|
Nilkamal consolidated net sales increased 95.86% to Rs 492.27 crore in Q1FY22
compared to Q1FY21. Sales of Plastics
segment has gone up 100.36% to Rs 474.44 crore (accounting for 96.21% of total
sales). Sales of lifesyle furniture, furnishings
& accessories segment has gone up 21.32% to Rs 18.67 crore (accounting for
3.79% of total sales). Inter-segment
sales rose Rs 0.84 crore to Rs 0.85 crore.
Raw material cost as a % of
total sales (net of stock adjustments) increased from 35.85% to 44.54%.
Purchase of finished goods cost rose from 15.37% to 17.83%. Employee cost decreased from 19.07% to
8.73%. Other expenses fell from 34.22%
to 23.33%.
Other income rose 23.17% to
Rs 2.02 crore. PBIT of Plastics reported
profit of Rs 15.87 crore compared to loss of Rs 22.28 crore. PBIT of Lifesyle Furniture, Furnishings &
Accessories segment fell 21.04% to Rs -7.08 crore (accounting for -80.60% of total
PBIT). PBIT margin of Plastics segment
rose from negative 9.41% to 3.34%. PBIT
margin of Lifesyle Furniture, Furnishings & Accessories segment rose from
negative 58.28% to negative 37.93%.
Overall PBIT margin rose from 12.39% to 1.78%.
Provision for interest rose
10.68% to Rs 6.84 crore. Provision for
depreciation rose 1.92% to Rs 23.92 crore.
Provision for tax was debit of Rs 0.09 crore, compared to credit of Rs
9.36 crore. Effective tax rate was 5.08%
compared to 24.43%.
Net profit was Rs 1.68
crore compared to loss of Rs 28.95 crore.
Promoters’ stake was 64.53%
as of 30 June 2021 compared to 64.33% as of 30 June 2020.
Standalone results
Q1FY22 has been once again
a challenging quarter. The recovery over the past three quarters got undone
with the second wave of COVID-19 which again led to restrictions and full or
partial lockdowns, which resulted in loss of the B2C & retail businesses of
the company for a substantial period of the quarter. This has led to an overall
degrowth of 26% in the business of the company against the preceding quarter.
This resultant loss of sales, led to decrease in profits by 90% compared to
preceding quarter.
Further the raw material
prices increased to the extent of 27% since December, 2020 in a phased manner.
The leadership position enjoyed by the company in the business in which it
operates helped the company to pass on the said price increase to the extent of
85% with a time lag of couple of months.
For the quarter ended June
30, 2021, revenue from operations has increased by 101% to Rs 449.79 crore from
Rs 223.48 crore. PBT for the quarter was Rs 3.75 crore as against loss of Rs
34.49 crore in the previous corresponding period. The sales of the company`s
plastic business stood at Rs 412.79 crore whereas the retail business `@home`
stood at Rs 18.67 crore against Rs 199.83 crore and Rs 15.39 crore
respectively. Further the mattress business achieved sales of Rs 14.34 crore as
against Rs 7.27 crore while the sales of bubble-guard stood at Rs 3.99 crore
vis-a-vis Rs 0.98 crore.
In order to achieve its
growth plans as well as for further building its competitive advantage in the
business in which it operates, the company estimates a total capital
expenditure of approx. Rs 245 crore during FY21-22. The said expenditure shall
be towards putting up greenfield plant in southern India for manufacturing of
foam, mattress, sofa and plastic moulded articles, building of regional
warehouses in south and north, increasing injection moulding manufacturing
capacity by more than 10,000 MTPA across various manufacturing facilities of
the Company, introduction of various new range of designs and products to cater
to the need of market and customers and for its racking & storage, Bubble
Guard and modular & metal furniture businesses. The said capex will be
funded majorly from the internal accruals and generations of the company.
During Q1FY22, the capex spend of the company stood at Rs 27.27 crore.
Subsidiary & Joint Venture performance
The business operations of
the subsidiary & joint venture companies showed an uptrend, however, the
business of the said Joint Venture and Subsidiary Companies is negligible as
compared to the standalone business of the Company. Nilkamal Storage Systems
Private Limited (formerly known as Nilkamal Bito Storage Systems Private
Limited)- the Company`s wholly owned Indian subsidiary recorded turnover of Rs
49.37 crore for Q1FY22 vis-a-vis Rs 21.63 crore for Q1FY21. It has incurred a
loss of Rs 1. 98 crore for Q1FY22 vis-a-vis Rs 1. 71 crore for Q1FY21. The said
loss is mainly on account of increase in steel prices by approx. 50%, however,
the company expects to recover its losses and achieve profit during the current
financial year. The company`s subsidiary company at Sri Lanka and Ajman, UAE
also showed a growth in its performance. Further Cambro Nilkamal Private
Limited- the Company`s US Joint Venture has recorded a turnover of Rs 8.89
crore during Q1FY22 vis-a-vis Rs 2.97 crore for Q1FY21.
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 2791
on the BSE
|
Nilkamal : Consolidated Results
|
|
Particulars
|
2106
(03)
|
2006
(03)
|
Var.(%)
|
2103
(12)
|
2003
(12)
|
Var.(%)
|
|
Net
Sales
|
492.27
|
251.34
|
96
|
2,092.20
|
2,257.19
|
-7
|
|
OPM
(%)
|
6.1
|
-3.9
|
|
12.1
|
12.5
|
|
|
OP
|
29.92
|
-9.77
|
LP
|
253.13
|
281.18
|
-10
|
|
Other
Inc.
|
2.02
|
1.64
|
23
|
16.02
|
14.42
|
11
|
|
PBIDT
|
31.94
|
-8.13
|
LP
|
269.15
|
295.6
|
-9
|
|
Interest
|
6.84
|
6.18
|
11
|
23.53
|
26.1
|
-10
|
|
PBDT
|
25.1
|
-14.31
|
LP
|
245.62
|
269.5
|
-9
|
|
Depreciation
|
23.92
|
23.47
|
2
|
97.16
|
94.21
|
3
|
|
PBT
|
1.18
|
-37.78
|
LP
|
148.46
|
175.29
|
-15
|
|
Share
of Profit/(Loss) from Associates
|
0.59
|
-0.53
|
LP
|
1.66
|
6.28
|
-74
|
|
PBT
before EO
|
1.77
|
-38.31
|
LP
|
150.12
|
181.57
|
-17
|
|
EO
Income
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT
after EO
|
1.77
|
-38.31
|
LP
|
150.12
|
181.57
|
-17
|
|
Taxation
|
0.09
|
-9.36
|
PL
|
36.98
|
39.15
|
-6
|
|
PAT
|
1.68
|
-28.95
|
LP
|
113.14
|
142.42
|
-21
|
|
Minority
Interest (MI)
|
0
|
0
|
-
|
0.21
|
0.34
|
-38
|
|
Net
profit
|
1.68
|
-28.95
|
LP
|
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)
|
2106
(03)
|
2006
(03)
|
Var.(%)
|
%
of (Total)
|
2103
(12)
|
2003
(12)
|
Var.(%)
|
|
Sales
|
|
Plastics
|
96
|
474.44
|
236.79
|
100
|
93
|
1,941.56
|
2,046.21
|
-5
|
|
Lifesyle
Furniture, Furnishings & Accessories
|
4
|
18.67
|
15.39
|
21
|
7
|
156.89
|
215.11
|
-27
|
|
Total
Reported Sales
|
100
|
493.12
|
252.18
|
96
|
100
|
2,098.45
|
2,261.32
|
-7
|
|
Less:
Inter segment revenues
|
|
0.85
|
0.84
|
1
|
|
6.25
|
4.13
|
51
|
|
Net
Sales
|
|
492.27
|
251.34
|
96
|
|
2,092.20
|
2,257.19
|
-7
|
|
PBIT
|
|
Plastics
|
181
|
15.87
|
-22.28
|
LP
|
102
|
175.74
|
208.13
|
-16
|
|
Lifesyle
Furniture, Furnishings & Accessories
|
-81
|
-7.08
|
-8.97
|
-21
|
-2
|
-4.07
|
-1.52
|
167
|
|
Total
PBIT
|
100
|
8.79
|
-31.25
|
LP
|
100
|
171.67
|
206.6
|
-17
|
|
Less
: Interest
|
|
6.84
|
6.18
|
11
|
|
23.53
|
26.1
|
-10
|
|
Add:
Other un-allcoable
|
|
-0.76
|
-0.35
|
117
|
|
0.33
|
-5.2
|
LP
|
|
PBT
|
|
1.19
|
-37.77
|
LP
|
|
148.47
|
175.3
|
-15
|
|