For the
quarter ending Dec 2021, consolidated net sales (including other operating income) of Bajaj Consumer Care has declined 7.88% to Rs 228.82 crore compared to quarter ended Dec 2020.
Operating profit margin has declined from 25.09% to 16.90%, leading to 37.94% decline in operating profit to Rs 38.67 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 25.25% to 28.48%. Purchase of finished goods cost rose from 8.92% to 16.53%. Employee cost increased from 8.54% to 9.63%. Other expenses fell from 31.62% to 28.78%. Other income rose 3.25% to Rs 9.52 crore. PBIDT fell 32.63% to Rs 48.19 crore. Provision for interest fell 88.24% to Rs 0.04 crore. PBDT fell 32.36% to Rs 48.15 crore. Provision for depreciation fell 18.24% to Rs 1.3 crore. Profit before tax down 32.69% to Rs 46.85 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 8.45 crore, compared to Rs 12.3 crore. Effective tax rate was 18.04% compared to 17.67%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 32.98% to Rs 38.40 crore. Promoters’ stake was 38.04% as of 31 December 2021 ,compared to 38.04% as of 31 December 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Bajaj Consumer Care has declined 1.66% to Rs 661.72 crore. Operating profit margin has declined from 27.02% to 21.03%, leading to 23.43% decline in operating profit to Rs 139.19 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 25.08% to 27.93%. Purchase of finished goods cost rose from 8.67% to 14.45%. Employee cost increased from 9.57% to 10.26%. Other expenses fell from 29.24% to 26.62%. Other income fell 0.85% to Rs 27.98 crore. PBIDT fell 20.40% to Rs 167.17 crore. Provision for interest fell 12.62% to Rs 0.9 crore. PBDT fell 20.43% to Rs 166.27 crore. Provision for depreciation fell 20.51% to Rs 3.72 crore. Profit before tax down 20.43% to Rs 162.55 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 28.74 crore, compared to Rs 35.84 crore. Effective tax rate was 17.68% compared to 17.54%.Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 20.56% to Rs 133.81 crore. Promoters’ stake was 38.04% as of 31 December 2021 ,compared to 38.04% as of 31 December 2020 .
Full year results analysis.
Net sales (including other operating income) of Bajaj Consumer Care has increased 8.17% to Rs 921.82 crore. Operating profit margin has jumped from 24.07% to 26.41%, leading to 18.68% rise in operating profit to Rs 243.45 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 30.98% to 25.62%. Purchase of finished goods cost rose from 2.10% to 9.30%. Employee cost decreased from 10.05% to 9.34%. Other expenses fell from 33.14% to 28.98%. Other income rose 15.48% to Rs 34.54 crore. PBIDT rose 18.27% to Rs 277.99 crore. Provision for interest fell 67.53% to Rs 1.38 crore. Loan funds declined from Rs 20.00 crore as of 31 March 2020 to Rs 5.00 crore as of 31 March 2021. Inventories declined from Rs 62.96 crore as of 31 March 2020 to Rs 43.17 crore as of 31 March 2021. Sundry debtors were lower at Rs 22.45 crore as of 31 March 2021 compared to Rs 25.54 crore as of 31 March 2020. Cash and bank balance declined from Rs 12.63 crore as of 31 March 2020 to Rs 9.83 crore as of 31 March 2021. Investments rose to Rs 584.55 crore as of 31 March 2021 from Rs 446.30 crore as of 31 March 2020 . PBDT rose 19.85% to Rs 276.61 crore. Provision for depreciation rose 7.57% to Rs 6.25 crore. Fixed assets declined from Rs 134.61 crore as of 31 March 2020 to Rs 130.81 crore as of 31 March 2021. Intangible assets stood at Rs 43.00 crore. Profit before tax grew 20.17% to Rs 270.36 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 47.23 crore, compared to Rs 40.21 crore. Effective tax rate was 17.47% compared to 17.87%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 20.76% to Rs 223.13 crore. Equity capital stood at Rs 14.75 crore as of 31 March 2021 to Rs 14.75 crore as of 31 March 2020. Per share face Value remained same at Rs 1.00. Promoters’ stake was 38.04% as of 31 March 2021 ,compared to 38.04% as of 31 March 2020 . Cash flow from operating activities increased to Rs 237.13 crore for year ended March 2021 from Rs 179.03 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 2.69 crore, compared to Rs 7.01 crore during the year ended March 2020.
Other Highlights
Board
recommended an Interim Dividend of Rs 4 per share (400%) on face value of Re 1
per share. Record Date fixed for the purpose is February 12, 2022.
The company
is expanding its hair oils portfolio in addition to launching two premium
digital first brands across hair and skin care range.
Hair Oil
Market Growth continued to be subdued in Q3 FY22, with volumes declining
compared to Q3 FY21. Amla sales growth was 27% in Q3 FY22 and 40% in 9M FY22.
In Q3 FY22,
E-commerce sales Grew by 45% and 95% in 9M FY22 on YoY basis.
| Bajaj Consumer Care : 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) | 228.82 | 248.39 | -7.88 | 661.72 | 672.88 | -1.66 | 921.82 | 852.21 | 8.17 | | OPM (%) | 16.90 | 25.09 | -819 bps | 21.03 | 27.02 | -598 bps | 26.41 | 24.07 | 234 bps | | OP | 38.67 | 62.31 | -37.94 | 139.19 | 181.78 | -23.43 | 243.45 | 205.13 | 18.68 | | Other Inc. | 9.52 | 9.22 | 3.25 | 27.98 | 28.22 | -0.85 | 34.54 | 29.91 | 15.48 | | PBIDT | 48.19 | 71.53 | -32.63 | 167.17 | 210.00 | -20.40 | 277.99 | 235.04 | 18.27 | | Interest | 0.04 | 0.34 | -88.24 | 0.90 | 1.03 | -12.62 | 1.38 | 4.25 | -67.53 | | PBDT | 48.15 | 71.19 | -32.36 | 166.27 | 208.97 | -20.43 | 276.61 | 230.79 | 19.85 | | Depreciation | 1.3 | 1.59 | -18.24 | 3.72 | 4.68 | -20.51 | 6.25 | 5.81 | 7.57 | | PBT | 46.85 | 69.60 | -32.69 | 162.55 | 204.29 | -20.43 | 270.36 | 224.98 | 20.17 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 46.85 | 69.6 | -32.69 | 162.55 | 204.29 | -20.43 | 270.36 | 224.98 | 20.17 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 46.85 | 69.6 | -32.69 | 162.55 | 204.29 | -20.43 | 270.36 | 224.98 | 20.17 | | Taxation | 8.45 | 12.3 | -31.30 | 28.74 | 35.84 | -19.81 | 47.23 | 40.21 | 17.46 | | PAT | 38.4 | 57.3 | -32.98 | 133.81 | 168.45 | -20.56 | 223.13 | 184.77 | 20.76 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 38.4 | 57.3 | -32.98 | 133.81 | 168.45 | -20.56 | 223.13 | 184.77 | 20.76 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 38.4 | 57.3 | -32.98 | 133.81 | 168.45 | -20.56 | 223.13 | 184.77 | 20.76 | | EPS (Rs)* | 2.60 | 3.88 | -32.98 | 9.07 | 11.42 | -20.56 | 15.12 | 12.52 | 20.76 | | | * EPS is on current equity of Rs 14.75 crore, Face value of Rs 1, 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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