PBIT margin of AMESA segment fell from 11.03% to 9.67%.  PBIT margin of EAP segment fell from 16.75% to 12.81%.  PBIT margin of AMERICAS segment fell from 7.26% to 5.32%.  PBIT margin of EUROPE segment fell from 5.55% to 1.72%.  Overall PBIT margin fell from 10.53% to 7.66%. 

Operating profit margin has declined from 18.13% to 15.10%, leading to 13.32% decline in operating profit to Rs 125.60 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 43.59% to 45.47%.   Employee cost increased from 19.01% to 19.34%.   Other expenses rose from 19.71% to 20.50%. 

Other income fell 20.75% to Rs 4.2 crore.  PBIDT fell 13.58% to Rs 129.8 crore.  Provision for interest rose 37.08% to Rs 12.2 crore. 

PBDT fell 16.77% to Rs 117.6 crore.  Provision for depreciation rose 5.33% to Rs 65.2 crore. 

Profit before tax down 34.01% to Rs 52.40 crore.  Share of profit/loss was 633.33% lower at Rs -2.2 crore. PBT before EO was down 37% to Rs 50.2 crore. The company reported EO expense of Rs 1.1 crore compared to nil in the corresponding previous year period. PBT after EO was down 38% to Rs 49.1 crore. Tubopack de Colombia S.A.S, a wholly owned step down subsidiary registered in Colombia (which was under liquidation) has completed its voluntary dissolution process on 30 June 2022. Exceptional loss of Rs. 1.1 crore for the quarter ended 30 June 2022 represents exchange difference arising on t ranslation of foreign operations of the above subsidiary

Provision for tax was expense of Rs 14.1 crore, compared to Rs 18.9 crore.  Effective tax rate was 28.72% compared to 23.89%.

Minority interest decreased 30.43% to Rs 1.60 crore. Net profit attributable to owners of the company decreased 42.31% to Rs 33.40 crore. 

Promoters’ stake was 51.91% as of 30 June 2022 compared to 51.96% as of 30 June 2021 . 

Full year results analysis

Net sales of EPL have increased 11.04% to Rs 3432.8 crore.  Sales of AMESA segment has gone up 23.40% to Rs 1,225.90 crore (accounting for 34.31% of total sales).  Sales of EAP segment has gone up 10.31% to Rs 862.60 crore (accounting for 24.14% of total sales).  Sales of AMERICAS segment rose 12.90% to Rs 736.20 crore (accounting for 20.60% of total sales).  Sales of EUROPE segment has gone down 2.63% to Rs 748.40 crore (accounting for 20.95% of total sales).  Inter-segment sales rose Rs 105.70 crore to Rs 141.40 crore. 

Operating profit margin has declined from 19.77% to 16.78%, leading to 5.73% decline in operating profit to Rs 576.10 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 41.75% to 45.12%.   Employee cost decreased from 19.64% to 18.63%.   Other expenses rose from 18.81% to 19.75%.  

Other income fell 17.24% to Rs 12 crore.  PBIDT fell 5.99% to Rs 588.1 crore.  Provision for interest fell 6.06% to Rs 40.3 crore.  Loan funds rose to Rs 767.10 crore as of 31 March 2022 from Rs 642.30 crore as of 31 March 2021.  Inventories rose to Rs 594.10 crore as of 31 March 2022 from Rs 414.90 crore as of 31 March 2021.  Sundry debtors were higher at Rs 636.70 crore as of 31 March 2022 compared to Rs 589.10 crore as of 31 March 2021.  Cash and bank balance declined from Rs 241.40 crore as of 31 March 2021 to Rs 192.70 crore as of 31 March 2022.  Investments declined from Rs 14.90 crore as of 31 March 2021 to Rs 7.20 crore as of 31 March 2022. 

PBDT fell 5.99% to Rs 547.8 crore.  Provision for depreciation rose 7.16% to Rs 251.4 crore.  Fixed assets increased to Rs 1,453.10 crore as of 31 March 2022 from Rs 1,383.60 crore as of 31 March 2021.  Intangible assets declined from Rs 174.90 crore to Rs 166.90 crore. 

Profit before interest, tax and other unallocable items (PBIT) has slumped 12.95% to Rs 335.50 crore.  PBIT of AMESA segment rose 19.39% to Rs 129.30 crore (accounting for 38.54% of total PBIT).  PBIT of EAP segment fell 10.95% to Rs 127.70 crore (accounting for 38.06% of total PBIT).  PBIT of AMERICAS segment fell 25.70% to Rs 52.90 crore (accounting for 15.77% of total PBIT).  PBIT of EUROPE segment fell 59.04% to Rs 25.60 crore (accounting for 7.63% of total PBIT). 

PBIT margin of AMESA segment fell from 10.90% to 10.55%.  PBIT margin of EAP segment fell from 18.34% to 14.80%.  PBIT margin of AMERICAS segment fell from 10.92% to 7.19%.  PBIT margin of EUROPE segment fell from 8.13% to 3.42%.  Overall PBIT margin fell from 12.06% to 9.39%.

Profit before tax down 14.85% to Rs 296.40 crore.  Share of profit/loss was 744.44% lower at Rs -7.6 crore.  Provision for tax was expense of Rs 67.5 crore, compared to Rs 86.8 crore.  Effective tax rate was 23.37% compared to 26.22%.

Minority interest increased 32.69% to Rs 6.90 crore.  Net profit attributable to owners of the company decreased 10.33% to Rs 214.40 crore. 

Equity capital increased from Rs 63.10 crore as of 31 March 2021 to Rs 63.20 crore as of 31 March 2022.  Per share face Value remained same at Rs 2.00. 

Promoters’ stake was 51.91% as of 31 March 2022 ,compared to 51.96% as of 31 March 2021 . 

Cash flow from operating activities decreased to Rs 311.70 crore for year ended March 2022 from Rs 522.40 crore for year ended March 2021.  Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 275.50 crore, compared to Rs 176.00 crore during the year ended March 2021. 

The scrip is currently trading at Rs 183