 |
Results
12-Nov-22
|
|
|
|
|
|
|
|
Analysis
|
|
|
|
Huhtamaki India
|
|
Report loss at PBT level of Rs 4.72 crore
|
|
|
|
|
|
Huhtamaki India
standalone net sales increased 15.00% to Rs 769.03 crore in Q3CY22 compared to
Q3CY21. Operating profit margin has declined from 4.62% to 2.98%, leading to
25.73% decline in operating profit to Rs 22.95 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 71.09% to 74.12%. Employee cost decreased from 9.34% to
8.83%. Other expenses fell from 14.79%
to 13.97%.
Other income up
51.80% to Rs 2.11 crore. PBIDT fell
22.39% to Rs 25.06 crore. Provision for
interest up 25.36% to Rs 8.75 crore.
PBDT fell 35.56% to
Rs 16.31 crore. Provision for
depreciation down 8.72% to Rs 21.03 crore.
Profit before EO
reported loss of Rs 4.72 crore compared to profit of Rs 2.27 crore. The company
reported nil EO items during the quarter compared to EO expense of Rs 30.98
crore. PBT after EO reported loss of Rs 4.72 crore compared to loss of Rs 28.71
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 4.76 crore, compared to credit of Rs 6.87 crore. Effective tax rate was 100.85% compared to
23.93%.
Profit after tax
reported profit of Rs 0.04 crore compared to loss of Rs 21.84 crore.
Promoters’ stake
was 67.73% as of 30 September 2022 ,compared to 67.73% as of 30 September 2021
.
For year-to-date (YTD) results analysis
Net sales of
Huhtamaki India have increased 16.63% to Rs 2,290.21 crore. Operating profit margin has declined from
4.90% to 4.72%, leading to 12.32% rise in operating profit to Rs 108.15
crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 71.09% to 73.60%. Employee cost decreased from 9.82% to 8.33%. Other expenses fell from 14.31% to
13.37%.
Other income up
114.32% to Rs 20.51 crore. PBIDT rose
21.54% to Rs 128.66 crore. Provision for
interest up 26.43% to Rs 23.73 crore.
PBDT rose 20.48% to
Rs 104.93 crore. Provision for
depreciation down 6.47% to Rs 65.07 crore.
Profit before EO grew
127.51% to Rs 39.86 crore. The company
reported nil EO items during the quarter compared to EO expense of Rs 30.98
crore. PBT after EO reported profit of Rs 39.86 crore compared to loss of Rs
13.46 crore.
Provision for tax
was debit of Rs 7.06 crore, compared to credit of Rs 4.29 crore. Effective tax rate was 17.71% compared to
31.87%.
Profit after tax
reported profit of Rs 32.80 crore compared to loss of Rs 9.17 crore.
Promoters’ stake
was 67.73% as of 30 September 2022 ,compared to 67.73% as of 30 September 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.
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 Board of
Directors of the company at their meeting held on Friday, 22nd July 2022 gave
their in-principle approval for exploring the possibility of monetizing the
company`s freehold land and building situated at Majiwade, Thane, Maharashtra,
subject to necessary formalities being completed.
The scrip is
currently trading at Rs 219
|
Huhtamaki India:
Results
|
|
|
2209 (03)
|
2109 (03)
|
Var.(%)
|
2209 (09)
|
2109 (09)
|
Var.(%)
|
2112 (12)
|
2012 (12)
|
Var.(%)
|
|
Total Operating Income
|
769.03
|
668.73
|
15
|
2290.21
|
1963.71
|
17
|
2625.28
|
2462.70
|
7
|
|
OPM(%)
|
3.0%
|
4.6%
|
|
4.7%
|
4.9%
|
|
4.2%
|
9.5%
|
|
|
OP
|
22.95
|
30.90
|
-26
|
108.15
|
96.29
|
12
|
109.03
|
233.62
|
-53
|
|
Other Income
|
2.11
|
1.39
|
52
|
20.51
|
9.57
|
114
|
9.37
|
8.02
|
17
|
|
PBIDT
|
25.06
|
32.29
|
-22
|
128.66
|
105.86
|
22
|
118.40
|
241.64
|
-51
|
|
Interest
|
8.75
|
6.98
|
25
|
23.73
|
18.77
|
26
|
26.83
|
26.12
|
3
|
|
PBDT
|
16.31
|
25.31
|
-36
|
104.93
|
87.09
|
20
|
91.57
|
215.52
|
-58
|
|
Depreciation
|
21.03
|
23.04
|
-9
|
65.07
|
69.57
|
-6
|
92.16
|
97.93
|
-6
|
|
PBT Before EO
|
-4.72
|
2.27
|
PL
|
39.86
|
17.52
|
128
|
-0.59
|
117.59
|
PL
|
|
EO
|
0.00
|
-30.98
|
|
0.00
|
-30.98
|
|
-30.98
|
0.00
|
|
|
PBT after EO
|
-4.72
|
-28.71
|
-84
|
39.86
|
-13.46
|
LP
|
-31.57
|
117.59
|
PL
|
|
Tax provision
|
-4.76
|
-6.87
|
-31
|
7.06
|
-4.29
|
PL
|
-8.88
|
21.60
|
LP
|
|
PAT
|
0.04
|
-21.84
|
LP
|
32.80
|
-9.17
|
LP
|
-22.69
|
95.99
|
PL
|
|
PPA
|
0.00
|
0.00
|
|
0.00
|
0.00
|
|
0.00
|
0.00
|
|
|
PAT after PPA
|
0.04
|
-21.84
|
LP
|
32.80
|
-9.17
|
LP
|
-22.69
|
95.99
|
PL
|
|
EPS*
|
#
|
#
|
|
#
|
#
|
|
|
12.7
|
|
|
*
Annualized On Current Equity Of Rs 15.11 Crore of face value of Rs 2 each
|
|
EO:
Extraordinary Items, PL: Profit to Loss
|
|
EPS
Is Calculated After Excluding EO And Relevant Tax
|
|
#
EPS not annualised due to seasonality of business
|
|
Figures
In Rs Crore
|
|
Source:
Capitaline Database
|
|
|
|
|
Previous News |
Huhtamaki India
(
Results
-
Analysis
24-Feb-21
23:27
)
|
|
|
Huhtamaki India
(
Results
-
Analysis
11-May-21
22:09
)
|
|
|
Huhtamaki PPL
(
Results
-
Analysis
01-Aug-18
11:39
)
|
|
|
Huhtamaki India to discuss results
(
Corporate News
-
06-Oct-23
09:28
)
|
|
|
Huhtamaki India to announce Quarterly Result
(
Corporate News
-
12-Apr-23
12:59
)
|
|
|
Huhtamaki India to table results
(
Corporate News
-
19-Apr-22
10:44
)
|
|
|
Huhtamaki India standalone net profit declines 40.79% in the March 2021 quarter
(
Results
-
Announcements
12-May-21
07:34
)
|
|
|
Huhtamaki India standalone net profit declines 92.55% in the December 2020 quarter
(
Results
-
Announcements
25-Feb-21
08:21
)
|
|
|
Huhtamaki PPL
(
Results
-
Analysis
15-Aug-20
15:18
)
|
|
|
Huhtamaki PPL standalone net profit declines 4.33% in the June 2020 quarter
(
Results
-
Announcements
17-Aug-20
08:31
)
|
|
|
Paper Products net profit declines 11.82% in the June 2012 quarter
(
Results
-
Announcements
27-Jul-12
20:00
)
|
|
|
|
|
|
Other Stories |
|
|
|
|
|
|
|
|
|
|
|
|
|