Colgate Palmolive- First Cut
Rajesh Desai
Dear Sir/Madam,
Colgate- Palmolive announced its Q3 FY13 results on 30 Jan 2013. The company’s Net Sales increased by 14% YOY to INR763 crore but its EBITDA remain flat at 150 crore YOY. EBITDA Margin of the company decreased from 21.6% to 19.1% YOY. PAT of the company decreased by 4% YOY to INR111 crore. Result of the company was below market expectation.
At the CMP of INR1384, the stock discounts its FY13E EPS of INR38 by 36.4x .
DESCRIPTION | Dec-12 |
Sep-12 |
Dec-11 |
QOQ |
YOY |
|
Net Sales |
763 |
774 |
670 |
-1% |
14% |
OPI |
21 |
19 |
20 |
|
|
Total Income | 784 | 792 | 690 | -1% | 14% |
|
Total Expenditure |
634 |
617 |
540 |
|
|
PBIDT (Excl OI) | 150 | 176 | 149 | -15% | 0% |
EBITDA (%) |
19.1% |
22.2% |
21.6% |
|
|
Other Income | 12 |
15 |
10 |
|
|
|
Operating Profit |
162 |
191 |
159 |
|
|
|
Interest |
0 |
0 |
1 |
|
|
|
PBDT |
162 |
191 |
158 |
|
|
|
Depreciation |
11 |
11 |
10 |
|
|
|
PBT |
150 |
180 |
149 |
|
|
|
Tax |
39 |
35 |
33 |
|
|
Profit After Tax | 111 | 145 | 116 | -23% | -4% |
PAT (%) |
14.2% |
18.3% |
16.8% |
|
|
Equity Capital | 13.6 | 13.6 | 13.60 |
|
|
|
Face Value (In Rs) |
1 |
1 |
1.00 |
|
|
|
No. of shares |
13.6 |
13.6 |
13.60 |
|
|
|
|
|
|
|
|
|
EPS | 8.17 | 10.67 | 8.50 | -23% | -4% |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
--
CA. Rajesh Desai