46.53%.   Employee cost increased from 10.68% to 10.97%.   Other expenses fell from 18.81% to 16.51%.   

Other income rose 4.17% to Rs 1.75 crore.  PBIDT rose 37.03% to Rs 51.7 crore.  Provision for interest fell 32% to Rs 1.87 crore.  Loan funds declined from Rs 100.32 crore as of 30 September 2023 to Rs 24.55 crore as of 30 September 2024.  Inventories rose to Rs 70.62 crore as of 30 September 2024 from Rs 62.36 crore as of 30 September 2023.  Sundry debtors were higher at Rs 166.97 crore as of 30 September 2024 compared to Rs 140.56 crore as of 30 September 2023.  Cash and bank balance rose to Rs 16.39 crore as of 30 September 2024 from Rs 15.76 crore as of 30 September 2023.  Investments rose to Rs 35.70 crore as of 30 September 2024 from Rs 8.87 crore as of 30 September 2023 .  

PBDT rose 42.45% to Rs 49.83 crore.  Provision for depreciation rose 2.78% to Rs 11.08 crore.  Fixed assets increased to Rs 263.39 crore as of 30 September 2024 from Rs 217.88 crore as of 30 September 2023.  Intangible assets declined from Rs 266.17 crore to Rs 174.43 crore.  

Profit before tax grew 60.12% to Rs 38.75 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 9.61 crore, compared to Rs 4.89 crore.  Effective tax rate was 24.80% compared to 20.21%.

Net profit attributable to owners of the company increased 50.10% to Rs 29.00 crore.  

Equity capital stood at Rs 31.04 crore as of 30 September 2024 to Rs 31.04 crore as of 30 September 2023.  Per share face Value remained same at Rs 10.00.  

Promoters' stake was 21.80% as of 30 September 2024 ,compared to 21.80% as of 30 September 2023 .  

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of S J S Enterprises has increased 36.01% to Rs 381.41 crore.  

Operating profit margin has jumped from 22.91% to 25.98%, leading to 54.24% rise in operating profit to Rs 99.10 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 46.33% to 47.44%.   Employee cost decreased from 11.72% to 10.87%.   Other expenses fell from 19.18% to 15.92%.   

Other income fell 36.48% to Rs 3.1 crore.  PBIDT rose 47.84% to Rs 102.2 crore.  Provision for interest rose 5.25% to Rs 4.01 crore.  Loan funds declined from Rs 100.32 crore as of 30 September 2023 to Rs 24.55 crore as of 30 September 2024.  Inventories rose to Rs 70.62 crore as of 30 September 2024 from Rs 62.36 crore as of 30 September 2023.  Sundry debtors were higher at Rs 166.97 crore as of 30 September 2024 compared to Rs 140.56 crore as of 30 September 2023.  Cash and bank balance rose to Rs 16.39 crore as of 30 September 2024 from Rs 15.76 crore as of 30 September 2023.  Investments rose to Rs 35.70 crore as of 30 September 2024 from Rs 8.87 crore as of 30 September 2023 .  

PBDT rose 50.32% to Rs 98.19 crore.  Provision for depreciation rose 28.55% to Rs 21.79 crore.  Fixed assets increased to Rs 263.39 crore as of 30 September 2024 from Rs 217.88 crore as of 30 September 2023.  Intangible assets declined from Rs 266.17 crore to Rs 174.43 crore.  

Profit before tax grew 57.95% to Rs 76.40 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 19.02 crore, compared to Rs 11.03 crore.  Effective tax rate was 24.90% compared to 22.81%.

Net profit attributable to owners of the company increased 52.26% to Rs 56.84 crore.  

Equity capital stood at Rs 31.04 crore as of 30 September 2024 to Rs 31.04 crore as of 30 September 2023.  Per share face Value remained same at Rs 10.00.  

Promoters' stake was 21.80% as of 30 September 2024 ,compared to 21.80% as of 30 September 2023 .  

Cash flow from operating activities increased to Rs 79.23 crore for YTD ended September 2024 from Rs 6.06 crore for YTD ended September 2023.  Cash flow used in acquiring fixed assets during the YTD ended September 2024 stood at Rs 13.06 crore, compared to Rs 11.54 crore during the YTD ended September 2023.  

Full year results analysis.

Net sales (including other operating income) of S J S Enterprises has increased 44.97% to Rs 627.8 crore.  Operating profit margin has declined from 24.62% to 24.25%, leading to 42.76% rise in operating profit to Rs 152.22 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 44.10% to 45.59%.   Employee cost decreased from 12.74% to 11.23%.   Other expenses rose from 18.95% to 19.03%.   

Other income fell 24.14% to Rs 7.7 crore.  PBIDT rose 36.94% to Rs 159.92 crore.  Provision for interest rose 268.83% to Rs 8.52 crore.  Loan funds rose to Rs 84.21 crore as of 31 March 2024 from Rs 30.49 crore as of 31 March 2023.  Inventories rose to Rs 71.96 crore as of 31 March 2024 from Rs 48.41 crore as of 31 March 2023.  Sundry debtors were higher at Rs 162.41 crore as of 31 March 2024 compared to Rs 90.51 crore as of 31 March 2023.  Cash and bank balance declined from Rs 29.72 crore as of 31 March 2023 to Rs 15.32 crore as of 31 March 2024.  Investments declined from Rs 138.77 crore as of 31 March 2023 to Rs 39.64 crore as of 31 March 2024.  

PBDT rose 32.26% to Rs 151.4 crore.  Provision for depreciation rose 66.27% to Rs 38.74 crore.  Fixed assets increased to Rs 302.43 crore as of 31 March 2024 from Rs 171.58 crore as of 31 March 2023.  Intangible assets increased from Rs 28.93 crore to Rs 174.43 crore.  

Profit before tax grew 23.57% to Rs 112.66 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 27.28 crore, compared to Rs 23.92 crore.  Effective tax rate was 24.21% compared to 26.24%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 26.13% to Rs 84.82 crore.  

Equity capital increased from Rs 30.44 crore as of 31 March 2023 to Rs 31.04 crore as of 31 March 2024.  Per share face Value remained same at Rs 10.00.  

Promoters' stake was 21.80% as of 31 March 2024 ,compared to 50.37% as of 31 March 2023 .  

Cash flow from operating activities increased to Rs 108.70 crore for year ended March 2024 from Rs 87.00 crore for year ended March 2023.  Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 30.11 crore, compared to Rs 30.82 crore during the year ended March 2023.  

Other Highlights

The Board has approved the intercorporate loan to be provided to Exotech Plastics, the wholly owned subsidiary of the Company, to the extent of an aggregate amount not exceeding Rs 50 crore in one or more tranches.

The company began capital expenditures for capacity expansion at Exotech, with the goal of commissioning a new plant by the first quarter of FY26.

In Q2 FY25, domestic sales grew 15.4% YoY, on back of 15.6% YoY growth in PV business and 15.2% YoY growth in 2W- outperforming the underlying industry.

In Q2 FY25, exports grew 54.7% YoY on account of strong performance of PV and consumer segments.

In H1 FY25, Exports grew 32.1% YoY to Rs 30.66 crore. Exports constituted 8% of total consolidated sales.

In Q2 FY25, two-wheelers contributed 35.7% to its revenue, passenger vehicles 40.9%, consumer segment 18.5% and others 5%.

In H1 FY25, two-wheelers contributed 34.2% to its revenue, passenger vehicles 40%, consumer segment 20.6% and others 5.2%.

Management Comments :
Mr. K. A. Joseph, Managing Director & Co-Founder, SJS Enterprises, said, 'We are pleased to report our Q2 FY25 performance, marking the 20th consecutive quarter of SJS surpassing industry production volumes (2W+PV), with a growth of 18.1% YoY. This growth was primarily driven by the robust growth in the Auto segment, Consumer segment and a strong performance in Exports as well. We are also delighted to welcome FCA Melfi Italy, Stellantis Detroit USA and Stellantis Goiana Brazil as a valued addition, which we believe will create new growth opportunities in the coming quarters. Our commitment to operational efficiency continues to generate strong cash flows, with cash and cash equivalents standing at Rs 491.3 million. This financial strength has enabled us to achieve a debt-free status, further solidifying our position to pursue growth opportunities while maintaining financial stability. Our capacity expansion at the Exotech facility has been finalized, with the plant expected to be commissioned by Q1 FY26. Our plans for launching new products are progressing as planned, positioning us well for future growth and scaling opportunities. Moreover, we are focussed on enhancing our global footprint and aim to diversify and strengthen relationships with overseas customers and are committed to enhancing product aesthetics and maintaining a strong margin profile to reinforce our market leadership.'

Mr. Sanjay Thapar, Executive Director & CEO, SJS Enterprises, said, 'Q2FY25 has demonstrated our commitment to premiumisation with strong momentum, achieving a strong growth of 18.1% for the quarter, surpassing industry growth and delivering our highest-ever quarterly revenue of Rs 1,927.9 million. We remain confident in our ability to exceed the underlying industry growth by more than 1.5 times while maintaining our best-in-class margins. Export growth was another key highlight during the quarter, with a 54.7% year-on-year increase, contributing 8.5% to total consolidated revenue. This achievement is a testament to our successful strategies amidst new business acquisitions and an improving market landscape. We are focused on deepening our penetration in existing geographies while strategically expanding into new markets. Furthermore, our strategic emphasis on innovation and global expansion positions us well to capitalize on evolving market trends. With a steadfast commitment to quality, timely delivery, and meeting diverse customer requirements, we are poised to sustain our growth trajectory and strengthen our market leadership.'

S J S Enterprises : Consolidated Results

Quarter ended Year to Date Year ended Particulars 202409 202309 Var.(%) 202409 202309 Var.(%) 202403 202303 Var.(%) Net Sales (including other operating income) 192.79 163.18 18.15 381.41 280.43 36.01 627.80 433.05 44.97 OPM (%) 25.91 22.09 382 bps 25.98 22.91 307 bps 24.25 24.62 -38 bps OP 49.95 36.05 38.56 99.10 64.25 54.24 152.22 106.63 42.76 Other Inc. 1.75 1.68 4.17 3.10 4.88 -36.48 7.70 10.15 -24.14 PBIDT 51.70 37.73 37.03 102.20 69.13 47.84 159.92 116.78 36.94 Interest 1.87 2.75 -32.00 4.01 3.81 5.25 8.52 2.31 268.83 PBDT 49.83 34.98 42.45 98.19 65.32 50.32 151.40 114.47 32.26 Depreciation 11.08 10.78 2.78 21.79 16.95 28.55 38.74 23.3 66.27 PBT 38.75 24.20 60.12 76.4 48.37 57.95 112.66 91.17 23.57 Share of Profit/(Loss) from Associates 0 0 - 0 -0.02 - 0 0 - PBT before EO 38.75 24.2 60.12 76.4 48.35 58.01 112.66 91.17 23.57 EO Income 0 0 - 0 0 - 0 0 - PBT after EO 38.75 24.2 60.12 76.4 48.35 58.01 112.66 91.17 23.57 Taxation 9.61 4.89 96.52 19.02 11.03 72.44 27.28 23.92 14.05 PAT 29.14 19.31 50.91 57.38 37.32 53.75 85.38 67.25 26.96 Minority Interest (MI) 0.14 -0.01 PL 0.54 -0.01 PL 0.56 0 - Net profit 29 19.32 50.10 56.84 37.33 52.26 84.82 67.25 26.13 P/(L) from discontinued operations net of tax 0 0 - 0 0 - 0 0 - Net profit after discontinued operations 29 19.32 50.10 56.84 37.33 52.26 84.82 67.25 26.13 EPS (Rs)* 9.34 6.22 50.10 18.31 12.03 52.26 27.33 21.67 26.13 * EPS is on current equity of Rs 31.04 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