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Emami Q1 Results: Net profit rises 86.5% on year to ₹137.72 crore
Emami Ltd's Q1FY24 consolidated net profit rises 86.5% YoY to ₹137.72 crore, down 4.6% sequentially.
Emami Ltd on Monday reported an 86.5% year-on-year rise in its consolidated net profit (profit attributable to equityholders of the parent) for the fiscal's first quarter ended June (Q1FY24) to ₹137.72 crore. The company had reported a profit of ₹73.83 crore in the year-ago period. Sequentially, consolidated net profit was down 4.6% from ₹144.43 crore in Q4FY23. Emami shares opened at ₹449.60 apiece on BSE.
The company's consolidated revenue from operations rose 6.8% on year to ₹825.66 crores during the quarter ended June from ₹773.31 crore in Q1FY23. Total income rose to ₹833.94 crore in the first quarter. It stood at ₹779.64 crore in the year-ago period.
The company reported in an exchange filing that the quarter's gross margins increased by 240 basis points to 65.4% due to a decrease in the pressure from rising raw material costs. The margins at 23.0% increased by 60 basis points, and EBIDTA increased by 10% to ₹190 crore despite investments in brand building and the integration of subsidiaries that are still in the investment phase. PAT margins at 16.7% increased by 720 basis points, and profit after tax increased by 87% to ₹138 crore.
According to the exchange filing, the company debuted a line of organic shampoos under the Kesh King brand during the quarter, along with a number of Medico product releases and a number of digital first debuts on the Zanducare platform. Navratna Cool Talc (Arctic Blossom), BoroPlus Body Lotion (Aloe Neem), and BoroPlus Soap (Neem) all had new versions released by the company in Q1FY24.
“We are happy to report a 7% growth in domestic business despite challenging operating environment. While erratic summer & unseasonal rains impacted summer product offtakes, our non-summer portfolio grew strongly by 16%. International business also continued its growth trajectory with 11% constant currency growth. With inflation moderating further, we look to the future with increased optimism and confidence.
With the development of digital eco-system, both e-commerce and D2C will play a key role in the organisation’s growth and we will continue to invest in strengthening our presence in an omni-channel presence to reach our consumers," said Harsha V Agarwal, Vice Chairman and Managing Director of the company.
On Monday, Emami share price closed 2.71% higher at ₹461.75 apiece on BSE.
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Business NewsCompaniesCompany ResultsEmami Q1 Results: Net profit rises 86.5% on year to ₹137.72 crore
First Published:7 Aug 2023, 03:21 PM IST
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