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Colgate: Excise Benefit Phase-off Mars FY16 Results - Views on News from Equitymaster
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  • Jun 2, 2016 - Colgate: Excise Benefit Phase-off Mars FY16 Results

Colgate: Excise Benefit Phase-off Mars FY16 Results
Jun 2, 2016

Colgate-Palmolive (India) declared results for the quarter and year ended March 2016. The company's revenues were up by 7% YoY, while profits declined by 11% YoY during the quarter. Here is our analysis of the results:

Performance summary
  • Revenues rise by 7% during the quarter.
  • Operating profits rise fall by 3% YoY, as margins contract by 2.1% to 22%.
  • Net profits fall by 11% YoY.
  • During FY16, revenues, operating profits and net profits rise by 5%, 13% and 3% YoY respectively.
  • Total dividend paid out in FY16 is Rs 10 per share (Rs 12 in FY15), translating to a yield of 1.2%. Payout ratio for the year stands at about 47%.

    Financial performance summary
    Rs m 4QFY15 4QFY16 Change FY15 FY16 Change
    Revenues 10,285 10,988 6.8% 39,819 41,623 4.5%
    Expenditure 7,810 8,576 9.8% 31,597 32,310 2.3%
    Operating profit (EBITDA) 2,475 2,412 -2.5% 8,222 9,313 13.3%
    EBITDA margin (%) 24.1% 22.0% 20.6% 22.4%
    Other income 71 114 59.5% 332 396 19.4%
    Depreciation 205 297 45.3% 750 1,114 48.5%
    Extraordinary items 0 0 0 -313
    Profit before tax 2,342 2,229 -4.8% 7,804 8,282 6.1%
    Tax 705 770 9.1% 2,214 2,516 13.7%
    Profit after tax/(loss) 1,636 1,459 -10.8% 5,590 5,765 3.1%
    Net profit margin (%) 15.9% 13.3% 14.0% 13.9%
    No. of shares (m) 135.9 272.0
    Diluted earnings per share (Rs)* 20.6 21.2 3.2%
    Price to earnings ratio (x) 40.5

    (*On a trailing 12-month basis)

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