'Huhtamaki India net sales rose 3%
to Rs 662.64 crore in Q2CY21 compared to Q2CY20. The company operating margins decreased
710 bps to 3.4% leading to 66% decrease in operating profits to Rs 22.71 crore.
Raw material cost as a % of total sales (net of stock adjustments) increased
from 65.75% to 73.05%. Employee cost
decreased from 11.84% to 9.66%. Other
expenses rose from 11.98% to 13.99%. Profitability for the quarter was impacted
by the unprecedented increase in raw material prices.
Other
income increased 594% to Rs 2.5 crore compared to Rs 0.36 crore. Interest cost was
Rs 6.29 crore compared to interest expense of Rs 7.07 crore. Depreciation decreased
5% to Rs 23.53 crore. PBT reported a loss of Rs 4.61 crore compared to profit
of Rs 36.04 crore.
Tax provision reported a credit of Rs 1.11
crore compared to tax expense of Rs 9.32 crore. PAT reported a loss of Rs 3.5
crore compared to profit of Rs 26.72 crore.
Pr...
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