Bajaj Consumer Care (BAJAJCON) Q4 14/15 earnings summary

Executive summary

• FY15 sales reached ₹81,949 lakh, up 22.19% YoY; PAT rose 15.20% to ₹17,331 lakh after brand amortisation.

• Growth was led by Bajaj Almond Drops distribution and market-share gains, alongside a full year of Bajaj NOMARKS operations.

Financial highlights

• Revenue from operations was ₹82,129 lakh vs ₹67,173 lakh; total revenue was ₹85,284 lakh vs ₹71,185 lakh.

• PBT before exceptional items rose to ₹26,629 lakh from ₹21,722 lakh; exceptional trademark and intellectual-property amortisation was ₹4,698 lakh vs ₹2,860 lakh.

• PAT was ₹17,331 lakh vs ₹15,044 lakh; basic and diluted EPS increased to ₹11.75 from ₹10.20.

• Adjusted for brand amortisation, EBITDA was ₹24,274 lakh, up 30.05% YoY; EBITDA margin rose to 29.62% from 27.83%.

Outlook and guidance

• Planned continued development of hair-care and NOMARKS variants, with capability expansion into skin care, personal care, Ayurveda preparations and soap.

• Management expected CPI inflation near 5.5% for FY16 and saw scope for RBI rate cuts of a further 50 bps, subject to crude prices and a normal monsoon.

• Management projected Brent crude in a broad USD 40–80/barrel range and rupee trading in a 62–65/USD range during 2015.