Monday, 14 November 2016

S H Kelkar and Company announces Q2 & H1 FY17 results


H1 FY17
Total Income up 17% to Rs. 501 crore
EBITDA improves 36% to Rs. 95 crore
PAT grew by 96% to Rs 52 crore


Mumbai, November 14, 2016: S H Kelkar and Company, the largest Indian-origin Fragrance and Flavours Company in India, has announced its financial results for the quarter ended September 30, 2016.
H1 FY17 performance overview compared with H1 FY16
  • Total Income grew by 17% to Rs. 501 crore from Rs. 429 crore
  • EBITDA increases by 36% to Rs. 95 crore from Rs. 70 crore
    • EBITDA margin improves by 265 bps to 19%
  • Profit Before Tax higher by 100% to Rs. 82 crore from Rs. 41 crore
  • Profit After Tax increases by 96% at Rs. 52 crore compared to Rs. 27 crore

Q2 FY17 performance overview compared with Q2 FY16
  • Total Income grew by 18% to Rs. 245 crore from Rs. 208 crore
  • EBITDA increases by 60% to Rs. 45 crore from Rs. 28 crore
    • EBITDA margin improves by 481 bps to 18.1%
  • Profit Before Tax higher by 186% to Rs. 37 crore from Rs. 13 crore
  • Profit After Tax increases by 247% at Rs. 24 crore compared to Rs. 7 crore



Key Developments
  • Executed Business Transfer Agreement (BTA) with Gujarat Flavours Private Limited (GFPL)  for acquisition of the Company’s flavours division
    • The Company expects to complete the acquisition process in Q3 FY2017
    • GFPL is a Vadodara-based 34-year old entity; the Company’s flavour division reported a topline of Rs. 10.5 crore in FY16
    • Acquisition is in-line with the Company’s plan to pursue strategic tuck-in acquisitions to increase its market share in the Flavours business

Commenting on the results, Mr. Kedar Vaze, Chief Executive Officer and Director at SH Kelkar and Company said,
“I am pleased to report yet another strong quarter on the back of healthy volumes and improved realizations. The domestic division continued to deliver robust topline growth of 26%, while the performance in the international segment was muted.

Going forward, we expect the global macro-economic environment to remain subdued in the near-term; however we believe the Indian consumption story should enable us to report results in-line with our business plan. We remain at the forefront of the ever evolving consumer landscape. Our investments in R&D will continue to drive innovation and growth in this niche industry.”

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