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P&G: Strong Core Growth - Views on News from Equitymaster
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P&G: Strong Core Growth
Dec 9, 2016

Procter & Gamble Hygiene and Health Care has announced the first quarter results of the financial year ended June 2017 (1QFY17). The company's sales rose by 12.5%YoY while net profit rose by 50.1% YoY during the quarter.

Performance summary
  • Revenue growth was 12.5% YoY during the quarter.
  • Operating profit growth rose 55.9% YoY as margins expanded by 6.8% YoY.
  • Net profits up by 50.1% YoY in 1QFY17.

    Standalone financial Performance
    (Rs m) 1QFY16 1QFY17 Change
    Income 5,534 6,225 12.5%
    Expenditure 4,565 4,713 3.3%
    Operating profit (EBITDA) 970 1,512 55.9%
    Operating profit margin (%) 17.5% 24.3%
    Other income 212 225 6.1%
    Depreciation 127 127 0.0%
    Finance cost 17 4.3 -73.9%
    Profit before tax 1,038 1,605 54.6%
    Tax 343 561 63.8%
    Effective tax rate 33.0% 34.9%
    Profit after tax 696 1,044 50.1%
    Net profit margin (%) 12.6% 16.8%
    No. of shares (m) 32.5
    Diluted earnings per share (Rs)* 141.0
    P/E ratio (x)* 48.0

    *(Trailing 12 month earnings)

  • PGHH posted robust growth in revenues for the quarter ended September 2016. Both Feminine Care and Health Care businesses continued to deliver strong sales growth in a competitive environment behind superior value propositions, strength of product portfolio and improved in-store execution.

  • Operating margins for the company improved during the quarter primarily due to a decline in other expenses of the company which declined from 37.2% of sales to 29.4% of sales. Raw material costs rose by 1% YoY.
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