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Results
10-Nov-22
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Analysis
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Gulshan Polyols
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Disappointing performance
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Gulshan
Polyols standalone net sales declined 0.32% to Rs 276.38 crore in Q2FY23
compared to Q2FY22. Sales of Mineral
Processing segment has gone down 4.26% to Rs 24.04 crore (accounting for 8.70%
of total sales). Sales of Grain
Processing segment has gone up 3.55% to Rs 206.86 crore (accounting for 74.84%
of total sales). Sales of Distillsry
segment fell 13.22% to Rs 45.48 crore (accounting for 16.46% of total
sales).
Profit
before interest, tax and other unallocable items (PBIT) has slumped 70.57% to
Rs 11.55 crore. PBIT of Mineral
Processing segment rose 8.45% to Rs 4.07 crore (accounting for 35.28% of total
PBIT). PBIT of Grain Processing segment
fell 64.59% to Rs 8.99 crore (accounting for 77.81% of total PBIT). PBIT of Distillsry reported loss of Rs 1.51
crore compared to profit of Rs 10.10 crore.
PBIT
margin of Mineral Processing segment rose from 14.96% to 16.95%. PBIT margin of Grain Processing segment fell
from 12.71% to 4.34%. PBIT margin of
Distillsry segment fell from 19.28% to 3.32%.
Overall PBIT margin fell from 14.15% to 4.18%.
Operating
profit margin has declined from 16.94% to 6.89%, leading to 59.46% decline in
operating profit to Rs 19.04 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
49.77% to 59.60%. Purchase of finished
goods cost fell from 0.71% to 0.70%.
Other expenses rose from 29.21% to 30.16%.
Other
income up 213.95% to Rs 1.35 crore.
PBIDT fell 56.98% to Rs 20.39 crore.
Provision for interest up 28.45% to Rs 1.49 crore.
PBDT
fell 59.13% to Rs 18.9 crore. Provision
for depreciation down 11% to Rs 7.12 crore.
Profit
before tax down 69.19% to Rs 11.78 crore.
Provision for tax was expense of Rs 2.69 crore, compared to Rs 9.87
crore. Effective tax rate was 22.84%
compared to 25.81%.
Profit
after tax fell 67.96% to Rs 9.09 crore.
Equity
capital increased from Rs 4.69 crore as of 30 September 2021 to Rs 5.20 crore
as of 30 September 2022. Per share face
Value remained same at Rs 1.00.
Promoters’
stake was 66.65% as of 30 September 2022 compared to 68.20% as of 30 September
2021 .
For year-to-date (YTD) results analysis
Net
sales of Gulshan Polyols have increased 5.96% to Rs 546.57 crore. Sales of Mineral Processing segment has gone
up 10.58% to Rs 48.34 crore (accounting for 8.84% of total sales). Sales of Grain Processing segment has gone up
8.49% to Rs 407.44 crore (accounting for 74.55% of total sales). Sales of Distillsry segment fell 5.82% to Rs
90.79 crore (accounting for 16.61% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has slumped 64.19% to
Rs 26.75 crore. PBIT of Mineral
Processing segment rose 24.41% to Rs 7.76 crore (accounting for 29.01% of total
PBIT). PBIT of Grain Processing segment
fell 59.84% to Rs 20.10 crore (accounting for 75.15% of total PBIT). PBIT of Distillsry reported loss of Rs 1.11
crore compared to profit of Rs 18.41 crore.
PBIT
margin of Mineral Processing segment rose from 14.27% to 16.05%. PBIT margin of Grain Processing segment fell
from 13.33% to 4.93%. PBIT margin of
Distillsry segment fell from 19.10% to 1.22%.
Overall PBIT margin fell from 14.49% to 4.89%.
Operating
profit margin has declined from 17.46% to 7.38%, leading to 55.21% decline in
operating profit to Rs 40.35 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
49.69% to 58.90%. Purchase of finished
goods cost rose from 0.59% to 0.94%. Employee cost decreased from 3.13% to
3.01%. Other expenses rose from 28.93%
to 29.90%.
Other
income up 116.67% to Rs 1.82 crore.
PBIDT fell 53.62% to Rs 42.17 crore.
Provision for interest up 30.30% to Rs 2.58 crore.
PBDT
fell 55.49% to Rs 39.59 crore. Provision
for depreciation down 8.93% to Rs 14.18 crore.
Profit
before tax down 65.37% to Rs 25.41 crore.
Provision for tax was expense of Rs 6.14 crore, compared to Rs 18.85
crore. Effective tax rate was 24.16% compared
to 25.69%.
Profit
after tax fell 64.66% to Rs 19.27 crore.
Equity
capital increased from Rs 4.69 crore as of 30 September 2021 to Rs 5.20 crore
as of 30 September 2022. Per share face
Value remained same at Rs 1.00.
Promoters’
stake was 66.65% as of 30 September 2022 compared to 68.20% as of 30 September
2021 .
Full year results
analysis
Net
sales of Gulshan Polyols have increased 43.69% to Rs 1,100.73 crore. Sales of Mineral Processing segment has gone
up 1.86% to Rs 94.10 crore (accounting for 8.55% of total sales). Sales of Grain Processing segment has gone up
49.62% to Rs 809.15 crore (accounting for 73.52% of total sales). Sales of Ethanoi (Bio-Fuel)Distillery segment
rose 48.68% to Rs 197.29 crore (accounting for 17.93% of total sales).
Operating
profit margin has declined from 17.03% to 13.64%, leading to 15.10% rise in
operating profit to Rs 150.12 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
47.48% to 51.26%. Purchase of finished
goods cost rose from 0.62% to 0.85%.
Employee cost decreased from 3.78% to 3.30%. Other expenses rose from 30.94% to
30.96%.
Other
income fell 21.46% to Rs 2.05 crore.
PBIDT rose 14.38% to Rs 152.17 crore.
Provision for interest fell 26.95% to Rs 4.96 crore. Loan funds rose to Rs 111.96 crore as of 31
March 2022 from Rs 10.53 crore as of 31 March 2021. Inventories rose to Rs 107.90 crore as of 31
March 2022 from Rs 90.45 crore as of 31 March 2021. Sundry debtors were higher at Rs 119.62 crore
as of 31 March 2022 compared to Rs 98.38 crore as of 31 March 2021. Cash and bank balance rose to Rs 123.08 crore
as of 31 March 2022 from Rs 19.93 crore as of 31 March 2021. Investments rose to Rs 25.86 crore as of 31
March 2022 from Rs 0.90 crore as of 31 March 2021 .
PBDT
rose 16.60% to Rs 147.21 crore. Provision for depreciation down 0.49% to Rs
32.41 crore. Fixed assets increased to
Rs 331.17 crore as of 31 March 2022 from Rs 246.62 crore as of 31 March 2021. Intangible assets declined from Rs 0.09 crore
to Rs 0.07 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 19.45% to Rs
118.73 crore. PBIT of Mineral Processing
segment fell 26.06% to Rs 12.79 crore (accounting for 10.77% of total
PBIT). PBIT of Grain Processing segment
rose 22.77% to Rs 81.41 crore (accounting for 68.57% of total PBIT). PBIT of Ethanoi (Bio-Fuel)Distillery segment
rose 55.34% to Rs 24.53 crore (accounting for 20.66% of total PBIT).
PBIT
margin of Mineral Processing segment fell from 18.72% to 13.59%. PBIT margin of Grain Processing segment fell
from 12.26% to 10.06%. PBIT margin of
Ethanoi (Bio-Fuel)Distillery segment rose from 11.90% to 12.43%. Overall PBIT margin fell from 12.98% to
10.79%.
Profit
before tax grew 22.54% to Rs 114.80 crore.
Provision for tax was expense of Rs 29.55 crore, compared to Rs 31.56
crore. Effective tax rate was 25.74%
compared to 33.69%.
Profit
after tax rose 37.23% to Rs 85.25 crore.
Equity
capital increased from Rs 4.96 crore as of 31 March 2021 to Rs 5.20 crore as of
31 March 2022. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 64.86% as of 31 March 2022 compared to 68.20% as of 31 March
2021.
Cash
flow from operating activities decreased to Rs 64.40 crore for year ended March
2022 from Rs 97.51 crore for year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 117.02 crore, compared to Rs 14.65
crore during the year ended March 2021.
The
scrip is currently trading at Rs 232.
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Gulshan Polyols : Standalone
Results
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Particulars
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2209 (03)
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2109 (03)
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Var.(%)
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2209 (06)
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2109 (06)
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Var.(%)
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2203 (12)
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2103 (12)
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Var.(%)
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Net Sales
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276.38
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277.28
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0
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546.57
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515.84
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6
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1100.73
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766.03
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44
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OPM (%)
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6.9
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16.9
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7.4
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17.5
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13.6
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17.0
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OP
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19.04
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46.98
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-59
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40.36
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90.09
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-55
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150.12
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130.43
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15
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Other Inc.
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1.35
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0.43
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215
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1.82
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0.84
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115
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2.05
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2.61
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-21
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PBIDT
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20.39
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47.40
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-57
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42.18
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90.94
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-54
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152.17
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133.04
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14
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Interest
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1.49
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1.16
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29
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2.58
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1.98
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30
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4.96
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6.79
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-27
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PBDT
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18.90
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46.24
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-59
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39.60
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88.96
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-55
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147.21
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126.25
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17
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Depreciation
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7.12
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8.00
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-11
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14.18
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15.57
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-9
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32.41
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32.57
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0
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PBT
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11.78
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38.24
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-69
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25.42
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73.38
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-65
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114.8
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93.68
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23
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Taxation
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2.69
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9.87
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-73
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6.14
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18.85
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-67
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29.55
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31.56
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-6
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PAT
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9.09
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28.37
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-68
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19.27
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54.53
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-65
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85.25
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62.12
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37
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EPS (Rs)*
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#
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#
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#
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16.4
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11.9
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Notes
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* EPS is on current equity of Rs 5.2 crore, Face value of Rs 1,
Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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Gulshan Polyols : Standalone
Segment Results
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% of (Total)
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2209 (03)
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2109 (03)
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Var.(%)
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% of (Total)
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2209 (06)
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2109 (06)
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Var.(%)
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% of (Total)
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2203 (12)
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2103 (12)
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Var.(%)
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Sales
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Distillery
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16
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45.483
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52.410
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-13
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17
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90.79
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96.40
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-6
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18
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197.29
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132.7
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49
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Grain Processing
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75
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206.860
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199.764
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4
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75
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407.44
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375.54
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8
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74
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809.15
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540.81
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50
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Mineral Processing
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9
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24.041
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25.110
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-4
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9
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48.34
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43.90
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10
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9
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94.1
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92.37
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2
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Total Reported Sales
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100
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276.384
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277.284
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0
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100
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546.57
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515.84
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6
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100
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1,100.54
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765.88
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44
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PBIT
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Distillery
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-13
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-1.51
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10.10
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PL
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-4
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-1.11
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18.41
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PL
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21
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24.53
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15.79
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55
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Grain Processing
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78
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8.99
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25.38
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-65
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75
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20.10
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50.05
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-60
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69
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81.41
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66.31
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23
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Mineral Processing
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35
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4.07
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3.76
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8
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29
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7.76
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6.24
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24
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11
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12.79
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17.29
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-26
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Total PBIT
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100
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11.55
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39.24
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-71
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100
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26.75
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74.70
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-64
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100
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118.73
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99.39
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19
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Less : Interest
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1.49
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1.16
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29
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2.58
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1.98
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30
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4.96
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6.79
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-27
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Add: Other un-allcoable
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1.72
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0.16
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983
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1.25
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0.67
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88
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1.03
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1.08
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-4
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PBT
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11.78
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38.24
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-69
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25.42
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73.38
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-65
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114.8
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93.68
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23
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Previous News |
Gulshan Polyols
(
Results
-
Analysis
05-Feb-22
10:33
)
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Gulshan Polyols standalone net profit declines 61.09% in the June 2022 quarter
(
Results
-
Announcements
10-Aug-22
08:12
)
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Gulshan Polyols consolidated net profit declines 76.13% in the September 2023 quarter
(
Results
-
Announcements
08-Nov-23
07:42
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Gulshan Polyols wins order from Excise Dept., Govt. of Madhya Pradesh
(
Corporate News
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12-Mar-24
17:12
)
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Board of Gulshan Polyols approves change in company secretary
(
Corporate News
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14-Nov-18
09:08
)
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Gulshan Polyols
(
Results
-
Analysis
10-Aug-22
10:57
)
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Gulshan Polyols fixes record date for bonus issue
(
Market Beat
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Reports
01-Jun-23
19:44
)
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Gulshan Polyols revises board meeting date
(
Corporate News
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28-Oct-21
09:23
)
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Gulshan Polyols to conduct board meeting
(
Corporate News
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10-Apr-19
10:27
)
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Board of Gulshan Polyols approves raising of capital up to Rs 250 cr
(
Corporate News
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17-Aug-21
17:08
)
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Gulshan Polyols standalone net profit rises 48.97% in the June 2015 quarter
(
Results
-
Announcements
03-Aug-15
09:36
)
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