PBIT margin of AMESA segment fell from 11.45% to 9.26%.  PBIT margin of EAP segment rose from 16.53% to 17.41%.  PBIT margin of AMERICAS segment fell from 9.03% to 4.76%.  PBIT margin of EUROPE segment fell from 3.99% to 3.41%.  Overall PBIT margin fell from 10.59% to 8.83%. 

Operating profit margin has declined from 18.32% to 15.67%, leading to 6.78% decline in operating profit to Rs 148.60 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 43.85% to 46.32%.   Employee cost decreased from 18.60% to 17.96%.   Other expenses rose from 19.35% to 20.15%. 

Other income rose 385.71% to Rs 6.8 crore.  PBIDT fell 3.36% to Rs 155.4 crore.  Provision for interest rose 61.86% to Rs 15.7 crore.   

PBDT fell 7.54% to Rs 139.7 crore.  Provision for depreciation rose 6.75% to Rs 66.4 crore.   

Profit before tax down 17.55% to Rs 73.30 crore.  Share of profit/loss was 88.06% higher at Rs -0.8 crore.  Provision for tax was expense of Rs 24.9 crore, compared to Rs 29.7 crore.  Effective tax rate was 34.34% compared to 36.13%.

Minority interest decreased 22.22% to Rs 1.40 crore.  Net profit attributable to owners of the company decreased 8.88% to Rs 46.20 crore.

Equity capital stood at Rs 63.20 crore as of 30 September 2022 to Rs 63.20 crore as of 30 September 2021.  Per share face Value remained same at Rs 2.00. 

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

For year-to-date (YTD) results analysis

Net sales of EPL have increased 6.63% to Rs 1779.9 crore.  Sales of AMESA segment has gone up 15.24% to Rs 679.20 crore (accounting for 35.55% of total sales).  Sales of EAP segment has gone down 2.43% to Rs 409.40 crore (accounting for 21.43% of total sales).  Sales of AMERICAS segment rose 20.01% to Rs 419.90 crore (accounting for 21.98% of total sales).  Sales of EUROPE segment has gone up 9.71% to Rs 402.20 crore (accounting for 21.05% of total sales).  Inter-segment sales rose Rs 56.90 crore to Rs 131.50 crore. 

Profit before interest, tax and other unallocable items (PBIT) has slumped 13.23% to Rs 158.10 crore.  PBIT of AMESA segment fell 3.17% to Rs 64.20 crore (accounting for 40.61% of total PBIT).  PBIT of EAP segment fell 10.60% to Rs 62.40 crore (accounting for 39.47% of total PBIT).  PBIT of AMERICAS segment fell 26.48% to Rs 21.10 crore (accounting for 13.35% of total PBIT).  PBIT of EUROPE segment fell 40.23% to Rs 10.40 crore (accounting for 6.58% of total PBIT). 

PBIT margin of AMESA segment fell from 11.25% to 9.45%.  PBIT margin of EAP segment fell from 16.63% to 15.24%.  PBIT margin of AMERICAS segment fell from 8.20% to 5.03%.  PBIT margin of EUROPE segment fell from 4.75% to 2.59%.  Overall PBIT margin fell from 10.56% to 8.27%. 

Operating profit margin has declined from 18.23% to 15.41%, leading to 9.89% decline in operating profit to Rs 274.20 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 43.72% to 45.92%.   Employee cost decreased from 18.80% to 18.61%.   Other expenses rose from 19.52% to 20.31%. 

Other income rose 64.18% to Rs 11 crore.  PBIDT fell 8.30% to Rs 285.2 crore.  Provision for interest rose 50% to Rs 27.9 crore.  

PBDT fell 12% to Rs 257.3 crore.  Provision for depreciation rose 6.04% to Rs 131.6 crore.   

Profit before tax down 25.31% to Rs 125.70 crore.  Share of profit/loss was 57.14% higher at Rs -3 crore.  PBT before EO was down 24% to Rs 122.7 crore. The company reported EO expense of Rs 1.1 crore represents exchange difference arising on translation of foreign operations of the above subsidiary compared to nil EO items PBT after EO fell 25% to Rs 121.6 crore.

Provision for tax was expense of Rs 39 crore, compared to Rs 48.6 crore. Effective tax rate was 32.07% compared to 30.13%.

Minority interest decreased 26.83% to Rs 3.00 crore.  Net profit attributable to owners of the company decreased 26.70% to Rs 79.60 crore. 

Equity capital stood at Rs 63.20 crore as of 30 September 2022 to Rs 63.20 crore as of 30 September 2021.  Per share face Value remained same at Rs 2.00. 

Promoters’ stake was 51.91% as of 30 September 2022 ,compared to 51.91% as of 30 September 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 152