SPR Auto Technologies (SHRIPISTON) Q4 20/21 earnings summary

Executive summary

• FY21 revenue edged lower amid COVID-19 disruption, while cost optimization and resource use lifted profitability; exports and BS6 program ramp-ups supported performance.

• Operations prioritized employee and stakeholder safety and business continuity, including avoiding production stoppages at customer facilities in India and overseas.

Financial highlights

• Revenue from operations was Rs 15,966 million vs Rs 16,068 million in FY20; total income was Rs 16,162 million vs Rs 16,266 million.

• EBITDA rose to Rs 2,351 million from Rs 2,018 million; gross profit before OCI increased to Rs 2,225 million from Rs 1,895 million.

• PBT before OCI was Rs 1,200 million vs Rs 864 million; PAT before OCI was Rs 888 million vs Rs 730 million.

• EPS was Rs 39.67 vs Rs 32.64; operating cash flow was Rs 1,899 million vs Rs 2,968 million.

Outlook and guidance

• FY22 auto demand expected to remain modest amid COVID-19 uncertainty; medium- to long-term Indian automotive prospects viewed positively, supported by latent mobility demand and infrastructure development.

• Exports expected to increase as India gains recognition as a precision-component supply source; aftermarket growth and BS6 business are expected to support sales and market share.

• Electric-mobility entry is under evaluation through product and technology partner searches; charging infrastructure gaps and high EV costs may limit near-term adoption.