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HLL: Washed out...

Apr 29, 2004

FMCG major, Hindustan Lever (HLL) has reported disappointing numbers for the March quarter. While the company's net sales were marginally down, its net profits declined by a significant 23% YoY. Pricing competition in the company's key business of soaps and detergents seems to have taken a toll on the company's operating margins (down by nearly a 100 basis points).

(Rs m) 1QFY04 1QFY05 Change FY04
Net Sales 23,709 23,533 -0.7% 101,384
Other Income 1,485 714 -51.9% 4,598
Total expenditure 19,875 19,934 0.3% 81,617
Operating Profit (EBDIT) 3,834 3,599 -6.1% 19,767
Operating Profit Margin (%) 16.2% 15.3%   19.5%
Interest 18 318 1637.2% 668
Depreciation 308 291 -5.4% 1,248
Profit before Tax & extraordinary income 4,993 3,704 -25.8% 22,449
Extraordinary income 0 -80 - -325
Tax 1,163 675 -42.0% 4,406
Profit after Tax/(Loss) 3,829 2,949 -23.0% 17,718
Net profit margin (%) 16.2% 12.5%   17.5%
No. of shares (m) 2201.2 2201.2   2201.2
Earnings per share (Rs)* 7.0 5.4   8.0
Current P/e ratio (incl. extraordinary expenses) (x)   26.9   17.9
*(annualised)        

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