OPM for standalone business at 2% was much lower than our expectation mainly on adverse product mix
( Rs. m) | Q4 FY13 | Q4 FY12 | % yoy | Q3 FY13 | % qoq | |
Net sales | 560,016 | 509,079 | 10.0 | 460,895 | 21.5 | |
Material costs | (320,902) | (304,895) | 5.3 | (269,658) | 19.0 | |
Purchases | (30,889) | (29,097) | 6.2 | (27,055) | 14.2 | |
Personnel costs | (44,224) | (36,332) | 21.7 | (43,529) | 1.6 | |
Other overheads | (80,707) | (66,965) | 20.5 | (59,214) | 36.3 | |
Operating profit | 83,294 | 71,791 | 16.0 | 61,438 | 35.6 | |
OPM (%) | 14.9 | 14.1 | 77 bps | 13.3 | 154 bps | |
Depreciation | (23,391) | (15,354) | 52.3 | (20,700) | 13.0 | |
Product development | (5,279) | (4,346) | 21.5 | (4,865) | 8.5 | |
Interest | (9,670) | (7,721) | 25.2 | (9,346) | 3.5 | |
Other income | 1,775 | 1,586 | 11.9 | 1,886 | (5.9) | |
PBT | 46,729 | 45,956 | 1.7 | 28,414 | 64.5 | |
Tax | (8,827) | 18,261 | - | (10,318) | (14.5) | |
Effective tax rate (%) | 18.9 | (39.7) | 36.3 | |||
Other provisions | 1,338 | (164) | - | (85) | - | |
Adjusted PAT | 39,240 | 64,052 | (38.7) | 18,010 | 117.9 | |
Adj. PAT margin (%) | 7.0 | 12.6 | (558) bps | 3.9 | 310 bps | |
Extra ordinary items | 215 | (1,713) | - | (1,735) | - | |
Reported PAT | 39,455 | 62,340 | (36.7) | 16,275 | 142.4 | |
Ann. EPS ( Rs. ) | 49.5 | 78.6 | (37.0) | 20.4 | 142.4 | |
As a % of net sales | Q4 FY13 | Q4 FY12 | bps yoy | Q3 FY13 | bps qoq |
Material costs | 57.3 | 59.9 | (259) | 58.5 | (121) |
Purchases | 5.5 | 5.7 | (20) | 5.9 | (35) |
Personnel Costs | 7.9 | 7.1 | 76 | 9.4 | (155) |
Other overheads | 14.4 | 13.2 | 126 | 12.8 | 156 |
Total costs | 85.1 | 85.9 | (77) | 86.7 | (154) |