|
Nilkamal consolidated net sales increased 20.71% to Rs 756.4 crore in Q3FY22
compared to Q3FY21. Sales of Plastics
segment has gone up 22.30% to Rs 704.50 crore (accounting for 92.53% of total
sales). Sales of Lifesyle Furniture,
Furnishings & Accessories segment has gone up 6.99% to Rs 56.89 crore
(accounting for 7.47% of total sales).
Inter-segment sales rose Rs 2.61 crore to Rs 4.98 crore.
Operating profit margin has
declined from 15.51% to 9.80%, leading to 23.70% decline in operating profit to
Rs 74.13 crore. Raw material cost as a %
of total sales (net of stock adjustments) increased from 36.39% to 41.44%. Purchase of finished goods cost fell from
20.85% to 19.25%. Employee cost
decreased from 6.85% to 6.64%. Other
expenses rose from 21.33% to 23.07%.
Other income fell 96.22% to
Rs 0.14 crore. PBIDT fell 26.36% to Rs
74.27 crore. Profit before interest, tax
and other unallocable items (PBIT) has slumped 33.63% to Rs 50.66 crore. PBIT of Plastics segment fell 35.95% to Rs
46.39 crore (accounting for 91.56% of total PBIT). PBIT of Lifesyle Furniture, Furnishings &
Accessories segment rose 9.43% to Rs 4.28 crore (accounting for 8.44% of total
PBIT).
PBIT margin of Plastics
segment fell from 12.57% to 6.58%. PBIT
margin of Lifesyle Furniture, Furnishings & Accessories segment rose from
7.35% to 7.52%. Overall PBIT margin fell
from 12.13% to 6.65%. Provision for
interest rose 43.36% to Rs 7.34 crore.
PBDT fell 30.09% to Rs 66.93 crore.
Provision for depreciation rose 4.18% to Rs 25.43 crore.
Profit before tax down
41.82% to Rs 41.50 crore. Share of
profit/loss was 206.49% higher at Rs 2.36 crore. Provision for tax was expense of Rs 10.33
crore, compared to Rs 17.75 crore.
Effective tax rate was 23.55% compared to 24.62%.
Minority interest increased
120% to Rs 0.11 crore. Net profit
attributable to owners of the company decreased 38.45% to Rs 33.42 crore.
Promoters’ stake was 64.53%
as of 31 December 2021 ,compared to 64.33% as of 31 December 2020 .
For year-to-date (YTD) results analysis
Net sales of Nilkamal have
increased 40.77% to Rs 1988.04 crore.
Sales of Plastics segment has gone up 43.11% to Rs 1,868.64 crore
(accounting for 93.59% of total sales).
Sales of Lifesyle Furniture, Furnishings & Accessories segment has
gone up 14.41% to Rs 127.94 crore (accounting for 6.41% of total sales). Inter-segment sales rose Rs 5.27 crore to Rs
8.53 crore.
Operating profit margin has
declined from 12.34% to 8.61%, leading to 1.84% decline in operating profit to
Rs 171.07 crore. Raw material cost as a
% of total sales (net of stock adjustments) increased from 35.64% to
44.02%. Purchase of finished goods cost
fell from 18.67% to 17.69%. Employee
cost decreased from 9.13% to 7.20%.
Other expenses fell from 24.04% to 22.80%.
Other income fell 76.84% to
Rs 3.25 crore. PBIDT fell 7.42% to Rs
174.32 crore. Profit before interest,
tax and other unallocable items (PBIT) has slumped 9.25% to Rs 104.69 crore. PBIT of Plastics segment fell 9.17% to Rs
105.72 crore (accounting for 100.98% of total PBIT). PBIT of Lifesyle Furniture, Furnishings &
Accessories segment rose 0.48% to Rs -1.03 crore (accounting for -0.98% of
total PBIT).
PBIT margin of Plastics segment
fell from 8.91% to 5.66%. PBIT margin of
Lifesyle Furniture, Furnishings & Accessories segment rose from negative
0.92% to negative 0.80%. Overall PBIT margin fell from 8.14% to 5.24%.
Provision for interest rose
26.24% to Rs 20.83 crore. PBDT fell
10.66% to Rs 153.49 crore. Provision for
depreciation rose 3.18% to Rs 74.24 crore.
Profit before tax down
20.63% to Rs 79.25 crore. Share of
profit/loss was 3,258.33% higher at Rs 4.03 crore. Provision for tax was expense of Rs 19.8
crore, compared to Rs 25 crore.
Effective tax rate was 23.78% compared to 25.01%.
Minority interest increased
20% to Rs 0.12 crore. Net profit
attributable to owners of the company decreased 15.37% to Rs 63.36 crore.
Promoters’ stake was 64.53%
as of 31 December 2021 compared to 64.33% as of 31 December 2020.
Standalone results
The quarter witnessed a
strong demand growth in its B2B business whereas the B2C business was impacted
due to weak consumer demand, which led to overall degrowth of 2% in the volume
terms whereas, the revenue grew by 19%. During the quarter the company achieved
net sales of Rs 672.33 crore (Plastic business Rs 574.05 crore, @home Rs 56.89
crore and Mattress Rs 41.39 crore) as against Rs 566.54 crore (Plastic business
Rs 482.72 crore, @home Rs 53.17 crore and Mattress Rs 30.60 crore) for Q3FY22.
For the quarter, the
Company has achieved EBIDTA of Rs 63.48 crore as against Rs 97.76 crore and PBT
of Rs 31.92 crore vis-a-vis Rs 69.41 crore of Q3 FY21, whereas the PAT for the
period stood at Rs 23.69 Crore as against Rs 51.92 Crore for the corresponding
quarter of previous year. The major factor being the continued pressure of
increasing raw material costs, weaker consumer demand and increase in other
operating cost due to inflationary pressure.
The capex spend for Q3FY22
stood at Rs 49.74 crore, with this the total capex incurred for the nine months
of the current financial year stood at Rs 112.51 crore which has been majorly
utilized towards Land and building, advance towards plant & Machinery,
moulds and automation equipment`s etc.
The company had developed
the state of art distribution center at Bhiwandi in order to cater the existing
and future warehousing requirements of the Company. Further, the company is
under the process of setting up of regional warehouses in North and South,
which will help to create a lean supply chain management to serve our dealer-
distributor network in most efficient and effective manner. The company is
expanding its ready furniture manufacturing facilities.
Further the company is in
the final stage of acquiring 60 acres of land at Hosur for expanding its
manufacturing facility across all the businesses.
Nilkamal embarked its
digital journey to explore multiple avenues and channels that would lead to
brand awareness and impact sales. Channels like Social Media played a vital
role in establishing the brand narrative via campaigns and collaborations. On
the other hand performance marketing explored channels like Google,
Facebook/Instagram, affiliates and alliances to influence online and offline
sales.
The total net borrowing of
the company stood at Rs 143.80 crore as on 31st December, 2021 as against net
surplus of Rs 112.18 crore as on 31st December 2020.
Further the ongoing
pandemic resulted into delay in hearings with the statutory authorities for the
amalgamation of Nilkamal Storage Systems Private Limited its wholly owned
subsidiary with the company and hence the company has shifted its appointed
date from 1st April, 2021 to 1st October, 2022.
Full year results analysis
Net sales (including other
operating income) of Nilkamal has declined 7.31% to Rs 2092.2 crore. Sales of Plastic segment has gone down 5.11%
to Rs 1,941.56 crore (accounting for 92.52% of total sales). Sales of Lifesyle Furniture, Furnishings
& Accessories segment has gone down 27.07% to Rs 156.89 crore (accounting
for 7.48% of total sales). Inter-segment
sales rose Rs 4.13 crore to Rs 6.25 crore.
Operating profit margin has
slumped from 12.46% to 12.10%, leading to 9.98% decline in operating profit to
Rs 253.13 crore. Raw material cost as a
% of total sales (net of stock adjustments) increased from 33.20% to
36.89%. Purchase of finished goods cost
fell from 22.13% to 19.80%. Employee
cost decreased from 8.43% to 8.23%.
Other expenses fell from 23.80% to 23.10%.
Other income rose 11.10% to
Rs 16.02 crore. Profit before interest, tax and other unallocable items (PBIT)
has slumped 16.91% to Rs 171.67 crore.
PBIT of Plastic segment fell 15.56% to Rs 175.74 crore (accounting for
102.37% of total PBIT). PBIT of Lifesyle
Furniture, Furnishings & Accessories segment rose 167.24% to Rs -4.07 crore
(accounting for -2.37% of total PBIT).
PBIT margin of Plastic
segment fell from 10.17% to 9.05%. PBIT
margin of Lifesyle Furniture, Furnishings & Accessories segment fell from
negative 0.71% to negative 2.60%.
Overall PBIT margin fell from 9.14% to 8.18%.
Provision for interest fell 9.85% to Rs 23.53
crore. Loan funds declined from Rs 47.92
crore as of 31 March 2020 to Rs 30.72 crore as of 31 March 2021. Inventories rose to Rs 497.96 crore as of 31
March 2021 from Rs 406.35 crore as of 31 March 2020. Sundry debtors were lower at Rs 308.09 crore
as of 31 March 2021 compared to Rs 325.01 crore as of 31 March 2020. Cash and bank balance rose to Rs 90.53 crore
as of 31 March 2021 from Rs 24.03 crore as of 31 March 2020. Investments rose to Rs 34.86 crore as of 31
March 2021 from Rs 34.26 crore as of 31 March 2020 .
Provision for depreciation
rose 3.13% to Rs 97.16 crore. Fixed
assets increased to Rs 645.88 crore as of 31 March 2021 from Rs 612.24 crore as
of 31 March 2020. Intangible assets
stood at Rs 6.76 crore.
Profit before tax shrink
15.31% to Rs 148.46 crore. Share of
profit/loss was 73.57% lower at Rs 1.66 crore.
Provision for tax was expense of Rs 36.98 crore, compared to Rs 39.15
crore. Effective tax rate was 24.63%
compared to 21.56%.
Minority interest decreased
38.24% to Rs 0.21 crore. Net profit
attributable to owners of the company decreased 20.52% to Rs 112.93 crore.
Promoters’ stake was 64.53%
as of 31 March 2021 compared to 64.31% as of 31 March 2020 .
Cash flow from operating
activities decreased to Rs 202.96 crore for year ended March 2021 from Rs
251.95 crore for year ended March 2020.
Cash flow used in acquiring fixed assets during the year ended March
2021 stood at Rs 77.59 crore, compared to Rs 99.54 crore during the year ended
March 2020.
The scrip is currently trading around Rs 2275
on the BSE
|
Nilkamal : Consolidated Results
|
|
Particulars
|
2112
(03)
|
2012
(03)
|
Var.(%)
|
2112
(09)
|
2012
(09)
|
Var.(%)
|
2103
(12)
|
2003
(12)
|
Var.(%)
|
|
Net
Sales
|
756.40
|
626.60
|
21
|
1988.04
|
1412.28
|
41
|
2,092.20
|
2,257.19
|
-7
|
|
OPM
(%)
|
9.8
|
15.5
|
|
8.6
|
12.3
|
|
12.1
|
12.5
|
|
|
OP
|
74.13
|
97.16
|
-24
|
171.07
|
174.27
|
-2
|
253.13
|
281.18
|
-10
|
|
Other
Inc.
|
0.14
|
3.70
|
-96
|
3.25
|
14.03
|
-77
|
16.02
|
14.42
|
11
|
|
PBIDT
|
74.27
|
100.86
|
-26
|
174.32
|
188.30
|
-7
|
269.15
|
295.6
|
-9
|
|
Interest
|
7.34
|
5.12
|
43
|
20.83
|
16.50
|
26
|
23.53
|
26.1
|
-10
|
|
PBDT
|
66.93
|
95.74
|
-30
|
153.49
|
171.80
|
-11
|
245.62
|
269.5
|
-9
|
|
Depreciation
|
25.43
|
24.41
|
4
|
74.24
|
71.95
|
3
|
97.16
|
94.21
|
3
|
|
PBT
|
41.50
|
71.33
|
-42
|
79.25
|
99.85
|
-21
|
148.46
|
175.29
|
-15
|
|
Share
of Profit/(Loss) from Associates
|
2.36
|
0.77
|
206
|
4.03
|
0.12
|
999
|
1.66
|
6.28
|
-74
|
|
PBT
before EO
|
43.86
|
72.10
|
-39
|
83.28
|
99.97
|
-17
|
150.12
|
181.57
|
-17
|
|
EO
Income
|
0.00
|
0.00
|
|
0.00
|
0.00
|
|
0
|
0
|
-
|
|
PBT
after EO
|
43.86
|
72.10
|
-39
|
83.28
|
99.97
|
-17
|
150.12
|
181.57
|
-17
|
|
Taxation
|
10.33
|
17.75
|
-42
|
19.80
|
25.00
|
-21
|
36.98
|
39.15
|
-6
|
|
PAT
|
33.53
|
54.35
|
-38
|
63.48
|
74.97
|
-15
|
113.14
|
142.42
|
-21
|
|
Minority
Interest (MI)
|
0.11
|
0.05
|
120
|
0.12
|
0.10
|
20
|
0.21
|
0.34
|
-38
|
|
Net
profit
|
33.42
|
54.30
|
-38
|
63.36
|
74.87
|
-15
|
112.9
|
142.1
|
-21
|
|
EPS
(Rs)*
|
#
|
#
|
|
#
|
#
|
|
75.7
|
95.2
|
|
|
Notes
|
|
*
EPS is on current equity of Rs 14.92 crore, Face value of Rs 10, Excluding
extraordinary items.
|
|
#
EPS is not annualised
|
|
bps
: Basis points
|
|
EO
: Extraordinary items
|
|
Figures
in Rs crore
|
|
Source:
Capitaline Corporate Database
|
|
Nilkamal
: Consolidated Segment Results
|
|
|
%
of (Total)
|
2112
(03)
|
2012
(03)
|
Var.(%)
|
%
of (Total)
|
2112
(09)
|
2012
(09)
|
Var.(%)
|
%
of (Total)
|
2103
(12)
|
2003
(12)
|
Var.(%)
|
|
Sales
|
|
|
|
|
|
Plastics
|
93
|
704.5
|
576.04
|
22
|
94
|
1,868.64
|
1,305.73
|
43
|
93
|
1,941.56
|
2,046.21
|
-5
|
|
Lifesyle
Furniture, Furnishings & Accessories
|
7
|
56.89
|
53.17
|
7
|
6
|
127.94
|
111.82
|
14
|
7
|
156.89
|
215.11
|
-27
|
|
Total
Reported Sales
|
100
|
761.38
|
629.21
|
21
|
100
|
1,996.57
|
1,417.55
|
41
|
100
|
2,098.45
|
2,261.32
|
-7
|
|
Less:
Inter segment revenues
|
|
4.98
|
2.61
|
91
|
|
8.53
|
5.27
|
62
|
|
6.25
|
4.13
|
51
|
|
Net
Sales
|
|
756.4
|
626.6
|
21
|
|
1,988.04
|
1,412.28
|
41
|
|
2,092.20
|
2,257.19
|
-7
|
|
PBIT
|
|
|
|
|
|
Plastics
|
92
|
46.39
|
72.43
|
-36
|
101
|
105.72
|
116.39
|
-9
|
102
|
175.74
|
208.13
|
-16
|
|
Lifesyle
Furniture, Furnishings & Accessories
|
8
|
4.28
|
3.91
|
9
|
-1
|
-1.03
|
-1.03
|
0
|
-2
|
-4.07
|
-1.52
|
-167
|
|
Total
PBIT
|
100
|
50.66
|
76.33
|
-34
|
100
|
104.69
|
115.36
|
-9
|
100
|
171.67
|
206.6
|
-17
|
|
Less
: Interest
|
|
7.34
|
5.12
|
43
|
|
20.83
|
16.5
|
26
|
|
23.53
|
26.1
|
-10
|
|
Add:
Other un-allcoable
|
|
-1.83
|
0.1
|
PL
|
|
-4.6
|
0.98
|
PL
|
|
0.33
|
-5.2
|
LP
|
|
PBT
|
|
41.5
|
71.32
|
-42
|
|
79.26
|
99.84
|
-21
|
|
148.47
|
175.3
|
-15
|
|