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Consolidated net sales for Essel Propack for Dec'13 quarter grew by 20%. However, 130 bps fall in OPM resulted in a 11% growth in OP. Other income being up by 6% and interest cost and depreciation costs being lower by 7% and 1% respectively helped PBT, which was up by 35% YoY. There was a forex loss of Rs 1.32 crore for Dec'13 quarter, after which PBT was up by 30%. After 31% increase in Tax and MI of Rs 0.57 crore, consolidated PAT for Dec'13 quarter, was up by 28% to Rs 28.31 crore.
Consolidated Performance for the quarter ended Dec 2013
The consolidated net sales were up by 20% to Rs 536.77 crore on y.o.y basis. Net Sales from Amesa region grew by 15% to Rs 246.13 crore that from EAP region was up by 32% to Rs 140.28 crore, from America region, net sales grew by 10% to Rs 105.51 crore and that from EU region stood at Rs 73.54 crore, up by 43% y.o.y.
Raw material costs as a % of net sales, net of stock adjustments, was down by 470 bps to 42.6%. However, employee costs and other expenditure as a % to net sales net of stock adjustments were up by 250 bps and 160 bps to 18.4% and 20.2% respectively. Thus overall OPM was down by 130 bps to 16.8% restricting the OP growth to 11% to Rs 89.98 crore.
Other income was up by 6% to Rs 5.15 crore. Interest cost and depreciation was down by 7% and 1% respectively to Rs 19.57 crore and Rs 32.87 crore. This resulted in PBT before forex and EO of Rs 42.69 crore, up by 35% y.o.y. There was a forex loss of Rs 1.32 for Dec'13 quarter as compared to forex gain of Rs 14 lakh for Dec'12 quarter. Thus, PBT after forex adjustments was up by 30% to Rs 41.37 crore.
PBIT from Amesa region for Dec'13 quarter grew by 8% to Rs 31.44 crore, that from EAP region, was up by 12% to Rs 24.68 crore, from America region, was down by 47% to Rs 2.19 crore, while EU region was able to report profits which stood at Rs 7 lakh, as compared to loss of Rs 6.31 crore for Dec'12 quarter.
Total tax for Dec'13 quarter, was up by 31% to Rs 12.49 crore, After providing MI of Rs 0.57 crore, the consolidated PAT for quarter ended Dec'13, stood at 28.31 crore, up by 28% y.o.y.
Consolidated performance for the nine months ended Dec 2013
The consolidated net sales for nine months ended Dec'13, were up by 14% to Rs 1542.85 crore on y.o.y basis. Net Sales from Amesa region grew by 11% to Rs 715.59 crore that from EAP region was up by 18% to Rs 371.02 crore, from America region, net sales grew by 11% to Rs 335 crore and that from EU region stood at Rs 214.42 crore, up by 24% y.o.y.
Raw material costs as a % of net sales, net of stock adjustments, was down by 190 bps to 45.4%. Also the employee costs and other expenditure as a % to net sales net of stock adjustments were up by 120 bps and 40 bps to 17.1% and 19.1% respectively. Thus overall OPM was down by 30 bps to 17.2% resulting in OP growth to 12% to Rs 265.72 crore.
Other income was up by 15% to Rs 15.17 crore. Interest cost and depreciation was down by 13% and 3% respectively to Rs 61.07 crore and Rs 94.12 crore. This resulted in PBT before forex and EO of Rs 125.70 crore, up by 51% y.o.y. There was a forex loss of Rs 91 lakh for nine months ended Dec'13 as compared to forex gain of Rs 2.09 crore for nine months ended Dec'12. Also there is an EO expense of Rs 77 lakh as compared to Nil for nine months ended Dec'12. Thus, PBT after forex adjustments and EO were up by 45% to Rs 124.02 crore.
PBIT from Amesa region for nine months ended Dec'13 grew by 13% to Rs 95.50 crore, that from EAP region, grew by 10% to Rs 63.20 crore, from America region, grew by 38% to Rs 21.82 crore, while EU region was able to reduce its losses from Rs 14.64 crore for nine months ended Dec'12 to Rs 5.01 crore for nine months ended Dec'13.
Total tax was up by 31% to Rs 41.02 crore, After providing MI of Rs 2.51 crore, the consolidated PAT for nine months ended Dec'13, stood at 80.49 crore, up by 49% y.o.y.
Consolidated Performance for the year ended March 2013
The net sales have increased by 16% to Rs 1831.77 crore. The sales from AMESA region was up by 13% to Rs 882.73 crore, EAP region by 14% to Rs 421.24 crore, Americas by 15% to Rs 426.4 crore and Europe by 37% to Rs 242.71 crore.
The Company's strategy for accelerated growth in the high value non-oral care categories i.e. cosmetics, pharma, hair care, foods continues on course in this year, with share of non-oral care category improving by 5.6% to 40.8% in value terms over previous year
OPM has increased by 25 bps to 17.1%. There was increase in raw material cost by 40 bps to 48% and employee cost by also by 40 bps to 16% which was offsets by fall in other expenses by 100 bps to 19% of adjusted net sales. As a result, the operating profit has increased by 17% to Rs 313.11 crore.
The PBIT of AMESA inclined by 19% to Rs 114.41 crore with PBIT margin of 12.96%, inclined by 59 bps. The PBIT of EAP inclined by 14% to Rs 81.44 crore with PBIT margin of 19.33%, inclined by just 3 bps. The PBIT of Americas inclined by 77% to Rs 26.29 crore with PBIT margin of 6.17%, inclined by 216 bps. There was loss at PBIT level in Europe of Rs 28.08 crore
The profit on account of exchange rate difference was Rs 2.54 crore, incline of 291%. Other income inclined by 21% to Rs 22.98 crore. Interest cost increased by 8% to Rs 91.21 crore. The depreciation inclined by 8% to Rs 126.17 crore. As a result, PBT before EO inclined by 42% to Rs 121.25 crore. There was an EO income of Rs 4.73 crore as compared to EO expense of Rs 11.51 crore for Mar'12. Tax outgo inclined by 98% to Rs 44.3 crore. PAT after MI of Rs 0.72 crore, stood at Rs 80.96 crore, up by 58% YoY.
Valuation
The stock was trading at around Rs 48 at BSE.
The promoter holding in the company is at 57.66% of which 2.16% of total Promoter holding is pledged.
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