Capitaline

Results 14-Aug-24

Analysis

EPL

PBT up 20%

Consolidated net sales (including other operating income) of EPL has increased 10.68% to Rs 1007.4 crore. Sales of AMESA segment has gone up 9.50% to Rs 367.70 crore (accounting for 33.34% of total sales). Sales of EAP segment has gone up 13.91% to Rs 244.80 crore (accounting for 22.19% of total sales). Sales of AMERICAS segment rose 18.87% to Rs 258.90 crore (accounting for 23.47% of total sales). Sales of EUROPE segment has gone up 8.99% to Rs 231.60 crore (accounting for 21.00% of total sales). Inter-segment sales rose Rs 71.20 crore to Rs 96.00 crore.

Profit before interest, tax and other unallocable items (PBIT) has jumped 37.48% to Rs 112.60 crore. PBIT of AMESA segment rose 17.81% to Rs 43.00 crore (accounting for 38.19% of total PBIT). PBIT of EAP segment rose 11.68% to Rs 39.20 crore (accounting for 34.81% of total PBIT). PBIT of AMERICAS segment rose 604.17% to Rs 16.90 crore (accounting for 15.01% of total PBIT). PBIT of EUROPE segment rose 70.89% to Rs 13.50 crore (accounting for 11.99% of total PBIT).

PBIT margin of AMESA segment rose from 10.87% to 11.69%. PBIT margin of EAP segment fell from 16.33% to 16.01%. PBIT margin of AMERICAS segment rose from 1.10% to 6.53%. PBIT margin of EUROPE segment rose from 3.72% to 5.83%. Overall PBIT margin rose from 8.35% to 10.21%.

Operating profit margin has jumped from 17.47% to 18.44%, leading to 16.86% rise in operating profit to Rs 185.80 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 44.25% to 41.17%. Employee cost increased from 19.73% to 20.51%. Other expenses rose from 19.15% to 20.09%.

Other income fell 35% to Rs 6.5 crore. PBIDT rose 13.79% to Rs 192.3 crore. Provision for interest rose 23.40% to Rs 29 crore.

PBDT rose 12.23% to Rs 163.3 crore. Provision for depreciation rose 4.50% to Rs 83.6 crore.

Profit before tax grew 21.68% to Rs 79.70 crore. Provision for tax was expense of Rs 13.9 crore, compared to Rs 10.6 crore. Effective tax rate was 17.46% compared to 16.01%.

Minority interest increased 15.38% to Rs 1.50 crore. Net profit attributable to owners of the company increased 18.23% to Rs 64.20 crore.

Promoters’ stake was 51.50% as of 30 June 2024 compared to 51.53% as of 30 June 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 217

EPL : Consolidated Results
Particulars	2406 (03)	2306 (03)	Var.(%)	2403 (12)	2303 (12)	Var.(%)
Net Sales	1,007.40	910.2	11	3,916.10	3,694.10	6
OPM (%)	18.4	17.5		18.2	15.6
OP	185.8	159	17	714.30	577.80	24
Other Inc.	6.5	10	-35	59.4	42.1	41
PBIDT	192.30	169.00	14	773.70	619.9	25
Interest	29	23.5	23	115.6	67.4	72
PBDT	163.30	145.50	12	658.10	552.5	19
Depreciation	83.6	80	4	332.8	280.5	19
PBT	79.70	65.50	22	325.30	272	20
Share of Profit/(Loss) from Associates	-0.1	0.7	-114	3.5	-2.9	LP
PBT before EO	79.60	66.20	20	328.80	269.1	22
EO Income	0.00	0.00	PL	-60.5	-1.1	999
PBT after EO	79.60	66.20	20	268.3	268	0
Taxation	13.9	10.6	31	58.20	37.30	56
PAT	65.70	55.60	18	210.1	230.7	-9
PPA	0.00	0.00		0.00	0.00
PAT after PPA	65.70	55.60	18	210.1	230.7	-9
Minority Interest (MI)	1.5	1.3	LP	-3.1	4	LP
Net profit	64.20	54.30	18	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)	2406 (03)	2306 (03)	Var.(%)	% of (Total)	2403 (12)	2303 (12)	Var.(%)
Sales
AMESA	33	367.7	335.8	9	33	1,418.50	1,369.20	4
EAP	22	244.8	214.9	14	22	935.6	849.8	10
AMERICAS	23	258.9	217.8	19	23	988.9	875.8	13
EUROPE	21	231.6	212.5	9	21	892.7	843.5	6
Total Reported Sales	100	1,103.0	981.00	12	100	4,235.7	3,938.30	8
Less: Inter segment revenues		96	71.2	35		319.6	244.2	31
Net Sales		1,007.00	909.80	11		3,916.10	3,694.10	6
PBIT
AMESA	40	43	36.5	18	42	161.7	146.9	10
EAP	36	39.2	35.1	12	38	146.2	123.7	18
AMERICAS	16	16.9	2.4	604	14	53.0	37.9	40
EUROPE	12	13.5	7.9	71	6	24.7	20.2	22
Inter segment revenues	-4	-4.1	-2.9		-1	-4.1	-10.1	-59
Total PBIT	100	108.5	79	37	100	381.5	318.6	20
Less : Interest		29	23.5	23		115.6	67.4	72
Add: Other un-allcoable		0.1	10.7	LP		2.4	16.8	LP
PBT		79.6	66.2	20		268.3	268.0	0

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