Other income fell 56.25% to Rs 1.4 crore.  PBIDT fell 5.08% to Rs 160.8 crore.  Profit before interest, tax and other unallocable items (PBIT) has slumped 13.19% to Rs 94.80 crore.  PBIT of AMESA segment fell 8.33% to Rs 35.20 crore (accounting for 37.13% of total PBIT).  PBIT of EAP segment fell 10.63% to Rs 35.30 crore (accounting for 37.24% of total PBIT).  PBIT of AMERICAS segment rose 8.39% to Rs 16.80 crore (accounting for 17.72% of total PBIT).  PBIT of EUROPE segment fell 52.53% to Rs 7.50 crore (accounting for 7.91% of total PBIT). 

PBIT margin of AMESA segment fell from 14.77% to 11.45%.  PBIT margin of EAP segment fell from 20.70% to 16.53%.  PBIT margin of AMERICAS segment fell from 10.14% to 9.03%.  PBIT margin of EUROPE segment fell from 8.15% to 3.99%.  Overall PBIT margin fell from 13.69% to 10.59%. 

PBDT fell 5.39% to Rs 151.1 crore.  Provision for depreciation rose 7.61% to Rs 62.2 crore.  Profit before tax down 12.76% to Rs 88.90 crore.  Share of profit/loss was 2,133.33% lower at Rs -6.7 crore.  Provision for tax was expense of Rs 29.7 crore, compared to Rs 33.4 crore.  Effective tax rate was 36.13% compared to 32.87%.

Minority interest increased 50% to Rs 1.80 crore.  Net profit attributable to owners of the company decreased 24.33% to Rs 50.70 crore. 

Equity capital increased from Rs 63.10 crore as of 30 September 2020 to Rs 63.20 crore as of 30 September 2021.  Per share face Value remained same at Rs 2.00. 

Promoters’ stake was 51.91% as of 30 September 2021 compared to 51.96% as of 30 September 2020. 

For year-to-date (YTD) results analysis

Net sales (including other operating income) of EPL has increased 10.34% to Rs 1669.2 crore.  Sales of AMESA segment has gone up 23.00% to Rs 589.40 crore (accounting for 34.16% of total sales).  Sales of EAP segment has gone up 6.82% to Rs 419.60 crore (accounting for 24.32% of total sales).  Sales of AMERICAS segment rose 15.25% to Rs 349.90 crore (accounting for 20.28% of total sales).  Sales of EUROPE segment has gone down 6.38% to Rs 366.60 crore (accounting for 21.25% of total sales).  Inter-segment sales rose Rs 55.00 crore to Rs 56.90 crore. 

Operating profit margin has declined from 20.68% to 18.23%, leading to 2.72% decline in operating profit to Rs 304.30 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 42.14% to 43.72%.   Employee cost decreased from 19.41% to 18.80%.   Other expenses rose from 17.78% to 19.52%.  

Other income fell 19.28% to Rs 6.7 crore.  PBIDT fell 3.15% to Rs 311 crore.  Profit before interest, tax and other unallocable items (PBIT) has slumped 9.94% to Rs 182.20 crore.  PBIT of AMESA segment rose 21.87% to Rs 66.30 crore (accounting for 36.39% of total PBIT).  PBIT of EAP segment fell 16.21% to Rs 69.80 crore (accounting for 38.31% of total PBIT).  PBIT of AMERICAS segment fell 7.12% to Rs 28.70 crore (accounting for 15.75% of total PBIT).  PBIT of EUROPE segment fell 48.37% to Rs 17.40 crore (accounting for 9.55% of total PBIT). 

PBIT margin of AMESA segment fell from 11.35% to 11.25%.  PBIT margin of EAP segment fell from 21.21% to 16.63%.  PBIT margin of AMERICAS segment fell from 10.18% to 8.20%.  PBIT margin of EUROPE segment fell from 8.61% to 4.75%.  Overall PBIT margin fell from 12.91% to 10.56%. 

Provision for interest fell 28.19% to Rs 18.6 crore.   PBDT fell 0.95% to Rs 292.4 crore.  Provision for depreciation rose 7.26% to Rs 124.1 crore.  Fixed assets increased to Rs 1,439.20 crore as of 30 September 2021 from Rs 1,284.50 crore as of 30 September 2020.  Intangible assets increased from Rs 62.00 crore to Rs 115.90 crore. 

Profit before tax down 6.24% to Rs 168.30 crore.  Share of profit/loss was 2,233.33% lower at Rs -7 crore.  Provision for tax was expense of Rs 48.6 crore, compared to Rs 49.3 crore.  Effective tax rate was 30.13% compared to 30.23%.

Minority interest increased 70.83% to Rs 4.10 crore.  Net profit attributable to owners of the company decreased 2.51% to Rs 108.60 crore. 

Full year results analysis

Net sales (including other operating income) of EPL has increased 11.96% to Rs 3091.6 crore.  Sales of AMESA segment has gone up 6.11% to Rs 993.40 crore (accounting for 31.08% of total sales).  Sales of EAP segment has gone up 25.52% to Rs 782.00 crore (accounting for 24.47% of total sales).  Sales of AMERICAS segment rose 5.38% to Rs 652.10 crore (accounting for 20.40% of total sales).  Sales of EUROPE segment has gone up 13.50% to Rs 768.60 crore (accounting for 24.05% of total sales).  Inter-segment sales rose Rs 94.60 crore to Rs 105.70 crore. 

Operating profit margin has slumped from 20.19% to 19.77%, leading to 9.61% rise in operating profit to Rs 611.10 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 42.42% to 41.75%.   Employee cost increased from 19.07% to 19.64%.   Other expenses rose from 18.48% to 18.81%. 

Other income rose 9.02% to Rs 14.5 crore.  Profit before interest, tax and other unallocable items (PBIT) has jumped 15.25% to Rs 385.40 crore.  PBIT of AMESA segment rose 0.65% to Rs 108.30 crore (accounting for 28.10% of total PBIT).  PBIT of EAP segment rose 43.69% to Rs 143.40 crore (accounting for 37.21% of total PBIT).  PBIT of AMERICAS segment fell 19.82% to Rs 71.20 crore (accounting for 18.47% of total PBIT).  PBIT of EUROPE segment rose 63.61% to Rs 62.50 crore (accounting for 16.22% of total PBIT). 

PBIT margin of AMESA segment fell from 11.49% to 10.90%.  PBIT margin of EAP segment rose from 16.02% to 18.34%.  PBIT margin of AMERICAS segment fell from 14.35% to 10.92%.  PBIT margin of EUROPE segment rose from 5.64% to 8.13%.  Overall PBIT margin rose from 11.71% to 12.06%. 

Provision for interest fell 22.84% to Rs 42.9 crore.  Loan funds declined from Rs 616.00 crore as of 31 March 2020 to Rs 584.40 crore as of 31 March 2021.  Inventories rose to Rs 414.90 crore as of 31 March 2021 from Rs 369.20 crore as of 31 March 2020.  Sundry debtors were higher at Rs 589.10 crore as of 31 March 2021 compared to Rs 490.30 crore as of 31 March 2020.  Cash and bank balance declined from Rs 371.50 crore as of 31 March 2020 to Rs 241.40 crore as of 31 March 2021.  Investments declined from Rs 16.00 crore as of 31 March 2020 to Rs 14.90 crore as of 31 March 2021. 

Provision for depreciation rose 2.09% to Rs 234.6 crore.  Fixed assets declined from Rs 1,384.90 crore as of 31 March 2020 to Rs 1,383.60 crore as of 31 March 2021.  Intangible assets increased from Rs 14.20 crore to Rs 174.90 crore. 

Profit before tax grew 21.97% to Rs 348.10 crore.  Share of profit/loss was 50% lower at Rs -0.9 crore.  Extraordinary items were decreased to Rs -16.10 crore.  Provision for tax was expense of Rs 86.8 crore, compared to Rs 63.8 crore.  Effective tax rate was 26.22% compared to 23.17%.

Minority interest increased 20.93% to Rs 5.20 crore.  Net profit attributable to owners of the company increased 15.34% to Rs 239.10 crore. 

Equity capital stood at Rs 63.10 crore as of 31 March 2021 to Rs 63.10 crore as of 31 March 2020.  Per share face Value remained same at Rs 2.00. 

Promoters’ stake was 51.96% as of 31 March 2021 compared to 74.99% as of 31 March 2020 . 

Cash flow from operating activities increased to Rs 522.40 crore for year ended March 2021 from Rs 471.10 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 176.00 crore, compared to Rs 124.30 crore during the year ended March 2020. 

The scrip is currently trading at Rs 211