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Huhtamaki PPL net sales rose 6% to Rs 633.75 crore in Q2CY19 compared to Q2CY19. The company operating margins increased 250 bps to 11.2% leading to 37% increase in operating profits to Rs 70.96 crore. Cost of material consumed as a percentage of net sales (net of stock adjustment) was down 260 bps to 66.2%, while employee benefit expenses was up 80 bps to 10.3% and other expenses decreased 70 bps to 12.4%.
Other income increased 38% to Rs 3.4 crore compared to Rs 2.47 crore. Interest cost fell 3% to Rs 6.87 crore. Depreciation was up 3% to Rs 21.44 crore. PBT was up 74% to Rs 46.05 crore.
Effective rate of taxes was down 670 bps to 39.3%. PAT reported was up 96% to Rs 27.93 crore.
Performance for the half year ended June 2019
For half year ended June 2019, net sales rose 10% to Rs 1263.16 crore. The company operating margins increased 320 bps to 12.5%. As a result operating profits rose 47% to Rs 158.21 crore.
Other income rose 81% to Rs 12.17 crore. Interest cost fell 4% to Rs 13.67 crore. Depreciation rose 6% to Rs 43.04 crore. PBT was up 92% to Rs 113.67 crore.
Effective tax rate was down 730 bps to 38.5%. PAT reported was up 118% to Rs 69.96 crore.
The scrip is currently trading at Rs 225.15
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