Other income decreased 35% to Rs 6.63 crore compared to Rs 10.24 crore. Interest cost was up 1% to Rs 13.7 crore. Depreciation rose 28% to Rs 56.81 crore. PBT before EO was down 30% to Rs 44.69 crore. The company had an EO income of Rs 10.91 crore related to net gain on sale of land and building of one of its factory unit compared to nil in the corresponding previous year period. PBT after EO fell 13% to Rs 55.6 crore.

Effective rate of taxes was down 670 bps to 27.5%. PAT reported was down 4% to Rs 40.3 crore. Further considering share of profit or loss of JV and associates and minority interest net profit fell 5% to Rs 39.24 crore.

For the quarter, sales from the Amesa geography stood at Rs 225.08 crore, down by 4% YoY and accounted for 34% of the total sales. PBIT from the same stood at Rs 20.79 crore down by 40% YoY and accounted for 40% of total PBIT with PBIT margins at 9.2%

For the quarter, sales from the EAP geography stood at Rs 138.81 crore, down by 11% YoY and accounted for 21% of total sales and PBIT from the same stood at Rs 17.89 crore down by 14% YoY with PBIT margin at 12.9%.

For the quarter, sales from the America geography stood at Rs 136.63 crore up by 3% and PBIT from the same stood at Rs 13.13 crore down by 12% YoY. PBIT margin stood at 9.6%

For the quarter, sales from the EU geography stood at Rs 151.72 crore up by 17% YoY and PBIT stood at Rs 3.28 crore up by 69% with PBIT margin at 2.2%.

Key Highlights

• In Europe customer engagement and strong business pipeline has resulted in robust revenue growth. Americas revenue growth helped by strong growth in Colombia.
• India and China revenue impacted due to volatile market conditions.

• Non oral care contribution has increased by 590 bps pp to 46.6% in Q1FY20 from 40.7% in Q1FY19, helped by growth across all the regions.

• EBIT Margin impacted due to lower revenue and also due to capex, full ramp up effect of which is yet to materialize.

Performance for the year ended March 2019

For 12 mths ended Mar 19, consolidated net sales were up by 12% to Rs 2706.93 crore. OPM stood at 80 bps to 18.4% thus resulting in a 7% increase in OP to Rs 499.12 crore. Other income stood at Rs 28.51 crore. Interest cost stood at Rs 61.31 crore up by 11% and depreciation stood at Rs 186.11 crore up by 11% thus resulting in a PBT of Rs 280.21 crore up by 4%. There was an EO income of Rs 3.05 crore pertaining to provision written back as compared to EO expense of Rs 4.98 crore pertaining to exchange difference on translation of foreign operations of Egypt subsidiary. Thus PBT after EO stood at Rs 283.26 crore up by 7%. After tax expense of Rs 93.19 crore up by 5%, PAT stood at Rs 190.07 crore up by 8%. There was profit from sale of JV of Rs 2.46 crore as compared to loss of Rs 3.65 crore for FY 18, consolidated PAT stood at Rs 192.53 crore up by 12%.

For the 12 mths ended Mar 19, sales from the Amesa geography stood at Rs 959.63 crore, up by 3% YoY and accounted for 34% of the total sales. PBIT from the same stood at Rs 127.21 crore down by 10% YoY and accounted for 38% of total PBIT.

For the 12 mths ended Mar 19, sales from the EAP geography stood at Rs 667.30 crore, up by 16% YoY and accounted for 24% of total sales and PBIT from the same stood at Rs 104.73 crore up by 16% YoY with PBIT margin at 15.7%.

For the 12 mths ended Mar 19, sales from the America geography stood at Rs 588.88 crore up by 21% and PBIT from the same stood at Rs 81.80 crore up by 34% YoY. PBIT margin stood at 13.9%

For the 12 mths ended Mar 19, sales from the Europe geography stood at Rs 585.17 crore up by 15% and PBIT from the same stood at Rs 17.90 crore up by 49% YoY. PBIT margin stood at 3.1%

The scrip is currently trading at Rs 112