For the quarter ending March 2022, consolidated net sales (including other operating income) of Emami has increased 5.42% to Rs 770.39 crore compared to quarter ended march 2021.
Operating profit margin has declined from 22.28% to 21.28%, leading to 0.70% rise in operating profit to Rs 163.94 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 25.58% to 27.76%. Purchase of finished goods cost rose from 12.82% to 12.92%. Employee cost decreased from 10.22% to 9.73%. Other expenses fell from 29.48% to 29.35%. Selling and administration expenses rose from 18.16% to 18.45%. Other income fell 34.86% to Rs 30.29 crore. PBIDT fell 7.20% to Rs 194.23 crore. Provision for interest fell 61.44% to Rs 1.82 crore. Loan funds rose to Rs 281.55 crore as of 31 March 2022 from Rs 100.74 crore as of 31 March 2021. Inventories rose to Rs 357.61 crore as of 31 March 2022 from Rs 300.45 crore as of 31 March 2021. Sundry debtors were higher at Rs 320.92 crore as of 31 March 2022 compared to Rs 231.75 crore as of 31 March 2021. Cash and bank balance declined from Rs 360.37 crore as of 31 March 2021 to Rs 116.00 crore as of 31 March 2022. Investments rose to Rs 302.70 crore as of 31 March 2022 from Rs 255.33 crore as of 31 March 2021 . PBDT fell 5.95% to Rs 192.41 crore. Provision for depreciation rose 0.60% to Rs 83.46 crore. Fixed assets declined from Rs 784.22 crore as of 31 March 2021 to Rs 761.38 crore as of 31 March 2022. Intangible assets increased from Rs 354.05 crore to Rs 585.61 crore. Profit before tax down 10.42% to Rs 108.95 crore. Share of profit/loss was 342.54% lower at Rs -5.93 crore. Provision for tax was credit of Rs 256.27 crore, compared to debit of Rs 32.55 crore. Effective tax rate was negative 261.93% compared to 27.06%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 305.74% to Rs 355.96 crore. Equity capital decreased from Rs 44.45 crore as of 31 March 2021 to Rs 44.12 crore as of 31 March 2022 . Per share face Value remained same at Rs 1.00. Promoters stake was 54.27% as of 31 March 2022 ,compared to 53.86% as of 31 March 2021 . Promoters pledged stake was 35.21% as of 31 March 2022 ,compared to 32.89% as of 31 March 2021 .
Full year results analysis.
Net sales (including other operating income) of Emami has increased 10.81% to Rs 3192.03 crore. Operating profit margin has declined from 30.66% to 29.84%, leading to 7.85% rise in operating profit to Rs 952.37 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 24.43% to 27.80%. Purchase of finished goods cost fell from 8.28% to 6.90%. Employee cost decreased from 10.66% to 9.81%. Other expenses fell from 26.18% to 26.07%. Selling and administration expenses rose from 15.80% to 16.15%. Other income rose 35.55% to Rs 95.25 crore. PBIDT rose 9.89% to Rs 1047.62 crore. Provision for interest fell 61.79% to Rs 5.07 crore. Loan funds rose to Rs 281.55 crore as of 31 March 2022 from Rs 100.74 crore as of 31 March 2021. Inventories rose to Rs 357.61 crore as of 31 March 2022 from Rs 300.45 crore as of 31 March 2021. Sundry debtors were higher at Rs 320.92 crore as of 31 March 2022 compared to Rs 231.75 crore as of 31 March 2021. Cash and bank balance declined from Rs 360.37 crore as of 31 March 2021 to Rs 116.00 crore as of 31 March 2022. Investments rose to Rs 302.70 crore as of 31 March 2022 from Rs 255.33 crore as of 31 March 2021 . PBDT rose 10.90% to Rs 1042.55 crore. Provision for depreciation fell 8.77% to Rs 334.78 crore. Fixed assets declined from Rs 784.22 crore as of 31 March 2021 to Rs 761.38 crore as of 31 March 2022. Intangible assets increased from Rs 354.05 crore to Rs 585.61 crore. Profit before tax grew 23.50% to Rs 707.77 crore. Share of profit/loss was 248.80% lower at Rs -14.58 crore. Provision for tax was credit of Rs 148.66 crore, compared to debit of Rs 114.21 crore. Effective tax rate was negative 21.61% compared to 20.07%.Net profit attributable to owners of the company increased 84.52% to Rs 838.99 crore. Equity capital decreased from Rs 44.45 crore as of 31 March 2021 to Rs 44.12 crore as of 31 March 2022 . Per share face Value remained same at Rs 1.00. Promoters stake was 54.27% as of 31 March 2022 ,compared to 53.86% as of 31 March 2021 . Promoters pledged stake was 35.21% as of 31 March 2022 ,compared to 32.89% as of 31 March 2021 . Other Highlights The company has bought back 33,63,740 equity shares under the buyback by utilizing Rs 161.21 crore. The buyback commenced on 9th Feb 2022 and ended on 21st March 2022. During Q4 FY22, company acquired 20.65% stake in Tru Nativ F&B and it has become an associate. Company also acquired ?Dermicool? which is one of the leading brands in pricky heat powder for a consideration of Rs 432 crore. In Q4 FY22, Domestic Business grew by 3%, International Business grew by 8% and Institutional Business grew by 32% on YoY basis. In FY22, Domestic Business grew by 11%, International Business grew by 5% and Institutional Business grew by 26% on YoY basis. In Q4 FY22, domestic sales contributed 78% of total sales, International Business 18% and Institutional Business 4%. In FY22, domestic sales contributed 82% of total sales, International Business 15% and Institutional Business 3%. In FY22, modern trade grew by 17% on Yoy basis and e-commerce grew by 117% on YoY basis. In FY22, Pain Management Range grew by 18%, Navratna Range 5%, BoroPlus Range 5%, Kesh King Range 11%, Male Grooming Range 16%, Healthcare Range 9% and 7 Oils in One 9% on YoY basis. For FY22, SAARC (South Asian Association for Regional Cooperation) contributed 44% of total international sales, MENA (Middle East & North Africa) 34%, CIS (Commonwealth of Independent States) 10% and others 12%.
Management Comments :
Mr Harsha V Agarwal, Vice Chairman and Managing Director, Emami Limited said: ?Despite the challenging environment that the industry is going through since the last few years, we are happy to have posted a 3 year Profit before Tax CAGR of 20% in FY22, which is one of the highest in the industry since the COVID period. With an overall focus on digital business, we are now increasingly looking at D2C and eB2B segments and our investments in new-age startups are a step towards being present in the ever expanding FMCG sector. Dermicool, acquired in March22 is also expected to strengthen our leadership position in the Prickly Heat and Cool Talc segment and add to the growth of business? Mr Mohan Goenka, Vice Chairman and Whole-Time Director, Emami Limited said: ?The Industry is going through a rough patch with inflation at its highest, impacting consumption across rural and urban sectors. We responded to the prevalent challenges with mix of cost control measures and judicious price increase and posted a resilient revenue growth of 6%. We are further strengthening our focus on analytics and technology in sales & distribution to drive the business ahead. We are hopeful of improvement in the sector soon.?
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