Nilkamal jumped 7.93% to Rs 2156.20 after the company's consolidated net profit surged to Rs 28.66 crore in Q1 June 2022 as against Rs 1.68 crore in Q1 June 2021.
On a consolidated basis, net sales rose 50.31% to Rs 739.94 crore in Q1 June 2022 over Q1 June 2021. Profit before tax (PBT) soared to Rs 37.29 crore in Q1 FY23 as against Rs 1.78 crore in Q1 FY22.Its total expenses rose 43.39% to Rs 707.02 crore in Q1 FY23 from Rs 493.09 crore. Cost of raw material consumed stood at Rs 317.74 crore, up 32.93% YoY.
Ona standalone basis, the company achieved highest ever revenue of Rs 704.95 crore in Q1FY23 as against Rs 449.79 crore during Q1FY22, up by 57%. The sales of the company's plastic business stood at Rs 645.02 crore whereas the retail business '@home' stood at Rs 59.93 crore (highest ever Q1 revenue) against Rs 431.11 crore and Rs 18.67 crore, respectively. Further, the mattress business achieved sales of Rs 37 crore as against Rs 16 crore. The PBT for the quarter was Rs 34.22 crore as against Rs 3.75 crore in Q1FY22, a jump of 813%. However, Q1FY22 was impacted to a large extent due to recurrence of the first wave of covid 19 pandemic.
The raw material prices have started softening albeit slowly since beginning of Q2FY23 and the Company is hopeful for the said trend to continue, which will be beneficial for the business of the company.
During Q1FY23, the company added 17 franchise stores, thus aggregating to 123 exclusive operative stores selling ready furniture, mattresses etc. While, the company has increased its injection molding manufacturing capacity by 5120 MTPA. The total Capex for Q1FY23 stood at Rs 48.73 crore. The net borrowings ofthe company stood at Rs 156 crore.
Nilkamal is an industry pioneer in the manufacturing business of furniture and material handling products with diversified product profile across various segments along with a diversified customer base including household customers, industrial customers and retail buyers. It is also having its presence in the retail business of lifestyle furniture, furnishings and accessories under its brand '@home'.
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