Capitaline

Results 23-Aug-22

Analysis

Procter & Gamble Hygiene and Health Care

Sales down 1%, net down 13%

Standalone net sales (including other operating income) of Procter & Gamble Hygiene and Health Care for the quarter ended Jun 2022 has declined 1.30% to Rs 776.38 crore. Operating profit margin has declined from 9.52% to 8.64%, leading to 10.40% decline in operating profit to Rs 67.09 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 31.56% to 26.95%. Purchase of finished goods cost rose from 1.67% to 22.22%. Employee cost increased from 5.23% to 5.41%. Other expenses fell from 52.20% to 36.84%. Selling and administration expenses fell from 24.22% to 12.40%. Other income fell 1.57% to Rs 5.63 crore. PBIDT fell 9.78% to Rs 72.72 crore. Provision for interest up 15.07% to Rs 0.84 crore. Loan funds rose to Rs 5.10 crore as of 30 June 2022 from Rs 3.47 crore as of 30 June 2021. Inventories declined from Rs 249.30 crore as of 30 June 2021 to Rs 234.02 crore as of 30 June 2022. Sundry debtors were higher at Rs 190.75 crore as of 30 June 2022 compared to Rs 142.35 crore as of 30 June 2021. Cash and bank balance declined from Rs 660.24 crore as of 30 June 2021 to Rs 639.25 crore as of 30 June 2022. PBDT fell 10% to Rs 71.88 crore. Provision for depreciation rose 12.36% to Rs 14.18 crore. Fixed assets declined from Rs 221.39 crore as of 30 June 2021 to Rs 207.56 crore as of 30 June 2022. Profit before tax down 14.20% to Rs 57.70 crore. Provision for tax was expense of Rs 15.15 crore, compared to Rs 18.27 crore. Effective tax rate was 26.26% compared to 27.17%. Profit after tax fell 13.13% to Rs 42.55 crore.

Full year results analysis

Net sales (including other operating income) of Procter & Gamble Hygiene and Health Care for the fiscal ended Jun 2022 has increased 9.14% to Rs 3,900.92 crore. Operating profit margin has declined from 24.74% to 21.27%, leading to 6.15% decline in operating profit to Rs 829.89 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 31.48% to 32.26%. Purchase of finished goods cost rose from 1.15% to 7.82%. Employee cost decreased from 5.63% to 5.49%. Other expenses fell from 37.07% to 33.20%. Selling and administration expenses fell from 14.58% to 12.06%.

Other income fell 38.24% to Rs 24.32 crore. PBIDT fell 7.52% to Rs 854.21 crore. Provision for interest up 83.14% to Rs 11.19 crore. Loan funds rose to Rs 5.10 crore as of 30 June 2022 from Rs 3.47 crore as of 30 June 2021. Inventories declined from Rs 249.30 crore as of 30 June 2021 to Rs 234.02 crore as of 30 June 2022. Sundry debtors were higher at Rs 190.75 crore as of 30 June 2022 compared to Rs 142.35 crore as of 30 June 2021. Cash and bank balance declined from Rs 660.24 crore as of 30 June 2021 to Rs 639.25 crore as of 30 June 2022.

PBDT fell 8.12% to Rs 843.02 crore. Provision for depreciation rose 10.95% to Rs 52.88 crore. Fixed assets declined from Rs 221.39 crore as of 30 June 2021 to Rs 207.56 crore as of 30 June 2022. Profit before tax down 9.17% to Rs 790.14 crore. Provision for tax was expense of Rs 214.39 crore, compared to Rs 218.1 crore. Effective tax rate was 27.13% compared to 25.07%. Profit after tax fell 11.67% to Rs 575.75 crore.

Equity capital stood at Rs 32.46 crore as of 30 June 2022 to Rs 32.46 crore as of 30 June 2021. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 70.64% as of 30 June 2022 ,compared to 70.64% as of 30 June 2021 .

Cash flow from operating activities decreased to Rs 573.10 crore for year ended June 2022 from Rs 863.12 crore for year ended June 2021. Cash flow used in acquiring fixed assets during the year ended June 2022 stood at Rs 49.80 crore, compared to Rs 31.60 crore during the year ended June 2021.

Procter & Gamble Hygiene and Health Care : Standalone Results

	Quarter ended			Year ended
Particulars	202206	202106	Var.(%)	202206	202106	Var.(%)
Net Sales (including other operating income)	776.38	786.59	-1.30	3,900.92	3,574.14	9.14
OPM (%)	8.64	9.52	-88 bps	21.27	24.74	-347 bps
OP	67.09	74.88	-10.40	829.89	884.28	-6.15
Other Inc.	5.63	5.72	-1.57	24.32	39.38	-38.24
PBIDT	72.72	80.60	-9.78	854.21	923.66	-7.52
Interest	0.84	0.73	15.07	11.19	6.11	83.14
PBDT	71.88	79.87	-10.00	843.02	917.55	-8.12
Depreciation	14.18	12.62	12.36	52.88	47.66	10.95
PBT	57.70	67.25	-14.20	790.14	869.89	-9.17
PBT before EO	57.7	67.25	-14.20	790.14	869.89	-9.17
EO Income	0	0	-	0	0	-
PBT after EO	57.7	67.25	-14.20	790.14	869.89	-9.17
Taxation	15.15	18.27	-17.08	214.39	218.1	-1.70
PAT	42.55	48.98	-13.13	575.75	651.79	-11.67
P/(L) from discontinued operations net of tax	0	0	-	0	0	-
Net profit after discontinued operations	42.55	48.98	-13.13	575.75	651.79	-11.67
EPS (Rs)*	13.11	15.09	-13.13	177.37	200.79	-11.67

* EPS is on current equity of Rs 32.46 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

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