Investor Presentaiton
Q1 FY17 RESULT ANALYSIS
FINANCIAL UPDATE:
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Q1 FY17 Total Revenues increased by 9.0% YoY to Rs 2,931.2 mn.
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Two years of consecutive drought condition in state of Maharashtra had a severe impact on raw milk availability.
Prabhat
Partners in Progress
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Prabhat's average milk handling per day declined from 9.75 litres to 7.26 litres in Q1 FY17. Further the average milk procurement rate also
increased from Rs 18.20 to Rs 25.72 per litre.
In these difficult operating conditions, despite volume de-growth, revenue growth was achieved through judicious product mix and process
efficiencies. The share of value added products increased from 76.0% to 82.4% during Q1 FY17.
Q1 FY17 gross profit increased by 2.3% YoY to Rs 562.2 mn. Gross margin decreased by 125 bps from 20.4% to 19.2%.
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As mentioned above, this was on account of higher milk prices and increased milk procurement efforts.
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Q1 FY17 EBITDA decreased by 8.1% YoY to Rs 247.8 mn. EBITDA margin decreased by 167 bps from 10.0% to 8.5%.
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Higher employee expenses as the new Cheese, Paneer and Shrikhand facilities were commissioned.
Increase in business promotion expenses for B2C sales as we continued to expand our retail presence in new regions and markets.
Lower manufacturing & administrative costs through process efficiencies.
Finance cost decreased by 46.1% YoY as the company repaid Rs 1,850 mn debt using IPO proceeds.
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Q1 FY17 PAT increased by 64.5% YoY. PAT margin increased by 69 bps from 1.4% to 2.1%.
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