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P&G: Core business scores - Views on News from Equitymaster
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P&G: Core business scores
May 8, 2006

Procter and Gamble Health and Hygiene (PGHH) announced its third quarter results (June ending company) recently. The company reported a sharp dip in revenues, which could be attributed o the fact that in 2QFY06, the company had divested its detergent manufacturing facility to the parentís unlisted subsidiary, Procter and Gamble Home Products (PGHP). Thus, detergents (45% of 3QFY05 revenues) no longer appear in the listed entityís books. However, a surge in other income arising from write back of previous liabilities, clubbed with a sharp margin expansion aided bottomline growth. Barring the one time write back effect, bottomline has actually grown by 25% YoY during the quarter.

(Rs m) 3QFY05 3QFY06 Change 9mFY05 9mFY06 Change
Net Sales 1,724 1,129 -34.5% 5,133 4,538 -11.6%
Expenditure 1,511 861 -43.0% 4,053 3,495 -13.8%
Operating Profit (EBDITA) 214 268 25.3% 1,079 1,043 -3.3%
Operating Profit margin (%) 12.4% 23.7% 21.0% 23.0%
Other Income 24 112 361.3% 127 213 67.5%
Interest 1 - 1 1 120.0%
Depreciation 24 16 -32.9% 76 58 -24.3%
Profit before Tax 214 364 70.3% 1,130 1,198 6.0%
Tax 76 98 29.3% 370 342 -7.7%
Exceptional items 9 - 102 73 -28.4%
Profit after Tax/(Loss) 147 265 81.0% 863 930 7.8%
Net profit margin (%) 8.5% 23.5% 16.8% 20.5%
Effective tax rate % 35.6% 27.0% 32.7% 28.5%
No. of Shares (m) 32.5 32.5 32.5 32.5
Diluted Earnings per share (Rs)* 40.4
P/E Ratio (x) 24.2
*(trailing 12 months)

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