Equity

Consolidated Quarterly Performance

The Company consolidated revenue advanced 31% to Rs 843.95 crore for the fourth quarter ended March 2021. Sales of Roofing Solutions segment grew by 50% to Rs 230.08 crore (accounting for 27% of total sales).  Sales of Building Solutions segment was up 23% to Rs 96.12 crore (accounting for 11% of total sales).  Sales of Polymer Solutions segment rose 94% to Rs 121.64 crore (accounting for 14% of total sales).  Sales of Flooring Solutions segment increased 13% to Rs 392.53 crore (accounting for 46% of total sales).  Sales of Others segment was up 27% to Rs 3.98 crore (accounting for 0.5% of total sales).  Inter-segment sales came down from Rs 0.57 crore to Rs 0.40 crore.  

OPM was up by 450 bps to 13.2%, leading to whooping 98% jump in OP to Rs 111.78 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 48.3% to 51%, Purchase of finished goods cost fell from 3.1% to 2.1%, Employee cost decreased from 14.3% to 11.8%, Other expenses fell from 25.7% to 22.3%, Cost of Sales fell from 51.1% to 49.9%, and Inventories cost rose from 0.3% to 3.2%.

Other income fell 46% to Rs 3.03 crore. Interest cost fell 49% to Rs 4.79 crore. Loan funds declined from Rs 656.35 crore as of 31 March 2020 to Rs 369.18 crore as of 31 March 2021.  Inventories declined from Rs 568.41 crore as of 31 March 2020 to Rs 486.61 crore as of 31 March 2021.  Sundry debtors were lower at Rs 96.49 crore as of 31 March 2021 compared to Rs 118.35 crore as of 31 March 2020.  Cash and bank balance rose to Rs 130.14 crore as of 31 March 2021 from Rs 89.10 crore as of 31 March 2020.  Investments rose to Rs 30.35 crore as of 31 March 2021 from Rs 16.56 crore as of 31 March 2020.

Provision for depreciation rose by 14% to Rs 28.86 crore.  Fixed assets declined from Rs 1,029.81 crore as of 31 March 2020 to Rs 940.00 crore as of 31 March 2021.  Intangible assets increased from Rs 125.05 crore to Rs 230.15 crore.  

Profit before tax (PBT) grew 197% to Rs 81.16 crore.  Provision for tax expense rose 302% to Rs 18.43 crore.  Effective tax rate was 22.74% compared to 16.68% corresponding previous quarter. Thus, the PAT before MI and Share in Profit of Associates rose by 176% to Rs 62.73 crore. After accounting loss of Rs 0.13 crore in Share in Profit of Associates and NIL in Minority interest in both the periods, the Net Profit, as a result, inclined by 174% to Rs 62.60 crore.

For the financial year ended March 2021 (FY 2021), net sales were higher by 19% to Rs 3,043.57 crore. Roofing Solutions segment was up 22% to Rs 894.40 crore (accounting for 29.36% of total sales).  Sales of Building Solutions segment was down 13% to Rs 277.42 crore (accounting for 9.11% of total sales).  Sales of Polymer Solutions segment rose 51% to Rs 384.23 crore (accounting for 12.61% of total sales).  Sales of Flooring Solutions segment rose 20% to Rs 1,481.26 crore (accounting for 48.63% of total sales).  Sales of Others segment was down 31% to Rs 8.68 crore (accounting for 0.28% of total sales).  Inter-segment sales came down from Rs 3.62 crore to Rs 2.42 crore.  

OPM has jumped by 420 bps to 13.44%, leading to 72% rise in OP to Rs 409.18 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 48% to 49%. Purchase of finished goods cost fell from 3.2% to 2.6%.   Employee cost decreased from 13.9% to 13%. Other expenses fell from 25.4% to 22.1%. Cost of Sales rose from 50.7% to 52%. Inventories cost fell from 0.8% to 0.7%.   

Other income fell 26% to Rs 18.12 crore.  Provision for interest fell by 28% to Rs 27.84 crore.  Loan funds declined from Rs 656.35 crore as of 31 March 2020 to Rs 369.18 crore as of 31 March 2021.  Inventories declined from Rs 568.41 crore as of 31 March 2020 to Rs 486.61 crore as of 31 March 2021.  Sundry debtors were lower at Rs 96.49 crore as of 31 March 2021 compared to Rs 118.35 crore as of 31 March 2020.  Cash and bank balance rose to Rs 130.14 crore as of 31 March 2021 from Rs 89.10 crore as of 31 March 2020.  Investments rose to Rs 30.35 crore as of 31 March 2021 from Rs 16.56 crore as of 31 March 2020.  

Provision for depreciation rose by 12% to Rs 108.96 crore.  Fixed assets declined from Rs 1,029.81 crore as of 31 March 2020 to Rs 940.00 crore as of 31 March 2021.  Intangible assets increased from Rs 125.05 crore to Rs 230.15 crore.  

Thus, PBT rose 130% to Rs 290.50 crore. After paying a net tax of Rs 77.39 crore, up by 177%, the PAT before MI and Share in Profit of Associates rose 117% to Rs 213.11 crore. After accounting gain of Rs 1.14 crore in Share in Profit of Associates and NIL in Minority interest, the Net Profit, as a result, inclined by 116% to Rs 214.25 crore.

The scrip was trading at Rs 3,747.15 (14 May 2021) on the BSE.

HIL Ltd: Consolidated Results

HIL Ltd: Segment Results

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