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Results
28-Apr-22
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Analysis
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Huhtamaki India
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OP up 20%, NP up 52%
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Huhtamaki India
standalone net sales increased 15.21% to Rs 728.51 crore in Q1CY22 compared to
Q1CY21. Operating profit margin has
jumped from 6.69% to 6.96%, leading to 19.88% rise in operating profit to Rs
50.71 crore. Raw material cost as a % of
total sales (net of stock adjustments) increased from 69.08% to 72.09%. Employee cost decreased from 10.43% to
7.85%. Other expenses fell from 14.22%
to 13.19%.
Other income up
107.26% to Rs 12.56 crore. PBIDT rose
30.83% to Rs 63.27 crore. Provision for
interest up 31.45% to Rs 7.23 crore.
PBDT rose 30.75% to
Rs 56.04 crore. Provision for
depreciation down 3.96% to Rs 22.09 crore.
Profit before tax
grew 70.95% to Rs 33.95 crore. Provision
for tax was expense of Rs 9.34 crore, compared to Rs 3.69 crore. Effective tax rate was 27.51% compared to
18.58%.
Profit after tax
rose 52.20% to Rs 24.61 crore.
Promoters’ stake was
67.73% as of 31 March 2022 compared to 67.73% as of 31 March 2021.
Full year results analysis
Net sales of
Huhtamaki India have increased 6.60% to Rs 2,625.28 crore. Operating profit
margin has declined from 9.49% to 4.15%, leading to 53.33% decline in operating
profit to Rs 109.03 crore. Raw material
cost as a % of total sales (net of stock adjustments) increased from 65.62% to
71.90%. Employee cost decreased from
11.16% to 9.62%. Other expenses rose
from 13.77% to 14.41%.
Other income up
16.83% to Rs 9.37 crore. PBIDT fell 51%
to Rs 118.4 crore. Provision for
interest up 2.72% to Rs 26.83 crore.
Loan funds rose to Rs 358.74 crore as of 31 December 2021 from Rs 292.85
crore as of 31 December 2020.
Inventories rose to Rs 347.50 crore as of 31 December 2021 from Rs 228.78
crore as of 31 December 2020. Sundry
debtors were higher at Rs 629.49 crore as of 31 December 2021 compared to Rs
533.80 crore as of 31 December 2020.
Cash and bank balance declined from Rs 67.11 crore as of 31 December
2020 to Rs 32.19 crore as of 31 December 2021.
Investments declined from Rs 18.35 crore as of 31 December 2020 to Rs
0.62 crore as of 31 December 2021.
PBDT fell 57.51% to
Rs 91.57 crore. Provision for
depreciation down 5.89% to Rs 92.16 crore.
Fixed assets increased to Rs 507.69 crore as of 31 December 2021 from Rs
501.01 crore as of 31 December 2020.
Intangible assets declined from Rs 76.14 crore to Rs 72.24 crore.
Profit before EO
reported loss of Rs 0.59 crore compared to profit of Rs 117.59 crore. The
company reported EO expense of Rs 30.98
crore compared to nil EO items during the quarter. PBT after EO was loss of Rs
31.57 crore compared to profit of Rs 117.59 crore. Consequent to the Board
Meeting held on July19, 2021, the company announced a voluntary retirement
scheme (VRS) on July 20,2021 for its
eligible employees at theThane plant. The scheme was open til lJuly 22, 2021.
In response to the scheme,102 employees opted for the VRS which involved a
pay-out cost of Rs 30.98 crore.The results for the year ended December 31, 2021
include the impact of the VRS scheme and same has been disclosed as
"Exceptional Item".
Provision for tax
was credit of Rs 8.88 crore, compared to debit of Rs 21.6 crore. Profit after tax reported loss of Rs 22.69
crore compared to profit of Rs 95.99 crore.
Equity capital
stood at Rs 15.11 crore as of 31 December 2021 to Rs 15.11 crore as of 31
December 2020. Per share face Value
remained same at Rs 2.00.
Promoters’ stake
was 67.73% as of 31 December 2021 compared to 66.94% as of 31 December
2020.
The scrip is
currently trading at Rs 188
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Huhtamaki India:
Results
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2203 (03)
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2103 (03)
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Var.(%)
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2112 (12)
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2012 (12)
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Var.(%)
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Total Operating Income
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728.51
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632.34
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15
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2625.28
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2462.70
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7
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OPM(%)
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7.0%
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6.7%
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4.2%
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9.5%
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OP
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50.71
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42.30
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20
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109.03
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233.62
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-53
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Other Income
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12.56
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6.06
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107
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9.37
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8.02
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17
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PBIDT
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63.27
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48.36
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31
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118.40
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241.64
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-51
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Interest
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7.23
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5.50
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31
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26.83
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26.12
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3
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PBDT
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56.04
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42.86
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31
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91.57
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215.52
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-58
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Depreciation
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22.09
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23.00
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-4
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92.16
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97.93
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-6
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PBT Before EO
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33.95
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19.86
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71
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-0.59
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117.59
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PL
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EO
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0.00
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0.00
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-30.98
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0.00
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PBT after EO
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33.95
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19.86
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71
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-31.57
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117.59
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PL
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Tax provision
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9.34
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3.69
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153
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-8.88
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21.60
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LP
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PAT
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24.61
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16.17
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52
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-22.69
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95.99
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PL
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PPA
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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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PAT after PPA
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24.61
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16.17
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52
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-22.69
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95.99
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PL
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EPS*
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#
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#
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12.7
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*
Annualized On Current Equity Of Rs 15.11 Crore of face value of Rs 2 each
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EO:
Extraordinary Items, PL: Profit to Loss
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EPS
Is Calculated After Excluding EO And Relevant Tax
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#
EPS not annualised due to seasonality of business
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Figures
In Rs Crore
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Source:
Capitaline Database
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