Cupid fell 6.87% to Rs 231.15 after the company's standalone net profit dropped 38% to Rs 6.47 crore on 4.1% decline in net sales to Rs 39.60 crore in Q4 March 2021 over Q4 March 2020.
Profit before tax tanked 39.9% to Rs 8.36 crore in Q4 FY21 as against Rs 13.92 crore in Q4 FY20. EBITDA dropped 38.83% to Rs 9.04 crore as compared to Rs 14.78 crore during the corresponding period of previous year. EBITDA margin stood at 22.8% in Q4 FY21 as against 35.8% in Q4 FY20. The Q4 earnings was declared post market hours yesterday, 3 June 2021.
The exports in Q4 FY21 was at 75% of the total revenue over 86% during Q4 FY20. Domestic sale stood at 25% which includes contribution from vitro diagnostic device (IVD) sale as against 14% in Q4 FY20. The product mix in Q4 FY21 for male condoms (MC) margin was at 53% as compared to 31% in Q4 FY20. Female condoms (FC) margin stood at 29% during the quarter over 68% in Q4 FY20. The Jelly, Hand sanitizer, Hair Removal, Sale of raw material category remained stagnant at 1% during both Q4 FY20 as well as Q4 FY20, while IVD sale stood at 17%.
Cupid's order book stood at Rs 113 crore as on 1 April 2021. During the quarter, Cupid commenced the business of diagnostic kits. However, the company said that it will contribute its revenue in coming periods, once IVD project at Nashik is completed. The firm has also negotiated an increase in unit sales price from the major customers.
In its outlook, the company said that it expects improved demand for both male and female condoms as the impact of COVID-19 pandemic fades. Cupid expects higher allocation from the new three years tender from South Africa with a total requirement of 1 billion male condoms and 40 million female condoms each year. Further, additionally revenue from the diagnostic would contribute to the overall performance.
Commenting on Cupid's Q4 FY21 performance, Omprakash Garg, the CMD of Cupid, has said that: "We are pleased to report healthy performance during the year despite challenging external environment due to COVID-19 pandemic throughout the year. These results reflect the reduced demand for female condoms specially from South Africa during the quarter and the year as a result of negative impact of this pandemic. The demand for male and female condoms especially in the export market continue to remain strong and our order book continues to be healthy. The order book as on 1 April 2021 stands at Rs 113 cr."
Meanwhile, the board of directors have declared dividend of Rs 3.50 as final dividend for the financial year ended 31 March 2021.
Cupid makes rubber contraceptives and allied prophylactic products.
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