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GMM Pfaudler Ltd. — Earnings Release 2021
Aug 12, 2021
61612_rns_2021-08-12_10535f0b-3b84-413e-9d74-65ea6e0d7cee.pdf
Earnings Release
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BSE: 505255 | NSE: GMMPFAUDLR | CIN: L29199GJ1962PLC001171 | ISIN: INE541A01023 | SECTOR: ENGINEERING - HEAVY
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Quarterly Earnings Release | Q1 FY22
Mumbai, August 12, 2021: GMM Pfaudler Ltd (“GMMP”) announces its first quarter results for the period ended June 30, 2021 with a revenue growth of 257%, EBITDA growth of 200% and PAT growth of 58% over the same period last year. These results are of GMMP after excluding the purchase price allocation impact in Pfaudler International (“PFI”), as these are non-cash accounting adjustments.
Financial Performance
Standalone
| Revenue up 31% YoY to Rs 1,714 mn |
EBITDA increased 80% YoY to Rs 437 mn |
EBITDA increased 80% YoY to Rs 437 mn |
PAT, up 58% YoY, at Rs 258 mn | PAT, up 58% YoY, at Rs 258 mn |
|---|---|---|---|---|
| (in Rs Million) | Q1 FY22 | Q1 FY21 | YoY Growth | FY21 |
| Revenue | 1,714 | 1,309 | 31% | 6,408 |
| EBITDA | 437 | 243 | 80% | 1,536 |
| % margin | 26% | 19% | 24% | |
| Profit after tax | 258 | 164 | 58% | 951 |
| % margin | 15% | 12% | 15% | |
| Diluted EPS(Rs) | 17.68 | 11.19 | 58% | 65.06 |
| Consolidated* Revenue up 257% YoY to Rs 5,517 mn EBITDA increased 200% YoY to Rs 825 mn PAT, up 58% YoY, at Rs 303 mn |
||||
| (in Rs Million) | Q1 FY22 | Q1 FY21 | YoY Growth | FY21 |
| Revenue | 5,517 | 1,544 | 257% | 10,011 |
| EBITDA | 825 | 275 | 200% | 1,843 |
| % margin | 15% | 18% | 18% | |
| Profit after tax | 303 | 192 | 58% | 1,066 |
| % margin | 5% | 12% | 11% |
*The above results excludes Purchase Price Allocation (PPA) adjustments (non cash)
Management Comment
Commenting on the Company’s performance for Q1 FY22, Mr. Tarak Patel, Managing Director said “We are pleased to report a strong start to the financial year, our business continues to show considerable resilience across all geographies. Our integration initiatives are progressing well and we have now started seeing the impact of post-merger synergies in our profitability.”
Mr. Patel, added, “Our order intake across all our product lines continues to remain strong while the overall business environment looks encouraging.”
BSE: 505255 | NSE: GMMPFAUDLR | CIN: L29199GJ1962PLC001171 | ISIN: INE541A01023 | SECTOR: ENGINEERING - HEAVY
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Quarterly Earnings Release | Q1 FY22
ANALYSIS TO STATEMENT OF CONSOLIDATED UNAUDITED RESULTS FOR THE QUARTER ENDED JUNE 30, 2021
| (in Rs Million) | Standalone Results Q1 FY21 |
Standalone Results Q1 FY22 |
International Q1 FY22 |
International Q1 FY22 |
Inter-Co Eliminat ions |
Consolidated Reported Results |
Consolidated Reported Results |
|---|---|---|---|---|---|---|---|
| Particulars | Adjusted (Note i) |
PPA Impact (Note ii) |
Q1 FY22 | Q1 FY21 | |||
| A | B C |
D | A+B+C+D | ||||
| Revenue from Operations |
1,309 | 1,714 | 4,089 | -286 | 5,517 | 1,544 | |
| Cost of materials consumed |
390 | 694 | 1,657 | -190 | 2,161 | 492 | |
| Changes in inventory | 262 | -18 | -371 | 465 (Note iii) |
-68 | 8 | 249 |
| Employee benefits expense |
151 | 199 | 1,547 | 1,746 | 243 | ||
| Labour Charges | 75 | 107 | 32 | 139 | 81 | ||
| Other expenses | 188 | 295 | 818 | -9 | 1,104 | 204 | |
| EBITDA | 243 | 437 | 406 | -465 | -19 | 359 | 275 |
| Other Income | 22 | 8 | 4 | 12 | 27 | ||
| Finance cost | 12 | 32 | 109 | 141 | 12 | ||
| Depreciation and amortisation expense |
55 | 78 | 120 | 188 (Note iv) |
386 | 59 | |
| PBT | 198 | 335 | 181 | -653 | -19 | -156 | 231 |
| Taxes | 34 | 77 | 118 | -167 (Note v) |
28 | 39 | |
| Profit after tax | 164 | 258 | 63 | -487 | -19 | -184 | 192 |
Notes:
(i) International business includes the standalone performance of Mavag and Pfaudler International (PFI) on operational basis
(ii) PPA stands for Purchase Price Allocation
(iii) Rs 465 million due to fair value adjustment on inventory sold during Q1 FY22 by PFI
(iv) Rs 188 million is amortisation on fair value of acquired intangible assets (mainly Trademarks, Technology, Customer Relationships)
(v) Deferred tax of Rs 167 million on Note (iii) and Note (iv)
BSE: 505255 | NSE: GMMPFAUDLR | CIN: L29199GJ1962PLC001171 | ISIN: INE541A01023 | SECTOR: ENGINEERING - HEAVY
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Quarterly Earnings Release | Q1 FY22
About GMM Pfaudler
GMM Pfaudler (GMMP) is a global and diverse company, employing over 1,500 employees and 13 manufacturing facilities on four continents. GMMP is present in the market with several branded product lines covering a broad portfolio that includes fluoropolymers, filtration & drying, engineered column systems, lab & process glass, sealing technology and glass-lined & alloy systems. Our Systems and Services capabilities allow us to support our customers from the lab to the full-scale production plant, including optimizing and improving the whole life cycle of any process equipment normally used in the chemical, pharmaceutical and food industries.
More information is available at www.gmmpfaudler.com
Contact details
Company Investor Media Mittal Mehta Diwakar Pingle Abhishek Savant Company Secretary, GMM Pfaudler Christensen Investor Relations Veritas Reputation PR Pvt Ltd Tel: +91 22 6650 3900 Tel: +91 22 4215 0210 Tel: +91 8108848822 Email: [email protected] Email: [email protected] Email: [email protected]
Disclaimer:
Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forwardlooking statements. GMM Pfaudler Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.