Investor Presentaiton
Analysis
9M FY 22 Operational Income has expanded by 31.67% over 9M FY 21
Gross Margins have dropped from 48.64% in 9M FY 21 to 43.18% in 9M FY 22, due to sharp
escalation in raw material prices. However, prices of raw materials are stable now, and with the
sharp price increases effected in Q3, the Gross Margin % is expected to improve substantially in Q4
A & P spends in 9M FY 22 have been higher by Rs 14.87 cr compared to 9M of FY 21, as the
markets opened and the Company continues to invest in Brand Equity.
EBITDA and PAT have expanded by 3.32% and 7.55% respectively over 9M FY 21 despite lower
Gross Margins and higher A&P spends; only paint company to report positive change here
The EBITDA Margin at 13.31% was lower than 16.97% compared to 9M FY21, predominantly due to
reduction in the Gross Margins.
PAT Margin at 7.90% was lower than 9.76% (9M FY 21) due to lower Gross Margins and significant
reversal of deferred tax credit availed in Q2 of FY 21
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