Capitaline

Results 15-Nov-22

Analysis

Sreeleathers

Net up 27% on higher sales

Standalone net sales of Sreeleathers for the quarter ended Sep 2022 has increased 78.56% to Rs 59.12 crore. Operating profit margin has declined from 22.62% to 16.07%, leading to 26.84% rise in operating profit to Rs 9.50 crore. Purchase of finished goods cost rose from 71.32% to 76.30%. Employee cost decreased from 2.47% to 2.43%. Other expenses rose from 3.93% to 5.77%. Other income up 35.71% to Rs 0.19 crore. PBIDT rose 27% to Rs 9.69 crore. Provision for interest up 22.22% to Rs 0.11 crore. PBDT rose 27.06% to Rs 9.58 crore. Provision for depreciation rose 7.69% to Rs 0.28 crore. Fixed assets increased to Rs 150.83 crore as of 30 September 2022 from Rs 150.40 crore as of 30 September 2021. Intangible assets stood at Rs 1.22 crore. Profit before tax grew 27.75% to Rs 9.30 crore. Provision for tax was expense of Rs 2.42 crore, compared to Rs 1.88 crore. Effective tax rate was 26.02% compared to 25.82%. Profit after tax rose 27.41% to Rs 6.88 crore.

Half yearly performance

Net sales (including other operating income) of Sreeleathers has increased 128.34% to Rs 104.03 crore.

Operating profit margin has declined from 20.26% to 16.60%, leading to 87.11% rise in operating profit to Rs 17.27 crore. Purchase of finished goods cost rose from 70.89% to 75.89%. Employee cost decreased from 3.90% to 2.72%. Other expenses rose from 4.76% to 5.12%.

Other income up 29.17% to Rs 0.31 crore. PBIDT rose 85.64% to Rs 17.58 crore. Provision for interest up 31.25% to Rs 0.21 crore. Loan funds rose to Rs 3.25 crore as of 30 September 2022 from Rs 2.95 crore as of 30 September 2021. Inventories rose to Rs 15.07 crore as of 30 September 2022 from Rs 10.86 crore as of 30 September 2021. Sundry debtors were higher at Rs 0.64 crore as of 30 September 2022 compared to Rs 0.30 crore as of 30 September 2021. Cash and bank balance declined from Rs 12.06 crore as of 30 September 2021 to Rs 9.46 crore as of 30 September 2022. Investments rose to Rs 201.12 crore as of 30 September 2022 from Rs 166.78 crore as of 30 September 2021 .

PBDT rose 86.57% to Rs 17.37 crore. Provision for depreciation rose 7.69% to Rs 0.56 crore. Fixed assets increased to Rs 150.83 crore as of 30 September 2022 from Rs 150.40 crore as of 30 September 2021. Intangible assets stood at Rs 1.22 crore. Profit before tax grew 91.24% to Rs 16.81 crore. Provision for tax was expense of Rs 4.33 crore, compared to Rs 2.29 crore. Effective tax rate was 25.76% compared to 26.05%.Profit after tax rose 92% to Rs 12.48 crore.

Equity capital stood at Rs 23.16 crore as of 30 September 2022 to Rs 23.16 crore as of 30 September 2021. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 74.91% as of 30 September 2022 ,compared to 72.29% as of 30 September 2021 .

Sreeleathers : Standalone Results

	Quarter ended			Year to Date			Year ended
Particulars	202209	202109	Var.(%)	202209	202109	Var.(%)	202203	202103	Var.(%)
Net Sales (including other operating income)	59.12	33.11	78.56	104.03	45.56	128.34	121.86	83.37	46.17
OPM (%)	16.07	22.62	-655 bps	16.60	20.26	-366 bps	19.31	19.50	-19 bps
OP	9.50	7.49	26.84	17.27	9.23	87.11	23.53	16.26	44.71
Other Inc.	0.19	0.14	35.71	0.31	0.24	29.17	0.59	0.44	34.09
PBIDT	9.69	7.63	27.00	17.58	9.47	85.64	24.12	16.70	44.43
Interest	0.11	0.09	22.22	0.21	0.16	31.25	0.44	0.32	37.50
PBDT	9.58	7.54	27.06	17.37	9.31	86.57	23.68	16.38	44.57
Depreciation	0.28	0.26	7.69	0.56	0.52	7.69	1.14	1.24	-8.06
PBT	9.30	7.28	27.75	16.81	8.79	91.24	22.54	15.14	48.88
PBT before EO	9.3	7.28	27.75	16.81	8.79	91.24	22.54	15.14	48.88
EO Income	0	0	-	0	0	-	0	0	-
PBT after EO	9.3	7.28	27.75	16.81	8.79	91.24	22.54	15.14	48.88
Taxation	2.42	1.88	28.72	4.33	2.29	89.08	6.01	3.99	50.63
PAT	6.88	5.4	27.41	12.48	6.5	92.00	16.53	11.15	48.25
P/(L) from discontinued operations net of tax	0	0	-	0	0	-	0	0	-
Net profit after discontinued operations	6.88	5.4	27.41	12.48	6.5	92.00	16.53	11.15	48.25
EPS (Rs)*	2.97	2.33	27.41	5.39	2.81	92.00	7.14	4.82	48.25

* EPS is on current equity of Rs 23.16 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

Previous News

Sreeleathers standalone net profit rises 26.89% in the September 2023 quarter
( Results - Announcements 15-Nov-23 12:21 )

Sreeleathers to announce Quarterly Result
( Corporate News - 27-May-24 17:32 )

Sreeleathers standalone net profit declines 19.55% in the December 2020 quarter
( Results - Announcements 14-Feb-21 08:53 )

Sreeleathers standalone net profit rises 82.88% in the March 2023 quarter
( Results - Announcements 31-May-23 10:38 )

Sreeleathers to conduct board meeting
( Corporate News - 21-Jun-24 09:49 )

Sreeleathers to table results
( Corporate News - 23-Jul-20 11:19 )

Sreeleathers standalone net profit rises 404.50% in the June 2022 quarter
( Results - Announcements 14-Aug-22 14:21 )

Sreeleathers to table results
( Corporate News - 02-Aug-19 17:32 )

Sreeleathers
( Results - Analysis 31-May-23 22:26 )

Sreeleathers standalone net profit rises 64.77% in the December 2018 quarter
( Results - Announcements 16-Feb-19 09:40 )

Sreeleathers to convene board meeting
( Corporate News - 08-Sep-20 19:02 )