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Budget News

  • Balmer Lawrie & Company
  • November 04,2022  01:15
  • BalmerLawrie & Company consolidated net sales increased 12.82% to Rs 551.43 crorein Q2FY23 compared to Q2FY22.  Sales ofIndustrial Packaging segment has gone down 19.75% to Rs 160.18 crore(accounting for 27.08% of total sales). Sales of Logistics Services segment has gone up 27.59% to Rs 149.17crore (accounting for 25.21% of total sales). Sales of Travel & Vacations segment rose 224.59% to Rs 43.31 crore(accounting for 7.32% of total sales). Sales of Greases & Lubricants segment has gone up 22.24% to Rs159.47 crore (accounting for 26.96% of total sales).  Sales of Others segment has gone up 8.64% toRs 27.46 crore (accounting for 4.64% of total sales).  Sales of Logistics Infrastructure segment hasgone up 23.87% to Rs 52.00 crore (accounting for 8.79% of total sales).  Inter-segment sales rose Rs 38.77 crore to Rs40.16 crore.

    Profitbefore interest, tax and other unallocable items (PBIT) has jumped 27.70% to Rs32.45 crore.  PBIT of IndustrialPackaging reported loss of Rs 0.39 crore compared to profit of Rs 15.58 crore.  PBIT of Logistics Services segment rose60.66% to Rs 20.18 crore (accounting for 62.20% of total PBIT).  PBIT of Travel & Vacations reportedprofit of Rs 14.48 crore compared to loss of Rs 4.86 crore.  PBIT of Greases & Lubricants segment rose11.32% to Rs 11.82 crore (accounting for 36.42% of total PBIT).  PBIT of Others segment fell 22.44% to Rs-21.71 crore (accounting for -66.91% of total PBIT).  PBIT of Logistics Infrastructure segment fell12.76% to Rs 8.06 crore (accounting for 24.85% of total PBIT). 

    PBITmargin of Industrial Packaging segment fell from 7.81% to 0.24%.  PBIT margin of Logistics Services segmentrose from 10.75% to 13.53%.  PBIT marginof Travel & Vacations segment rose from negative 36.43% to 33.44%.  PBIT margin of Greases & Lubricantssegment fell from 8.14% to 7.41%.  PBITmargin of Others segment fell from negative 70.15% to negative 79.06%.  PBIT margin of Logistics Infrastructuresegment fell from 22.02% to 15.51%. Overall PBIT margin rose from 4.82% to 5.49%. 

    Operatingprofit margin has jumped from 6.53% to 7.01%, leading to 21.01% rise inoperating profit to Rs 38.64 crore.  Rawmaterial cost as a % of total sales (net of stock adjustments) increased from71.42% to 71.54%.   Employee costdecreased from 11.39% to 10.42%.   Otherexpenses rose from 10.66% to 11.01%.  

    Otherincome rose 9.05% to Rs 7.71 crore. PBIDT rose 18.85% to Rs 46.35 crore. Provision for interest rose 32.97% to Rs 3.67 crore.  

    PBDTrose 17.77% to Rs 42.68 crore.  Provisionfor depreciation rose 2.21% to Rs 13.89 crore. 

    Profitbefore tax grew 27.11% to Rs 28.79 crore. Share of profit/loss was 45.80% higher at Rs 16.14 crore.  Provision for tax was expense of Rs 10.69crore, compared to Rs 7.51 crore. Effective tax rate was 23.79% compared to 22.27%.

    Minorityinterest decreased 18.67% to Rs -0.89 crore. Net profit attributable to owners of the company increased 30.30% to Rs35.13 crore. 

    Equitycapital stood at Rs 171.00 crore as of 30 September 2022 to Rs 171.00 crore asof 30 September 2021.  Per share faceValue remained same at Rs 10.00. 

    For year-to-date (YTD)results analysis

    Netsales of Balmer Lawrie & Company have increased 23.03% to Rs 1199.43crore.  Sales of Industrial Packagingsegment has gone down 6.08% to Rs 427.09 crore (accounting for 33.18% of totalsales).  Sales of Logistics Servicessegment has gone up 53.28% to Rs 294.69 crore (accounting for 22.89% of totalsales).  Sales of Travel & Vacationssegment rose 254.65% to Rs 81.83 crore (accounting for 6.36% of total sales).  Sales of Greases & Lubricants segment hasgone up 34.22% to Rs 326.65 crore (accounting for 25.37% of total sales).  Sales of Others segment has gone up 11.45% toRs 53.28 crore (accounting for 4.14% of total sales).  Sales of Logistics Infrastructure segment hasgone up 21.74% to Rs 103.80 crore (accounting for 8.06% of total sales).  Inter-segment sales rose Rs 71.61 crore to Rs87.91 crore. 

    Profitbefore interest, tax and other unallocable items (PBIT) has jumped 51.90% to Rs87.97 crore.  PBIT of IndustrialPackaging segment fell 47.96% to Rs 26.11 crore (accounting for 29.68% of totalPBIT).  PBIT of Logistics Servicessegment rose 74.20% to Rs 34.96 crore (accounting for 39.74% of totalPBIT).  PBIT of Travel & Vacationsreported profit of Rs 30.97 crore compared to loss of Rs 10.39 crore.  PBIT of Greases & Lubricants segment rose33.87% to Rs 24.11 crore (accounting for 27.41% of total PBIT).  PBIT of Others segment fell 13.68% to Rs-44.08 crore (accounting for -50.11% of total PBIT).  PBIT of Logistics Infrastructure segment fell15.57% to Rs 15.89 crore (accounting for 18.06% of total PBIT). 

    PBITmargin of Industrial Packaging segment fell from 11.03% to 6.11%.  PBIT margin of Logistics Services segmentrose from 10.44% to 11.86%.  PBIT marginof Travel & Vacations segment rose from negative 45.03% to 37.85%.  PBIT margin of Greases & Lubricantssegment fell from 7.40% to 7.38%.  PBITmargin of Others segment fell from negative 81.11% to negative 82.73%.  PBIT margin of Logistics Infrastructuresegment fell from 22.07% to 15.31%. Overall PBIT margin rose from 5.53% to 6.83%. 

    Operatingprofit margin has jumped from 7.05% to 8.33%, leading to 45.42% rise inoperating profit to Rs 99.95 crore.  Rawmaterial cost as a % of total sales (net of stock adjustments) increased from69.88% to 71.13%.   Purchase of finished goods cost rose from0.21% to 0.39%.   Employee cost decreasedfrom 11.44% to 9.68%.   Other expensesfell from 11.49% to 10.58%.  

    Otherincome fell 4.42% to Rs 15.99 crore. PBIDT rose 35.67% to Rs 115.94 crore. Provision for interest rose 27.52% to Rs 8.34 crore. 

    PBDTrose 36.34% to Rs 107.6 crore.  Provisionfor depreciation rose 1.52% to Rs 27.97 crore.  

    Profitbefore tax grew 55.01% to Rs 79.63 crore. Share of profit/loss was 22.17% higher at Rs 31.85 crore.  Provision for tax was expense of Rs 21.87crore, compared to Rs 15.37 crore. Effective tax rate was 19.62% compared to 19.85%.

    Minorityinterest decreased 1.23% to Rs -1.64 crore. Net profit attributable to owners of the company increased 43.27% to Rs91.25 crore. 

    Equitycapital stood at Rs 171.00 crore as of 30 September 2022 to Rs 171.00 crore asof 30 September 2021.  Per share faceValue remained same at Rs 10.00. 

    Full year resultsanalysis

    Netsales of Balmer Lawrie & Company have increased 34.43% to Rs 2055.35crore.  Sales of Industrial Packagingsegment has gone up 53.00% to Rs 849.19 crore (accounting for 38.51% of totalsales).  Sales of Logistics Servicessegment has gone up 23.44% to Rs 467.99 crore (accounting for 21.22% of totalsales).  Sales of Travel & Vacationssegment rose 75.60% to Rs 80.05 crore (accounting for 3.63% of total sales).  Sales of Greases & Lubricants segment hasgone up 39.72% to Rs 510.68 crore (accounting for 23.16% of total sales).  Sales of Others segment has gone up 12.75% toRs 114.61 crore (accounting for 5.20% of total sales).  Sales of Logistics Infrastructure segment hasgone down 11.74% to Rs 182.84 crore (accounting for 8.29% of total sales).  Inter-segment sales rose Rs 125.06 crore toRs 150.01 crore. 

    Profitbefore interest, tax and other unallocable items (PBIT) has jumped 11.64% to Rs150.38 crore.  PBIT of IndustrialPackaging segment rose 62.51% to Rs 75.24 crore (accounting for 50.03% of totalPBIT).  PBIT of Logistics Servicessegment rose 9.98% to Rs 58.64 crore (accounting for 38.99% of totalPBIT).  PBIT of Travel & Vacationssegment rose 97.22% to Rs -0.42 crore (accounting for -0.28% of totalPBIT).  PBIT of Greases & Lubricantssegment rose 34.87% to Rs 42.41 crore (accounting for 28.20% of totalPBIT).  PBIT of Others segment fell173.22% to Rs -64.27 crore (accounting for -42.74% of total PBIT).  PBIT of Logistics Infrastructure segment fell8.44% to Rs 38.79 crore (accounting for 25.79% of total PBIT). 

    PBITmargin of Industrial Packaging segment rose from 8.34% to 8.86%.  PBIT margin of Logistics Services segmentfell from 14.06% to 12.53%.  PBIT marginof Travel & Vacations segment rose from negative 33.34% to negative0.53%.  PBIT margin of Greases &Lubricants segment fell from 8.60% to 8.31%. PBIT margin of Others segment fell from negative 23.14% to negative56.08%.  PBIT margin of LogisticsInfrastructure segment rose from 20.45% to 21.21%.  Overall PBIT margin fell from 8.14% to6.82%. 

    Operatingprofit margin has declined from 9.19% to 8.23%, leading to 20.36% rise inoperating profit to Rs 169.06 crore.  Rawmaterial cost as a % of total sales (net of stock adjustments) increased from64.29% to 69.26%.   Purchase of finishedgoods cost rose from 0.24% to 0.62%.  Employee cost decreased from 14.29% to 11.05%.   Other expenses fell from 12.00% to10.86%.  

    Otherincome fell 24.64% to Rs 37.12 crore. PBIDT rose 8.68% to Rs 206.18 crore. Provision for interest rose 14.01% to Rs 13.59 crore.  Loan funds declined from Rs 125.17 crore asof 31 March 2021 to Rs 121.98 crore as of 31 March 2022.  Inventories rose to Rs 200.95 crore as of 31March 2022 from Rs 160.14 crore as of 31 March 2021.  Sundry debtors were higher at Rs 314.61 croreas of 31 March 2022 compared to Rs 287.75 crore as of 31 March 2021.  Cash and bank balance declined from Rs 532.35crore as of 31 March 2021 to Rs 416.27 crore as of 31 March 2022.  Investments rose to Rs 436.48 crore as of 31March 2022 from Rs 386.18 crore as of 31 March 2021 . 

    PBDTrose 8.32% to Rs 192.59 crore.  Provisionfor depreciation rose 1.40% to Rs 55.79 crore. Fixed assets declined from Rs 796.26 crore as of 31 March 2021 to Rs775.86 crore as of 31 March 2022. Intangible assets declined from Rs 3.09 crore to Rs 2.74 crore. 

    Profitbefore tax grew 11.42% to Rs 136.80 crore. Share of profit/loss was 38.53% higher at Rs 45.3 crore.  Provision for tax was expense of Rs 47.34 crore,compared to Rs 40.19 crore.  Effectivetax rate was 26.00% compared to 25.85%.

    Minorityinterest increased 34.92% to Rs -3.28 crore. Net profit attributable to owners of the company increased 14.72% to Rs138.04 crore. 

    Equitycapital stood at Rs 171.00 crore as of 31 March 2022 to Rs 171.00 crore as of31 March 2021.  Per share face Valueremained same at Rs 10.00. 

    Cashflow from operating activities has turned negative Rs 21.79 crore for yearended March 2022 from positive Rs 217.28 crore for year ended March 2021.  Cash flow used in acquiring fixed assetsduring the year ended March 2022 stood at Rs 22.58 crore, compared to Rs 43.56crore during the year ended March 2021.    

    Thescrip trades at Rs 115 

    .

    Balmer Lawrie & Company : Consolidated Results

    Particulars

    2209 (03)

    2109 (03)

    Var.(%)

    2209 (06)

    2109 (06)

    Var.(%)

    2203 (12)

    2103 (12)

    Var.(%)
    Net Sales

    		551.43

    		 488.79

    		 13

    		 1199.43

    		 974.91

    		 23

    		 2,055.35

    		 1,528.98

    		 34
    OPM (%)

    		 7.0

    		 6.5

    		  

    		 8.3

    		 7.0

    		  

    		 8.2

    		 9.2

    		  
    OP

    		 38.64

    		 31.93

    		 21

    		 99.95

    		 68.73

    		 45

    		 169.06

    		 140.46

    		 20
    Other Inc.

    		 7.71

    		 7.07

    		 9

    		 15.99

    		 16.73

    		 -4

    		 37.12

    		 49.26

    		 -25
    PBIDT

    		 46.35

    		 39.00

    		 19

    		 115.94

    		 85.46

    		 36

    		 206.18

    		 189.72

    		 9
    Interest

    		 3.67

    		 2.76

    		 33

    		 8.34

    		 6.54

    		 28

    		 13.59

    		 11.92

    		 14
    PBDT

    		 42.68

    		 36.24

    		 18

    		 107.6

    		 78.92

    		 36

    		 192.59

    		 177.8

    		 8
    Depreciation

    		 13.89

    		 13.59

    		 2

    		 27.97

    		 27.55

    		 2

    		 55.79

    		 55.02

    		 1
    PBT

    		 28.79

    		 22.65

    		 27

    		 79.63

    		 51.37

    		 55

    		 136.8

    		 122.78

    		 11
    Share of Profit/(Loss) from Associates

    		 16.14

    		 11.07

    		 46

    		 31.85

    		 26.07

    		 22

    		 45.3

    		 32.7

    		 39
    PBT before EO

    		 44.93

    		 33.72

    		 33

    		 111.48

    		 77.44

    		 44

    		 182.1

    		 155.48

    		 17
    EO Income

    		 0

    		 0

    		  

    		 0

    		 0

    		  

    		 0

    		 0

    		 -
    PBT after EO

    		 44.93

    		 33.72

    		 33

    		 111.48

    		 77.44

    		 44

    		 182.1

    		 155.48

    		 17
    Taxation

    		 10.69

    		 7.51

    		 42

    		 21.87

    		 15.37

    		 42

    		 47.34

    		 40.19

    		 18
    PAT

    		 34.24

    		 26.21

    		 31

    		 89.61

    		 62.07

    		 44

    		 134.76

    		 115.29

    		 17
    Minority Interest (MI)

    		 -0.89

    		 -0.75

    		 19

    		 -1.64

    		 -1.62

    		 1

    		 -3.28

    		 -5.04

    		 35
    Net profit

    		 35.13

    		 26.96

    		 30

    		 91.25

    		 63.69

    		 43

    		 138.04

    		 120.33

    		 15
    EPS (Rs)*

    		 #

    		 #

    		  

    		 #

    		 #

    		  

    		 8.1

    		 7.0

    		  
    Notes
    * EPS is on current equity of Rs 171.00 crore, Face value of Rs 10, Excluding extraordinary items.
    # EPS is not annualised
    bps : Basis points
    EO : Extraordinary items
    Figures in Rs crore
    Source: Capitaline Corporate Database
     

     

     

    Balmer Lawrie & Company : Consolidated Segment Results

     

    % of (Total)

    2209 (03)

    2109 (03)

    Var.(%)

    % of (Total)

    2209 (06)

    2109 (06)

    Var.(%)

    % of (Total)

    2203 (12)

    2103 (12)

    Var.(%)

    Sales

    		  

    		  

    		  

    		  
    Industrial Packaging

    		 27

    		 160.18

    		 199.59

    		 -20

    		 33

    		 427.09

    		 454.74

    		 -6

    		 39

    		 849.19

    		 555.02

    		 53
    Logistics Services

    		 25

    		 149.17

    		 116.91

    		 28

    		 23

    		 294.69

    		 192.26

    		 53

    		 21

    		 467.99

    		 379.12

    		 23
    Travel & Vacations

    		 7

    		 43.31

    		 13.34

    		 225

    		 6

    		 81.83

    		 23.07

    		 255

    		 4

    		 80.05

    		 45.59

    		 76
    Greases & Lubricants

    		 27

    		 159.47

    		 130.46

    		 22

    		 25

    		 326.65

    		 243.37

    		 34

    		 23

    		 510.68

    		 365.5

    		 40
    Others

    		 5

    		 27.46

    		 25.28

    		 9

    		 4

    		 53.28

    		 47.81

    		 11

    		 5

    		 114.61

    		 101.65

    		 13
    Logistics Infrastructure

    		 9

    		 52

    		 41.98

    		 24

    		 8

    		 103.8

    		 85.26

    		 22

    		 8

    		 182.84

    		 207.17

    		 -12
    Total Reported Sales

    		 100

    		 591.59

    		 527.56

    		 12

    		 100

    		 1,287.34

    		 1,046.52

    		 23

    		 100

    		 2,205.35

    		 1,654.05

    		 33
    Less: Inter segment revenues

    		  

    		 40.16

    		 38.77

    		 4

    		  

    		 87.91

    		 71.61

    		 23

    		  

    		 150.01

    		 125.06

    		 20
    Net Sales

    		  

    		 551.43

    		 488.79

    		 13

    		  

    		 1,199.43

    		 974.91

    		 23

    		  

    		 2,055.35

    		 1,528.98

    		 34

    PBIT

    		  

    		  

    		  

    		  
    Industrial Packaging

    		 -1

    		 -0.39

    		 15.58

    		 PL

    		 30

    		 26.11

    		 50.18

    		 -48

    		 50

    		 75.24

    		 46.3

    		 63
    Logistics Services

    		 62

    		 20.18

    		 12.56

    		 61

    		 40

    		 34.96

    		 20.07

    		 74

    		 39

    		 58.64

    		 53.32

    		 10
    Travel & Vacations

    		 45

    		 14.48

    		 -4.86

    		 LP

    		 35

    		 30.97

    		 -10.39

    		 LP

    		 0

    		 -0.42

    		 -15.2

    		 97
    Greases & Lubricants

    		 36

    		 11.82

    		 10.62

    		 11

    		 27

    		 24.11

    		 18.01

    		 34

    		 28

    		 42.41

    		 31.45

    		 35
    Others

    		 -67

    		 -21.71

    		 -17.73

    		 -22

    		 -50

    		 -44.08

    		 -38.77

    		 -14

    		 -43

    		 -64.27

    		 -23.52

    		 -173
    Logistics Infrastructure

    		 25

    		 8.06

    		 9.24

    		 -13

    		 18

    		 15.89

    		 18.82

    		 -16

    		 26

    		 38.79

    		 42.36

    		 -8
    Total PBIT

    		 100

    		 32.45

    		 25.41

    		 28

    		 100

    		 87.97

    		 57.91

    		 52

    		 100

    		 150.38

    		 134.7

    		 12
    Less : Interest

    		  

    		 3.67

    		 2.76

    		 33

    		  

    		 8.34

    		 6.54

    		 27

    		  

    		 13.59

    		 11.92

    		 14
    Add: Other un-allcoable

    		  

    		 0

    		 0

    		 -

    		  

    		 0

    		 0

    		 -

    		  

    		 0

    		 0

    		 -

    PBT

    		  

    		 28.78

    		 22.65

    		 27

    		  

    		 79.63

    		 51.37

    		 55

    		  

    		 136.79

    		 122.78

    		 11
     


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