For
the quarter ending Dec 2023, standalone Net sales (including other operating income) of Gillette India has increased 3.37% to Rs 639.46 crore compared to quarter ended Dec 2022. Sales of Grooming segment has gone up 3.99% to Rs 514.21 crore (accounting for 80.41% of total sales). Sales of Oral Care segment rose 0.91% to Rs 125.25 crore (accounting for 19.59% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 28.14% to Rs 135.53 crore. PBIT of Grooming segment rose 33.47% to Rs 129.04 crore (accounting for 95.21% of total PBIT). PBIT of Oral Care segment fell 28.60% to Rs 6.49 crore (accounting for 4.79% of total PBIT).
PBIT margin of Grooming segment rose from 19.55% to 25.09%. PBIT margin of Oral Care segment fell from 7.32% to 5.18%. Overall PBIT margin rose from 17.10% to 21.19%.
Operating profit margin has jumped from 20.37% to 24.37%, leading to 23.62% rise in operating profit to Rs 155.81 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 32.64% to 29.01%. Purchase of finished goods cost fell from 17.52% to 16.62%. Employee cost increased from 5.86% to 7.15%. Other expenses fell from 24.50% to 24.41%. Selling and administration expenses fell from 12.21% to 11.10%. Other income up 145.39% to Rs 7.19 crore. PBIDT rose 26.39% to Rs 163 crore. Provision for interest fell 2.99% to Rs 3.25 crore. Loan funds rose to Rs 0.05 crore as of 31 December 2023 from Rs 0.04 crore as of 31 December 2022. Inventories rose to Rs 444.63 crore as of 31 December 2023 from Rs 407.33 crore as of 31 December 2022. Sundry debtors were lower at Rs 233.95 crore as of 31 December 2023 compared to Rs 286.22 crore as of 31 December 2022. Cash and bank balance rose to Rs 408.35 crore as of 31 December 2023 from Rs 330.81 crore as of 31 December 2022.
PBDT rose 27.17% to Rs 159.75 crore. Provision for depreciation rose 7.92% to Rs 20.71 crore. Fixed assets declined from Rs 435.94 crore as of 31 December 2022 to Rs 401.01 crore as of 31 December 2023.
Profit before tax grew 30.64% to Rs 139.04 crore. Provision for tax was expense of Rs 35.09 crore, compared to Rs 31.98 crore. Effective tax rate was 25.24% compared to 30.05%.
Profit after tax rose 39.62% to Rs 103.95 crore.
Equity capital stood at Rs 32.59 crore as of 31 December 2023 to Rs 32.59 crore as of 31 December 2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 75.00% as of 31 December 2023 ,compared to 75.00% as of 31 December 2022 .
For year-to-date (YTD) results analysis
Net sales (including other operating income) of Gillette India has increased 5.53% to Rs 1,307.01 crore. Sales of Grooming segment has gone up 5.87% to Rs 1,041.68 crore (accounting for 79.70% of total sales). Sales of Oral Care segment rose 4.20% to Rs 265.33 crore (accounting for 20.30% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 13.24% to Rs 254.44 crore. PBIT of Grooming segment rose 13.23% to Rs 222.33 crore (accounting for 87.38% of total PBIT). PBIT of Oral Care segment rose 13.30% to Rs 32.11 crore (accounting for 12.62% of total PBIT).
PBIT margin of Grooming segment rose from 19.96% to 21.34%. PBIT margin of Oral Care segment rose from 11.13% to 12.10%. Overall PBIT margin rose from 18.14% to 19.47%.
Operating profit margin has jumped from 21.14% to 22.38%, leading to 11.74% rise in operating profit to Rs 292.55 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 30.86% to 27.31%. Purchase of finished goods cost rose from 17.74% to 19.43%. Employee cost increased from 6.20% to 7.40%. Other expenses fell from 24.77% to 24.67%. Selling and administration expenses fell from 13.25% to 12.94%. Other income up 181.17% to Rs 15.83 crore. PBIDT rose 15.31% to Rs 308.38 crore. Provision for interest fell 11.98% to Rs 3.38 crore. Loan funds rose to Rs 0.05 crore as of 31 December 2023 from Rs 0.04 crore as of 31 December 2022. Inventories rose to Rs 444.63 crore as of 31 December 2023 from Rs 407.33 crore as of 31 December 2022. Sundry debtors were lower at Rs 233.95 crore as of 31 December 2023 compared to Rs 286.22 crore as of 31 December 2022. Cash and bank balance rose to Rs 408.35 crore as of 31 December 2023 from Rs 330.81 crore as of 31 December 2022.
PBDT rose 15.71% to Rs 305 crore. Provision for depreciation rose 9.65% to Rs 40.8 crore. Fixed assets declined from Rs 435.94 crore as of 31 December 2022 to Rs 401.01 crore as of 31 December 2023. Profit before tax grew 16.70% to Rs 264.20 crore. Provision for tax was expense of Rs 67.56 crore, compared to Rs 65.16 crore. Effective tax rate was 25.57% compared to 28.78%.Profit after tax rose 21.96% to Rs 196.64 crore. Equity capital stood at Rs 32.59 crore as of 31 December 2023 to Rs 32.59 crore as of 31 December 2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 75.00% as of 31 December 2023 ,compared to 75.00% as of 31 December 2022 .
Cash flow from operating activities decreased to Rs 149.51 crore for YTD ended December 2023 from Rs 204.16 crore for YTD ended December 2022. Cash flow used in acquiring fixed assets during the YTD ended December 2023 stood at Rs 44.50 crore, compared to Rs 52.31 crore during the YTD ended December 2022.
Full year results analysis
Net sales (including other operating income) of Gillette India has increased 9.79% to Rs 2,477.05 crore. Sales of Grooming segment has gone up 13.79% to Rs 1,960.62 crore (accounting for 79.15% of total sales). Sales of Oral Care segment fell 3.13% to Rs 516.43 crore (accounting for 20.85% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 9.92% to Rs 457.16 crore. PBIT of Grooming segment rose 11.66% to Rs 377.74 crore (accounting for 82.63% of total PBIT). PBIT of Oral Care segment rose 2.33% to Rs 79.42 crore (accounting for 17.37% of total PBIT).
PBIT margin of Grooming segment fell from 19.63% to 19.27%. PBIT margin of Oral Care segment rose from 14.56% to 15.38%. Overall PBIT margin rose from 18.43% to 18.46%.
Operating profit margin has jumped from 21.39% to 21.77%, leading to 11.75% rise in operating profit to Rs 539.18 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 26.43% to 27.50%. Purchase of finished goods cost rose from 19.64% to 20.26%. Employee cost increased from 6.71% to 6.88%. Other expenses fell from 25.66% to 23.51%. Selling and administration expenses fell from 12.90% to 11.82%. Other income up 186.56% to Rs 22.18 crore. PBIDT rose 14.51% to Rs 561.36 crore. Provision for interest fell 26.21% to Rs 7.77 crore. Loan funds stood at Rs 0.05 crore as of 30 June 2023 to Rs 0.05 crore as of 30 June 2022. Inventories rose to Rs 412.35 crore as of 30 June 2023 from Rs 373.44 crore as of 30 June 2022. Sundry debtors were higher at Rs 320.16 crore as of 30 June 2023 compared to Rs 267.01 crore as of 30 June 2022. Cash and bank balance rose to Rs 455.56 crore as of 30 June 2023 from Rs 291.07 crore as of 30 June 2022.
PBDT rose 15.41% to Rs 553.59 crore. Provision for depreciation rose 18.04% to Rs 80.69 crore. Fixed assets declined from Rs 427.99 crore as of 30 June 2022 to Rs 421.90 crore as of 30 June 2023.
Profit before tax grew 14.97% to Rs 472.90 crore. Provision for tax was expense of Rs 117.22 crore, compared to Rs 122 crore. Effective tax rate was 24.79% compared to 29.66%.
Profit after tax rose 22.93% to Rs 355.68 crore.
Equity capital stood at Rs 32.59 crore as of 31 December 2023 to Rs 32.59 crore as of 31 December 2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 75.00% as of 30 June 2023 ,compared to 75.00% as of 30 June 2022 .
Cash flow from operating activities increased to Rs 462.60 crore for year ended June 2023 from Rs 461.53 crore for year ended June 2022. Cash flow used in acquiring fixed assets during the year ended June 2023 stood at Rs 78.73 crore, compared to Rs 116.41 crore during the year ended June 2022.
Dividend update
Company
has announced an interim dividend of Rs 85 per equity share for the financial
year 2023-24. This interim dividend includes a one-time special dividend of Rs
40 per equity share to commemorate 40 years of serving consumers, customers,
shareholders, employees, and society. Record date for the purpose shall be
February 8, 2024.