SJS Enterprises (SJS) Q4 22/23 earnings summary

Executive summary

• FY23 revenue rose 17.1% to ₹4,330.5m; automotive (2W and PV) growth of 25.1% outpaced industry production growth of 11.9%.

• Diversification, product innovation and customer wins supported performance despite weaker exports and consumer durables; the July 2023 Walter Pack India acquisition adds advanced decorative technologies and cross-selling potential.

Financial highlights

• Consolidated revenue from operations was ₹4,330.49m versus ₹3,698.56m in FY22; total income was ₹4,432.01m versus ₹3,740.17m.

• Consolidated EBITDA was ₹1,167.8m, up 23.2% YoY, with a 26.4% margin, up 75 bps; PAT was ₹672.53m versus ₹550.18m in FY22.

• Basic EPS was ₹22.10 versus ₹18.08; diluted EPS was ₹21.81 versus ₹17.90.

• Standalone revenue from operations was ₹2,961.92m versus ₹2,678.85m; PAT was ₹587.86m versus ₹518.61m.

Outlook and guidance

• FY24 consolidated revenue growth guided at over 50%, with PAT growth of 40%; drivers include Walter Pack India, premiumisation, new customer wins and exports.

• FY24 order book visibility exceeded 90% of estimated revenue; Walter Pack India was expected to be EPS-accretive in the current year.

• Medium-term target: 20%-25% revenue growth over FY24-26; the MD&A specifies this as organic growth while maintaining strong margins.