EPL consolidated net
sales increased 14.94% to Rs 883.4 crore in Q3FY22 compared to Q3FY21. Sales of
AMESA (Africa, Middle East and South Asia including operations in India and
Egypt) segment has gone up 35.73% to Rs 322.50 crore (accounting for 34.62% of
total sales). Sales of EAP (East Asia
Pacific including operations in China and Philippines) segment has gone up
20.36% to Rs 245.90 crore (accounting for 26.40% of total sales). Sales of AMERICAS (includes operations in
United States of America, Mexico and Colombia) segment rose 9.39% to Rs 189.90
crore (accounting for 20.39% of total sales).
Sales of EUROPE (includes operations in United Kingdom, Poland, Russia
and Germany) segment has gone down 2.04% to Rs 173.20 crore (accounting for
18.59% of total sales). Inter-segment sales
rose Rs 24.00 crore to Rs 48.30 crore.
Operating profit
margin has declined from 20.62% to 15.70%, leading to 12.49% decline in
operating profit to Rs 138.70 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
40.48% to 45.25%. Employee cost
decreased from 19.97% to 19.09%. Other
expenses rose from 19.12% to 20.04%.
Other income fell
3.13% to Rs 3.1 crore. PBIDT fell 12.31%
to Rs 141.8 crore. Profit before interest, tax and other unallocable items
(PBIT) has slumped 19.70% to Rs 80.30 crore.
PBIT of AMESA segment rose 12.06% to Rs 35.30 crore (accounting for
43.96% of total PBIT). PBIT of EAP
segment rose 8.83% to Rs 41.90 crore (accounting for 52.18% of total
PBIT). PBIT of AMERICAS segment fell
73.63% to Rs 5.30 crore (accounting for 6.60% of total PBIT). PBIT of EUROPE reported loss of Rs 2.20 crore
compared to profit of Rs 9.90 crore.
PBIT margin of AMESA
segment fell from 13.26% to 10.95%. PBIT
margin of EAP segment fell from 18.84% to 17.04%. PBIT margin of AMERICAS segment fell from 11.58%
to 2.79%. PBIT margin of EUROPE segment
fell from 5.60% to 1.27%. Overall PBIT margin fell from 12.62% to 8.62%.
Provision for
interest rose 22.62% to Rs 10.3 crore. PBDT fell 14.22% to Rs 131.5 crore. Provision for depreciation rose 9.18% to Rs 64.2
crore. Profit before tax down 28.78% to Rs 67.30 crore. Share of profit/loss was 50% lower at Rs -0.6
crore. Provision for tax was expense of
Rs 8.2 crore, compared to Rs 22 crore.
Effective tax rate was 12.29% compared to 23.38%.
Minority interest
increased 16.67% to Rs 1.40 crore. Net
profit attributable to owners of the company decreased 19.46% to Rs 57.10
crore.
Promoters’ stake was
51.91% as of 31 December 2021 compared to 51.96% as of 31 December 2020.
For year-to-date (YTD) results analysis
Net sales of EPL have
increased 12.01% to Rs 2552.6 crore.
Sales of AMESA segment has gone up 27.22% to Rs 911.90 crore (accounting
for 34.32% of total sales). Sales of EAP
segment has gone up 11.46% to Rs 665.50 crore (accounting for 25.05% of total
sales). Sales of AMERICAS segment rose
13.12% to Rs 539.80 crore (accounting for 20.32% of total sales). Sales of EUROPE segment has gone down 5.03%
to Rs 539.80 crore (accounting for 20.32% of total sales).
Operating profit
margin has declined from 20.68% to 17.35%, leading to 6% decline in operating
profit to Rs 443.00 crore. Raw material
cost as a % of total sales (net of stock adjustments) increased from 41.52% to
44.25%. Employee cost decreased from
19.62% to 18.90%. Other expenses rose
from 18.25% to 19.70%.
Other income fell
14.78% to Rs 9.8 crore. PBIDT fell 6.21%
to Rs 452.8 crore. Profit before
interest, tax and other unallocable items (PBIT) has slumped 13.17% to Rs
262.50 crore. PBIT of AMESA segment rose
18.28% to Rs 101.60 crore (accounting for 38.70% of total PBIT). PBIT of EAP segment fell 8.29% to Rs 111.70
crore (accounting for 42.55% of total PBIT).
PBIT of AMERICAS segment fell 33.33% to Rs 34.00 crore (accounting for
12.95% of total PBIT). PBIT of EUROPE
segment fell 65.14% to Rs 15.20 crore (accounting for 5.79% of total
PBIT).
PBIT margin of AMESA
segment fell from 11.98% to 11.14%. PBIT
margin of EAP segment fell from 20.40% to 16.78%. PBIT margin of AMERICAS segment fell from 10.69%
to 6.30%. PBIT margin of EUROPE segment
fell from 7.67% to 2.82%. Overall PBIT margin fell from 12.81% to 9.88%.
Provision for
interest fell 15.74% to Rs 28.9 crore.
PBDT fell 5.48% to Rs 423.9 crore.
Provision for depreciation rose 7.91% to Rs 188.3 crore. Profit before tax down 14.01% to Rs 235.60
crore. Share of profit/loss was 985.71%
lower at Rs -7.6 crore. PBT before EO
fell 17% to Rs 228 crore. The company reported nil EO items during the quarter
compared to EO expense of Rs 16.1 crore representing impairment of assets and
other associated costs on account of scaling down the business of one of the
overseas subsidiaries. PBT after EO fell 11%. Provision for tax was expense of
Rs 56.8 crore, compared to Rs 71.3 crore.
Effective tax rate was 24.91% compared to 27.72%.
Minority interest
increased 52.78% to Rs 5.50 crore. Net
profit attributable to owners of the company decreased 9.11% to Rs 165.70
crore.
Promoters’ stake was
51.91% as of 31 December 2021 compared to 51.96% as of 31 December 2020.
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.
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 186
EPL : Consolidated Results
|
Particulars
|
2112
(03)
|
2012
(03)
|
Var.(%)
|
2112
(09)
|
2012
(09)
|
Var.(%)
|
2103
(12)
|
2003
(12)
|
Var.(%)
|
Net
Sales
|
883.4
|
768.6
|
15
|
2552.6
|
2281.4
|
12
|
3,091.60
|
2,761.40
|
12
|
OPM
(%)
|
15.7
|
20.6
|
|
17.4
|
20.7
|
|
19.8
|
20.2
|
|
OP
|
138.7
|
158.5
|
-12
|
443
|
471.3
|
-6
|
611.1
|
557.5
|
10
|
Other
Inc.
|
3.1
|
3.2
|
-3
|
9.8
|
11.5
|
-15
|
14.5
|
13.3
|
9
|
PBIDT
|
141.8
|
161.7
|
-12
|
452.8
|
482.8
|
-6
|
625.6
|
570.8
|
10
|
Interest
|
10.3
|
8.4
|
23
|
28.9
|
34.3
|
-16
|
42.9
|
55.6
|
-23
|
PBDT
|
131.5
|
153.3
|
-14
|
423.9
|
448.5
|
-5
|
582.7
|
515.2
|
13
|
Depreciation
|
64.2
|
58.8
|
9
|
188.3
|
174.5
|
8
|
234.6
|
229.8
|
2
|
PBT
|
67.3
|
94.5
|
-29
|
235.6
|
274
|
-14
|
348.1
|
285.4
|
22
|
Share
of Profit/(Loss) from Associates
|
-0.6
|
-0.4
|
50
|
-7.6
|
-0.7
|
986
|
-0.9
|
-0.6
|
-50
|
PBT
before EO
|
66.7
|
94.1
|
-29
|
228
|
273.3
|
-17
|
347.2
|
284.8
|
22
|
EO
Income
|
0
|
0
|
|
0
|
-16.1
|
|
-16.1
|
-9.4
|
-71
|
PBT
after EO
|
66.7
|
94.1
|
-29
|
228
|
257.2
|
-11
|
331.1
|
275.4
|
20
|
Taxation
|
8.2
|
22
|
-63
|
56.8
|
71.3
|
-20
|
89.50
|
75.40
|
36
|
PAT
|
58.5
|
72.1
|
-19
|
171.2
|
185.9
|
-8
|
241.6
|
200
|
15
|
PPA
|
0
|
0
|
|
0
|
0
|
|
-2.70
|
-11.60
|
|
PAT after PPA
|
58.5
|
72.1
|
-19
|
171.2
|
185.9
|
-8
|
244.3
|
211.6
|
|
Minority
Interest (MI)
|
1.4
|
1.2
|
17
|
5.5
|
3.6
|
53
|
5.2
|
4.3
|
21
|
Net
profit
|
57.1
|
70.9
|
-19
|
165.7
|
182.3
|
-9
|
239.1
|
207.3
|
15
|
EPS
(Rs)*
|
#
|
#
|
|
#
|
#
|
|
7.9
|
6.4
|
|
Notes
|
*
EPS is on current equity of Rs 63.11 crore, Face value of Rs 2, Excluding
extraordinary items.
|
#
EPS is not annualised
|
bps
: Basis points
|
EO
: Extraordinary items
|
Figures
in Rs crore
|
Source:
Capitaline Corporate Database
|
EPL : 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
|
|
|
|
|
AMESA
|
35
|
322.5
|
237.6
|
36
|
34
|
911.9
|
716.8
|
27
|
31
|
993.4
|
936.2
|
6
|
EAP
|
26
|
245.9
|
204.3
|
20
|
25
|
665.5
|
597.1
|
11
|
24
|
782
|
623
|
26
|
AMERICAS
|
20
|
189.9
|
173.6
|
9
|
20
|
539.8
|
477.2
|
13
|
20
|
652.1
|
618.8
|
5
|
EUROPE
|
19
|
173.2
|
176.8
|
-2
|
20
|
539.8
|
568.4
|
-5
|
24
|
768.6
|
677.2
|
14
|
Total
Reported Sales
|
100
|
931.5
|
792.3
|
18
|
100
|
2,657.00
|
2,359.50
|
13
|
100
|
3,196.10
|
2,855.20
|
12
|
Less:
Inter segment revenues
|
|
48.3
|
24
|
101
|
|
105.2
|
0
|
|
106
|
94.6
|
11.73
|
|
Net
Sales
|
|
883.2
|
768.3
|
15
|
|
2,551.80
|
2,359.50
|
8
|
|
3,090.40
|
2,760.60
|
12
|
PBIT
|
|
|
|
|
AMESA
|
44
|
35.3
|
31.5
|
12
|
39
|
101.6
|
85.9
|
18
|
28
|
108.3
|
107.6
|
1
|
EAP
|
52
|
41.9
|
38.5
|
9
|
43
|
111.7
|
121.8
|
-8
|
37
|
143.4
|
99.8
|
44
|
AMERICAS
|
7
|
5.3
|
20.1
|
-74
|
13
|
34
|
51
|
-33
|
18
|
71.2
|
88.8
|
-20
|
EUROPE
|
-3
|
-2.2
|
9.9
|
PL
|
6
|
15.2
|
43.6
|
-65
|
16
|
62.5
|
38.2
|
64
|
Total
PBIT
|
100
|
80.3
|
100
|
-20
|
100
|
262.5
|
302.3
|
-13
|
100
|
385.4
|
334.4
|
15
|
Less
: Interest
|
|
10.3
|
8.4
|
23
|
|
28.9
|
34.3
|
-16
|
|
42.9
|
55.6
|
-23
|
Add:
Other un-allcoable
|
|
-3.3
|
2.5
|
PL
|
|
-5.6
|
-10.8
|
48
|
|
-11.4
|
-3.4
|
-235
|
PBT
|
|
66.7
|
94.1
|
-29
|
|
228
|
257.2
|
-11
|
|
331.1
|
275.4
|
20
|
|