Results     24-May-22
Analysis
Rupa & Company
Net sales up 0.3% YoY, PAT down 25.2% YoY in Q4FY2022
On consolidated basis

Quarter ended March 2022 compared with Quarter ended March 2021.

Net sales (including other operating income) of Rupa & Company has increased 0.33% to Rs 455.47 crore.  

Operating profit margin has declined from 19.96% to 16.29%, leading to 18.10% decline in operating profit to Rs 74.21 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 41.04% to 46.44%.   Purchase of finished goods cost rose from 3.39% to 3.51%.   Employee cost increased from 4.12% to 4.37%.   Other expenses rose from 30.47% to 30.67%.   Contract job process charges rose from 17.99% to 18.37%.   

Other income rose 10.19% to Rs 3.57 crore.  PBIDT fell 17.12% to Rs 77.78 crore.  Provision for interest rose 121.86% to Rs 6.19 crore.  Loan funds rose to Rs 369.87 crore as of 31 March 2022 from Rs 161.45 crore as of 31 March 2021.  Inventories rose to Rs 583.03 crore as of 31 March 2022 from Rs 390.58 crore as of 31 March 2021.  Sundry debtors were higher at Rs 547.33 crore as of 31 March 2022 compared to Rs 364.41 crore as of 31 March 2021.  Cash and bank balance rose to Rs 123.74 crore as of 31 March 2022 from Rs 118.40 crore as of 31 March 2021.  

PBDT fell 21.38% to Rs 71.59 crore.  Provision for depreciation rose 23.08% to Rs 3.36 crore.  Fixed assets increased to Rs 231.12 crore as of 31 March 2022 from Rs 206.42 crore as of 31 March 2021.  Intangible assets declined from Rs 6.03 crore to Rs 5.57 crore.  

Profit before tax down 22.76% to Rs 68.23 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 18.92 crore, compared to Rs 22.43 crore.  Effective tax rate was 27.73% compared to 25.39%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 25.17% to Rs 49.31 crore.  

Equity capital stood at Rs 7.96 crore as of 31 March 2022 to Rs 7.96 crore as of 31 March 2021.  Per share face Value remained same at Rs 1.00.  

Promoters’ stake was 73.28% as of 31 March 2022 ,compared to 73.28% as of 31 March 2021 .  

Full year results analysis.

Net sales (including other operating income) of Rupa & Company has increased 12.30% to Rs 1474.14 crore.  

Operating profit margin has declined from 19.60% to 18.22%, leading to 4.35% rise in operating profit to Rs 268.54 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 39.77% to 46.42%.   Purchase of finished goods cost rose from 2.38% to 2.79%.   Employee cost decreased from 4.35% to 4.11%.   Other expenses fell from 32.28% to 30.47%.   Contract job process charges fell from 19.96% to 19.76%.   

Other income rose 47.87% to Rs 10.78 crore.  PBIDT rose 5.55% to Rs 279.32 crore.  Provision for interest rose 39.39% to Rs 18.72 crore.  Loan funds rose to Rs 369.87 crore as of 31 March 2022 from Rs 161.45 crore as of 31 March 2021.  Inventories rose to Rs 583.03 crore as of 31 March 2022 from Rs 390.58 crore as of 31 March 2021.  Sundry debtors were higher at Rs 547.33 crore as of 31 March 2022 compared to Rs 364.41 crore as of 31 March 2021.  Cash and bank balance rose to Rs 123.74 crore as of 31 March 2022 from Rs 118.40 crore as of 31 March 2021.  

PBDT rose 3.74% to Rs 260.6 crore.  Provision for depreciation rose 0.73% to Rs 13.89 crore.  Fixed assets increased to Rs 231.12 crore as of 31 March 2022 from Rs 206.42 crore as of 31 March 2021.  Intangible assets declined from Rs 6.03 crore to Rs 5.57 crore.  

Profit before tax grew 3.92% to Rs 246.71 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 54.87 crore, compared to Rs 62.15 crore.  Effective tax rate was 22.24% compared to 26.18%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 9.46% to Rs 191.84 crore.  

Equity capital stood at Rs 7.96 crore as of 31 March 2022 to Rs 7.96 crore as of 31 March 2021.  Per share face Value remained same at Rs 1.00.  

Promoters’ stake was 73.28% as of 31 March 2022 ,compared to 73.28% as of 31 March 2021 .  

Cash flow from operating activities has turned negative Rs 116.06 crore for year ended March 2022 from positive Rs 210.59 crore for year ended March 2021.  Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 37.29 crore, compared to Rs 22.69 crore during the year ended March 2021.  

Dividend: The Board of directors have recommended a dividend of Rs 3 per equity share of Rs 1 each.

Others:

Mr. Dinesh Kumar Lodha -has resigned from the pot of CEO. Mr. Sumit Khowala has been promoted to be the new designated CFO. Mr. Ramesh Agarwal continues to hold the position of Whole Time Director of Rupa & Company 

Rupa & Company : Consolidated Results
 Quarter endedYear ended
Particulars202203202103Var.(%)202203202103Var.(%)
Net Sales (including other operating income)455.47453.990.331,474.141,312.6712.30
OPM (%)16.2919.96-367 bps18.2219.60-139 bps
OP74.2190.61-18.10268.54257.344.35
Other Inc.3.573.2410.1910.787.2947.87
PBIDT77.7893.85-17.12279.32264.635.55
Interest6.192.79121.8618.7213.4339.39
PBDT71.5991.06-21.38260.60251.203.74
Depreciation3.362.7323.0813.8913.790.73
PBT68.2388.33-22.76246.71237.413.92
Share of Profit/(Loss) from Associates00-00-
PBT before EO68.2388.33-22.76246.71237.413.92
EO Income00-00-
PBT after EO68.2388.33-22.76246.71237.413.92
Taxation18.9222.43-15.6554.8762.15-11.71
PAT49.3165.9-25.17191.84175.269.46
Minority Interest (MI)00-00-
Net profit49.3165.9-25.17191.84175.269.46
P/(L) from discontinued operations net of tax00-00-
Net profit after discontinued operations49.3165.9-25.17191.84175.269.46
EPS (Rs)*6.208.29-25.1724.1222.049.46
* EPS is on current equity of Rs 7.95 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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