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Emami

OPM rises to 35.14%

November 06, 2021 7:23 IST | capital market
For the quarter ending September 2021, consolidated Net sales (including other operating income) of Emami has increased 7.35% to Rs 788.84 crore. Compared to quarter ended september 2020. 

Operating profit margin has jumped from 34.96% to 35.14%, leading to 7.90% rise in operating profit to Rs 277.18 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 26.32% to 30.31%.   Purchase of finished goods cost fell from 6.55% to 3.37%.   Employee cost decreased from 10.19% to 10.03%.   Other expenses fell from 23.54% to 22.40%.   Selling and administration expenses fell from 14.05% to 12.88%.   

Other income rose 376.68% to Rs 37.61 crore.  PBIDT rose 18.89% to Rs 314.79 crore.  Provision for interest fell 68.55% to Rs 0.78 crore.  Loan funds declined from Rs 198.34 crore as of 30 September 2020 to Rs 127.78 crore as of 30 September 2021.  Inventories rose to Rs 325.63 crore as of 30 September 2021 from Rs 274.44 crore as of 30 September 2020.  Sundry debtors were higher at Rs 294.51 crore as of 30 September 2021 compared to Rs 252.02 crore as of 30 September 2020.  Cash and bank balance rose to Rs 405.89 crore as of 30 September 2021 from Rs 238.76 crore as of 30 September 2020.  Investments rose to Rs 561.14 crore as of 30 September 2021 from Rs 309.26 crore as of 30 September 2020 .  

PBDT rose 19.71% to Rs 314.01 crore.  Provision for depreciation fell 26.83% to Rs 83.88 crore.  Fixed assets declined from Rs 813.40 crore as of 30 September 2020 to Rs 757.28 crore as of 30 September 2021.  Intangible assets declined from Rs 472.35 crore to Rs 234.91 crore.  

Profit before tax grew 55.84% to Rs 230.13 crore.  Share of profit/loss was 368.29% lower at Rs -3.84 crore.  Provision for tax was expense of Rs 41.04 crore, compared to Rs 28.4 crore.  Effective tax rate was 18.14% compared to 19.34%.

Net profit attributable to owners of the company increased 56.45% to Rs 185.27 crore.  

Equity capital stood at Rs 44.45 crore as of 30 September 2021 to Rs 44.45 crore as of 30 September 2020.  Per share face Value remained same at Rs 1.00.  

Promoters stake was 53.86% as of 30 September 2021 ,compared to 53.86% as of 30 September 2020 .  Promoters pledged stake was 31.42% as of 30 September 2021 ,compared to 46.50% as of 30 September 2020 .  

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Emami has increased 19.21% to Rs 1449.79 crore.  

Operating profit margin has declined from 31.25% to 30.82%, leading to 17.58% rise in operating profit to Rs 446.89 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 24.40% to 29.15%.   Purchase of finished goods cost fell from 7.63% to 4.78%.   Employee cost decreased from 12.72% to 11.24%.   Other expenses rose from 24.36% to 24.66%.   Selling and administration expenses rose from 13.64% to 14.52%.   

Other income rose 231.25% to Rs 48.33 crore.  PBIDT rose 25.48% to Rs 495.22 crore.  Provision for interest fell 80.22% to Rs 1.42 crore.  Loan funds declined from Rs 198.34 crore as of 30 September 2020 to Rs 127.78 crore as of 30 September 2021.  Inventories rose to Rs 325.63 crore as of 30 September 2021 from Rs 274.44 crore as of 30 September 2020.  Sundry debtors were higher at Rs 294.51 crore as of 30 September 2021 compared to Rs 252.02 crore as of 30 September 2020.  Cash and bank balance rose to Rs 405.89 crore as of 30 September 2021 from Rs 238.76 crore as of 30 September 2020.  Investments rose to Rs 561.14 crore as of 30 September 2021 from Rs 309.26 crore as of 30 September 2020 .  

PBDT rose 27.44% to Rs 493.8 crore.  Provision for depreciation fell 11.99% to Rs 166.88 crore.  Fixed assets declined from Rs 813.40 crore as of 30 September 2020 to Rs 757.28 crore as of 30 September 2021.  Intangible assets declined from Rs 472.35 crore to Rs 234.91 crore.  

Profit before tax grew 65.23% to Rs 326.92 crore.  Share of profit/loss was 174.87% lower at Rs -5.36 crore.  Provision for tax was expense of Rs 58.52 crore, compared to Rs 37.88 crore.  Effective tax rate was 18.20% compared to 19.34%.

Net profit attributable to owners of the company increased 66.47% to Rs 263.06 crore.  

Equity capital stood at Rs 44.45 crore as of 30 September 2021 to Rs 44.45 crore as of 30 September 2020.  Per share face Value remained same at Rs 1.00.  

Promoters stake was 53.86% as of 30 September 2021 ,compared to 53.86% as of 30 September 2020 .  Promoters pledged stake was 31.42% as of 30 September 2021 ,compared to 46.50% as of 30 September 2020 .  

Cash flow from operating activities decreased to Rs 290.84 crore for YTD ended September 2021 from Rs 441.40 crore for YTD ended September 2020.  Cash flow used in acquiring fixed assets during the YTD ended September 2021 stood at Rs 17.42 crore, compared to Rs 10.11 crore during the YTD ended September 2020.  


Full year results analysis.

Net sales (including other operating income) of Emami has increased 8.50% to Rs 2880.53 crore.  

Operating profit margin has jumped from 26.01% to 30.66%, leading to 27.88% rise in operating profit to Rs 883.05 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 27.91% to 24.43%.   Purchase of finished goods cost rose from 5.30% to 8.28%.   Employee cost decreased from 11.25% to 10.66%.   Other expenses fell from 29.61% to 26.18%.   Selling and administration expenses fell from 17.69% to 15.80%.   

Other income rose 23.13% to Rs 70.27 crore.  PBIDT rose 27.52% to Rs 953.32 crore.  Provision for interest fell 36.84% to Rs 13.27 crore.  Loan funds declined from Rs 210.23 crore as of 31 March 2020 to Rs 96.11 crore as of 31 March 2021.  Inventories rose to Rs 300.45 crore as of 31 March 2021 from Rs 244.65 crore as of 31 March 2020.  Sundry debtors were lower at Rs 231.75 crore as of 31 March 2021 compared to Rs 308.01 crore as of 31 March 2020.  Cash and bank balance rose to Rs 360.37 crore as of 31 March 2021 from Rs 119.06 crore as of 31 March 2020.  Investments rose to Rs 255.33 crore as of 31 March 2021 from Rs 156.42 crore as of 31 March 2020 .  

PBDT rose 29.38% to Rs 940.05 crore.  Provision for depreciation rose 9.10% to Rs 366.95 crore.  Fixed assets declined from Rs 846.95 crore as of 31 March 2020 to Rs 784.22 crore as of 31 March 2021.  Intangible assets declined from Rs 620.27 crore to Rs 354.05 crore.  

Profit before tax grew 46.85% to Rs 573.10 crore.  Share of profit/loss was 30.56% higher at Rs -4.18 crore.  Provision for tax was expense of Rs 114.21 crore, compared to Rs 71.27 crore.  Effective tax rate was 20.07% compared to 19.08%.

Net profit attributable to owners of the company increased 50.11% to Rs 454.70 crore.  

Equity capital decreased from Rs 45.32 crore as of 31 March 2020 to Rs 44.45 crore as of 31 March 2021 .  Per share face Value remained same at Rs 1.00.  

Promoters stake was 53.86% as of 31 March 2021 ,compared to 52.74% as of 31 March 2020 .  Promoters pledged stake was 32.89% as of 31 March 2021 ,compared to 89.25% as of 31 March 2020 .  

Cash flow from operating activities increased to Rs 921.53 crore for year ended March 2021 from Rs 530.73 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 33.68 crore, compared to Rs 159.08 crore during the year ended March 2020. 

Other Highlights

During the quarter, board declared an Interim Dividend of Rs 4 per equity share.

Brillare Science Pvt Ltd becomes a Subsidiary of Emami Ltd on conversion of CCPS into equity shares. Shareholding of the company increased from 34.70% to 57.36%

For Q2 FY22, In the Domestic Business, BoroPlus, grew by 29%, Male Grooming range grew by 15%, Kesh King grew by 15% and 7 Oils in One grew by 50%, Pain Management range grew by 6% , Healthcare Range grew by 5% and Navratna declined by 9% on YoY basis.

In Q2 FY22, Modern trade grew by 31% and ecommerce grew by 2.2 times on YoY basis.

In Q2 FY22, domestic business contributed 82% of total sales, International 15% and Institutional 3%.

Management Commentary: Mr Mohan Goenka, Director, Emami Limited said: We are happy to have been able to maintain our growth trajectory to post a growth of 9% in our domestic business, led by volume growth of 6%. Our core portfolio of brands continued to perform well during the quarter. Despite the wane in the demand for healthcare and immunity products currently, our healthcare range and pain management range continues to witness a strong growth, with a 2 year CAGR of 26% and 18% respectively. Mr Harsha V Agarwal, Director, Emami Limited said: We are happy that we have been able to grow our net sales and EBIDTA at a 2-year CAGR of 10% and 20% respectively. This demonstrates the strength of our core brands and their extensions. Further, notwithstanding the input cost pressure and reducing gross margins, we have been able to maintain our EBIDTA margins with judicious cost optimisation measures. We will continue to strengthen our core brands, invest in new brands and extensions, leverage new engines of growth including new age D2C and e-commerce platforms to reach critical mass and remain constant in our growth trajectory.

Emami : Consolidated Results

 

Quarter ended Year to Date Year ended
Particulars 202109 202009 Var.(%) 202109 202009 Var.(%) 202103 202003 Var.(%)
Net Sales (including other operating income) 788.84 734.82 7.35 1,449.79 1,216.16 19.21 2,880.53 2,654.88 8.5
OPM (%) 35.14 34.96 18 bps 30.82 31.25 -43 bps 30.66 26.01 465 bps
OP 277.18 256.89 7.9 446.89 380.07 17.58 883.05 690.54 27.88
Other Inc. 37.61 7.89 376.68 48.33 14.59 231.25 70.27 57.07 23.13
PBIDT 314.79 264.78 18.89 495.22 394.66 25.48 953.32 747.61 27.52
Interest 0.78 2.48 -68.55 1.42 7.18 -80.22 13.27 21.01 -36.84
PBDT 314.01 262.3 19.71 493.8 387.48 27.44 940.05 726.6 29.38
Depreciation 83.88 114.63 -26.83 166.88 189.62 -11.99 366.95 336.33 9.1
PBT 230.13 147.67 55.84 326.92 197.86 65.23 573.1 390.27 46.85
Share of Profit/(Loss) from Associates -3.84 -0.82 -368.29 -5.36 -1.95 -174.87 -4.18 -6.02 30.56
PBT before EO 226.29 146.85 54.1 321.56 195.91 64.14 568.92 384.25 48.06
EO Income 0 0 - 0 0 - 0 -10.68 -
PBT after EO 226.29 146.85 54.1 321.56 195.91 64.14 568.92 373.57 52.29
Taxation 41.04 28.4 44.51 58.52 37.88 54.49 114.21 71.27 60.25
PAT 185.25 118.45 56.4 263.04 158.03 66.45 454.71 302.3 50.42
Minority Interest (MI) -0.02 0.03 LP -0.02 0.01 LP 0.01 -0.61 PL
Net profit 185.27 118.42 56.45 263.06 158.02 66.47 454.7 302.91 50.11
P/(L) from discontinued operations net of tax 0 0 - 0 0 - 0 0 -
Net profit after discontinued operations 185.27 118.42 56.45 263.06 158.02 66.47 454.7 302.91 50.11
EPS (Rs)* 4.17 2.66 56.45 5.92 3.55 66.47 10.23 7.01 45.92
* EPS is on current equity of Rs 44.45 crore, Face value of Rs 1, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

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