Craftsman Automation (CRAFTSMAN) Q4 20/21 earnings summary

Executive summary

• FY21 delivered growth despite COVID disruption: standalone operating revenue reached ₹1,546.29 crore, while consolidated revenue was ₹1,559.95 crore.

• Revenue mix remained diversified across Powertrain, Automotive Aluminium, and Industrial & Engineering; operations resumed from May after lockdown restrictions eased.

Financial highlights

• Consolidated revenue was ₹1,559.95 crore vs ₹1,492.46 crore; EBITDA was ₹448.49 crore vs ₹406.54 crore.

• Consolidated PBT was ₹148.76 crore vs ₹55.77 crore; PAT was ₹97.36 crore vs ₹40.01 crore.

• Standalone EBITDA margin reached 29% vs 27%; standalone operating revenue grew 4.2% to ₹1,546 crore.

• Consolidated EPS was ₹48.32 vs ₹19.88; FY21 EPS before exceptional items was also ₹48.32.

Outlook and guidance

• FY22 performance could be affected by the more severe second COVID wave; no numerical company-specific FY22 guidance was stated.

• Strategic priorities: reduce debt and interest costs, sustain EBITDA, raise product value addition, grow existing customer wallet share, and improve Aluminium and Storage profitability.

• Powertrain market forecast at 12–14% CAGR for FY20–FY24; organised storage solutions forecast at 19–21% CAGR to ₹38 billion in FY24.

• Aluminium castings market forecast at 3–5% volume CAGR and 6–8% value CAGR through FY24.