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Amrutanjan Health Care: GST Destocking Dents Quarter - Views on News from Equitymaster
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  • Aug 23, 2017 - Amrutanjan Health Care: GST Destocking Dents Quarter

Amrutanjan Health Care: GST Destocking Dents Quarter
Aug 23, 2017

Amrutanjan Health Care has announced the fourth quarter results the financial year 2017-2018 (1QFY18). While the topline declined by 6.6% YoY, the bottomline reported a loss Rs 15 million during the quarter.

Performance summary
  • Net sales declined by 6.6%% YoY during the quarter. GST destocking led to a drop in secondary sales during the quarter.
  • The company registered a loss of Rs 21 million at EBITDA level. This is on the back of an increase in material cost. Gross margin declined to 51% from 57.6% on the back of high menthol prices and packaging material prices. Similarly, advertising and selling expense increased by 31.7% YoY and other expenses rose by 24.4% YoY.
  • Other income increased by 14.6% YoY. Depreciation saw an increase of 9.5% YoY
  • The company reported a loss at PAT level to the tune of Rs 15 million owing to a loss at the operating level, which was partly offset by an increase in other income and decline in tax outgo.

    Standalone Financial performance snapshot
    (Rs m) 1QFY17 1QFY18 Change
    Net sales 343 320 -6.6%
    Expenditure 317 341 7.6%
    Operating profit (EBDITA) 26 -21 -182.0%
    Operating profit margin (%) 7.5% -6.6%  
    Other income 11 13 14.6%
    Interest 1 1 158.2%
    Depreciation 6 7 9.5%
    Profit before tax 30 -16 -154.2%
    Tax 9 -1 -114.3%
    Profit after tax/(loss) 21 -15 -171.7%
    Net profit margin (%) 6.1% -4.7%  
    No. of shares (m)   15  
    Fully diluted EPS (Rs)*   13  
    P/E (x)*   43.9  
    *Based on trailing 12-months earnings
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