Capitaline

Results 25-May-24

Analysis

Balmer Lawrie & Company

PBIT margin rose from 8.5% to 15.1%.

Consolidated net sales (including other operating income) of Balmer Lawrie & Company has declined 5.16% to Rs 576.69 crore. Sales of Industrial Packaging segment has gone up 5% to Rs 193.25 crore (accounting for 31% of total sales). Sales of Logistics Services segment has gone down 21% to Rs 111.82 crore (accounting for 18% of total sales). Sales of Travel & Vacations segment rose 32% to Rs 53.27 crore (accounting for 9% of total sales). Sales of Greases & Lubricants segment was flat at Rs 167.52 crore (accounting for 27% of total sales). Sales of Others segment has gone down 46% to Rs 32.88 crore (accounting for 5% of total sales). Sales of Logistics Infrastructure segment has gone up 15% to Rs 62.17 crore (accounting for 10% of total sales). Inter-segment sales rose 9% to Rs 44.22 crore .

Profit before interest, tax and other unallocable items (PBIT) has jumped 70% to Rs 93.74 crore. PBIT of Industrial Packaging segment fell 6% to Rs 10.12 crore (accounting for 11% of total PBIT). PBIT of Logistics Services segment fell 2% to Rs 17.23 crore (accounting for 18% of total PBIT). PBIT of Travel & Vacations segment rose 7% to Rs 16.42 crore (accounting for 18% of total PBIT). PBIT of Greases & Lubricants segment rose 54% to Rs 24.15 crore (accounting for 26% of total PBIT). PBIT of Others segment was Rs 12.61 crore (accounting for 13% of total PBIT). PBIT of Logistics Infrastructure segment rose 27% to Rs 13.21 crore (accounting for 14% of total PBIT).

PBIT margin of Industrial Packaging segment fell from 5.9% to 5.2%. PBIT margin of Logistics Services segment rose from 12.3% to 15.4%. PBIT margin of Travel & Vacations segment fell from 37.8% to 30.8%. PBIT margin of Greases & Lubricants segment rose from 9.3% to 14.4%. PBIT margin of Others segment rose from negative 23.9% to 38.4%. PBIT margin of Logistics Infrastructure segment rose from 19.3% to 21.2%. Overall PBIT margin rose from 8.5% to 15.1%.

Operating profit margin has jumped from 8.63% to 15.87%, leading to 74.45% rise in operating profit to Rs 91.50 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 63.52% to 63.12%. Purchase of finished goods cost fell from 5.42% to 1.81%. Employee cost decreased from 13.16% to 12.44%. Other expenses fell from 9.18% to 6.79%.

Other income rose 3.09% to Rs 17.7 crore. PBIDT rose 56.85% to Rs 109.2 crore. Provision for interest rose 28.82% to Rs 5.81 crore.

PBDT rose 58.79% to Rs 103.39 crore. Provision for depreciation rose 7.51% to Rs 15.46 crore.

Profit before tax grew 73.33% to Rs 87.93 crore. Share of profit/loss was 33.26% lower at Rs 12.26 crore. Provision for tax was expense of Rs 26.84 crore, compared to Rs 25.81 crore. Effective tax rate was 26.79% compared to 37.35%.

Minority interest increased 67.94% to Rs -0.42 crore. Net profit attributable to owners of the company increased 65.40% to Rs 73.77 crore.

Equity capital stood at Rs 171.00 crore as of 31 March 2024 to Rs 171.00 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00.

Full year results analysis.

Net sales (including other operating income) of Balmer Lawrie & Company has increased 0.76% to Rs 2339.23 crore. Sales of Industrial Packaging segment has gone up 9% to Rs 831.05 crore (accounting for 33% of total sales). Sales of Logistics Services segment has gone down 25% to Rs 417.9 crore (accounting for 17% of total sales). Sales of Travel & Vacations segment rose 34% to Rs 217.27 crore (accounting for 9% of total sales). Sales of Greases & Lubricants segment has gone up 3% to Rs 674.17 crore (accounting for 27% of total sales). Sales of Others segment has gone down 4% to Rs 135.1 crore (accounting for 5% of total sales). Sales of Logistics Infrastructure segment has gone up 10% to Rs 239.5 crore (accounting for 10% of total sales). Inter-segment sales rose 3% to Rs 175.75 crore .

Profit before interest, tax and other unallocable items (PBIT) has jumped 63% to Rs 296.54 crore. PBIT of Industrial Packaging segment rose 38% to Rs 56.61 crore (accounting for 19% of total PBIT). PBIT of Logistics Services segment fell 17% to Rs 57.51 crore (accounting for 19% of total PBIT). PBIT of Travel & Vacations segment rose 40% to Rs 87.42 crore (accounting for 29% of total PBIT). PBIT of Greases & Lubricants segment rose 70% to Rs 92.83 crore (accounting for 31% of total PBIT). PBIT of Others segment fell 55% to Rs -36.62 crore (accounting for -12% of total PBIT). PBIT of Logistics Infrastructure segment rose 8% to Rs 38.79 crore (accounting for 13% of total PBIT).

PBIT margin of Industrial Packaging segment rose from 5.4% to 6.8%. PBIT margin of Logistics Services segment rose from 12.4% to 13.8%. PBIT margin of Travel & Vacations segment rose from 38.6% to 40.2%. PBIT margin of Greases & Lubricants segment rose from 8.3% to 13.8%. PBIT margin of Others segment rose from negative 57.1% to negative 27.1%. PBIT margin of Logistics Infrastructure segment fell from 16.5% to 16.5%. Overall PBIT margin rose from 7.3% to 11.8%.

Operating profit margin has jumped from 8.72% to 13.02%, leading to 50.52% rise in operating profit to Rs 304.67 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 68.52% to 63.74%. Purchase of finished goods cost rose from 1.60% to 2.20%. Employee cost decreased from 10.76% to 10.42%. Other expenses rose from 10.46% to 10.60%.

Other income rose 39.31% to Rs 51.03 crore. PBIDT rose 48.80% to Rs 355.7 crore. Provision for interest rose 22.91% to Rs 22.05 crore. Loan funds declined from Rs 121.07 crore as of 31 March 2023 to Rs 113.08 crore as of 31 March 2024. Inventories declined from Rs 204.98 crore as of 31 March 2023 to Rs 193.22 crore as of 31 March 2024. Sundry debtors were higher at Rs 426.96 crore as of 31 March 2024 compared to Rs 360.75 crore as of 31 March 2023. Cash and bank balance rose to Rs 524.78 crore as of 31 March 2024 from Rs 447.84 crore as of 31 March 2023. Investments rose to Rs 564.87 crore as of 31 March 2024 from Rs 517.74 crore as of 31 March 2023 .

PBDT rose 50.90% to Rs 333.65 crore. Provision for depreciation rose 4.17% to Rs 59.16 crore. Fixed assets increased to Rs 801.06 crore as of 31 March 2024 from Rs 785.65 crore as of 31 March 2023. Intangible assets declined from Rs 2.25 crore to Rs 1.73 crore.

Profit before tax grew 67.06% to Rs 274.49 crore. Share of profit/loss was 4.39% lower at Rs 58.09 crore. Provision for tax was expense of Rs 75.18 crore, compared to Rs 57.44 crore. Effective tax rate was 22.61% compared to 25.52%.

Minority interest increased 1.66% to Rs -4.15 crore. Net profit attributable to owners of the company increased 52.20% to Rs 261.55 crore.

Equity capital stood at Rs 171.00 crore as of 31 March 2024 to Rs 171.00 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00.

Cash flow from operating activities increased to Rs 274.22 crore for year ended March 2024 from Rs 207.78 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 52.59 crore, compared to Rs 52.36 crore during the year ended March 2023.

The scrip trades at Rs 280

Balmer Lawrie & Company : Consolidated Results
Particulars	2403 (03)	2303 (03)	Var.(%)	2403 (12)	2303 (12)	Var.(%)
Net Sales	576.69	608.05	-5	2,339.23	2,321.48	1
OPM (%)	15.9	8.6		13.0	8.7
OP	91.5	52.45	74	304.67	202.41	51
Other Inc.	17.7	17.17	3	51.03	36.63	39
PBIDT	109.2	69.62	57	355.7	239.04	49
Interest	5.81	4.51	29	22.05	17.94	23
PBDT	103.39	65.11	59	333.65	221.1	51
Depreciation	15.46	14.38	8	59.16	56.79	4
PBT	87.93	50.73	73	274.49	164.31	67
Share of Profit/(Loss) from Associates	12.26	18.37	-33	58.09	60.76	-4
PBT before EO	100.19	69.1	45	332.58	225.07	48
EO Income	0	0		0	0
PBT after EO	100.19	69.1	45	332.58	225.07	48
Taxation	26.84	25.81	4	75.18	57.44	31
PAT	73.35	43.29	69	257.4	167.63	54
Minority Interest (MI)	-0.42	-1.31	-68	-4.15	-4.22	-2
Net profit	73.77	44.6	65	261.55	171.85	52
EPS (Rs)*	#	#		15.3	10.0
Notes
* EPS is on current equity of Rs 171.00 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

Balmer Lawrie & Company : Consolidated Segment Results
	% of (Total)	2403 (03)	2303 (03)	Var.(%)	% of (Total)	2403 (12)	2303 (12)	Var.(%)
Sales
Industrial Packaging	31	193.25	183.73	5	33	831.05	759.24	9
Logistics Services	18	111.82	142.26	-21	17	417.90	559.01	-25
Travel & Vacations	9	53.27	40.46	32	9	217.27	161.63	34
Greases & Lubricants	27	167.52	167.76	0	27	674.17	653.52	3
Others	5	32.88	60.54	-46	5	135.10	141.30	-4
Logistics Infrastructure	10	62.17	53.95	15	10	239.50	217.29	10
Total Reported Sales	100	620.91	648.70	-4	100	2514.98	2491.99	1
Less: Inter segment revenues		44.22	40.66	9		175.75	170.51	3
Net Sales		576.69	608.05	-5		2339.23	2321.48	1
PBIT
Industrial Packaging	11	10.12	10.81	-6	19	56.61	41.12	38
Logistics Services	18	17.23	17.56	-2	19	57.51	69.18	-17
Travel & Vacations	18	16.42	15.30	7	29	87.42	62.38	40
Greases & Lubricants	26	24.15	15.64	54	31	92.83	54.47	70
Others	13	12.61	-14.49	LP	-12	-36.62	-80.74	-55
Logistics Infrastructure	14	13.21	10.42	27	13	38.79	35.84	8
Total PBIT	100	93.74	55.24	70	100	296.54	182.26	63
Less : Interest		5.81	4.51	29		22.05	17.94	23
Add: Other un-allcoable		0.00	0.00			0.00	0.00
PBT		87.92	50.73	73		274.49	164.32	67

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