For the
quarter ending Dec 2021, consolidated net sales (including other operating income) of Zydus Wellness has increased 1.71% to Rs 388.09 crore compared to quarter ended Dec 2020.
Operating profit margin has declined from 12.98% to 8.32%, leading to 34.81% decline in operating profit to Rs 32.29 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 50.89% to 52.27%. Purchase of finished goods cost fell from 2.50% to 2.04%. Employee cost increased from 8.57% to 9.32%. Other expenses rose from 26.96% to 28.50%. Selling and administration expenses rose from 12.70% to 12.97%. Other income rose 6.75% to Rs 2.69 crore. PBIDT fell 32.80% to Rs 34.98 crore. Provision for interest fell 34.95% to Rs 6.42 crore. PBDT fell 32.29% to Rs 28.56 crore. Provision for depreciation fell 6.71% to Rs 5.84 crore. Profit before tax down 36.75% to Rs 22.72 crore. Share of profit/loss were nil in both the periods. Provision for tax remained nil Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 1,239.08% to Rs 23.30 crore. Promoters' stake was 64.82% as of 31 December 2021 ,compared to 64.82% as of 31 December 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Zydus Wellness has increased 8.60% to Rs 1369.32 crore. Operating profit margin has declined from 15.78% to 14.84%, leading to 2.14% rise in operating profit to Rs 203.25 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 38.39% to 42.06%. Purchase of finished goods cost fell from 5.24% to 3.77%. Employee cost decreased from 10.10% to 9.51%. Other expenses fell from 30.04% to 29.01%. Selling and administration expenses rose from 12.77% to 13.09%. Other income rose 18.04% to Rs 8.44 crore. PBIDT rose 2.69% to Rs 211.69 crore. Provision for interest fell 74.06% to Rs 19.53 crore. PBDT rose 46.86% to Rs 192.16 crore. Provision for depreciation fell 8.50% to Rs 17.54 crore. Profit before tax grew 56.36% to Rs 174.62 crore. Share of profit/loss were nil in both the periods. Provision for tax was credit of Rs 0.95 crore, compared to credit of Rs 6.05 crore. Effective tax rate was negative 0.54% compared to 29.58%.Minority interest was nil in both the periods. Promoters' stake was 64.82% as of 31 December 2021 ,compared to 64.82% as of 31 December 2020 .
Full year results analysis.
Net sales (including other operating income) of Zydus Wellness has increased 5.65% to Rs 1866.67 crore. Operating profit margin has jumped from 18.17% to 18.45%, leading to 7.26% rise in operating profit to Rs 344.36 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 41.32% to 38.98%. Purchase of finished goods cost rose from 4.52% to 7.46%. Employee cost increased from 8.55% to 8.59%. Other expenses fell from 28.01% to 26.92%. Selling and administration expenses fell from 12.29% to 12.03%. Other income fell 16.53% to Rs 8.94 crore. PBIDT rose 6.49% to Rs 353.3 crore. Provision for interest fell 40.10% to Rs 83.8 crore. Loan funds declined from Rs 1,519.05 crore as of 31 March 2020 to Rs 550.40 crore as of 31 March 2021. Inventories rose to Rs 364.72 crore as of 31 March 2021 from Rs 292.34 crore as of 31 March 2020. Sundry debtors were lower at Rs 94.28 crore as of 31 March 2021 compared to Rs 118.20 crore as of 31 March 2020. Cash and bank balance rose to Rs 252.72 crore as of 31 March 2021 from Rs 82.42 crore as of 31 March 2020. PBDT rose 40.47% to Rs 269.5 crore. Provision for depreciation fell 4.66% to Rs 25.16 crore. Fixed assets declined from Rs 757.03 crore as of 31 March 2020 to Rs 751.12 crore as of 31 March 2021. Intangible assets stood at Rs 3,920.02 crore. Profit before tax grew 47.66% to Rs 244.34 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs -132.13 crore. Provision for tax was credit of Rs 6.52 crore, compared to credit of Rs 20.45 crore. Effective tax rate was negative 5.81% compared to negative 16.86%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 16.22% to Rs 118.73 crore. Equity capital increased from Rs 57.66 crore as of 31 March 2020 to Rs 63.63 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00. Promoters' stake was 64.82% as of 31 March 2021 ,compared to 67.82% as of 31 March 2020 . Cash flow from operating activities increased to Rs 286.51 crore for year ended March 2021 from Rs 259.25 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 19.66 crore, compared to Rs 24.63 crore during the year ended March 2020.
Other Highlights
Company
continued to face pressure on the gross margins due to high commodity inflation.
In Q3 FY22, under
sugar substitutes' category, Sugarfree has preserved its first position with a
market share of 96.0%, which is an increase of 104 basis points over the same
period last year. Nycil continued to remain in number one position with a
market share of 34.0%, Everyuth Peel off has maintained its first position with
a market share of 76.4% and Complan has a market share of 5.2%.
Company Plans
to reach 10 lakh stores directly ( aims to Add 1 lakh stores next year).
Company's organized trade increased from 11.6% in 2018 to 16.5% in 2021.
| Zydus Wellness : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
|---|
| Net Sales (including other operating income) | 388.09 | 381.58 | 1.71 | 1,369.32 | 1,260.94 | 8.60 | 1,866.67 | 1,766.82 | 5.65 | | OPM (%) | 8.32 | 12.98 | -466 bps | 14.84 | 15.78 | -94 bps | 18.45 | 18.17 | 28 bps | | OP | 32.29 | 49.53 | -34.81 | 203.25 | 199.00 | 2.14 | 344.36 | 321.06 | 7.26 | | Other Inc. | 2.69 | 2.52 | 6.75 | 8.44 | 7.15 | 18.04 | 8.94 | 10.71 | -16.53 | | PBIDT | 34.98 | 52.05 | -32.80 | 211.69 | 206.15 | 2.69 | 353.30 | 331.77 | 6.49 | | Interest | 6.42 | 9.87 | -34.95 | 19.53 | 75.30 | -74.06 | 83.80 | 139.91 | -40.10 | | PBDT | 28.56 | 42.18 | -32.29 | 192.16 | 130.85 | 46.86 | 269.50 | 191.86 | 40.47 | | Depreciation | 5.84 | 6.26 | -6.71 | 17.54 | 19.17 | -8.50 | 25.16 | 26.39 | -4.66 | | PBT | 22.72 | 35.92 | -36.75 | 174.62 | 111.68 | 56.36 | 244.34 | 165.47 | 47.66 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 22.72 | 35.92 | -36.75 | 174.62 | 111.68 | 56.36 | 244.34 | 165.47 | 47.66 | | EO Income | 0 | -34.18 | - | 0 | -132.13 | - | -132.13 | -44.2 | -198.94 | | PBT after EO | 22.72 | 1.74 | 1,205.75 | 174.62 | -20.45 | LP | 112.21 | 121.27 | -7.47 | | Taxation | -0.58 | 0 | - | -0.95 | -6.05 | 84.30 | -6.52 | -20.45 | 68.12 | | PAT | 23.3 | 1.74 | 1,239.08 | 175.57 | -14.4 | LP | 118.73 | 141.72 | -16.22 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 23.3 | 1.74 | 1,239.08 | 175.57 | -14.4 | LP | 118.73 | 141.72 | -16.22 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 23.3 | 1.74 | 1,239.08 | 175.57 | -14.4 | LP | 118.73 | 141.72 | -16.22 | | EPS (Rs)* | 3.66 | 5.64 | -35.13 | 27.59 | 17.55 | 57.21 | 38.40 | 26.00 | 47.66 | | | * EPS is on current equity of Rs 63.63 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 |
|
|