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Hawkins: Margins mar performance
Dec 1, 2016

Hawkins Cookers announced results for the quarter ended September 2016. Revenues grew 4.8% YoY, while profits fell by 24.7% YoY.

Performance summary
  • Revenues came in 4.8% higher during the quarter.
  • Operating profits fell by about 23% YoY as margins contracted to 11.3%.
  • Further affected by a fall in other income and spike in interest costs, net profits fell by 24.7% YoY

    Standalone Financial Performance
    (Rs m) 2QFY16 2QFY17 Change 1HFY16 1HFY17 Change
    Net sales 1,471 1,541 4.8% 2,413 2,564 6.3%
    Expenditure 1,244 1,367 9.9% 2,121 2,253 6.2%
    Operating profit (EBIDTA) 227 174 -23.3% 292 311 6.5%
    EBDITA margin (%) 15.4% 11.3% 12.1% 12.1%
    Other income 26 24 -8.4% 51 51 0.0%
    Depreciation 9 9 1.0% 17 17 0.5%
    Interest cost 7 10 45.6% 14 20 43.3%
    Exceptional items 0 0 0 0
    Profit before tax 237 179 -24.6% 312 325 4.1%
    Tax 78 59 -24.3% 102 107 4.2%
    Effective tax rate 33% 33% 33% 33%
    Net profit 159 120 -24.7% 210 219 4.1%
    Net profit margin (%) 10.8% 7.8% 8.7% 8.5%
    No. of shares (m) 5.3
    Diluted earnings per share (Rs)* 77.9
    Price to earnings ratio (x) 35.1

    *On a trailing-twelve month basis

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