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P&G: Diminishing margins

Sep 11, 2003

Procter & Gamble Hygieneand Healthcare India (PGHH), the 65% subsidiary of P&G, USA recently announced its 4QFY03 and FY03 (June ending) results. On a full year basis, the company has registered a topline growth of 7%, however the bottomline has gone down by 12%. The bottomline has shrunk largely due to the lacklustre performance of the June quarter.

(Rs m) 4QFY02 4QFY03 Change FY02 FY03 Change
Net Sales 862 949 10.0% 4,094 4,382 7.0%
Other Income 68 43 -36.7% 210 148 -29.4%
Expenditure 703 970 38.1% 3,091 3,468 12.2%
Operating Profit (EBDIT) 160 -22 -113.7% 1,003 915 -8.8%
Operating Profit Margin (%) 18.5% -2.3%   24.5% 20.9%  
Interest 0 5   0 6  
Depreciation 38 43 13.1% 197 131 -33.5%
Profit before Tax 189 (27)   1,016 927 -8.8%
Tax 42 (9)   250 246 -1.5%
Extraordinary items - -   4 -  
Profit after Tax/(Loss) 147 (18)   770 680 -11.7%
Net profit margin (%) 17.1% -1.9%   18.8% 15.5%  
No. of Shares (eoy) (m) 21.6 22.7   21.6 22.7  
Diluted Earnings per share* 27.2 -3.1   35.6 29.9  
*(annualised)            
Current P/e ratio         19.8  

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