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Results
23-May-23
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Analysis
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Akzo Nobel India
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Improved profitability
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Akzo
Nobel India consolidated net sales increased 9.72% to Rs 951.4 crore in Q4FY23
compared to Q4FY22. Operating profit
margin has jumped from 13.76% to 16.26%, leading to 29.67% rise in operating
profit to Rs 154.70 crore. Raw material
cost as a % of total sales (net of stock adjustments) decreased from 57.13% to
50.40%. Purchase of finished goods cost
rose from 3.18% to 7.83%. Employee cost
decreased from 8.38% to 7.52%. Other
expenses rose from 17.72% to 18.34%.
Other
income rose 19.61% to Rs 6.1 crore.
PBIDT rose 29.26% to Rs 160.8 crore.
PBDT
rose 30.67% to Rs 155.1 crore. Provision
for depreciation rose 17.19% to Rs 22.5 crore.
Profit
before tax grew 33.27% to Rs 132.60 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 37.2
crore, compared to Rs 26.8 crore.
Effective tax rate was 28.05% compared to 26.40%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 27.71% to Rs
95.40 crore.
Equity
capital stood at Rs 45.50 crore as of 31 March 2023 to Rs 45.50 crore as of 31
March 2022. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 74.76% as of 31 March 2023 ,compared to 74.76% as of 31 March
2022.
Akzo Nobel India
Managing Director, Rajiv Rajgopal, commented:
“In
FY23 we delivered a record performance in absolute terms across revenue, gross
margins and EBIT while continuing to build on our double-digit profitable
journey while gaining market share.
In
Q4, increased salience of new launches in premium category and network
expansion in tier 3, 4 and 5 geographies led to growth in retail. Benefit of
prior pricing actions and softening raw material prices, supported by cost
management initiatives drove improved profitability - both sequentially and on
a year-on-year basis.”
“Expressing
its gratitude to shareholders, the Board of Akzo Nobel India proposed a final
dividend of ? 40 per share, which is over and above the interim dividend of ?
25 per share. With this, the recommended total dividend for FY23 will be ? 65
per share”, said Mr. Oscar Wezenbeek,
Chairman, Akzo Nobel India.
Full year results
analysis
Net
sales (including other operating income) of Akzo Nobel India has increased
20.76% to Rs 3802.1 crore. Operating
profit margin has jumped from 13.74% to 13.81%, leading to 21.41% rise in
operating profit to Rs 525.10 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
54.79% to 54.84%. Purchase of finished
goods cost fell from 5.99% to 5.31%.
Employee cost decreased from 8.15% to 7.93%. Other expenses rose from 17.71% to 18.07%.
Other
income rose 20.70% to Rs 27.4 crore.
PBIDT rose 21.38% to Rs 552.5 crore.
Provision for interest fell 2.76% to Rs 14.1 crore. Loan funds declined from Rs 70.50 crore as of
31 March 2022 to Rs 69.70 crore as of 31 March 2023. Inventories declined from Rs 664.40 crore as
of 31 March 2022 to Rs 597.90 crore as of 31 March 2023. Sundry debtors were higher at Rs 552.30 crore
as of 31 March 2023 compared to Rs 495.50 crore as of 31 March 2022. Cash and bank balance rose to Rs 564.30 crore
as of 31 March 2023 from Rs 458.50 crore as of 31 March 2022.
PBDT
rose 22.17% to Rs 538.4 crore. Provision
for depreciation rose 8.70% to Rs 82.5 crore.
Fixed assets increased to Rs 579.50 crore as of 31 March 2023 from Rs
556.60 crore as of 31 March 2022.
Intangible assets declined from Rs 5.20 crore to Rs 4.10 crore.
Profit
before tax grew 24.97% to Rs 455.90 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 120.8
crore, compared to Rs 76.7 crore.
Effective tax rate was 26.50% compared to 20.91%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 15.51% to Rs
335.10 crore.
Equity
capital stood at Rs 45.50 crore as of 31 March 2023 to Rs 45.50 crore as of 31
March 2022. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 74.76% as of 31 March 2023 ,compared to 74.76% as of 31 March 2022
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Cash
flow from operating activities increased to Rs 486.20 crore for year ended
March 2023 from Rs 121.40 crore for year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 104.30 crore, compared to Rs 63.40
crore during the year ended March 2022. .
The
scrip trades at Rs 2506
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Akzo Nobel India : Consolidated
Results
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Particulars
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2303 (03)
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2203 (03)
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Var.(%)
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2303 (12)
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2203 (12)
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Var.(%)
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Net Sales
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951.40
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867.1
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10
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3,802.10
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3,148.60
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21
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OPM (%)
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16.3
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13.8
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13.8
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13.7
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OP
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154.70
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119.3
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30
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525.1
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432.5
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21
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Other Inc.
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6.10
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5.1
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20
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27.4
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22.7
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21
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PBIDT
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160.80
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124.4
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29
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552.50
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455.2
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21
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Interest
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5.70
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5.7
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0
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14.1
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14.5
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-3
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PBDT
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155.10
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118.7
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31
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538.40
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440.7
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22
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Depreciation
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22.50
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19.2
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17
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82.5
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75.9
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9
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PBT
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132.60
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99.5
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33
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455.90
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364.8
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25
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Share of Profit/(Loss) from Associates
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0.00
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0
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0
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0
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PBT before EO
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132.60
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99.5
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33
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455.90
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364.8
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25
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EO Income
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0.00
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2
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0
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2
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PBT after EO
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132.60
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101.5
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31
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455.90
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366.8
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24
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Taxation
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37.20
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26.8
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39
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120.8
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76.7
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57
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PAT
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95.40
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74.7
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28
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335.10
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290.1
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16
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Minority Interest (MI)
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0.00
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0
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0
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0
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Net profit
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95.40
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74.7
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28
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335.10
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290.1
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16
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EPS (Rs)*
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#
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#
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73.6
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63.4
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Notes
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* EPS is on current equity of Rs 45.54 crore, Face value of Rs
10, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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