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Results
25-May-24
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Analysis
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Balmer Lawrie & Company
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PBIT margin rose from 8.5% to 15.1%.
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Consolidated
net sales (including other operating income) of Balmer Lawrie & Company has
declined 5.16% to Rs 576.69 crore. Sales
of Industrial Packaging segment has gone up 5% to Rs 193.25 crore (accounting
for 31% of total sales). Sales of
Logistics Services segment has gone down 21% to Rs 111.82 crore (accounting for
18% of total sales). Sales of Travel
& Vacations segment rose 32% to Rs 53.27 crore (accounting for 9% of total
sales). Sales of Greases &
Lubricants segment was flat at Rs 167.52 crore (accounting for 27% of total
sales). Sales of Others segment has gone
down 46% to Rs 32.88 crore (accounting for 5% of total sales). Sales of Logistics Infrastructure segment has
gone up 15% to Rs 62.17 crore (accounting for 10% of total sales). Inter-segment sales rose 9% to Rs 44.22 crore
.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 70% to Rs
93.74 crore. PBIT of Industrial
Packaging segment fell 6% to Rs 10.12 crore (accounting for 11% of total PBIT). PBIT of Logistics Services segment fell 2% to
Rs 17.23 crore (accounting for 18% of total PBIT). PBIT of Travel & Vacations segment rose
7% to Rs 16.42 crore (accounting for 18% of total PBIT). PBIT of Greases & Lubricants segment rose
54% to Rs 24.15 crore (accounting for 26% of total PBIT). PBIT of Others segment was Rs 12.61 crore
(accounting for 13% of total PBIT). PBIT
of Logistics Infrastructure segment rose 27% to Rs 13.21 crore (accounting for
14% of total PBIT).
PBIT
margin of Industrial Packaging segment fell from 5.9% to 5.2%. PBIT margin of Logistics Services segment
rose from 12.3% to 15.4%. PBIT margin of
Travel & Vacations segment fell from 37.8% to 30.8%. PBIT margin of Greases & Lubricants
segment rose from 9.3% to 14.4%. PBIT
margin of Others segment rose from negative 23.9% to 38.4%. PBIT margin of Logistics Infrastructure
segment rose from 19.3% to 21.2%.
Overall PBIT margin rose from 8.5% to 15.1%.
Operating
profit margin has jumped from 8.63% to 15.87%, leading to 74.45% rise in
operating profit to Rs 91.50 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
63.52% to 63.12%. Purchase of finished
goods cost fell from 5.42% to 1.81%.
Employee cost decreased from 13.16% to 12.44%. Other expenses fell from 9.18% to
6.79%.
Other
income rose 3.09% to Rs 17.7 crore.
PBIDT rose 56.85% to Rs 109.2 crore.
Provision for interest rose 28.82% to Rs 5.81 crore.
PBDT
rose 58.79% to Rs 103.39 crore.
Provision for depreciation rose 7.51% to Rs 15.46 crore.
Profit
before tax grew 73.33% to Rs 87.93 crore.
Share of profit/loss was 33.26% lower at Rs 12.26 crore. Provision for tax was expense of Rs 26.84
crore, compared to Rs 25.81 crore.
Effective tax rate was 26.79% compared to 37.35%.
Minority
interest increased 67.94% to Rs -0.42 crore.
Net profit attributable to owners of the company increased 65.40% to Rs
73.77 crore.
Equity
capital stood at Rs 171.00 crore as of 31 March 2024 to Rs 171.00 crore as of
31 March 2023. Per share face Value
remained same at Rs 10.00.
Full year results
analysis.
Net
sales (including other operating income) of Balmer Lawrie & Company has
increased 0.76% to Rs 2339.23 crore.
Sales of Industrial Packaging segment has gone up 9% to Rs 831.05 crore
(accounting for 33% of total sales).
Sales of Logistics Services segment has gone down 25% to Rs 417.9 crore
(accounting for 17% of total sales).
Sales of Travel & Vacations segment rose 34% to Rs 217.27 crore
(accounting for 9% of total sales).
Sales of Greases & Lubricants segment has gone up 3% to Rs 674.17
crore (accounting for 27% of total sales).
Sales of Others segment has gone down 4% to Rs 135.1 crore (accounting
for 5% of total sales). Sales of
Logistics Infrastructure segment has gone up 10% to Rs 239.5 crore (accounting
for 10% of total sales). Inter-segment
sales rose 3% to Rs 175.75 crore .
Profit
before interest, tax and other unallocable items (PBIT) has jumped 63% to Rs
296.54 crore. PBIT of Industrial
Packaging segment rose 38% to Rs 56.61 crore (accounting for 19% of total
PBIT). PBIT of Logistics Services
segment fell 17% to Rs 57.51 crore (accounting for 19% of total PBIT). PBIT of Travel & Vacations segment rose
40% to Rs 87.42 crore (accounting for 29% of total PBIT). PBIT of Greases & Lubricants segment rose
70% to Rs 92.83 crore (accounting for 31% of total PBIT). PBIT of Others segment fell 55% to Rs -36.62
crore (accounting for -12% of total PBIT).
PBIT of Logistics Infrastructure segment rose 8% to Rs 38.79 crore
(accounting for 13% of total PBIT).
PBIT
margin of Industrial Packaging segment rose from 5.4% to 6.8%. PBIT margin of Logistics Services segment
rose from 12.4% to 13.8%. PBIT margin of
Travel & Vacations segment rose from 38.6% to 40.2%. PBIT margin of Greases & Lubricants
segment rose from 8.3% to 13.8%. PBIT
margin of Others segment rose from negative 57.1% to negative 27.1%. PBIT margin of Logistics Infrastructure
segment fell from 16.5% to 16.5%.
Overall PBIT margin rose from 7.3% to 11.8%.
Operating
profit margin has jumped from 8.72% to 13.02%, leading to 50.52% rise in
operating profit to Rs 304.67 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
68.52% to 63.74%. Purchase of finished
goods cost rose from 1.60% to 2.20%.
Employee cost decreased from 10.76% to 10.42%. Other expenses rose from 10.46% to
10.60%.
Other
income rose 39.31% to Rs 51.03 crore.
PBIDT rose 48.80% to Rs 355.7 crore.
Provision for interest rose 22.91% to Rs 22.05 crore. Loan funds declined from Rs 121.07 crore as
of 31 March 2023 to Rs 113.08 crore as of 31 March 2024. Inventories declined from Rs 204.98 crore as
of 31 March 2023 to Rs 193.22 crore as of 31 March 2024. Sundry debtors were higher at Rs 426.96 crore
as of 31 March 2024 compared to Rs 360.75 crore as of 31 March 2023. Cash and bank balance rose to Rs 524.78 crore
as of 31 March 2024 from Rs 447.84 crore as of 31 March 2023. Investments rose to Rs 564.87 crore as of 31
March 2024 from Rs 517.74 crore as of 31 March 2023 .
PBDT
rose 50.90% to Rs 333.65 crore.
Provision for depreciation rose 4.17% to Rs 59.16 crore. Fixed assets increased to Rs 801.06 crore as
of 31 March 2024 from Rs 785.65 crore as of 31 March 2023. Intangible assets declined from Rs 2.25 crore
to Rs 1.73 crore.
Profit
before tax grew 67.06% to Rs 274.49 crore.
Share of profit/loss was 4.39% lower at Rs 58.09 crore. Provision for tax was expense of Rs 75.18
crore, compared to Rs 57.44 crore.
Effective tax rate was 22.61% compared to 25.52%.
Minority
interest increased 1.66% to Rs -4.15 crore.
Net profit attributable to owners of the company increased 52.20% to Rs
261.55 crore.
Equity
capital stood at Rs 171.00 crore as of 31 March 2024 to Rs 171.00 crore as of
31 March 2023. Per share face Value
remained same at Rs 10.00.
Cash
flow from operating activities increased to Rs 274.22 crore for year ended
March 2024 from Rs 207.78 crore for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 52.59 crore, compared to Rs 52.36
crore during the year ended March 2023.
The
scrip trades at Rs 280
Balmer Lawrie & Company :
Consolidated Results
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Particulars
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2403 (03)
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2303 (03)
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Var.(%)
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2403 (12)
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2303 (12)
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Var.(%)
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Net Sales
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576.69
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608.05
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-5
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2,339.23
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2,321.48
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1
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OPM (%)
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15.9
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8.6
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13.0
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8.7
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OP
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91.5
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52.45
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74
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304.67
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202.41
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51
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Other Inc.
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17.7
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17.17
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3
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51.03
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36.63
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39
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PBIDT
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109.2
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69.62
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57
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355.7
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239.04
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49
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Interest
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5.81
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4.51
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29
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22.05
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17.94
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23
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PBDT
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103.39
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65.11
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59
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333.65
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221.1
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51
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Depreciation
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15.46
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14.38
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8
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59.16
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56.79
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4
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PBT
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87.93
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50.73
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73
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274.49
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164.31
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67
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Share of Profit/(Loss) from Associates
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12.26
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18.37
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-33
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58.09
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60.76
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-4
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PBT before EO
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100.19
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69.1
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45
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332.58
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225.07
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48
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EO Income
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0
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0
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0
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0
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PBT after EO
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100.19
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69.1
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45
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332.58
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225.07
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48
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Taxation
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26.84
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25.81
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4
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75.18
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57.44
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31
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PAT
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73.35
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43.29
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69
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257.4
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167.63
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54
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Minority Interest (MI)
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-0.42
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-1.31
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-68
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-4.15
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-4.22
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-2
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Net profit
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73.77
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44.6
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65
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261.55
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171.85
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52
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EPS (Rs)*
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#
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#
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15.3
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10.0
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Notes
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* EPS is on current equity of Rs 171.00 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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Balmer Lawrie & Company :
Consolidated Segment Results
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% of (Total)
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2403 (03)
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2303 (03)
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Var.(%)
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% of (Total)
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2403 (12)
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2303 (12)
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Var.(%)
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Sales
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Industrial Packaging
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31
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193.25
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183.73
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5
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33
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831.05
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759.24
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9
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Logistics Services
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18
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111.82
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142.26
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-21
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17
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417.90
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559.01
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-25
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Travel & Vacations
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9
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53.27
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40.46
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32
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9
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217.27
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161.63
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34
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Greases & Lubricants
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27
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167.52
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167.76
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0
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27
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674.17
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653.52
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3
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Others
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5
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32.88
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60.54
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-46
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5
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135.10
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141.30
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-4
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Logistics Infrastructure
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10
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62.17
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53.95
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15
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10
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239.50
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217.29
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10
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Total Reported Sales
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100
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620.91
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648.70
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-4
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100
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2514.98
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2491.99
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1
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Less: Inter segment revenues
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44.22
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40.66
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9
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175.75
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170.51
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3
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Net Sales
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576.69
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608.05
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-5
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2339.23
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2321.48
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1
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PBIT
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Industrial Packaging
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11
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10.12
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10.81
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-6
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19
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56.61
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41.12
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38
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Logistics Services
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18
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17.23
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17.56
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-2
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19
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57.51
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69.18
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-17
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Travel & Vacations
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18
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16.42
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15.30
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7
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29
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87.42
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62.38
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40
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Greases & Lubricants
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26
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24.15
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15.64
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54
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31
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92.83
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54.47
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70
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Others
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13
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12.61
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-14.49
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LP
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-12
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-36.62
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-80.74
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-55
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Logistics Infrastructure
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14
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13.21
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10.42
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27
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13
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38.79
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35.84
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8
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Total PBIT
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100
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93.74
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55.24
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70
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100
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296.54
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182.26
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63
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Less : Interest
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5.81
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4.51
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29
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22.05
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17.94
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23
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Add: Other un-allcoable
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0.00
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0.00
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0.00
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0.00
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PBT
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87.92
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50.73
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73
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274.49
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164.32
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67
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