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The top-line for the December 2013 quarter has inclined by 21% to Rs 571.27 crore due to focus on core brand fundamentals and strong financial discipline. Both the feminine care and health care business posted double digit growth and broad based sales growth via meaningful consumer proposition and strong marketing programs. Health care result were also helped by a very strong respiratory season. The recent launch of Old Spice is progressing as per plans, adding incremental sales and share growth in a highly competitive category.
Strong margin growth was enabled by a favorable health care mix, pricing and productivity focus across all cost measures. OPM has inclined by 290 bps to 16.8%. Other income increased by 63% to Rs 22.26 crore. The net profit has increased by 42% to Rs 76.57 crore due to top-line growth, expansion in operating margin and rise in other income.
Performance for the quarter ended December 2013
The top-line inclined by 21% to Rs 571.27 crore due to focus on core brand fundamentals and strong financial discipline. Both the feminine care and health care business posted double digit growth and broad based sales growth via meaningful consumer proposition and strong marketing programs. Health care result were also helped by a very strong respiratory season. The recent launch of Old Spice is progressing as per plans, adding incremental sales and share growth in a highly competitive category.
Strong margin growth was enabled by a favorable health care mix, pricing and productivity focus across all cost measures. OPM has inclined by 290 bps to 16.8% due to fall in raw material cost by 610 bps to 25.7% along with ASP spend by 200 bps to 17.6% of adjusted net sales. However, there was rise in purchase in stock in trade by 230 bps to 11.3%, employee cost by 100 bps to 5.6%, royalty expense by 10 bps to 4.8% and other expenses by 110 bps to 17.7% of adjusted net sales. As a result, the operating profit increased by 46% to Rs 96.22 crore.
Other income increased by 63% to Rs 22.26 crore. Depreciation has increased by 27% to Rs 8.63 crore. As a result, PBT has increased by 51% to Rs 109.85 crore.
The tax outgo inclined by 78% to Rs 33.28 crore. The effective tax rate increased from 25.7% to 30.3%. The net profit has increased by 42% to Rs 76.57 crore due to top-line growth, expansion in operating margin and rise in other income.
Performance half year ended December 2013
The top-line inclined by 26% to Rs 1064.17 crore. OPM has inclined by 270 bps to 15.9% due to fall in raw material cost by 570 bps to 25.7% along with ASP spend by 220 bps to 16.5% of adjusted net sales. However, there was rise in purchase in stock in trade by 270 bps to 12.9% and other expenses by 200 bps to 17.8% of adjusted net sales. As a result, the operating profit increased by 51% to Rs 169.7 crore.
Other income increased by 15% to Rs 43.9 crore. Depreciation has increased by 16% to Rs 16.86 crore. As a result, PBT has increased by 45% to Rs 196.72 crore.
The tax outgo inclined by 78% to Rs 65.36 crore. The effective tax rate increased from 27% to 33.2%. The net profit has increased by 32% to Rs 131.36 crore due to top-line growth and expansion in operating margin.
Promoters holding and valuation
The promoters hold 70.64% stake in the company
The shares of the company are trading around Rs 3210 at BSE.
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