Other income fell 3.13% to Rs 3.1 crore.  PBIDT fell 12.31% to Rs 141.8 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 19.70% to Rs 80.30 crore.  PBIT of AMESA segment rose 12.06% to Rs 35.30 crore (accounting for 43.96% of total PBIT).  PBIT of EAP segment rose 8.83% to Rs 41.90 crore (accounting for 52.18% of total PBIT).  PBIT of AMERICAS segment fell 73.63% to Rs 5.30 crore (accounting for 6.60% of total PBIT).  PBIT of EUROPE reported loss of Rs 2.20 crore compared to profit of Rs 9.90 crore. 

PBIT margin of AMESA segment fell from 13.26% to 10.95%.  PBIT margin of EAP segment fell from 18.84% to 17.04%.  PBIT margin of AMERICAS segment fell from 11.58% to 2.79%.  PBIT margin of EUROPE segment fell from 5.60% to 1.27%. Overall PBIT margin fell from 12.62% to 8.62%. 

Provision for interest rose 22.62% to Rs 10.3 crore. PBDT fell 14.22% to Rs 131.5 crore.  Provision for depreciation rose 9.18% to Rs 64.2 crore. Profit before tax down 28.78% to Rs 67.30 crore.  Share of profit/loss was 50% lower at Rs -0.6 crore.  Provision for tax was expense of Rs 8.2 crore, compared to Rs 22 crore.  Effective tax rate was 12.29% compared to 23.38%.

Minority interest increased 16.67% to Rs 1.40 crore.  Net profit attributable to owners of the company decreased 19.46% to Rs 57.10 crore. 

Promoters’ stake was 51.91% as of 31 December 2021 compared to 51.96% as of 31 December 2020. 

For year-to-date (YTD) results analysis

Net sales of EPL have increased 12.01% to Rs 2552.6 crore.  Sales of AMESA segment has gone up 27.22% to Rs 911.90 crore (accounting for 34.32% of total sales).  Sales of EAP segment has gone up 11.46% to Rs 665.50 crore (accounting for 25.05% of total sales).  Sales of AMERICAS segment rose 13.12% to Rs 539.80 crore (accounting for 20.32% of total sales).  Sales of EUROPE segment has gone down 5.03% to Rs 539.80 crore (accounting for 20.32% of total sales). 

Operating profit margin has declined from 20.68% to 17.35%, leading to 6% decline in operating profit to Rs 443.00 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 41.52% to 44.25%.   Employee cost decreased from 19.62% to 18.90%.   Other expenses rose from 18.25% to 19.70%.  

Other income fell 14.78% to Rs 9.8 crore.  PBIDT fell 6.21% to Rs 452.8 crore.  Profit before interest, tax and other unallocable items (PBIT) has slumped 13.17% to Rs 262.50 crore.  PBIT of AMESA segment rose 18.28% to Rs 101.60 crore (accounting for 38.70% of total PBIT).  PBIT of EAP segment fell 8.29% to Rs 111.70 crore (accounting for 42.55% of total PBIT).  PBIT of AMERICAS segment fell 33.33% to Rs 34.00 crore (accounting for 12.95% of total PBIT).  PBIT of EUROPE segment fell 65.14% to Rs 15.20 crore (accounting for 5.79% of total PBIT). 

PBIT margin of AMESA segment fell from 11.98% to 11.14%.  PBIT margin of EAP segment fell from 20.40% to 16.78%.  PBIT margin of AMERICAS segment fell from 10.69% to 6.30%.  PBIT margin of EUROPE segment fell from 7.67% to 2.82%. Overall PBIT margin fell from 12.81% to 9.88%. 

Provision for interest fell 15.74% to Rs 28.9 crore.  PBDT fell 5.48% to Rs 423.9 crore.  Provision for depreciation rose 7.91% to Rs 188.3 crore.  Profit before tax down 14.01% to Rs 235.60 crore.  Share of profit/loss was 985.71% lower at Rs -7.6 crore.  PBT before EO fell 17% to Rs 228 crore. The company reported nil EO items during the quarter compared to EO expense of Rs 16.1 crore representing impairment of assets and other associated costs on account of scaling down the business of one of the overseas subsidiaries. PBT after EO fell 11%. Provision for tax was expense of Rs 56.8 crore, compared to Rs 71.3 crore.  Effective tax rate was 24.91% compared to 27.72%.

Minority interest increased 52.78% to Rs 5.50 crore.  Net profit attributable to owners of the company decreased 9.11% to Rs 165.70 crore. 

Promoters’ stake was 51.91% as of 31 December 2021 compared to 51.96% as of 31 December 2020.    

Full year results analysis

Net sales (including other operating income) of EPL has increased 11.96% to Rs 3091.6 crore.  Sales of AMESA segment has gone up 6.11% to Rs 993.40 crore (accounting for 31.08% of total sales).  Sales of EAP segment has gone up 25.52% to Rs 782.00 crore (accounting for 24.47% of total sales).  Sales of AMERICAS segment rose 5.38% to Rs 652.10 crore (accounting for 20.40% of total sales).  Sales of EUROPE segment has gone up 13.50% to Rs 768.60 crore (accounting for 24.05% of total sales).  Inter-segment sales rose Rs 94.60 crore to Rs 105.70 crore. 

Operating profit margin has slumped from 20.19% to 19.77%, leading to 9.61% rise in operating profit to Rs 611.10 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 42.42% to 41.75%.   Employee cost increased from 19.07% to 19.64%.   Other expenses rose from 18.48% to 18.81%. 

Other income rose 9.02% to Rs 14.5 crore.  Profit before interest, tax and other unallocable items (PBIT) has jumped 15.25% to Rs 385.40 crore.  PBIT of AMESA segment rose 0.65% to Rs 108.30 crore (accounting for 28.10% of total PBIT).  PBIT of EAP segment rose 43.69% to Rs 143.40 crore (accounting for 37.21% of total PBIT).  PBIT of AMERICAS segment fell 19.82% to Rs 71.20 crore (accounting for 18.47% of total PBIT).  PBIT of EUROPE segment rose 63.61% to Rs 62.50 crore (accounting for 16.22% of total PBIT). 

PBIT margin of AMESA segment fell from 11.49% to 10.90%.  PBIT margin of EAP segment rose from 16.02% to 18.34%.  PBIT margin of AMERICAS segment fell from 14.35% to 10.92%.  PBIT margin of EUROPE segment rose from 5.64% to 8.13%.  Overall PBIT margin rose from 11.71% to 12.06%. 

Provision for interest fell 22.84% to Rs 42.9 crore.  Loan funds declined from Rs 616.00 crore as of 31 March 2020 to Rs 584.40 crore as of 31 March 2021.  Inventories rose to Rs 414.90 crore as of 31 March 2021 from Rs 369.20 crore as of 31 March 2020.  Sundry debtors were higher at Rs 589.10 crore as of 31 March 2021 compared to Rs 490.30 crore as of 31 March 2020.  Cash and bank balance declined from Rs 371.50 crore as of 31 March 2020 to Rs 241.40 crore as of 31 March 2021.  Investments declined from Rs 16.00 crore as of 31 March 2020 to Rs 14.90 crore as of 31 March 2021. 

Provision for depreciation rose 2.09% to Rs 234.6 crore.  Fixed assets declined from Rs 1,384.90 crore as of 31 March 2020 to Rs 1,383.60 crore as of 31 March 2021.  Intangible assets increased from Rs 14.20 crore to Rs 174.90 crore. 

Profit before tax grew 21.97% to Rs 348.10 crore.  Share of profit/loss was 50% lower at Rs -0.9 crore.  Extraordinary items were decreased to Rs -16.10 crore.  Provision for tax was expense of Rs 86.8 crore, compared to Rs 63.8 crore.  Effective tax rate was 26.22% compared to 23.17%.

Minority interest increased 20.93% to Rs 5.20 crore.  Net profit attributable to owners of the company increased 15.34% to Rs 239.10 crore. 

Promoters’ stake was 51.96% as of 31 March 2021 compared to 74.99% as of 31 March 2020 . 

Cash flow from operating activities increased to Rs 522.40 crore for year ended March 2021 from Rs 471.10 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 176.00 crore, compared to Rs 124.30 crore during the year ended March 2020. 

The scrip is currently trading at Rs 186