Himatsingka Seide revenue in Q4FY21 up 58.7% yoy to Rs748.04cr; Stock under pressure

Consolidated PAT for Q4FY21 was Rs37.57cr vs a loss of Rs68.84cr in Q4FY20.

May 31, 2021 12:04 IST | India Infoline News Service
Himatsingka Seide Ltd. on Saturday announced its financial results for the quarter and financial year ended March 31, 2021. Consolidated Total Income for Q4FY21 stood at Rs748.04cr vs Rs471.40cr in Q4FY20, an increase of 58.7% yoy and vs Rs681.65cr in Q3FY21, an increase of 9.7% qoq.

Consolidated EBITDA for Q4FY21 was Rs129.66cr vs Rs96.60cr in Q4FY20, an increase of 34.2% and vs Rs157.33cr in Q3FY21, a decline of 17.6% qoq. EBITDA Margin stood at 17.3%. Consolidated EBIT for Q4FY21 increased to Rs92.23cr vs Rs58.21cr in Q4FY20 and vs Rs119.53cr in Q3FY21.

Consolidated PBT (Before Exceptional Item) for Q4FY21 stood at Rs52.68cr vs Rs4.70cr in Q4FY20. Consolidated PAT for Q4FY21 was Rs37.57cr vs a loss of Rs68.84cr in Q4FY20.

The company’s consolidated Total Income for FY21 stood at Rs2,272.53cr vs Rs2,419.65cr in FY20, a decline of 6.08%. Consolidated EBITDA for FY21 stood at Rs303.17cr vs Rs479.31cr in FY20, a decline of 36.7%.

Consolidated EBIT for FY21 declined to Rs150.72cr vs Rs353.10cr in FY20. Consolidated PBT, before exceptional items, for FY21 stood at a loss of Rs26.48cr vs profit of Rs158.38cr in FY20.

The exceptional item of Rs73.21cr in FY21 represents inventory provision of Rs43.05cr on account of changed economic environment due to outbreak of COVID-19, non-recurring restructuring expenses of Rs12.10cr in the Italian business, loss of Rs11.42cr on the hedging instrument on account of lower than expected realization due to COVID-19 and impairment of investment in equity shares of Rs6.64cr, company said.

Consolidated PAT for FY21 stood at a loss of Rs53.35cr vs a profit of Rs13.25cr in FY20.

“The results for Q4 FY21 results exclude any recognition of export incentives under the RODTEP scheme that is to be effective Jan 1, 2021, as the same is yet to be announced. The RODTEP scheme will replace the ROSCTL & MEIS schemes for export incentives. Therefore, Q4FY21 results are not comparable to other quarters in the light of the above,” company said.

It further said, the ramp up of capacity utilization levels at our new Terry Towel facility remain on track and is expected to continue to rise in FY22. The demand environment remains strong for both Bedding and Bathing products.

During the quarter, revenue streams from brands stood at Rs565cr vs Rs385cr during Q4FY20 and Rs551cr during Q3FY21. During FY21, due to better working capital management and healthy cash generation, the consolidated Net Debt reduced by Rs268cr.

“Despite the challenging conditions that prevailed during the first half of the FY 21, we are pleased with the operating performance during the second half of the Fiscal. Q4FY21 witnessed strong yoy revenue growth and strong operating margins corrected for regulatory uncertainties that prevailed during the quarter.

Therefore, the Q4FY21 results are not comparable to other quarters in light of above. Going forward we remain focussed on improving the capacity utilization levels across our manufacturing facilities while enhancing market share across key regions. Our impetus on deleveraging and improving capital efficiencies continue to gain traction and will be central to our operating strategy going into FY22,” Shrikant Himatsingka, Managing Director & Group CEO, said.

At around 12.09 PM, Himatsingka Seide Ltd was trading at Rs166.20 per piece down by Rs8.4 or 4.81% from its previous closing of Rs174.60 per piece on the BSE.

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