Capitaline

Results 07-Feb-22

Analysis

Ganesha Ecosphere

OP down 2%

Ganesha Ecosphere consolidated net sales increased 22.80% to Rs 288.02 crore in Q3FY22 compared to Q3FY21. Operating profit margin has declined from 13.62% to 10.90%, leading to 1.78% decline in operating profit to Rs 31.38 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 60.81% to 62.52%. Purchase of finished goods cost fell from 2.23% to 1.73%. Employee cost decreased from 5.82% to 5.50%. Other expenses rose from 17.33% to 19.02%. Power and Oil fuel cost fell from 8.33% to 8.15%.

Other income fell 69.81% to Rs 1.09 crore. PBIDT fell 8.69% to Rs 32.47 crore. Provision for interest rose 9.32% to Rs 2.58 crore. PBDT fell 9.97% to Rs 29.89 crore. Provision for depreciation rose 4.97% to Rs 7.18 crore. Profit before tax down 13.85% to Rs 22.71 crore. Provision for tax was expense of Rs 6.28 crore compared to Rs 6.26 crore. Effective tax rate was 27.65% compared to 23.75%. Net profit attributable to owners of the company decreased 18.26% to Rs 16.43 crore.

Promoters’ stake was 42.31% as of 31 December 2021 compared to 42.05% as of 31 December 2020.

Capacity utilisation was 101.4% in Q3FY22 compared to 104% in Q3FY21. Sales volume was down to 28901 tonne compared to 31205 tonne in Q3FY21

For year-to-date (YTD) results analysis

Net sales of Ganesha Ecosphere have increased 46.30% to Rs 734.29 crore. Operating profit margin has jumped from 10.24% to 11.04%, leading to 57.79% rise in operating profit to Rs 81.09 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 61.43% to 62.89%. Purchase of finished goods cost fell from 2.13% to 1.97%. Employee cost decreased from 6.59% to 5.59%. Other expenses fell from 19.60% to 18.78%. Power and Oil fuel cost fell from 9.30% to 8.35%.

Other income fell 39.06% to Rs 5.43 crore. PBIDT rose 43.48% to Rs 86.52 crore. Provision for interest rose 15.85% to Rs 7.53 crore. PBDT rose 46.82% to Rs 78.99 crore. Provision for depreciation rose 6.33% to Rs 21.32 crore.

Profit before EO grew 70.87% to Rs 57.67 crore. The company reported EO expense of Rs 25.13 crore compared to nil in the corresponding previous year period. PBT after EO was down 4% to Rs 32.54 crore.

There was a fire incident in holding company`s Polyester Staple Fibre manufacturing unit situated at Raipur (Rania), District Kanpur Dehat on June 04, 2021. The fire resulted into major damages to the building, plant & machinery as well as inventories. The Group, based on internal evaluation, has recognized a loss of Rs. 33.58 crore and also recognized deferred tax asset of Rs 8.45 crore in respect of this loss. The net impact of Rs. 25.13 crore has been disclosed as `Exceptional Item` in this consolidated financial results.

Provision for tax was expense of Rs 14.69 crore, compared to Rs 8.03 crore. Effective tax rate was 45.14% compared to 23.79%. Net profit attributable to owners of the company decreased 30.60% to Rs 17.85 crore.

Promoters’ stake was 42.31% as of 31 December 2021 compared to 42.05% as of 31 December 2020.

Full year results analysis

Net sales of Ganesha Ecosphere have declined 15.49% to Rs 751.14 crore. Operating profit margin has slumped from 12.57% to 11.25%, leading to 24.35% decline in operating profit to Rs 84.49 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 60.90% to 61.00%. Purchase of finished goods cost rose from 1.56% to 2.49%. Employee cost decreased from 6.56% to 6.36%. Other expenses rose from 18.76% to 18.96%. Power and Oil fuel cost fell from 9.18% to 9.09%.

Other income rose 27.43% to Rs 9.43 crore. Provision for interest rose 13.38% to Rs 8.81 crore. Loan funds rose to Rs 120.21 crore as of 31 March 2021 from Rs 83.51 crore as of 31 March 2020. Inventories rose to Rs 172.52 crore as of 31 March 2021 from Rs 144.81 crore as of 31 March 2020. Sundry debtors were higher at Rs 105.55 crore as of 31 March 2021 compared to Rs 97.37 crore as of 31 March 2020. Cash and bank balance rose to Rs 15.16 crore as of 31 March 2021 from Rs 4.87 crore as of 31 March 2020. Investments declined from Rs 83.22 crore as of 31 March 2020 to Rs 72.13 crore as of 31 March 2021.

Provision for depreciation fell 3.17% to Rs 27.16 crore. Fixed assets increased to Rs 327.50 crore as of 31 March 2021 from Rs 303.71 crore as of 31 March 2020. Intangible assets declined from Rs 1.86 crore to Rs 1.40 crore.

Profit before tax shrink 30.41% to Rs 57.95 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 14.43 crore, compared to Rs 19.59 crore. Effective tax rate was 24.90% compared to 23.53%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 31.66% to Rs 43.52 crore.

Equity capital stood at Rs 21.83 crore as of 31 March 2021 to Rs 21.83 crore as of 31 March 2020. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 42.14% as of 31 March 2021 compared to 40.36% as of 31 March 2020 .

Cash flow from operating activities decreased to Rs 27.40 crore for year ended March 2021 from Rs 79.99 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 59.28 crore, compared to Rs 31.69 crore during the year ended March 2020.

The scrip trades at Rs 715.

Ganesha Ecosphere : Consolidated Results
Particulars	2112(03)	2012 (03)	Var.(%)	2112 (09)	2012 (09)	Var.(%)	2103 (12)	2003 (12)	Var.(%)
Net Sales	288.02	234.54	23	734.29	501.9	46	751.14	888.83	-15
OPM (%)	10.9	13.6		11.0	10.2		11.3	12.6
OP	31.38	31.95	-2	81.09	51.39	58	84.49	111.69	-24
Other Inc.	1.09	3.61	-70	5.43	8.91	-39	9.43	7.4	27
PBIDT	32.47	35.56	-9	86.52	60.3	43	93.92	119.09	-21
Interest	2.58	2.36	9	7.53	6.5	16	8.81	7.77	13
PBDT	29.89	33.2	-10	78.99	53.8	47	85.11	111.32	-24
Depreciation	7.18	6.84	5	21.32	20.05	6	27.16	28.05	-3
PBT before EO	22.71	26.36	-14	57.67	33.75	71	57.95	83.27	-30
EO Income	0	0		-25.13	0		0	0	-
PBT after EO	22.71	26.36	-14	32.54	33.75	-4	57.95	83.27	-30
Taxation	6.28	6.26	0	14.69	8.03	83	14.43	19.59	-26
PAT	16.43	20.1	-18	17.85	25.72	-31	43.52	63.68	-32
Minority Interest (MI)	0	0		0	0		0	0	-
Net profit	16.43	20.1	-18	17.85	25.72	-31	43.52	63.68	-32
PPA	0	0		0	0		0	0
Net Profit after PPA	16.43	20.1	-18	17.85	25.72	-31	43.52	63.68	-32
EPS (Rs)*	#	#		#	#		19.9	29.2
Notes
* EPS is on current equity of Rs 21.83 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

Previous News

Ganesha Ecosphere to hold board meeting
( Corporate News - 17-May-24 16:41 )

Ganesha Ecosphere reports consolidated net loss of Rs 12.84 crore in the June 2021 quarter
( Results - Announcements 07-Aug-21 07:50 )

Ganesha Ecosphere schedules board meeting
( Corporate News - 23-Nov-23 10:04 )

Board of Ganesha Ecosphere recommends final dividend
( Corporate News - 01-Jun-19 11:23 )

Ganesha Ecosphere to table results
( Corporate News - 31-Jul-21 10:36 )

Ganesha Ecosphere consolidated net profit declines 18.26% in the December 2021 quarter
( Results - Announcements 05-Feb-22 16:41 )

Ganesha Ecosphere to table results
( Corporate News - 04-Feb-19 09:59 )

Ganesh Polytex net profit rises 121.88% in the June 2010 quarter
( Results - Announcements 02-Aug-10 11:09 )

Ganesh Polytex appoints additional director
( Corporate News - 11-Mar-11 09:21 )

Board of Ganesha Ecosphere recommends final dividend
( Corporate News - 26-May-23 12:09 )

Ganesha Ecosphere standalone net profit rises 22.52% in the December 2016 quarter
( Results - Announcements 02-Feb-17 13:55 )