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Consolidated net sales (including other operating income) has increased 43% to Rs 598.03 crore driven by 49% growth in cookers to Rs 173 crore; 67% jump in cookware to Rs 90 crore and 34% growth in appliances to Rs 266 crore. Operating profit margin has jumped from 8.7% to 18%, leading to 194% rise in operating profit to Rs 107.56 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 19.08% to 20.50%. Purchase of finished goods cost fell from 39.89% to 38.70%. Employee cost decreased from 10.90% to 8.13%. Other expenses fell from 21.72% to 16.62%. Other income fell 15% to Rs 5.36 crore. Provision for interest rose 3% to Rs 1.91 crore. Provision for depreciation fell 10% to Rs 10.07 crore. Profit before tax grew 238% to Rs 100.94 crore. EO item for the quarter was an income of Rs 11.90 crore compared to an expense of Rs 11.69 crore in the corresponding previous period. Thus PBT was up 238% to Rs 100.94 crore. Share of profit/loss from associate were nil in both the periods. Provision for tax was expense of Rs 27.48 crore, compared to Rs 9.98 crore. Effective tax rate was 24.4% compared to 54.9%.Minority interest was nil compared to a share of loss of Rs 0.41 crore in the corresponding previous period. Net profit attributable to owners of the company increased 893% to Rs 85.36 crore.
Yearly performance
Net sales (including other operating income) has increased 5% to Rs 2186.93 crore as cookers up 1% (to Rs 601 crore) and appliances up 4% (to Rs 1011 crore) and cookware by 14% to Rs 332 crore. Operating profit margin has jumped from 12.7% to 15%, leading to 24% rise in operating profit to Rs 327.28 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 20.57% to 20.34%. Purchase of finished goods cost fell from 37.52% to 36.50%. Employee cost decreased from 9.13% to 8.99%. Other expenses fell from 20.06% to 18.79%. Other income rose 16% to Rs 28.71 crore. Provision for interest was flat at Rs 5.05 crore. Provision for depreciation rose 9% to Rs 39.97 crore. Profit before tax grew 26% to Rs 310.97 crore. EO item for the quarter was an income of Rs 11.90 crore compared to an expense of Rs 11.69 crore in the corresponding previous period. Thus PBT after EO was up 38% to Rs322.87 crore.Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 79.98 crore, compared to Rs 49.86 crore. Thus PAT was up 31% to Rs 242.89 crore. Net profit attributable to owners of the company eventually increased 31% to Rs 242.89 crore.
Other developments
Equity capital stood at Rs 13.86 crore as of 31 March 2021 to Rs 13.86 crore as of 31 March 2020. Per share face Value remained same at Rs 10.00.
Promoters' stake was 70.41% as of 31 March 2021,compared to 70.41% as of 31 March 2020.
In early December 2020, the company's wholly owned stepdown subsidiary, Horwood Homewares Limited UK, divested its 51% stake in Horwood Life Limited, UK and the loss of Rs. 6.11 crores arising out of sale of this discontinued operation is reported under the head 'Loss from discontinued operations'.
The Exceptional Item in Q4 and 12 months' FY 19-20 of Consolidated Financials refers to the impairment charge that was considered on the carrying amount of Goodwill as at 31st March 2020 for the possible effect of Covid-19 pandemic on the UK operations.
An interim Dividend of Rs 20/- per share has been paid during November 2020 and a final Dividend of Rs 30/- per share is recommended by the Board. (Total Dividend for FY 2020-21 will be Rs 50/- per share.)
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