|
Nilkamal consolidated net sales increased 38.37% to Rs 739.38 crore in Q2FY22
compared to Q2FY21. Sales of Plastic
Artides segment has gone up 39.93% to Rs 689.70 crore (accounting for 92.94% of
total sales). Sales of Readymade Home Furnitures segment has gone up 21.07% to
Rs 52.38 crore (accounting for 7.06% of total sales). Inter-segment sales rose Rs 1.82 crore to Rs
2.70 crore.
Profit before interest, tax
and other unallocable items (PBIT) has slumped 35.62% to Rs 45.24 crore. PBIT of Plastic Artides segment fell 34.39%
to Rs 43.46 crore (accounting for 96.07% of total PBIT). PBIT of Readymade Home Furnitures segment
fell 55.84% to Rs 1.78 crore (accounting for 3.93% of total PBIT).
PBIT margin of Plastic
Artides segment fell from 13.44% to 6.30%.
PBIT margin of Readymade Home Furnitures segment fell from 9.32% to
3.40%. Overall PBIT margin fell from
13.11% to 6.10%.
Operating profit margin has
declined from 16.26% to 9.06%, leading to 22.86% decline in operating profit to
Rs 67.02 crore. Raw material cost as a %
of total sales (net of stock adjustments) increased from 34.58% to 46.29%. Purchase of finished goods cost fell from
17.21% to 16.00%. Employee cost
decreased from 7.90% to 6.68%. Other
expenses fell from 23.27% to 22.13%.
Other income fell 87.34% to
Rs 1.1 crore. PBIDT fell 28.72% to Rs
68.12 crore. Provision for interest rose
28.08% to Rs 6.66 crore. PBDT fell
31.99% to Rs 61.46 crore. Provision for
depreciation rose 3.41% to Rs 24.89 crore.
Profit before tax down
44.84% to Rs 36.57 crore. Provision for
tax was expense of Rs 9.38 crore, compared to Rs 16.61 crore. Effective tax rate was 24.91% compared to
25.10%.
Minority interest decreased
80% to Rs 0.01 crore. Net profit
attributable to owners of the company decreased 42.93% to Rs 28.26 crore.
Equity capital stood at Rs
14.92 crore as of 30 September 2021 to Rs 14.92 crore as of 30 September
2020. Per share face Value remained same
at Rs 10.00.
Promoters’ stake was 64.53%
as of 30 September 2021 ,compared to 64.33% as of 30 September 2020 .
For year-to-date (YTD) results analysis
Net sales of Nilkamal have
increased 56.76% to Rs 1231.64 crore.
Sales of Plastic Artides segment has gone up 59.54% to Rs 1,164.14 crore
(accounting for 94.25% of total sales).
Sales of Readymade Home Furnitures segment has gone up 21.14% to Rs
71.05 crore (accounting for 5.75% of total sales). Inter-segment sales rose Rs 2.66 crore to Rs
3.55 crore.
Operating profit margin has
declined from 9.81% to 7.87%, leading to 25.73% rise in operating profit to Rs
96.95 crore. Raw material cost as a % of
total sales (net of stock adjustments) increased from 34.96% to 45.56%. Purchase of finished goods cost rose from
16.66% to 16.76%. Employee cost
decreased from 11.23% to 7.53%. Other
expenses fell from 26.53% to 22.63%.
Other income fell 69.80% to
Rs 3.12 crore. PBIDT rose 14.44% to Rs
100.07 crore. Profit before interest,
tax and other unallocable items (PBIT) have jumped 38.44% to Rs 54.03
crore. PBIT of Plastic Artides segment
rose 34.95% to Rs 59.33 crore (accounting for 109.81% of total PBIT). PBIT of Readymade Home Furnitures segment
rose 7.37% to Rs -5.30 crore (accounting for -9.81% of total PBIT).
PBIT margin of Plastic
Artides segment fell from 6.03% to 5.10%.
PBIT margin of Readymade Home Furnitures segment rose from negative
8.42% to negative 7.46%. Overall PBIT
margin fell from 4.95% to 4.37%.
Provision for interest rose
18.54% to Rs 13.49 crore. PBDT rose
13.83% to Rs 86.58 crore. Provision for
depreciation rose 2.67% to Rs 48.81 crore.
Profit before tax grew
32.43% to Rs 37.77 crore. Provision for
tax was expense of Rs 9.47 crore, compared to Rs 7.25 crore. Effective tax rate was 24.01% compared to
26.01%.
Minority interest decreased
60% to Rs 0.02 crore. Net profit
attributable to owners of the company increased 45.60% to Rs 29.95 crore.
Standalone results
The strong recovery in
demand across its B2C business which was adversely impacted due to the lockdown
during second wave ofCovid-19 in Q1FY22 along with revival in the economy which
has backed the growth of the B2B business has enabled the company to register
the highest quarterly revenue during Q2FY22 which stood at Rs 689 crore
(Plastic business Rs 606 crores, @home Rs 52 crore and Mattress Rs 31 crore) as
compared to Rs 492 crore (Plastic business Rs 426 crore, @home Rs 43 crore and
Mattress Rs 23 crore) for Q2FY21, a growth of 40% in value terms and 23% in
volume terms in Q2FY22.
The PBT achieved by the
company during Q2FY22 stood at Rs 37 crore against Rs 66.70 crore during
Q2FY21. The major reasons for exceptional high profits during Q2FY21 include
raw material prices being steady on the lower side, rationalization and
curtailment of various expenditures and non - recurring other income. The steep
increase in raw material prices since September, 2021 by more than 30% along with
normalization of other expenditures impacted the profitability during Q2FY22 on
comparable basis with Q2FY21.
Capex spends of the company
for Q2FY22 stood at Rs 35.46 crore, aggregating to Rs 62.73 crore during the
current financial year. The said expenditure is mainly towards Moulds, Plant
& Machineries, Factory Land & building etc.
During Q2FY22, the @home
business has opened 4 stores under franchise arrangement and one company
operated store, thus aggregating to 19 company operated stores and 12 stores
under franchise arrangement. The company is expecting to reach 20 stores under
franchise arrangement by the end of the current financial year taking the total
count of stores to 39.
Further, during Q2FY22, the
company has opened 11 "Nilkamal Furniture idea" stores under the
franchise arrangement, thereby aggregating to 12 company operated stores and 58
stores under franchise arrangement. The company is expecting to have 100 stores
by the end of the current financial year with additional 30 stores under
franchise arrangement in the subsequent quarters. This will enable the company
to further strengthen its presence in the market.
The total Net Borrowing of
the company stood at Rs 81.61crore as on 30th September, 2021 as against net
surplus of Rs 145.52 crore as on 30th September, 2020.
Subsidiary & Joint Venture performance
Nilkamal Storage Systems
Private Limited- the company`s subsidiary recorded turnover of Rs 66.31 crore
and incurred a loss of Rs 1.07 crore for Q2FY22 vis-a-vis Rs 29.53 crore for
Q2FY21 and loss of Rs 1.01 crore. The rising raw material prices by more than
70% impacted the margins of the company leading to losses inspite of increase
in sales. The company`s subsidiary companies at Sri Lanka and Ajman, UAE showed
satisfactory performance as anticipated by the company. Cambro Nilkamal Limited
the Company`s US Joint Venture exhibited uptrend and recorded a turnover of Rs
13.59 crores during Q2FY22 vis-a-vis Rs 6 crore for Q2FY21. However, the
business of the said joint venture and subsidiary companies is negligible as
compared to the standalone business of the company.
Full year results analysis
Net sales (including other
operating income) of Nilkamal has declined 7.31% to Rs 2092.2 crore. Sales of Plastic segment has gone down 5.11%
to Rs 1,941.56 crore (accounting for 92.52% of total sales). Sales of Lifesyle Furniture, Furnishings
& Accessories segment has gone down 27.07% to Rs 156.89 crore (accounting
for 7.48% of total sales). Inter-segment
sales rose Rs 4.13 crore to Rs 6.25 crore.
Operating profit margin has
slumped from 12.46% to 12.10%, leading to 9.98% decline in operating profit to
Rs 253.13 crore. Raw material cost as a
% of total sales (net of stock adjustments) increased from 33.20% to
36.89%. Purchase of finished goods cost
fell from 22.13% to 19.80%. Employee
cost decreased from 8.43% to 8.23%.
Other expenses fell from 23.80% to 23.10%.
Other income rose 11.10% to
Rs 16.02 crore. Profit before interest, tax and other unallocable items (PBIT)
has slumped 16.91% to Rs 171.67 crore.
PBIT of Plastic segment fell 15.56% to Rs 175.74 crore (accounting for
102.37% of total PBIT). PBIT of Lifesyle
Furniture, Furnishings & Accessories segment rose 167.24% to Rs -4.07 crore
(accounting for -2.37% of total PBIT).
PBIT margin of Plastic
segment fell from 10.17% to 9.05%. PBIT
margin of Lifesyle Furniture, Furnishings & Accessories segment fell from
negative 0.71% to negative 2.60%. Overall
PBIT margin fell from 9.14% to 8.18%.
Provision for interest fell 9.85% to Rs 23.53
crore. Loan funds declined from Rs 47.92
crore as of 31 March 2020 to Rs 30.72 crore as of 31 March 2021. Inventories rose to Rs 497.96 crore as of 31
March 2021 from Rs 406.35 crore as of 31 March 2020. Sundry debtors were lower at Rs 308.09 crore
as of 31 March 2021 compared to Rs 325.01 crore as of 31 March 2020. Cash and bank balance rose to Rs 90.53 crore
as of 31 March 2021 from Rs 24.03 crore as of 31 March 2020. Investments rose to Rs 34.86 crore as of 31
March 2021 from Rs 34.26 crore as of 31 March 2020 .
Provision for depreciation
rose 3.13% to Rs 97.16 crore. Fixed
assets increased to Rs 645.88 crore as of 31 March 2021 from Rs 612.24 crore as
of 31 March 2020. Intangible assets
stood at Rs 6.76 crore.
Profit before tax shrink
15.31% to Rs 148.46 crore. Share of
profit/loss was 73.57% lower at Rs 1.66 crore.
Provision for tax was expense of Rs 36.98 crore, compared to Rs 39.15
crore. Effective tax rate was 24.63%
compared to 21.56%.
Minority interest decreased
38.24% to Rs 0.21 crore. Net profit
attributable to owners of the company decreased 20.52% to Rs 112.93 crore.
Promoters’ stake was 64.53%
as of 31 March 2021 ,compared to 64.31% as of 31 March 2020 .
Cash flow from operating
activities decreased to Rs 202.96 crore for year ended March 2021 from Rs
251.95 crore for year ended March 2020.
Cash flow used in acquiring fixed assets during the year ended March
2021 stood at Rs 77.59 crore, compared to Rs 99.54 crore during the year ended
March 2020.
The scrip is currently trading around Rs 2405
on the BSE
|
Nilkamal : Consolidated Results
|
|
Particulars
|
2109
(03)
|
2009
(03)
|
Var.(%)
|
2109
(06)
|
2009
(06)
|
Var.(%)
|
2103
(12)
|
2003
(12)
|
Var.(%)
|
|
Net
Sales
|
739.38
|
534.34
|
38
|
1231.64
|
785.68
|
96
|
2,092.20
|
2,257.19
|
-7
|
|
OPM
(%)
|
9.1
|
16.3
|
|
7.9
|
9.8
|
|
12.1
|
12.5
|
|
|
OP
|
67.02
|
86.87
|
-23
|
96.95
|
77.11
|
LP
|
253.13
|
281.18
|
-10
|
|
Other
Inc.
|
1.10
|
8.69
|
-87
|
3.12
|
10.33
|
23
|
16.02
|
14.42
|
11
|
|
PBIDT
|
68.12
|
95.57
|
-29
|
100.07
|
87.44
|
LP
|
269.15
|
295.6
|
-9
|
|
Interest
|
6.66
|
5.20
|
28
|
13.49
|
11.38
|
11
|
23.53
|
26.1
|
-10
|
|
PBDT
|
61.46
|
90.36
|
-32
|
86.58
|
76.06
|
LP
|
245.62
|
269.5
|
-9
|
|
Depreciation
|
24.89
|
24.07
|
3
|
48.81
|
47.54
|
2
|
97.16
|
94.21
|
3
|
|
PBT
|
36.57
|
66.30
|
-45
|
37.76
|
28.52
|
LP
|
148.46
|
175.29
|
-15
|
|
Share
of Profit/(Loss) from Associates
|
1.08
|
-0.12
|
LP
|
1.67
|
-0.65
|
LP
|
1.66
|
6.28
|
-74
|
|
PBT
before EO
|
37.66
|
66.18
|
-43
|
39.43
|
27.88
|
LP
|
150.12
|
181.57
|
-17
|
|
EO
Income
|
0.00
|
0.00
|
|
0.00
|
0.00
|
-
|
0
|
0
|
-
|
|
PBT
after EO
|
37.66
|
66.18
|
-43
|
39.43
|
27.88
|
LP
|
150.12
|
181.57
|
-17
|
|
Taxation
|
9.38
|
16.61
|
-44
|
9.47
|
7.25
|
PL
|
36.98
|
39.15
|
-6
|
|
PAT
|
28.28
|
49.57
|
-43
|
29.96
|
20.63
|
LP
|
113.14
|
142.42
|
-21
|
|
Minority
Interest (MI)
|
0.01
|
0.05
|
-73
|
0.02
|
0.05
|
-
|
0.21
|
0.34
|
-38
|
|
Net
profit
|
28.26
|
49.52
|
-43
|
29.95
|
20.57
|
LP
|
112.9
|
142.1
|
-21
|
|
EPS
(Rs)*
|
#
|
#
|
|
#
|
#
|
|
75.7
|
95.2
|
|
|
Notes
|
|
*
EPS is on current equity of Rs 14.92 crore, Face value of Rs 10, Excluding
extraordinary items.
|
|
#
EPS is not annualised
|
|
bps
: Basis points
|
|
EO
: Extraordinary items
|
|
Figures
in Rs crore
|
|
Source:
Capitaline Corporate Database
|
|
Nilkamal : Consolidated Segment
Results
|
|
|
%
of (Total)
|
2109
(03)
|
2009
(03)
|
Var.(%)
|
%
of (Total)
|
2109
(06)
|
2009
(06)
|
Var.(%)
|
%
of (Total)
|
2103
(12)
|
2003
(12)
|
Var.(%)
|
|
Sales
|
|
|
|
|
|
Plastic
Artides
|
93
|
689.70
|
492.90
|
40
|
94
|
1,164.14
|
729.69
|
60
|
93
|
1,941.56
|
2,046.21
|
-5
|
|
Readymade
Home Furnitures
|
7
|
52.38
|
43.26
|
21
|
6
|
71.05
|
58.65
|
21
|
7
|
156.89
|
215.11
|
-27
|
|
Total
Reported Sales
|
100
|
742.08
|
536.16
|
38
|
100
|
1,235.19
|
788.34
|
57
|
100
|
2,098.45
|
2,261.32
|
-7
|
|
Less:
Inter segment revenues
|
|
2.70
|
1.82
|
48
|
|
3.55
|
2.66
|
33
|
|
6.25
|
4.13
|
51
|
|
Net
Sales
|
|
739.38
|
534.34
|
38
|
|
1,231.64
|
785.68
|
57
|
|
2,092.20
|
2,257.19
|
-7
|
|
PBIT
|
|
|
|
|
|
Plastic
Artides
|
96
|
43.46
|
66.24
|
-34
|
110
|
59.33
|
43.97
|
35
|
102
|
175.74
|
208.13
|
-16
|
|
Readymade
Home Furnitures
|
4
|
1.78
|
4.03
|
-56
|
-10
|
-5.3
|
-4.94
|
7
|
-2
|
-4.07
|
-1.52
|
167
|
|
Total
PBIT
|
100
|
45.24
|
70.27
|
-36
|
100
|
54.03
|
39.03
|
38
|
100
|
171.67
|
206.60
|
-17
|
|
Less
: Interest
|
|
6.66
|
5.20
|
28
|
|
13.49
|
11.38
|
19
|
|
23.53
|
26.10
|
-10
|
|
Add:
Other un-allcoable
|
|
-2.01
|
1.23
|
PL
|
|
-2.77
|
0.88
|
PL
|
|
0.33
|
-5.20
|
LP
|
|
PBT
|
|
36.57
|
66.30
|
-45
|
|
37.76
|
28.52
|
32
|
|
148.47
|
175.30
|
-15
|
|