Emami - First Cut
Rajesh Desai
Dear Sir/Madam,
Q4 FY13 Result
Emami Ltd Consolidated Net Sales increased by 13% YOY to INR451 crore YOY and its EBITDA increased by 16% YOY to INR126 crore. EBITDA Margin of the company increased from 27.1% to 27.8% YOY. Consolidated Adjusted PAT increased by 19% YOY to INR95 crore. PAT including Forex increased by 30% YOY to INR94 crore.
FY13 Annual Result
In FY13, the company’s Consolidated Net Sales increased by 17% YOY to INR1699 crore YOY and it’s EBITDA increased by 13% YOY to INR449 crore. EBITDA Margin of the company decreased from 27.4% to 26.4% YOY. Consolidated Adjusted PAT increased by 16% YOY to INR320 crore. PAT incl Forex increased by 22% YOY to INR315 crore. At the CMP of INR665, the stock is trading at a P/E of 31.5x on its adjusted FY13 EPS of INR21.18.
DESCRIPTION |
Mar-13 |
Dec-12 |
Mar-12 |
QOQ |
YOY |
FY13 |
FY12 |
% change |
|
Net Sales |
451 |
549 |
398 |
-18% |
13% |
1699 |
1454 |
17% |
Total Expenditure | 325 |
387 |
303 |
|
|
1250 |
1055 |
|
|
PBIDT (Excl OI) |
126 |
162 |
108 |
-23% |
16% |
449 |
399 |
13% |
EBITDA (%) | 27.8% |
29.6% |
27.1% |
|
|
26.4% |
27.4% |
|
|
Other Income |
19 |
10 |
17 |
|
|
56 |
54 |
|
|
Operating Profit |
145 |
172 |
125 |
|
|
505 |
453 |
|
|
Interest |
1 |
2 |
0 |
|
|
7 |
15 |
|
|
PBDT |
144 |
171 |
125 |
|
|
498 |
438 |
|
|
Depreciation |
31 |
31 |
31 |
|
|
124 |
121 |
|
|
PBT |
113 |
140 |
94 |
|
|
374 |
317 |
|
|
Tax |
18 |
24 |
14 |
|
|
54 |
40 |
|
|
Profit After Tax |
95 |
116 |
80 |
|
|
320 |
277 |
|
|
Minority Interest |
0 |
0 |
0 |
|
|
0 |
0 |
|
|
Consolidated Net Profit |
95 |
116 |
80 |
-19% |
19% |
320 |
277 |
16% |
PAT(%) | 21.0% |
21.2% |
20.0% |
|
|
18.9% |
19.0% |
|
|
Forex Gain / -Loss Adj. |
-1 |
-1 |
-7 |
|
|
-6 |
-18 |
|
|
PAT incl Forex |
94 |
115 |
72 |
-18% |
30% |
315 |
259 |
22% |
|
|
|
|
|
|
|
|
|
|
Equity Capital |
15.13 |
15.13 |
15.13 |
|
|
15.13 |
15.13 |
|
|
Face Value (In Rs) |
1 |
1.00 |
1.00 |
|
|
1 |
1.00 |
|
|
No. of shares |
15.13 |
15.13 |
15.13 |
|
|
15.13 |
15.13 |
|
|
|
|
|
|
|
|
|
|
|
|
EPS |
6.26 |
7.68 |
5.27 |
-19% |
19% |
21.18 |
18.30 |
16% |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
--
CA. Rajesh Desai