On consolidated basis
Quarter ended December
2024 compared with Quarter ended December 2023.
Net sales (including other operating income) of Pearl Global Industries has
increased 45.25% to Rs 1022.53 crore. Sales of Hong Kong segment
rose 37.19% to Rs 782.00 crore (accounting for 48.51% of total
sales). Sales of India segment has gone up 49.33% to Rs 235.34 crore
(accounting for 14.60% of total sales). Sales of Bangladesh segment
has gone up 6.95% to Rs 356.29 crore (accounting for 22.10% of total
sales). Sales of Others segment has gone up 149.13% to Rs 113.12
crore (accounting for 7.02% of total sales). Sales of Vietnam
segment has gone up 71.27% to Rs 125.30 crore (accounting for 7.77% of total
sales). Inter-segment sales rose Rs 475.32 crore to Rs 589.53
crore.
Profit before interest,
tax and other unallocable items (PBIT) has jumped 49.66% to Rs 77.89
crore. PBIT of Hong Kong segment rose 67.10% to Rs 37.97 crore
(accounting for 48.75% of total PBIT). PBIT of India reported profit
of Rs 9.31 crore compared to loss of Rs 4.28 crore. PBIT of
Bangladesh segment rose 25.46% to Rs 40.37 crore (accounting for 51.83% of
total PBIT). PBIT of Others segment fell 482.43% to Rs -14.43 crore
(accounting for -18.53% of total PBIT). PBIT of Vietnam segment rose
19.81% to Rs 4.67 crore (accounting for 6.00% of total PBIT).
PBIT margin of Hong Kong
segment rose from 3.99% to 4.86%. PBIT margin of India segment rose
from negative 2.72% to 3.96%. PBIT margin of Bangladesh segment rose
from 9.66% to 11.33%. PBIT margin of Others segment fell from
negative 5.46% to negative 12.76%. PBIT margin of Vietnam segment
fell from 5.33% to 3.73%. Overall PBIT margin rose from 4.41% to
4.83%.
Operating profit margin
has declined from 9.29% to 8.93%, leading to 39.68% rise in operating profit to
Rs 91.35 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 44.69% to 40.19%. Purchase of
finished goods cost rose from 4.55% to 13.12%. Employee cost
decreased from 21.22% to 19.40%. Other expenses fell from 21.22% to
19.04%.
Other income rose 114.08%
to Rs 5.93 crore. PBIDT rose 42.70% to Rs 97.28
crore. Provision for interest rose 38.62% to Rs 24.19
crore.
PBDT rose 44.10% to Rs
73.09 crore. Provision for depreciation rose 19.33% to Rs 19.38
crore.
Profit before tax grew
55.77% to Rs 53.71 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 5.47 crore, compared to
Rs 0.77 crore. Effective tax rate was 10.18% compared to 2.23%.
Minority interest
decreased 316.06% to Rs -8.03 crore. Net profit attributable to
owners of the company increased 57.40% to Rs 56.27 crore.
Promoters’ stake was
62.82% as of 31 December 2024 ,compared to 66.23% as of 31 December 2023
.
Year-to-date (YTD) results analysis.
Net sales (including other operating
income) of Pearl Global Industries has increased 28.08% to Rs 3277.25
crore. Sales of Hong Kong segment rose 31.39% to Rs 2,727.35 crore
(accounting for 50.45% of total sales). Sales of India segment has
gone up 26.04% to Rs 798.69 crore (accounting for 14.77% of total sales). Sales
of Bangladesh segment has gone up 3.32% to Rs 1,080.54 crore (accounting for
19.99% of total sales). Sales of Others segment has gone up 82.45%
to Rs 266.18 crore (accounting for 4.92% of total sales). Sales of
Vietnam segment has gone up 18.19% to Rs 533.63 crore (accounting for 9.87% of
total sales). Inter-segment sales rose Rs 1,793.84 crore to Rs
2,129.13 crore.
Profit before interest,
tax and other unallocable items (PBIT) has jumped 31.66% to Rs 261.46
crore. PBIT of Hong Kong segment rose 99.69% to Rs 129.74 crore
(accounting for 49.62% of total PBIT). PBIT of India segment rose
16.76% to Rs 27.91 crore (accounting for 10.68% of total PBIT). PBIT
of Bangladesh segment rose 2.27% to Rs 77.11 crore (accounting for 29.49% of
total PBIT). PBIT of Others segment fell 276.17% to Rs -20.92 crore
(accounting for -8.00% of total PBIT). PBIT of Vietnam segment rose
19.41% to Rs 47.61 crore (accounting for 18.21% of total PBIT).
PBIT margin of Hong Kong
segment rose from 3.13% to 4.76%. PBIT margin of India segment fell
from 3.77% to 3.49%. PBIT margin of Bangladesh segment fell from
7.21% to 7.14%. PBIT margin of Others segment fell from negative
3.81% to negative 7.86%. PBIT margin of Vietnam segment rose from
8.83% to 8.92%. Overall PBIT margin rose from 4.56% to
4.84%.
Operating profit margin
has declined from 8.85% to 8.74%, leading to 26.54% rise in operating profit to
Rs 286.39 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 46.22% to 41.30%. Purchase of
finished goods cost rose from 3.82% to 12.17%. Employee cost
decreased from 19.10% to 18.50%. Other expenses fell from 21.94% to
19.45%.
Other income rose 60.95%
to Rs 28.23 crore. PBIDT rose 29.01% to Rs 314.62
crore. Provision for interest rose 18.04% to Rs 71.92
crore.
PBDT rose 32.67% to Rs
242.7 crore. Provision for depreciation rose 20.39% to Rs 54.55
crore.
Profit before tax grew
36.71% to Rs 188.15 crore. Share of profit/loss were nil in both the
periods. Extraordinary items were increased to Rs 1.40
crore. Provision for tax was expense of Rs 23.75 crore, compared to
Rs 17.52 crore. Effective tax rate was 12.53% compared to 12.73%.
Minority interest
decreased 326.57% to Rs -14.29 crore. Net profit attributable to
owners of the company increased 45.83% to Rs 180.09 crore.
Promoters’ stake was
62.82% as of 31 December 2024 ,compared to 66.23% as of 31 December 2023
.
Full year results analysis.
Net sales (including other operating income) of Pearl Global Industries has
increased 8.79% to Rs 3436.15 crore. Sales of Hong Kong segment rose
9.32% to Rs 2,759.38 crore (accounting for 47.36% of total
sales). Sales of India segment has gone down 14.23% to Rs 956.76
crore (accounting for 16.42% of total sales). Sales of Bangladesh
segment has gone up 26.71% to Rs 1,392.88 crore (accounting for 23.91% of total
sales). Sales of Others segment has gone up 49.98% to Rs 219.15
crore (accounting for 3.76% of total sales). Sales of Vietnam
segment has gone up 28.41% to Rs 498.33 crore (accounting for 8.55% of total
sales). Inter-segment sales rose Rs 2,114.72 crore to Rs 2,390.34
crore.
Profit before interest,
tax and other unallocable items (PBIT) has jumped 14.25% to Rs 275.37
crore. PBIT of Hong Kong segment rose 98.83% to Rs 82.12 crore
(accounting for 29.82% of total PBIT). PBIT of India segment fell
43.32% to Rs 47.87 crore (accounting for 17.38% of total PBIT). PBIT
of Bangladesh segment rose 36.14% to Rs 121.04 crore (accounting for 43.95% of
total PBIT). PBIT of Others reported loss of Rs 8.57 crore compared
to profit of Rs 5.29 crore. PBIT of Vietnam segment rose 56.14% to
Rs 32.92 crore (accounting for 11.95% of total PBIT).
PBIT margin of Hong Kong
segment rose from 1.64% to 2.98%. PBIT margin of India segment fell
from 7.57% to 5.00%. PBIT margin of Bangladesh segment rose from
8.09% to 8.69%. PBIT margin of Others segment fell from 3.62% to
3.91%. PBIT margin of Vietnam segment rose from 5.43% to
6.61%. Overall PBIT margin rose from 4.57% to 4.73%.
Operating profit margin
has jumped from 8.09% to 8.96%, leading to 20.45% rise in operating profit to
Rs 307.80 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 46.49% to 44.85%. Purchase of
finished goods cost fell from 5.89% to 4.75%. Employee cost
increased from 17.49% to 19.44%. Other expenses fell from 22.18% to
22.04%.
Other income rose 41.91%
to Rs 32.37 crore. PBIDT rose 22.21% to Rs 340.17
crore. Provision for interest rose 27.82% to Rs 83.31
crore. Loan funds rose to Rs 588.39 crore as of 31 March 2024 from
Rs 557.72 crore as of 31 March 2023. Inventories declined from Rs
513.30 crore as of 31 March 2023 to Rs 502.73 crore as of 31 March
2024. Sundry debtors were higher at Rs 265.35 crore as of 31 March
2024 compared to Rs 209.36 crore as of 31 March 2023. Cash and bank
balance rose to Rs 366.50 crore as of 31 March 2024 from Rs 294.47 crore as of
31 March 2023. Investments declined from Rs 59.77 crore as of 31
March 2023 to Rs 29.97 crore as of 31 March 2024.
PBDT rose 20.50% to Rs
256.86 crore. Provision for depreciation rose 26.43% to Rs 64.2
crore. Fixed assets increased to Rs 624.55 crore as of 31 March 2024
from Rs 514.21 crore as of 31 March 2023. Intangible assets
increased from Rs 19.25 crore to Rs 21.89 crore.
Profit before tax grew
18.64% to Rs 192.66 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 22.94 crore, compared
to Rs 22.86 crore. Effective tax rate was 11.94% compared to 13.00%.
Net profit attributable
to owners of the company increased 17.14% to Rs 174.83 crore.
Equity capital increased
from Rs 21.66 crore as of 31 March 2023 to Rs 21.79 crore as of 31 March
2024. Per share face Value remained same at Rs 5.00.
Promoters’ stake was
66.19% as of 31 March 2024 ,compared to 66.58% as of 31 March 2023
.
Cash flow from operating
activities decreased to Rs 351.48 crore for year ended March 2024 from Rs 364.76
crore for year ended March 2023. Cash flow used in acquiring fixed
assets during the year ended March 2024 stood at Rs 127.97 crore, compared to
Rs 70.32 crore during the year ended March 2023.
Management Commentary:
Commenting on the Results, Mr. Pulkit Seth, Vice-Chairman
& Non-Executive Director, said , “We are delighted to share that the strong
growth momentum from the first half of the fiscal year continued, leading us to
achieve our highest-ever consolidated quarter three and nine-months revenue,
adjusted EBITDA, and profitability. This exceptional performance was fueled by
robust sales volume growth across geographies. We remain optimistic about Bangladesh’s
long-term potential, and we remain confident in the region’s sustained growth
and robust performance.
Backed by a strong and diverse customer base and an
extensive geographical presence, we are well-positioned for sustained growth in
the years ahead."
Commenting on the Results, Mr. Pallab Banerjee, Managing
Director, said, “We are pleased to report robust set of numbers while
continuing to sustain our growth momentum. Our Bangladesh operations maintained
strong performance in Q3 FY25, and we are pleased to report that all our
facilities in the region are operating at optimal capacity utilization. With a
healthy order book, we are confident in sustaining this positive momentum and
are actively exploring value-accretive capacity expansions to capitalize on
growth opportunities.
India is expected to maintain sales growth momentum,
supported by the upcoming summer and spring seasons. Additionally, we are
making significant progress on our capacity expansion plan in Bihar, which will
further contribute to our growth from the next fiscal year.
n summary, strong order book combined with steady progress
across all our initiatives gives us confidence in successfully executing our
three-year strategic roadmap.”
| Pearl Global Industries : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202412 | 202312 | Var.(%) | 202412 | 202312 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,022.53 | 703.98 | 45.25 | 3,277.25 | 2,558.78 | 28.08 | 3,436.15 | 3,158.41 | 8.79 | | OPM (%) | 8.93 | 9.29 | -36 bps | 8.74 | 8.85 | -11 bps | 8.96 | 8.09 | 87 bps | | OP | 91.35 | 65.40 | 39.68 | 286.39 | 226.33 | 26.54 | 307.80 | 255.54 | 20.45 | | Other Inc. | 5.93 | 2.77 | 114.08 | 28.23 | 17.54 | 60.95 | 32.37 | 22.81 | 41.91 | | PBIDT | 97.28 | 68.17 | 42.70 | 314.62 | 243.87 | 29.01 | 340.17 | 278.35 | 22.21 | | Interest | 24.19 | 17.45 | 38.62 | 71.92 | 60.93 | 18.04 | 83.31 | 65.18 | 27.82 | | PBDT | 73.09 | 50.72 | 44.10 | 242.70 | 182.94 | 32.67 | 256.86 | 213.17 | 20.50 | | Depreciation | 19.38 | 16.24 | 19.33 | 54.55 | 45.31 | 20.39 | 64.2 | 50.78 | 26.43 | | PBT | 53.71 | 34.48 | 55.77 | 188.15 | 137.63 | 36.71 | 192.66 | 162.39 | 18.64 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 53.71 | 34.48 | 55.77 | 188.15 | 137.63 | 36.71 | 192.66 | 162.39 | 18.64 | | EO Income | 0 | 0.11 | - | 1.4 | 0.03 | 4,566.67 | -0.6 | 13.46 | PL | | PBT after EO | 53.71 | 34.59 | 55.28 | 189.55 | 137.66 | 37.69 | 192.06 | 175.85 | 9.22 | | Taxation | 5.47 | 0.77 | 610.39 | 23.75 | 17.52 | 35.56 | 22.94 | 22.86 | 0.35 | | PAT | 48.24 | 33.82 | 42.64 | 165.8 | 120.14 | 38.01 | 169.12 | 152.99 | 10.54 | | Minority Interest (MI) | -8.03 | -1.93 | -316.06 | -14.29 | -3.35 | -326.57 | -5.71 | 3.74 | LP | | Net profit | 56.27 | 35.75 | 57.40 | 180.09 | 123.49 | 45.83 | 174.83 | 149.25 | 17.14 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 56.27 | 35.75 | 57.40 | 180.09 | 123.49 | 45.83 | 174.83 | 149.25 | 17.14 | | EPS (Rs)* | 12.25 | 7.76 | 57.88 | 38.93 | 26.88 | 44.79 | 38.19 | 30.01 | 27.24 | | | * EPS is on current equity of Rs 22.96 crore, Face value of Rs 5, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Pearl Global Industries : Consolidated Segment Results | | | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202412 | 202312 | Var.(%) | % of (Total) | 202412 | 202312 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | United States | 0.00 | 0.00 | 0.00 | - | | United Kingdom | 0.00 | 0.00 | 0.00 | - | | Hong Kong | 48.51 | 782.00 | 570.00 | 37.19 | 50.45 | 2,727.35 | 2,075.75 | 31.39 | 47.36 | 2,759.38 | 2,524.19 | 9.32 | | India | 14.60 | 235.34 | 157.60 | 49.33 | 14.77 | 798.69 | 633.68 | 26.04 | 16.42 | 956.76 | 1,115.51 | -14.23 | | Bangladesh | 22.10 | 356.29 | 333.13 | 6.95 | 19.99 | 1,080.54 | 1,045.80 | 3.32 | 23.91 | 1,392.88 | 1,099.24 | 26.71 | | Others | 7.02 | 113.12 | 45.41 | 149.13 | 4.92 | 266.18 | 145.89 | 82.45 | 3.76 | 219.15 | 146.12 | 49.98 | | South Africa | 0.00 | 0.00 | 0.00 | - | | Vietnam | 7.77 | 125.30 | 73.16 | 71.27 | 9.87 | 533.63 | 451.50 | 18.19 | 8.55 | 498.33 | 388.07 | 28.41 | | Total Reported Sales | 100.00 | 1,612.06 | 1,179.30 | 36.70 | 100.00 | 5,406.38 | 4,352.62 | 24.21 | 100.00 | 5,826.49 | 5,273.13 | 10.49 | | Less: Inter segment revenues | | 589.53 | 475.32 | 24.03 | | 2,129.13 | 1,793.84 | 18.69 | | 2,390.34 | 2,114.72 | 13.03 | | Net Sales | 100.00 | 1,022.53 | 703.98 | 45.25 | 100.00 | 3,277.25 | 2,558.78 | 28.08 | 100.00 | 3,436.15 | 3,158.41 | 8.79 | | PBIT | | United States | 0.00 | 0.00 | 0.00 | - | | United Kingdom | 0.00 | 0.00 | 0.00 | - | | Hong Kong | 48.75 | 37.97 | 22.72 | 67.10 | 49.62 | 129.74 | 64.97 | 99.69 | 29.82 | 82.12 | 41.30 | 98.83 | | India | 11.95 | 9.31 | -4.28 | LP | 10.68 | 27.91 | 23.91 | 16.76 | 17.38 | 47.87 | 84.45 | -43.32 | | Bangladesh | 51.83 | 40.37 | 32.18 | 25.46 | 29.49 | 77.11 | 75.40 | 2.27 | 43.95 | 121.04 | 88.90 | 36.14 | | Others | -18.53 | -14.43 | -2.48 | -482.43 | -8.00 | -20.92 | -5.56 | -276.17 | -3.11 | -8.57 | 5.29 | PL | | South Africa | 0.00 | 0.00 | 0.00 | - | | Vietnam | 6.00 | 4.67 | 3.90 | 19.81 | 18.21 | 47.61 | 39.87 | 19.41 | 11.95 | 32.92 | 21.08 | 56.14 | | Total PBIT | 100.00 | 77.89 | 52.04 | 49.66 | 100.00 | 261.46 | 198.59 | 31.66 | 100.00 | 275.37 | 241.03 | 14.25 | | Less : Interest | | 24.19 | 17.45 | 38.62 | | 71.92 | 60.93 | 18.02 | | 83.31 | 65.18 | 27.82 | | Add: Other un-allcoable | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | PBIT Margin(%) | | United States | | 0.00 | 0.00 | 0.00 | | United Kingdom | | 0.00 | 0.00 | 0.00 | | Hong Kong | | 4.86 | 3.99 | 86.91 | | 4.76 | 3.13 | 162.70 | | 2.98 | 1.64 | 133.97 | | India | | 3.96 | -2.72 | 667.08 | | 3.49 | 3.77 | -27.77 | | 5.00 | 7.57 | -256.71 | | Bangladesh | | 11.33 | 9.66 | 167.14 | | 7.14 | 7.21 | -7.36 | | 8.69 | 8.09 | 60.20 | | Others | | -12.76 | -5.46 | -730.01 | | -7.86 | -3.81 | -404.66 | | -3.91 | 3.62 | -753.14 | | South Africa | | 0.00 | 0.00 | 0.00 | | Vietnam | | 3.73 | 5.33 | -160.07 | | 8.92 | 8.83 | 9.10 | | 6.61 | 5.43 | 117.31 | | PBT | 100.00 | 53.70 | 34.60 | 55.23 | 100.00 | 189.54 | 137.66 | 37.69 | 100.00 | 192.06 | 175.85 | 9.22 |
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