The Board of Directors is pleased to present the Thirty-Seventh Annual Report of the
Company (hereinafter referred to as "Thejo"/"Thejo
Engineering"/"the Company"/"your Company") and its audited
financial statements (standalone and consolidated) for the Financial Year ended 31st
March, 2023. The summarised financial results for the year ended 31st March,
2023 are given below: in lakhs
|
Standalone |
Consolidated |
|
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|
31st March, |
31st March, |
31st March, |
31st March, |
|
2023 |
2022 |
2023 |
2022 |
| Revenue from Operations |
33,269.82 |
27,753.92 |
47,445.59 |
42,446.34 |
| Other income |
205.84 |
145.08 |
313.43 |
124.07 |
Total Income |
33,475.66 |
27,899.00 |
47,759.02 |
42,570.41 |
Expenses |
|
|
|
|
| Operating Expenditure |
28,591.98 |
23,073.48 |
41,501.77 |
35,574.49 |
| Depreciation and amortisation expense |
803.24 |
680.58 |
1,219.02 |
1,053.05 |
Total Expenses |
29,395.22 |
23,754.06 |
42,720.79 |
36,627.54 |
| Profi t before fi nance costs, exceptional item |
4,080.44 |
4,144.94 |
5,038.23 |
5,942.87 |
| and tax |
|
|
|
|
| Finance Costs |
370.17 |
237.76 |
460.84 |
314.99 |
Profi t before Exceptional item and tax |
3,710.27 |
3,907.18 |
4,577.39 |
5,627.88 |
| Exceptional item |
- |
- |
- |
- |
Profi t before tax |
3,710.27 |
3,907.18 |
4,577.39 |
5,627.88 |
| Tax expense |
952.10 |
982.47 |
1,097.17 |
1,376.75 |
Profi t for the year |
2,758.17 |
2,924.71 |
3,480.22 |
4,251.13 |
Attributable to: |
|
|
|
|
| Owners of the Company |
2,758.17 |
2,924.71 |
3,241.75 |
3,763.03 |
| Non-controlling interests |
- |
- |
238.47 |
488.10 |
Opening balance of retained earnings |
12,111.96 |
9,399.86 |
12,791.50 |
9,317.36 |
| Profi t for the year |
2,758.17 |
2,924.71 |
3,241.75 |
3,763.03 |
| Dividend |
213.56* |
212.61 |
213.56* |
212.61 |
| Transfer to Statutory Reserve |
- |
- |
15.56 |
76.27 |
Closing balance of retained earnings |
14,656.57 |
12,111.96 |
15,804.13 |
12,791.50 |
* Dividend pertains to the Financial Year 2021-22. No appropriation for dividend has
been made in the Accounts for the dividend recommended for the Financial Year 2022-23,
pending approval by the Members at the ensuing Annual General Meeting.
REVIEW OF FINANCIAL PERFORMANCE AND STATE OF COMPANY'S AFFAIRS
During the year under review, the Company continued its focus on value-added products
under the Manufacturing Division and on profi table operations at site level in respect of
the Services and Operation and Maintenance Division. The Company implemented the expansion
of manufacturing facilities with focus on working capital management. The increase in
operational costs has resulted in marginal decrease in profi tability despite increase in
turnover. The financial performance of the Company at standalone and consolidated levels
are given below.
STANDALONE
Your Company recorded revenue (from operations) of 33,269.82 lakhs for the year ended
31st March, 2023 as against 27,753.92 lakhs in the previous year. It achieved
an EBITDA of 4,883.68 lakhs (previous year 4,825.52 lakhs), resulting in a net profi t
of 2,758.17 lakhs as against 2,924.71 lakhs in 2021-22, registering a growth of 1.21%
in terms of EBITDA and a decline of 5.69% in terms of net profi t.
CONSOLIDATED
The Consolidated Financial Statements of the Company have been prepared as per Ind-AS
110. The Company's consolidated revenue from operations in the year under review
aggregated 47,445.59 lakhs (previous year 42,446.34 lakhs) on which it made EBITDA of
6,257.25 lakhs (previous year 6,995.92 lakhs) and net profi t (attributable to the
Owners of the Company) of 3,241.75 lakhs as against 3,763.03 lakhs in 2021-22,
registering a decline of 10.56% and 13.85% in terms of EBITDA and net profi t
(attributable to the Owners of the Company), respectively.
DIVIDEND
The Board of Directors is pleased to recommend payment of dividend of 20% i.e., 2/-
per equity share of 10/- each for the Financial Year ended 31st March, 2023 (previous
year: 20%). Based on the equity shares outstanding as on 31st March, 2023, the
dividend would absorb an amount of 214.02 lakhs (previous year
- 213.56 lakhs). Dividend Distribution Tax has now been abolished. Pursuant to the
Finance Act, 2020, the dividend income will be taxable in the hands of the Shareholders
with effect from 1st April, 2020 and the Company is required to deduct tax at
source ("TDS") from dividend payable to the Members at the rates prescribed in
the Income-tax Act, 1961. The dividend payment is subject to the approval of the Members
at the ensuing Annual General Meeting.
EMPLOYEES STOCK OPTION SCHEME
The Members of the Company at their 29th Annual General Meeting held on 26th
August, 2015 had approved the Thejo Employees Stock Option Scheme 2015 ("ESOP
2015"), with a view to attract and retain the best talent and promote increased
participation by the employees in the growth of the Company.
The Compensation / Nomination and Remuneration Committee of the Board inter alia
administers and monitors the ESOP 2015.
During the year under review, there were no material changes in the ESOP 2015 and the
Scheme is in compliance with the SEBI Regulations on ESOPs.
Information in respect of options granted under the Thejo Employee Stock Option Plan
2015 is given in Note 26.9 forming part of the Financial Statements. As per Regulation 14
of the SEBI (Share Based Employee Benefi ts and Sweat Equity) Regulations, 2021, the
details of the ESOPs are uploaded on the Company's website
https://www.thejo-engg.com/sites/ESOPs2023.pdf
The total shareholding of the Company changed due to the allotments made under ESOP
2015. The details of movement in shareholding are as follows:
Date |
Details |
No of equity shares Allotted |
No. of equity shares (Cumulative) |
| 1st April, 2022 |
Opening Balance |
|
1,06,57,126 |
| 25th April, 2022 |
Allotment under ESOP |
3,300 |
1,06,60,426 |
| 8th June, 2022 |
Allotment under ESOP |
8,650 |
1,06,69,076 |
| 11th July, 2022 |
Allotment under ESOP |
7,300 |
1,06,76,376 |
| 04th August, 2022 |
Allotment under ESOP |
1,800 |
1,06,78,176 |
| 14th September, 2022 |
Allotment under ESOP |
4,800 |
1,06,82,976 |
| 18th October, 2022 |
Allotment under ESOP |
4,332 |
1,06,87,308 |
| 22nd November, 2022 |
Allotment under ESOP |
5,000 |
1,06,92,308 |
| 06th January, 2023 |
Allotment under ESOP |
4,300 |
1,06,96,608 |
| 06th March, 2023 |
Allotment under ESOP |
4,350 |
1,07,00,958 |
A Certifi cate from the Secretarial Auditors of the Company as required under
Regulation 13 of the Securities and Exchange Board of India (Share Based Employee Benefi
ts and Sweat Equity) Regulations, 2021, is attached to the Board's Report.
CREDIT RATING
During the Financial Year 2022-23, CRISIL has upgraded the long-term credit rating on
the bank facilities from CRISIL A-/Stable to CRISIL A/Stable and short-term credit ratings
on the bank facilities from CRISIL A2+ to CRISIL A1.
|