Cupid reports Q3FY22 operating revenue at Rs362.2 million, PAT at Rs23.6 million; Stock slumps 5%

15 Feb 2022 , 09:15 AM

Cupid Limited, one of India’s leading manufacturers of quality male and female condoms on Monday announced its financial results for the quarter ended December 31, 2021 (Q3FY22).

Total Operating income was Rs362.2 million for Q3FY22 as compared to Rs467.4 million in the corresponding period of the previous year.

EBITDA stood at Rs43.5 million as compared to Rs133.3 million during the corresponding period of the previous year. EBITDA Margin at 12.0% for Q3FY22 as against 28.5% in Q3FY21.

Net profit stood at Rs23.6 million for Q3FY22 as compared to Rs95.0 million in the corresponding period of the previous year.

Basic EPS stood at Rs1.77 as against Rs7.13 in Q3FY21.

The company stock was under pressure during early trade on Tuesday and trading at Rs211 per piece down by Rs11.35 or 5.1% from its previous closing of Rs222.35 on the BSE. The scrip opened at Rs213.90 and has touched a high and low of Rs213.90 and Rs208.25 respectively.

Sales Breakup (Q3FY22)

• Exports in Q3FY22 was 86% (79% in Q3FY21) of the total revenue while a domestic sale was 14% (21% in Q3FY21).
• The product mix in Q3FY22 was Male condoms (MC) 71% (53% in Q3FY21), Female condoms (FC) with 3% (34% in Q3FY21), Others (Jelly, Hand sanitizer, Hair Removal) 26% (7% in Q3FY21)

Business outlook

• In addition to our healthy order book of Rs141 crore, we expect repeat orders from UNFPA, Tanzania and other private sector customers from various countries throughout the world during financial year 22-23.
• Further, our new business vertical of in vitro diagnostic division (IVD) is going through regulatory requirements and is expected to commence its operations during FY23.

The company will conduct a 60 minutes Earnings call at 5:00 PM IST on February 15, 2022 where Omprakash Garg (CMD) will discuss the company’s performance and answer questions from participants.

“The lower sale and profit during the quarter was mainly due to reduced quantum of orders for the high margin Female Condoms and increase in raw material inputs and logistics cost due to COVID-19 Pandemic. Our current order book stands at Rs141 crore, which we plan to execute during FY23. Sale of Lubricants also increased significantly and is expected to reach a record high during FY22,” Omprakash Garg said.