Results     29-May-24
Analysis
EPL
EO expense led to 74% fall in NP
Consolidated net sales (including other operating income) of EPL has increased 6.18% to Rs 1029.2 crore.  Sales of AMESA segment was up 5% to Rs 353.6 crore (accounting for 32% of total sales).  Sales of EAP segment has increased 4% to Rs 222.9 crore (accounting for 20% of total sales).  Sales of AMERICAS segment rose 16% to Rs 266.4 crore (accounting for 24% of total sales).  Sales of EUROPE segment has gone up 2% to Rs 256.3 crore (accounting for 23% of total sales).  Inter-segment sales rose from Rs 62.8 crore to Rs 70 crore. 

Profit before interest, tax and other unallocable items (PBIT) has jumped 25% to Rs 105.9 crore.  PBIT of AMESA segment fell 2% to Rs 41.4 crore (accounting for 39% of total PBIT).  PBIT of EAP segment rose 9% to Rs 27.1crore (accounting for 26% of total PBIT).  PBIT of AMERICAS segment rose 307% to Rs 24 crore (accounting for 23% of total PBIT).  PBIT of EUROPE segment fell 26% to Rs 9.9 crore (accounting for 9% of total PBIT). 

PBIT margin of AMESA segment fell from 12.5% to 11.7%.  PBIT margin of EAP segment rose from 11.6% to 12.2%.  PBIT margin of AMERICAS segment rose from 2.6% to 9%.  PBIT margin of EUROPE segment rose from 8.2% to 9.6%.  Overall PBIT margin rose from 8.2% to 9.6%. 

Operating profit margin has jumped from 15.95% to 18.55%, leading to 23.48% rise in operating profit to Rs 190.90 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 44.71% to 42.50%.   Employee cost increased from 18.76% to 19.35%.   Other expenses fell from 20.20% to 19.58%.  

Other income fell 39.93% to Rs 16.1 crore.  PBIDT rose 14.11% to Rs 207 crore.  Provision for interest rose 55.83% to Rs 32.1 crore. 

PBDT rose 8.77% to Rs 174.9 crore.  Provision for depreciation rose 7.59% to Rs 85 crore.  Fixed assets increased to Rs 1,868.00 crore as of 31 March 2024 from Rs 1,755.60 crore as of 31 March 2023.  Intangible assets stood at Rs 115.90 crore. 

Profit before tax grew 9.90% to Rs 89.90 crore.  Share of profit/loss was 50% higher at Rs 0.9 crore.  PBT before EO rose 10% to Rs 90.8 crore. The company reported EO expense of Rs 60.5 crore compared to nil in the corresponding previous year period. PBT after EO fell 63% to Rs 30.3 crore.

Provision for tax was debit of Rs 15.2 crore, compared to credit of Rs 2.7 crore.  Effective tax rate was 50.17% compared to negative 3.28%.

Net profit attributable to owners of the company decreased 73.55% to Rs 22.30 crore. 

Equity capital increased from Rs 63.60 crore as of 31 March 2023 to Rs 63.70 crore as of 31 March 2024.  Per share face Value remained same at Rs 2.00. 

Promoters’ stake was 51.50% as of 31 March 2024 ,compared to 51.53% as of 31 March 2023 . 

Full year results analysis

Net sales (including other operating income) of EPL has increased 6.01% to Rs 3916.1 crore. Sales of AMESA segment rose 4% to Rs 1418.5 crore (accounting for 33% of total sales).  Sales of EAP segment has increased 10% to Rs 935.6 crore (accounting for 22% of total sales).  Sales of AMERICAS segment rose 13% to Rs 988.9 crore (accounting for 23% of total sales).  Sales of EUROPE segment has gone up 6% to Rs 892.7 crore (accounting for 21% of total sales).  Inter-segment sales rose from Rs 244.2 crore to Rs 319.6 crore. 

Profit before interest, tax and other unallocable items (PBIT) has jumped 20% to Rs 381.5 crore.  PBIT of AMESA segment rose 10% to Rs 161.7 crore (accounting for 42% of total PBIT).  PBIT of EAP segment rose 18% to Rs 146.2 crore (accounting for 38% of total PBIT).  PBIT of AMERICAS segment rose 40% to Rs 53 crore (accounting for 14% of total PBIT).  PBIT of EUROPE segment rose 22% to Rs 24.7 crore (accounting for 6% of total PBIT). 

PBIT margin of AMESA segment rose from 10.7% to 11.4%.  PBIT margin of EAP segment rose from 14.6% to 15.6%.  PBIT margin of AMERICAS segment rose to 5.4% from 4.3%.  PBIT margin of EUROPE segment rose from 2.4% to 2.8%.  Overall PBIT margin rose from 8.1% to 9%. 

 Operating profit margin has jumped from 15.64% to 18.24%, leading to 23.62% rise in operating profit to Rs 714.30 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.77% to 43.02%.   Employee cost increased from 18.51% to 19.48%.   Other expenses fell from 20.21% to 19.48%.  

Other income rose 41.09% to Rs 59.4 crore.  PBIDT rose 24.81% to Rs 773.7 crore.  Provision for interest rose 71.51% to Rs 115.6 crore.  Loan funds rose to Rs 912.30 crore as of 31 March 2024 from Rs 889.50 crore as of 31 March 2023.  Inventories rose to Rs 655.80 crore as of 31 March 2024 from Rs 607.90 crore as of 31 March 2023.  Sundry debtors were higher at Rs 695.30 crore as of 31 March 2024 compared to Rs 643.00 crore as of 31 March 2023.  Cash and bank balance declined from Rs 244.40 crore as of 31 March 2023 to Rs 207.30 crore as of 31 March 2024.  Investments declined from Rs 19.30 crore as of 31 March 2023 to Rs 7.60 crore as of 31 March 2024. 

PBDT rose 19.11% to Rs 658.1 crore.  Provision for depreciation rose 18.65% to Rs 332.8 crore.  Fixed assets increased to Rs 1,868.00 crore as of 31 March 2024 from Rs 1,755.60 crore as of 31 March 2023.  Intangible assets stood at Rs 115.90 crore. 

Profit before tax grew 19.60% to Rs 325.30 crore.  Extraordinary items were decreased to Rs -60.50 crore.  Provision for tax was expense of Rs 58.2 crore, compared to Rs 37.3 crore.  Effective tax rate was 21.69% compared to 13.92%.

Net profit attributable to owners of the company decreased 5.96% to Rs 213.20 crore. 

Equity capital increased from Rs 63.60 crore as of 31 March 2023 to Rs 63.70 crore as of 31 March 2024.  Per share face Value remained same at Rs 2.00. 

Promoters’ stake was 51.50% as of 31 March 2024 ,compared to 51.53% as of 31 March 2023 . 

Cash flow from operating activities decreased to Rs 586.50 crore for year ended March 2024 from Rs 601.80 crore for year ended March 2023.  Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 374.60 crore, compared to Rs 387.10 crore during the year ended March 2023. 

 

The scrip is currently trading at Rs 184

 

EPL : Consolidated Results

Particulars

2403 (03)

2303 (03)

Var.(%)

2403 (12)

2303 (12)

Var.(%)

Net Sales

1029.20

969.30

6

3,916.10

3,694.10

6

OPM (%)

18.5

15.9

 

18.2

15.6

 

OP

190.90

154.60

23

714.30

577.80

24

Other Inc.

16.10

26.80

-40

59.4

42.1

41

PBIDT

207.00

181.40

14

773.70

619.9

25

Interest

32.10

20.60

56

115.6

67.4

72

PBDT

174.90

160.80

9

658.10

552.5

19

Depreciation

85.00

79.00

8

332.8

280.5

19

PBT

89.90

81.80

10

325.30

272

20

Share of Profit/(Loss) from Associates

0.90

0.60

50

3.5

-2.9

LP

PBT before EO

90.80

82.40

10

328.80

269.1

22

EO Income

-60.50

0.00

PL

-60.5

-1.1

999

PBT after EO

30.30

82.40

-63

268.3

268

0

Taxation

15.20

-2.70

-663

58.20

37.30

56

PAT

15.10

85.10

-82

210.1

230.7

-9

PPA

0.00

0.00

 

0.00

0.00

 

PAT  after PPA

15.10

85.10

-82

210.1

230.7

-9

Minority Interest (MI)

-7.20

0.80

LP

-3.1

4

LP

Net profit

22.30

84.30

-74

213.2

226.7

-6

EPS (Rs)*

#

#

 

8.2

7.2

 

Notes

* EPS is on current equity of Rs 63.64 crore, Face value of Rs 2, Excluding extraordinary items.

# EPS is not annualised

bps : Basis points

EO : Extraordinary items

Figures in Rs crore

Source: Capitaline Corporate Database

 

EPL : Consolidated Segment Results

 

% of (Total)

2403 (03)

2303 (03)

Var.(%)

% of (Total)

2403 (12)

2303 (12)

Var.(%)

Sales

AMESA

32

353.6

337.9

5

33

1,418.50

1,369.20

4

EAP

20

222.9

214.1

4

22

935.6

849.8

10

AMERICAS

24

266.4

229.9

16

23

988.9

875.8

13

EUROPE

23

256.3

250.2

2

21

892.7

843.5

6

Total Reported Sales

100

1,099.2

1,032.10

7

100

4,235.7

3,938.30

8

Less: Inter segment revenues

 

70

62.8

11

 

319.6

244.2

31

Net Sales

 

1,029.20

969.30

6

 

3,916.10

3,694.10

6

PBIT

AMESA

39

41.4

42.3

-2

42

161.7

146.9

10

EAP

26

27.1

24.8

9

38

146.2

123.7

18

AMERICAS

23

24

5.9

307

14

53.0

37.9

40

EUROPE

9

9.9

13.4

-26

6

24.7

20.2

22

 Inter segment revenues

3

3.5

-1.5

 

-1

-4.1

-10.1

-59

Total PBIT

100

105.9

84.9

25

100

381.5

318.6

20

Less : Interest

 

32.1

20.6

56

 

115.6

67.4

72

Add: Other un-allcoable

 

-43.5

18.1

LP

 

2.4

16.8

LP

PBT

 

30.3

82.4

-63

 

268.3

268.0

0

 


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