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Nitta Gelatin India net sales grew robust by 29% YoY in Q2'FY 13 to Rs 79.58 crore driven by the sharp growth from Domestic business (41%) coupled with good growth from Export business (20%). Notably, margins jumped by sharp 1000 bps YoY to 15.9% and accordingly operating profit grew by 247% YoY to Rs 12.84 crore. Further, with lower interest cost (down by 5%) coupled with the marginal increase in depreciation (7%) despite the provision for the taxation, net profit jumped by 815% YoY to Rs 6.50 crore during the quarter.
Quarterly Performance:
Total revenues grew by 27% YoY to Rs 80.98 crore, which includes other operating income of Rs 1.40 crore (down by 24%) for the quarter ended September 2012. The growth in sales was driven by the sharp 41% growth in domestic business (47% of sales) to Rs 37.45 crore. Also, the export business grew by 20% YoY to Rs 42.13 crore for the same period. Notably, OPM expanded by sharp 1000 bps YoY to 15.9% on the back of sharp fall in consumption cost (810 bps YoY) and decrease in Power& Fuel costs (120 bps YoY) and staff cost (80 bps YoY), other expenses (50 bps YoY) despite the increase in processing charges (120 bps YoY) as percentage to sales net of stock adjustments. Eventually, operating profit growth jumped to 247% YoY to Rs 12.84 crore. But after the 3% decline in other income to Rs 0.64 crore, PBIDT grew by 209% YoY to Rs 13.48 crore.
At PBIT level, profit from the Exports grew by 121% to Rs 10.83 crore on the back of sharp jump in margins from 14% in Q2'FY12 to 25.7% in the Q2'FY13. Also, the profit from domestic business jumped by sharp 838% YoY to Rs 7.22 crore.
During the quarter, There was 5% decline in interest cost to Rs 1.57 crore and depreciation was marginally up by 7% YoY to Rs 2.42 crore. Consequently, PBT was widened to Rs 9.49 crore as against the mere 0.43 crore in the corresponding previous period. After accounting for the provision for taxation Rs 2.99 crore (as against Rs tax credit of Rs 0.28 crore), net profit grew by 815% YoY to Rs 6.50 crore.
Half-yearly Performance:
Net Sales grew by 26% YoY to Rs 146.38 crore for the half-year ended September 2012. Also, margins expanded by the sharp 930 bps YoY to 15.2% and after this operating profit jump by 222% YoY to Rs 22.78 crore. But after the 3% decline in other income to Rs 1.23 crore, PBIDT grew by 188% YoY to Rs 24.01 crore. Further, after increase in interest cost 5% YoY to Rs 3.09 crore and depreciation by 7% YoY to Rs 4.74 crore, PBT was at Rs 16.18 crore (as against Rs 0.97 crore). After accounting for the provision for the taxation of Rs 2.99 crore (as against the tax credit of Rs 0.23 crore), net profit grew by 828% YoY to Rs 11.14 crore.
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