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P&G: Strong Core Performance - Views on News from Equitymaster
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P&G: Strong Core Performance
Oct 5, 2016

We present here with the June 2016 quarterly result analysis of Procter & Gamble Hygiene & Health Care Ltd.

Performance summary
  • Revenues growth was flat YoY during the quarter. Operating profit growth comes in at 2.7% YoY as margins expanded by 0.7% YoY. Net profits up by 2.2% YoY in 4QFY16.
  • Revenues for the full year FY16 rose by 6.5% YoY. Operating profits grew by 24.8% YoY. Net profits increased by 22.3% YoY.
  • Operating profit margins for the full year improved to 24.3% in FY16 compared to 20.8% in FY15
  • Procter & Gamble Hygiene & Healthcare (PGHH) has declared a dividend of Rs 36.0 per equity share for the financial year ended June 2016.

    Standalone financial Performance
    (Rs m) 4QFY15 4QFY16 Change FY15 FY16 Change
    Income 5,576 5,583 0.1% 23,338 24,843 6.5%
    Expenditure 4,032 3,997 -0.9% 18,494 18,797 1.6%
    Operating profit (EBITDA) 1,544 1,586 2.7% 4,844 6,046 24.8%
    Operating profit margin (%) 27.7% 28.4% 20.8% 24.3%
    Other income 188 222 17.9% 746 876 17.4%
    Depreciation 133 124 -7.0% 525 517 -1.6%
    Finance cost 3 3.3 10.0% 57 40 -29.7%
    Profit before tax 1,595 1,680 5.3% 5,008 6,365 27.1%
    Tax 524 586 11.8% 1547 2134 37.9%
    Effective tax rate 32.9% 34.9% 30.9% 33.5%
    Profit after tax 1,071 1,094 2.2% 3,461 4,232 22.3%
    Net profit margin (%) 19.2% 19.6% 14.8% 17.0%
    No. of shares (m) 32.5 32.5
    Diluted earnings per share (Rs)* 130.4
    P/E ratio (x)* 54.3

    *(Trailing 12 month earnings)

  • PGHH posted flat growth in revenues for the quarter ended June 2016. The feminine Care business continued to deliver strong double digit sales growth in a tough environment while sales in the Health care business remained flat due to category slowdown.
  • Operating margins for the company improved during the quarter primarily due to a decline in raw material expenses for the company.
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