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Hawkins: No More Growth 'Pressures'? - Views on News from Equitymaster
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Hawkins: No More Growth 'Pressures'?
Feb 8, 2016

Hawkins declared results for the quarter ended December 2015. The company's revenues grew by 26% YoY, while profits surged by 115% YoY. Here is our analysis of the results:

Performance summary

  • Revenues grow by a fourth during the quarter.
  • Operating profits rise by a massive 172% YoY as margins more than double to 10.4%.
  • Net profits up by 115% YoY.

Financial snapshot

(Rs m) 3QFY15 3QFY16 Change 9mFY15 9mFY16 Change
Net sales 1,125 1,423 26.4% 3,572 3,871 8.4%
Expenditure 1,071 1,275 19.0% 3,223 3,396 5.4%
Operating profit (EBIDTA) 54 148 172.4% 349 476 36.2%
EBDITA margin (%) 4.8% 10.4%   9.8% 12.3%  
Other income 7 8 14.3% 32 23 -27.4%
Depreciation 7 9 23.9% 22 26 21.1%
Interest cost 8 10 21.4% 26 23 -8.7%
Exceptional items - (40)   - (40)  
Profit before tax 46 96 110.5% 334 409 22.4%
Tax 15 30 100.7% 109 133 21.4%
Effective tax rate 33% 31%   33% 32%  
Net profit margin (%) 31 66 115.2% 225 276 22.9%
Net profit margin (%) 2.7% 4.6%   6.3% 7.1%  
No. of shares (m)       5.3 5.3  
Diluted earnings per share (Rs)*         78.1  
Price to earnings ratio (x)         35.9  

*On a trailing-twelve month basis

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