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The net sales for the December 2013 quarter have grown by 14% to Rs 952.81 crore. Volume grew by over 4% against industry volume growth of less than 1%. OPM has increased by 560 bps to 15.6%. The net profit level has increased by 66% to Rs 55.51 crore. With volume growing in key profitable market, along with control on cost, profitability level has improved. Added to it is Maharashtra Government's reversal of policy related to use of second hand bottle, also helped in controlling cost and improving profitability.
Company Performance
Standalone performance for quarter ended December 2013
The net sales have grown by 14% to Rs 952.81 crore. Volume grew by over 4% against industry volume growth of less than 1%. OPM has increased by 560 bps to 15.6% due to fall in raw material cost by 130 bps to 39.8%, sales promotion by 200 bps to 15.9% and other expenses by 160 bps to 10.9% of adjusted net sales. As a result, the operating profit has increased by 76% to Rs 149.03 crore.
Other income has inclined by 36% to Rs 3.99 crore. The interest paid declined by 16% to Rs 18 crore. The depreciation increased by 22% to Rs 51.36 crore, The profit before tax had increased by 248% to Rs 83.66 crore.
The tax outgo for the quarter stood at Rs 28.15 crore. The net profit level has increased by 66% to Rs 55.51 crore. With volume growing in key profitable market, along with control in cost, profitability level has improved. Added to it is Maharashtra Government's reversal of policy related to use of second hand bottle, also help in controlling cost and improving profitability.
Standalone performance for nine months ended December 2013
The net sales have grown by 9% to Rs 3157.45 crore. Volume growth has been regained. The company has posted good growth in key markets which has resulted in good growth in revenue and profit. Double digit volume growth has been recorded in Karnataka, West Bengal, Rajasthan and Uttar Pradesh.
During the quarter, the company has regained its market share by 40 bps to 51% despite de-growth in Tamil Nadu.
OPM has increased by 60 bps to 13.8%. The operating profit has increased by 14% to Rs 437.05 crore.
Other income has declined by 44% to Rs 10.79 crore. The interest paid inclined by 7% to Rs 61.17 crore. The depreciation was at Rs 145.97 crore, up by 19%. The profit before tax has inclined by 8% to Rs 240.7 crore.
Total tax outgo inclined by 47% to Rs 82.8 crore. Tax rate was at 34.4%, up from 25.34%. As a result, the net profit declined by 5% to Rs 157.9 crore.
Valuation
The total promoters holding in the company stand at 74.82%.
The Promoters have pledged 30.78% of the shares as % of total share holding of promoter and promoter group.
The scrip is trading around 816.25 at BSE.
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