|
Nilkamal consolidated net sales
increased 9.14% to Rs 742.05 crore in Q4FY22 compared to Q4FY21. Sales of Plastics segment has gone up 9.78%
to Rs 698.04 crore (accounting for 93.50% of total sales). Sales of Lifesyle Furniture, Furnishings
& Accessories segment has gone up 7.76% to Rs 48.56 crore (accounting for
6.50% of total sales). Inter-segment
sales rose Rs 0.97 crore to Rs 4.56 crore.
Operating profit margin has declined from
11.60% to 6.89%, leading to 35.17% decline in operating profit to Rs 51.13
crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 39.30% to 45.42%. Purchase of finished goods cost fell from
21.99% to 17.75%. Employee cost
decreased from 6.48% to 6.37%. Other
expenses rose from 21.27% to 23.72%.
Other income rose 289.45%
to Rs 7.75 crore. PBIDT fell 27.18% to
Rs 58.88 crore. Provision for interest
rose 7.68% to Rs 7.57 crore.
PBDT fell 30.50% to Rs
51.31 crore. Provision for depreciation
rose 6.23% to Rs 26.78 crore. Profit before interest, tax and other unallocable
items (PBIT) has slumped 35.74% to Rs 36.18 crore. PBIT of Plastics segment fell 35.33% to Rs
38.38 crore (accounting for 106.08% of total PBIT). PBIT of Lifesyle Furniture, Furnishings &
Accessories segment rose 27.64% to Rs -2.20 crore (accounting for -6.08% of
total PBIT).
PBIT margin of Plastics
segment fell from 9.33% to 5.50%. PBIT
margin of Lifesyle Furniture, Furnishings & Accessories segment rose from
negative 6.75% to negative 4.53%.
Overall PBIT margin fell from 8.27% to 4.85%.
Profit before tax down
49.55% to Rs 24.53 crore. Share of
profit/loss was 9.15% higher at Rs 1.67 crore.
Provision for tax was expense of Rs 6.26 crore, compared to Rs 11.98
crore. Effective tax rate was 23.89%
compared to 23.89%.
Net profit attributable to
owners of the company decreased 47.48% to Rs 19.99 crore.
Equity capital stood at Rs
14.92 crore as of 31 March 2022 to Rs 14.92 crore as of 31 March 2021. Per share face Value remained same at Rs
10.00.
Promoters’ stake was 64.53%
as of 31 March 2022 compared to 64.53% as of 31 March 2021.
Standalone results performance of the company for
Q4FY22
The company achieved a
value growth of 8% and volume degrowth of 7% in plastic business while home
business posted a value growth of 8% whereas the mattress business achieved a
growth of 19% resulting in total revenue growth of 1 0 % i.e. from Rs 606 crore
in Q4FY21 to Rs 664 crore in Q4FY22. The profit after tax decreased from Rs 27
crore during Q4 FY21 to Rs 25 crore during Q4FY22.
Full year results analysis
Net sales (including other
operating income) of Nilkamal has increased 30.49% to Rs 2730.09 crore. Sales of Plastics segment has gone up 32.20%
to Rs 2,566.68 crore (accounting for 93.57% of total sales). Sales of Lifesyle Furniture, Furnishings
& Accessories segment has gone up 12.50% to Rs 176.50 crore (accounting for
6.43% of total sales). Inter-segment
sales rose Rs 6.25 crore to Rs 13.09 crore.
Operating profit margin has
declined from 12.10% to 8.11%, leading to 12.56% decline in operating profit to
Rs 221.34 crore. Raw material cost as a
% of total sales (net of stock adjustments) increased from 36.89% to
44.39%. Purchase of finished goods cost
fell from 19.80% to 17.71%. Employee
cost decreased from 8.23% to 6.97%.
Other expenses fell from 23.10% to 23.08%.
Other income fell 25.97% to
Rs 11.86 crore. PBIDT fell 13.36% to Rs
233.2 crore. Provision for interest rose
20.70% to Rs 28.4 crore. Loan funds rose
to Rs 354.29 crore as of 31 March 2022 from Rs 230.08 crore as of 31 March
2021. Inventories rose to Rs 661.30
crore as of 31 March 2022 from Rs 497.96 crore as of 31 March 2021. Sundry debtors were higher at Rs 313.91 crore
as of 31 March 2022 compared to Rs 308.09 crore as of 31 March 2021. Cash and bank balance declined from Rs 90.53
crore as of 31 March 2021 to Rs 68.38 crore as of 31 March 2022. Investments rose to Rs 35.42 crore as of 31
March 2022 from Rs 34.86 crore as of 31 March 2021 .
PBDT fell 16.62% to Rs
204.8 crore. Provision for depreciation
rose 3.97% to Rs 101.02 crore. Fixed
assets increased to Rs 714.41 crore as of 31 March 2022 from Rs 645.88 crore as
of 31 March 2021. Intangible assets
stood at Rs 6.76 crore.
Profit before interest, tax
and other unallocable items (PBIT) has slumped 17.94% to Rs 140.87 crore. PBIT of Plastics segment fell 18.00% to Rs
144.10 crore (accounting for 102.29% of total PBIT). PBIT of Lifesyle Furniture, Furnishings &
Accessories segment rose 20.77% to Rs -3.23 crore (accounting for -2.29% of
total PBIT).
PBIT margin of Plastics
segment fell from 9.05% to 5.61%. PBIT
margin of Lifesyle Furniture, Furnishings & Accessories segment rose from
negative 2.60% to negative 1.83%.
Overall PBIT margin fell from 8.18% to 5.14%.
Profit before tax down
30.10% to Rs 103.78 crore. Share of
profit/loss was 243.37% higher at Rs 5.7 crore.
Provision for tax was expense of Rs 26.06 crore, compared to Rs 36.98
crore. Effective tax rate was 23.80%
compared to 24.63%.
Minority interest decreased
66.67% to Rs 0.07 crore. Net profit
attributable to owners of the company decreased 26.19% to Rs 83.35 crore.
Equity capital stood at Rs
14.92 crore as of 31 March 2022 to Rs 14.92 crore as of 31 March 2021. Per share face Value remained same at Rs
10.00.
Promoters’ stake was 64.53%
as of 31 March 2022 ,compared to 64.53% as of 31 March 2021 .
Cash flow from operating
activities decreased to Rs 69.07 crore for year ended March 2022 from Rs 202.96
crore for year ended March 2021. Cash
flow used in acquiring fixed assets during the year ended March 2022 stood at
Rs 164.10 crore, compared to Rs 77.59 crore during the year ended March
2021.
The year saw very high
volatility of over 30% on the key raw material prices in both polypropylene
& polyethylene. However, its adverse impact on profitability has been
partially mitigated with an extreme strong volume growth in B2B business of the
company.
During the year FY22 the
state of art regional warehouse at Barjora (east) and Hosur (south) has become
operational to improve delivery time, logistic capabilities and future
readiness, while regional warehouse at Gurgaon (north) shall be operational
during FY22-23. Regional warehouse at Bhiwandi (west) has been
in operation since February 2021.
During the year there were
addition of 28 franchisee stores under Nilkamal Home Idea and addition of 8
Franchisee stores under @home brand. With this there are total no. of 95 stores
in operations, selling Ready furniture and mattresses etc.
The Board Of Directors have
recommended a payment of final dividend for the financial year 2021-22 of Rs 15
per equity share of the face value of Rs 10 each.
Standalone results performance of the company for FY21
FY22 witnessed a strong
demand growth in its B2B business whereas the B2C business was impacted because
of couple of lock down due to covid and weak consumer demand, resulting to
overall volume & value growth of 12% and 32% respectively. It has achieved
total turnover of Rs 2,475 crore during FY22 compared to Rs 1,888 crore during
FY21.The company achieved PBT of Rs 104 crore and PAT of Rs 79 crore during
FY22 as against PBT of Rs 139 crore and PAT of Rs 103 crore during FY21.
The company raised debt of
Rs 99 crore by way of placement of listed non-convertible debentures. The net
borrowing of the company stood as of Rs 116 crore as on 31st March, 2022 as
against surplus of Rs 16 crore as on 31st March, 2021.
Performance of the retail and other businesses
The company retail business
under the brand name @home achieved sales of Rs 177 crore in FY22 as against Rs
157 crore during FY21.The bubble-guard business achieved a turnover of Rs 19
crore as against Rs 12 crore during FY21. Whereas the mattress business showed
a double digit growth of 38% thus achieving sales of Rs 126 crore as against
sales of Rs 91 crore in the FY21
Capital Expenditure
During FY22, the company
continues to expend on various businesses and has incurred capex of Rs 152
crore. During FY23, the company envisaged capex of Rs 250 crore. It consists of
putting up manufacturing facility at Hosur for manufacturing of foam, mattress
and sofa at a cost of Rs 140 crore and Rs 110 crores towards increase in
plastics moulding manufacturing capacity, for modular furniture, steel
furniture and for its racking business.
The scrip is currently trading around Rs 2082
on the BSE
|
Nilkamal : Consolidated Results
|
|
Particulars
|
2203
(03)
|
2103
(03)
|
Var.(%)
|
2203
(12)
|
2103
(12)
|
Var.(%)
|
|
Net
Sales
|
742.05
|
679.92
|
9
|
2,730.09
|
2,092.20
|
30
|
|
OPM
(%)
|
6.9
|
11.6
|
|
8.1
|
12.1
|
|
|
OP
|
51.13
|
78.87
|
-35
|
221.34
|
253.13
|
-13
|
|
Other
Inc.
|
7.75
|
1.99
|
289
|
11.86
|
16.02
|
-26
|
|
PBIDT
|
58.88
|
80.86
|
-27
|
233.20
|
269.15
|
-13
|
|
Interest
|
7.57
|
7.03
|
8
|
28.4
|
23.53
|
21
|
|
PBDT
|
51.31
|
73.83
|
-31
|
204.80
|
245.62
|
-17
|
|
Depreciation
|
26.78
|
25.21
|
6
|
101.02
|
97.16
|
4
|
|
PBT
|
24.53
|
48.62
|
-50
|
103.78
|
148.46
|
-30
|
|
Share
of Profit/(Loss) from Associates
|
1.67
|
1.53
|
9
|
5.7
|
1.66
|
243
|
|
PBT
before EO
|
26.20
|
50.15
|
-48
|
109.48
|
150.12
|
-27
|
|
EO
Income
|
0.00
|
0.00
|
|
0
|
0
|
|
|
PBT
after EO
|
26.20
|
50.15
|
-48
|
109.48
|
150.12
|
-27
|
|
Taxation
|
6.26
|
11.98
|
-48
|
26.06
|
36.98
|
-30
|
|
PAT
|
19.94
|
38.17
|
-48
|
83.42
|
113.14
|
-26
|
|
Minority
Interest (MI)
|
-0.05
|
0.11
|
-145
|
0.07
|
0.21
|
-67
|
|
Net
profit
|
19.99
|
38.06
|
-47
|
83.35
|
112.93
|
-26
|
|
EPS
(Rs)*
|
#
|
#
|
|
55.9
|
75.7
|
|
|
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)
|
2203
(03)
|
2103
(03)
|
Var.(%)
|
%
of (Total)
|
2203
(12)
|
2103
(12)
|
Var.(%)
|
|
Sales
|
|
Plastics
|
94
|
698.04
|
635.83
|
10
|
94
|
2,566.68
|
1,941.56
|
32
|
|
Lifesyle
Furniture, Furnishings & Accessories
|
7
|
48.56
|
45.06
|
8
|
6
|
176.5
|
156.89
|
13
|
|
Total
Reported Sales
|
100
|
746.61
|
680.89
|
10
|
100
|
2,743.18
|
2,098.45
|
31
|
|
Less:
Inter segment revenues
|
|
4.56
|
0.97
|
369
|
|
13.09
|
6.25
|
110
|
|
Net
Sales
|
|
742.05
|
679.92
|
9
|
|
2,730.09
|
2,092.20
|
30
|
|
PBIT
|
|
Plastics
|
106
|
38.38
|
59.35
|
-35
|
102
|
144.1
|
175.74
|
-18
|
|
Lifesyle
Furniture, Furnishings & Accessories
|
-6
|
-2.2
|
-3.04
|
28
|
-2
|
-3.23
|
-4.07
|
21
|
|
Total
PBIT
|
100
|
36.18
|
56.31
|
-36
|
100
|
140.87
|
171.67
|
-18
|
|
Less
: Interest
|
|
7.57
|
7.03
|
8
|
|
28.4
|
23.53
|
21
|
|
Add:
Other un-allcoable
|
|
-4.09
|
-0.65
|
-529
|
|
-8.69
|
0.33
|
PL
|
|
PBT
|
|
24.52
|
48.62
|
-50
|
|
103.78
|
148.47
|
-30
|
|