Results - Analysis
Sales remain flat, while NP increased 7.61%
On consolidated basis
Quarter ended June 2025 compared with Quarter ended June 2024.
Net sales (including other operating income) of Emami has declined 0.22% to Rs 904.09 crore. Sales of Within India segment has gone down 0.68% to Rs 762.40 crore (accounting for 84.33% of total sales). Sales of Outside India segment has gone up 2.34% to Rs 141.69 crore (accounting for 15.67% of total sales). Operating profit margin has declined from 23.90% to 23.69%, leading to 1.06% decline in operating profit to Rs 214.22 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 16.14% to 18.18%. Purchase of finished goods cost fell from 13.14% to 12.07%. Employee cost increased from 12.81% to 13.28%. Other expenses fell from 32.94% to 32.67%. Selling and administration expenses fell from 21.19% to 19.98%.
Other income rose 106.41% to Rs 21.59 crore. PBIDT rose 3.89% to Rs 235.81 crore. Provision for interest rose 17.96% to Rs 2.43 crore.
PBDT rose 3.77% to Rs 233.38 crore. Provision for depreciation rose 0.16% to Rs 44.5 crore.
Profit before tax grew 4.65% to Rs 188.88 crore. Share of profit/loss was 0.48% lower at Rs -2.11 crore. Provision for tax was expense of Rs 22.51 crore, compared to Rs 27.78 crore. Effective tax rate was 12.05% compared to 15.57%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 7.61% to Rs 164.26 crore.Promoters' stake was 54.84% as of 30 June 2025 ,compared to 54.84% as of 30 June 2024 . Promoters pledged stake was 10.50% as of 30 June 2025 ,compared to 11.23% as of 30 June 2024 .
Full year results analysis.
Net sales (including other operating income) of Emami has increased 6.46% to Rs 3809.19 crore. Sales of Within India segment has gone up 6.79% to Rs 3,159.47 crore (accounting for 82.94% of total sales). Sales of Outside India segment has gone up 4.88% to Rs 649.72 crore (accounting for 17.06% of total sales). Operating profit margin has jumped from 26.54% to 26.91%, leading to 7.96% rise in operating profit to Rs 1,025.11 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 21.39% to 19.12%. Purchase of finished goods cost rose from 11.33% to 11.84%. Employee cost increased from 11.01% to 11.80%. Other expenses rose from 29.84% to 30.17%. Selling and administration expenses rose from 18.15% to 18.32%.
Other income rose 45.53% to Rs 68.11 crore. PBIDT rose 9.72% to Rs 1093.22 crore. Provision for interest fell 6.41% to Rs 9.34 crore. Loan funds declined from Rs 93.95 crore as of 31 March 2024 to Rs 89.78 crore as of 31 March 2025. Inventories declined from Rs 323.40 crore as of 31 March 2024 to Rs 308.10 crore as of 31 March 2025. Sundry debtors were lower at Rs 451.29 crore as of 31 March 2025 compared to Rs 494.21 crore as of 31 March 2024. Cash and bank balance rose to Rs 272.91 crore as of 31 March 2025 from Rs 201.38 crore as of 31 March 2024. Investments rose to Rs 675.73 crore as of 31 March 2025 from Rs 441.54 crore as of 31 March 2024 .
PBDT rose 9.89% to Rs 1083.88 crore. Provision for depreciation fell 4.14% to Rs 178.21 crore. Fixed assets declined from Rs 1,052.99 crore as of 31 March 2024 to Rs 637.25 crore as of 31 March 2025. Intangible assets increased from Rs 68.19 crore to Rs 362.10 crore.
Profit before tax grew 13.15% to Rs 905.67 crore. Share of profit/loss was 217.47% lower at Rs -11.81 crore. Provision for tax was expense of Rs 91.12 crore, compared to Rs 66.69 crore. Effective tax rate was 10.19% compared to 8.43%.
Net profit attributable to owners of the company increased 11.46% to Rs 806.46 crore.
Equity capital stood at Rs 43.65 crore as of 31 March 2025 to Rs 43.65 crore as of 31 March 2024. Per share face Value remained same at Rs 1.00.
Promoters' stake was 54.84% as of 31 March 2025 ,compared to 54.84% as of 31 March 2024 . Promoters pledged stake was 13.39% as of 31 March 2025 ,compared to 13.09% as of 31 March 2024 .
Cash flow from operating activities increased to Rs 895.88 crore for year ended March 2025 from Rs 779.00 crore for year ended March 2024. Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 44.57 crore, compared to Rs 40.59 crore during the year ended March 2024.
Other Highlights
In Q1 FY26, Core domestic business (excluding Talc/PHP) grew 6% YoY, Total Domestic Business fell 1%, and International Business grew 2% YoY. In Q1 FY26, Talc/Prickly Heat Powder (PHP) category declined 17% YoY due to unseasonal rains. In Q1 FY26, pain management range increased 17% YoY, Navratna Range grew 6%, BoroPlus Range de-grew 5%, Kesh King Range de-grew 5%, Male Grooming Range de-grew 9% and Healthcare Range up by 4% on YoY basis.Management Comments :
Mr Harsha V Agarwal, Vice Chairman and Managing Director, Emami said: 'Our performance this quarter reflects the underlying strength and resilience of our brands, even in the face of an unusually subdued summer. Our Talc/PHP category maintained a 2-year CAGR of 13%. Our flagship brands are being future-proofed; Kesh King is undergoing a strategic transformation to enhance long-term relevance, while Smart & Handsome is expanding into adjacent male grooming categories. The Man Company's return to growth in June 2025 is especially encouraging, and we are confident of sustaining this trajectory through sharper positioning and a comprehensive brand revamp. Looking ahead, we are optimistic about growth in the coming months, driven by strong monsoon conditions, easing inflation, and potential interest rate reductions. These factors are expected to support a recovery in consumption and strengthen overall economic momentum. Mr Mohan Goenka, Vice Chairman and Whole-Time Director, Emami said, We are pleased with the strong momentum in our organised channels'Quick commerce, in particular, scaled nearly 3x year-on-year, affirming the success of our omnichannel approach. Despite a flattish topline, we delivered a 9% growth in Profit After Tax, underscoring our sharp focus on profitability and operational efficiency. We remain confident in our margin trajectory, supported by favourable input costs and operational efficiencies. With an innovation-led portfolio, and a strong digital-first brand strategy, we are well-positioned to accelerate growth. As macro conditions begin to improve with a strong monsoon and easing inflation, we are confident that consumer demand will gradually strengthen. Our strategic levers are in place, and we remain committed to driving sustained, profitable growth in the quarters ahead.'
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