Gillette India Limited
NSE Symbol GILLETTE
INTRODUCTION
Gillette India provides personal grooming, oral care, and portable power products in India. Its products comprise razors and cartridges, twin type shaving systems and cartridges, blades, safety razor blades, shaving brushes, toiletries; oral care products like tooth brushes etc; and portable power products like batteries. Gillette India was earlier known as Indian Shaving Products Ltd and changed its name to Gillette India Limited in 2000. It operates as a subsidiary of Procter & Gamble Co.
RESULTS ANALYSIS
Gillette India has reported its fourth quarter and annual results ending Jun2010.
Net Sales in Q4 ending June 2010 is Rs.251.53 cr – up by 13.4 % compared to Q3 ending March2010 (Rs.221.81Cr) – up by 36.7% from the corresponding qtr of Q4 FY09 (Rs.184.04 Cr) – and up proportionately (Q4 FY10 x 4) by 18% compared to FULL YEAR ending June ‘10 (Rs.852.48 Cr). This is compared to net Sales of Rs. 661.51 Cr for the previous year ended on June 30, 2009.
Other Expenditure is Rs.100.76 cr – up by 30.5% from previous qtr (Rs.77.21 Cr) - and up by 105% from corresponding qtr (Rs.49.13 CR) – and proportionately up by 45.5% compared to full y/e june’10 (Rs.277.09Cr).
The company says – higher expenditure in current qtr is due to significant Investments in Blades and Razors segments and trade investments.
Total Expenditure therefore has gone up by 37.1% to Rs.224.81 cr from Previous qtr (Rs.163.99 cr) – and up by 69.1% from corresponding qtr (Rs.132.91 cr) - and up proportionately by 36.1% compared to full y/e june’10 (Rs.660.85cr). it was Rs. 514.48 for y/e June 2009.
Net Profit is Rs.18.61 cr – down by 56.4% compared to previous qtr (Rs.42.70 cr) – and down by 51.2% compared to corresponding qtr (Rs.38.12 Cr) – and proportionately down by 45.6% compared to full y/e Jun 2010 (Rs.137.10 cr). This yearly profit of Rs.1,37.10 cr is as against Rs.113.13 cr for the year ended on June 30, 2009.
Dividend : The Board of Directors has recommended a dividend of Rs.15 per equity share of Rs.10/- for the year ended June 30, 2010 against Rs.12.5 in previous year.
Basic EPS is Rs.5.7 against Rs.13.1 in previous qtr and Rs.11.7 in corresponding qtr - and compared to the full year ending June 2010 EPC of Rs.42.1.It was 34.7 in previous year (June ending 2009).
Summary : In all probability – the huge increase in expenditure is a one time investment in advertisement and product promotion. In such a case, it can be said – that the company is likely to continue its upward march in sales and profits in future as well. The current fall in EPS may not recur.
PE RATIO : The latest qtr EPS is just Rs.5.7. But, this is said to be due to current qtr’s huge other expenditure. The company’s shares are quoting at Rs.1900. If current year’s total EPS of Rs.42 is sustained for coming quarters / year also , the PE ratio will be around 45. However, if the company reverts back earlier quarter’s levels of 13+ Qtrly EPS in future, the annual EPS can be around 52 or more – in which case, the PE ratio will be lower at 36.54.
Jun-10 | Mar-10 | Dif%1 | Jun-09 | Dif%2 | Dif%3 | ||
Net Sales | 25153 | 22181 | 13.4 | 18404 | 36.7 | 85248 | 18 |
SIT & WIP | 677 | 1597 | -57.6 | 3621 | -81.3 | -1872 | -244.7 |
Raw Materials | 5364 | 1606 | 234 | 2739 | 95.8 | 21690 | -1.1 |
Traded Goods | 4478 | 3945 | 13.5 | 683 | 556 | 12182 | 47 |
Employees Cost | 1521 | 1227 | 24 | 1046 | 45.4 | 5126 | 18.7 |
Depreciation | 365 | 303 | 20.5 | 289 | 26.3 | 1250 | 16.8 |
Other Expen | 10076 | 7721 | 30.5 | 4913 | 105 | 27709 | 45.5 |
Total Expen | 22481 | 16399 | 37.1 | 13291 | 69.1 | 66085 | 36.1 |
Profit from Oper | 2672 | 5782 | -53.8 | 5113 | -47.7 | 19163 | -44.2 |
Other Income | 288 | 761 | -62.2 | 744 | -61.3 | 2118 | -45.6 |
P B I & EI | 2960 | 6543 | -54.8 | 5857 | -49.5 | 21281 | -44.4 |
Interest | - | - | - | 4 | |||
P A I B B EI | 2960 | 6543 | -54.8 | 5857 | -49.5 | 21277 | -44.4 |
P B T | 2960 | 6543 | -54.8 | 5857 | -49.5 | 21277 | -44.4 |
Tax expense | 1099 | 2273 | -51.6 | 2045 | -46.3 | 7567 | -41.9 |
P A T | 1861 | 4270 | -56.4 | 3812 | -51.2 | 13710 | -45.7 |
Net Profit | 1861 | 4270 | -56.4 | 3812 | -51.2 | 13710 | -45.7 |
Dividend% | 150 | - | 125 | 20 | 150 | ||
Face Value.Rs | 10 | 10 | 0 | 10 | 0 | 10 | |
Paid Up Equity | 3259 | 3259 | 0 | 3259 | 0 | 3259 | |
Reserves | - | - | - | 53840 | |||
Basic EPS A EI | - | 13.1 | 11.7 | 42.1 | |||
Diluted EPS A EI | - | 13.1 | 11.7 | 42.1 | |||
Basic EPS B EI | 5.7 | 13.1 | -56.5 | 11.7 | -51.3 | 42.1 | -45.8 |
Diluted EPS B EI | 5.7 | 13.1 | -56.5 | 11.7 | -51.3 | 42.1 | -45.8 |
Public holding (%) | 11.27 | 11.27 | 0 | 11.27 | 0 | 11.27 |
ANNOUNCEMENTS
TO THE EXCHANGE
18-08-2010 Gillette India Limited has informed the Exchange that the Register of Members and Share Transfer Books of the Company will remain closed from November 11, 2010 to November 18, 2010 (both days inclusive) for the purpose of payment of dividend. The Annual General Meeting of the Company will be held on November 18, 2010.
18-08-2010 Gillette India Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on August 18, 2010 have recommended a dividend of Rs. 15/- per equity share for the year ended June 30, 2010. -
18-08-2010 Gillette India Limited has informed the Exchange regarding a press release dated August 18, 2010, titled "Gillette India Limited Declares Annual Results Sales Up 29%; PAT up 21% Dividend up 20%".
18-08-2010 Gillette India Limited has informed the Exchange regarding the standalone Results for the year ended on 30-JUN-2010 as follows: Net Sales of Rs. 85248 lacs for year ending on 30-JUN-2010 against Rs. 66151 lacs for the year ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 13710 lacs for the year ending on 30-JUN-2010 against Rs. 11313 lacs for the year ending on 30-JUN-2009. -
18-08-2010 Gillette India Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Net Sales of Rs. 25153 lacs for quarter ending on 30-JUN-2010 against Rs. 18404 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 1861 lacs for the quarter ending on 30-JUN-2010 against Rs. 3812 lacs for the quarter ending on 30-JUN-2009.
27-04-2010 Gillette India Limited has informed the Exchange regarding a press release dated April 27, 2010, titled "Gillette India Limited Q3 Sales up 29%; PBT up 42% PAT up 50%". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.
27-04-2010 Gillette India Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 22181 lacs for quarter ending on 31-MAR-2010 against Rs. 17178 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 4270 lacs for the quarter ending on 31-MAR-2010 against Rs. 2846 lacs for the quarter ending on 31-MAR-2009.
29-01-2010 Gillette India Limited has informed the Exchange regarding a press release dated January 29, 2010, titled "Gillette India Ltd. Announces Q2 Results: Sales up 24%; PBT up by 43% and PAT up 41%".
29-01-2010 Gillette India Limited has informed the Exchange regarding the standalone Results for the half year ended on 31-DEC-2009 as follows: Net Sales of Rs. 37914 lacs for half year ending on 31-DEC-2009 against Rs. 30569 lacs for the half year ending on 31-DEC-2008. Net Profit / (Loss) of Rs. 7579 lacs for the half year ending on 31-DEC-2009 against Rs. 4656 lacs for the half year ending on 31-DEC-2008. -
29-01-2010 Gillette India Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-DEC-2009 as follows: Net Sales of Rs. 20168 lacs for quarter ending on 31-DEC-2009 against Rs. 16287 lacs for the quarter ending on 31-DEC-2008. Net Profit / (Loss) of Rs. 3747 lacs for the quarter ending on 31-DEC-2009 against Rs. 2652 lacs for the quarter ending on 31-DEC-2008. -
28-10-2009 Gillette India Limited has informed the Exchange regarding the press release dated October 27, 2009 titled "Gillette India Q1 Sales up 24%; PBT Up by 90% and PAT up 91%".
27-08-2009 Gillette India Limited has informed the Exchange regarding the media release dated August 27, 2009 titled "GIL Qtr 4 Net Profit up 27% behind 11% Sales growth, Full Year Sales up 12%.
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