Auto Parts & Equipments company SJS Enterprises announced consolidated Q1FY24 results: Revenue at Rs 1,172.5 million, 13.6% YoY growth, despite subdued market growth Witnessed 18.6% YoY growth in the automotive segment (2W+PV) compared to 2.3% YoY growth in industry production volumes EBITDA grew 12.8% YoY to Rs 313.8 million; robust EBITDA margins at 26.1% Net Profit at Rs 180.0 million, with margins at 15.4% New business wins and exports market recovery led to strong 90.8% YoY growth in export revenue Strong Cash & cash equivalents position of Rs 2,849.7 million as on 30th June’23 Added new customers – Autoliv and Toyota Tsusho Continued winning new business with mega customer accounts like M&M;, TVS, Honda, Hyundai, Visteon, Continental, and Bajaj Auto among others SJS completed the transformative acquisition of a 90.1% stake in Walter Pack India (WPI), a leading player in IMD/ IML and IMF technology, for a consideration of Rs 2,393 million Commenting on Company’s performance and acquisition, K. A. Joseph, Managing Director & Co-Founder, SJS Enterprises, said, “We are happy to announce our Q1FY24 performance. It is the 15th consecutive quarter of SJS outperforming industry production volume growth. New business wins and gradual export recovery have led to 90.8% YoY growth in our export revenue. We also completed our 2nd and much larger acquisition of WPI, which we believe will give us a huge technological advantage. Looking at the improving export market outlook and WPI business performance, I am confident that both exports and inorganic strategy will be the driving force of our future growth in the medium term. As for FY24, we maintain our stance of ~50% YoY growth in revenue and ~40% YoY growth in PAT driven by robust margins of the business and WPI acquisition.” Commenting on Company’s performance, Sanjay Thapar, Executive Director & CEO, SJS Enterprises, said, “Strong performance delivered by SJS on the automotive and exports front. We added 2 more customers, Toyota Tsusho and Autoliv for IML parts. These new technology product categories are picking up a lot of traction and will see strong growth in the medium term of the next 3-5 years. One of the primary reasons for the WPI acquisition was its presence in emerging technologies and increasing demand for the same in the future. We believe that going ahead premiumisation and futuristic technologies will propel our growth in the right direction. We intend to increase kit value per vehicle with the addition of these new premium products. We are already seeing this play out with the addition of chrome-plated parts (Exotech), IMD, IML, and IMF products (WPI) as well as at SJS where we are working on the introduction of new products like optical plastics and cover glass.“ Result PDF
Auto parts & equipment firm SJS Enterprises announced Q3FY23 results: Consolidated Q3FY23: Outperformed auto industry with 25.3% YoY growth in auto segment, compared to 3.9% YoY production volumes in 2W + PV segment Revenue at Rs 1,063.7 million, robust growth of 20.8% YoY EBITDA grew 25.3% YoY to Rs 284.0 million, Strong margin at 26.1% Adjusted net profit jumped 29.5% YoY to Rs 157.1 million, with margins at 14.8% Strong cash & cash equivalents position of Rs 1,431 million; debt-free company Added new customers – Foxconn in 2W EV segment and IFB Industries in Consumer Appliances Continued growing business with mega accounts by winning new orders from M&M;, Tata Motors, Toyota, Whirlpool, Electrolux and Royal Enfield Added sales representative in Columbia, thereby covering key markets of Latin America. Consolidated 9MFY23: Consistently maintaining ~25% growth, outpacing the industry Revenue at Rs 3,264.8 million, robust growth of 24.6% YoY EBITDA at Rs 896.0 million, a sturdy growth of 31.6% YoY, strong margin at 26.9%, Adjusted net profit rises to Rs 518.7 million, strong jump of 40.6% YoY, with a margin of 15.9%. Commenting on Company’s performance, KA Joseph, Managing Director, SJS Enterprises Limited, said, “It has been another good quarter for SJS. We are extremely positive on growth prospects for our business in the medium and long run, given the improved outlook for the automotive industry, especially with the expected recovery in 2W industry, premiumisation trends and positive customer response to futuristic technology development initiatives at SJS. We have a strong NPD team, who is working relentlessly to launch new products quickly, which will keep us ahead of the curve, helping us gain higher wallet share from our customers. We are very excited about our future products like cover glass, optical plastics, printed electronics, among others. With the addition of new products, it will help strengthen SJS’ position as a one-stop aesthetics solution provider in the automotive and consumer appliances segments. This will not only help widen our base of product offerings but also increase the total kit value of products that we offer to our customers.” Result PDF
Auto parts & equipment firm SJS Enterprises announced Q2FY23 results: Q2FY23 (consolidated): Revenue at Rs 1,169.4 million, robust growth of 17.3% YoY EBITDA grew 24.5% YoY to Rs 333.8 million, strong margin of 28.0% Net profit jumps 30.7% YoY to Rs 199.5 million, margins improved to 17.1% Strong cash & cash equivalents position of Rs 1,295.1 million; debt-free company H1FY23 (consolidated): Consistently maintaining ~25% growth, outpacing the industry Revenue at Rs 2,201.1 million, robust growth of 26.5% YoY EBITDA at Rs 612.0 million, a sturdy growth of 34.8% YoY, a strong margin at 27.2% Net Profit rises to Rs 361.6 million, a strong jump of 46.0% YoY with a margin of 16.4% KA Joseph, Managing Director, SJS Enterprises Ltd, said, “We are delighted with the Q2FY23 performance. We remained prudently positive and have been able to outperform the industry. This growth is on account of strong customer relationships and our customers derive immense value from our continued focus on quality and delivery excellence. The eight awards won by SJS during the quarter were a testament to the same. I am confident that, going forward, we will be able to further strengthen our customer relationships, develop new-generation products, expand our reach and achieve our guided financial growth." "It has been another good quarter. We are extremely positive about growth prospects for our business, given the improved outlook for the automotive industry, premiumisation trends and positive customer response to futuristic technology development initiatives at SJS. Despite near-term geo-political challenges in global markets, we remain cautiously optimistic about exports. However, we are confident of achieving ~25% revenue growth CAGR in the next couple of years, while maintaining best-in-class margins. Driving value through new products will be one of the key drivers for future growth. We are already working with OEMs for futuristic products like Illuminated logos and cover glass technology for automotive centre stack displays, etc. We are also gearing up for the future with advanced technology products like IME and smart surface technologies, which will enable a high growth trajectory for the Company," said Sanjay Thapar, Executive Director & CEO, SJS Enterprises Ltd. Result PDF
