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Results
03-Nov-23
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Analysis
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Akzo Nobel India
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OP up 33%
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Consolidated
net sales of Akzo Nobel India have increased 3.25% to Rs 956.3 crore. Operating profit margin has jumped from
11.49% to 14.83%, leading to 33.27% rise in operating profit to Rs 141.80 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 60.45% to 51.46%. Purchase of finished goods cost rose from
2.34% to 5.49%. Employee cost increased
from 7.90% to 8.35%. Other expenses
rose from 18.16% to 20.40%.
Other
income rose 85.42% to Rs 8.9 crore.
PBIDT rose 35.52% to Rs 150.7 crore.
Provision for interest fell 20.59% to Rs 2.7 crore.
PBDT
rose 37.29% to Rs 148 crore. Provision
for depreciation rose 7.65% to Rs 21.1 crore.
Profit
before tax grew 43.88% to Rs 126.90 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 32.7
crore, compared to Rs 22.8 crore.
Effective tax rate was 25.77% compared to 25.85%.
Minority
interest was nil in both the periods. Net
profit attributable to owners of the company increased 44.04% to Rs 94.20
crore.
Equity
capital stood at Rs 45.50 crore as of 30 September 2023 to Rs 45.50 crore as of
30 September 2022. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 74.76% as of 30 September 2023 ,compared to 74.76% as of 30 September
2022.
Rajiv Rajgopal, Managing
Director, Akzo Nobel India commented:
“In
Q2 FY24, we continued building on margin improvement and topline growth.
Coatings business and B2B segment registered strong growth. In retail,
softening demand and erratic rains muted sales. Improvement in gross margins
was mainly attributed to easing of raw material costs coupled with favourable
mix. Operating leverage and productivity gains further contributed to our
double-digit profitability.
The
record performance in the first half of FY24 across all parameters underscores
our strong commitment towards profitable growth.”
For year-to-date (YTD)
results analysis
Net
sales (including other operating income) of Akzo Nobel India has increased
4.91% to Rs 1955.5 crore. Operating
profit margin has jumped from 12.21% to 15.54%, leading to 33.58% rise in
operating profit to Rs 303.90 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
58.05% to 51.71%. Purchase of finished
goods cost rose from 4.27% to 5.13%.
Employee cost increased from 7.92% to 8.36%. Other expenses rose from 17.88% to
19.49%. Other
income rose 92.13% to Rs 17.1 crore.
PBIDT rose 35.79% to Rs 321 crore.
Provision for interest rose 5.17% to Rs 6.1 crore. Loan funds declined from Rs 73.30 crore as of
30 September 2022 to Rs 62.80 crore as of 30 September 2023. Inventories declined from Rs 705.10 crore as
of 30 September 2022 to Rs 605.90 crore as of 30 September 2023. Sundry debtors were higher at Rs 565.00 crore
as of 30 September 2023 compared to Rs 558.50 crore as of 30 September
2022. Cash and bank balance rose to Rs
612.80 crore as of 30 September 2023 from Rs 388.10 crore as of 30 September
2022.
PBDT
rose 36.56% to Rs 314.9 crore. Provision
for depreciation rose 3.86% to Rs 40.4 crore.
Fixed assets increased to Rs 577.50 crore as of 30 September 2023 from
Rs 564.90 crore as of 30 September 2022.
Intangible assets declined from Rs 4.60 crore to Rs 3.50 crore.
Profit
before tax grew 43.19% to Rs 274.50 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 70.4
crore, compared to Rs 49.4 crore.
Effective tax rate was 25.65% compared to 25.77%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 43.43% to Rs
204.10 crore.
Equity
capital stood at Rs 45.50 crore as of 30 September 2023 to Rs 45.50 crore as of
30 September 2022. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 74.76% as of 30 September 2023 ,compared to 74.76% as of 30 September
2022 .
Cash
flow from operating activities increased to Rs 276.60 crore for YTD ended September
2023 from Rs 136.20 crore for YTD ended September 2022. Cash flow used in acquiring fixed assets
during the YTD ended September 2023 stood at Rs 41.50 crore, compared to Rs
40.40 crore during the YTD ended September 2022.
The
scrip trades at Rs 2452
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Akzo Nobel India : Consolidated
Results
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Particulars
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2309 (03)
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2209 (03)
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Var.(%)
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2309 (06)
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2209 (06)
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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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956.30
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926.2
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3
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1955.50
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1863.9
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5
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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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14.8
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11.5
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15.5
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12.2
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13.8
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13.7
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OP
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141.80
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106.4
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33
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303.90
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227.5
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34
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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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8.90
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4.8
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85
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17.10
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8.9
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92
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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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150.70
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111.2
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36
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321.00
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236.4
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36
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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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2.70
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3.4
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-21
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6.10
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5.8
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5
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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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148.00
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107.8
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37
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314.90
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230.6
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37
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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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21.10
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19.6
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8
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40.40
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38.9
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4
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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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126.90
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88.2
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44
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274.50
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191.7
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43
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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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0.00
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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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126.90
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88.2
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44
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274.50
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191.7
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43
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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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0
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0.00
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0
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0
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2
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PBT after EO
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126.90
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88.2
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44
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274.50
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191.7
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43
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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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32.70
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22.8
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43
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70.40
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49.4
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43
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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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94.20
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65.4
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44
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204.10
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142.3
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43
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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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0.00
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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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94.20
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65.4
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44
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204.10
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142.3
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43
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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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#
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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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