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The consolidated net sales for September 2016 quarter increased by 10% at Rs 584.57 crore. Volumes grew by 10% during the quarter. OPM has increased by 128 bps to 30%. The net profit increased by 9% to Rs 66.11 crore.
Company's consolidated performance
For quarter ended September 2016
The net sales have increased by 10% at Rs 584.57 crore. Volumes grew by 10% during the quarter
In value term for the quarter, balm grew by 19%, Boroplus antiseptic cream grew by 16%, cool talc grew by 15% and Keshking grew over 50% while Fair & Handsome (F&H) declined by 1% and cooling oil declined by 3%. Health care has seen flat growth on higher base. Pancharishtha sales declined by 19% on account of very high base of previous year (growth of 109% in Q2FY16). Ex- Pancharishtha Health care grew by 31%. Nityam (Churan & Tablet) sales more than doubled during the quarter
International business de-grew by 11% due to weak economic conditions and slowdown in Middle east countries. International Business excluding MENAP region grew by 18%. SAARC posted robust growth led by Bangladesh which grew by 39%. CIS performed well led by Russia which grew by 45%.
OPM has increased by 128 bps to 30% due to fall in purchase of finished goods, ASP and other expenditures. The operating profit inclined by 15% to Rs 175.23 crore.
Other income decreased by 29% to Rs 8.65 crore. The interest cost decreased 17% to Rs 15.98 crore while depreciation/amortization has inclined by 11% to Rs 79.04 crore. Amortization of acquired trademarks / brands of Kesh King was Rs 60.49 crore. The profit before tax increased by 20% to Rs 88.86 crore
The tax outgo for the quarter stood at Rs 22.99 crore, inclined by 66%. The effective tax rate inclined from 18.7% to 25.9%. After considering minority interest, the net profit increased by 9% to Rs 66.11 crore.
For half year ended September 2016
The net sales have increased by 15% at Rs 1228.94 crore. The OPM has increased by 270 bps to 26.2%. The operating profit inclined by 29% to Rs 322.48 crore.
Other income decreased by 56% to Rs 13.73 crore. The interest cost increased 21% to Rs 28.49 crore while depreciation/amortization has inclined by 61% to Rs 150.56 crore. The profit before tax decreased by 4% to Rs 157.16 crore
The tax outgo stood at Rs 34.69 crore, inclined by 92%. The effective tax rate inclined from 10.96% to 22.07%. After considering minority interest, the net profit decreased by 17% to Rs 122.76 crore due to amortization, rise in interest cost and fall in other income.
Valuation
The scrip is trading at Rs 1209 on BSE.
The total promoters holding in the company stand at 72.74%.
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