Income Statement

FY ended 31st March(Rs. Cr) 2019-20 2020-21 2021-22 Q2 2022-23 2022-23 EQ4 22-23 E 2022-23 E
Sale of products 39136 46269 51472
Sale of services 102 52 76
Other operating revenue 545 707 898
Revenue from operations 39,783 47,028 52,446 14279 14857 15238 58998
Check line 39,783 47,028 52,446
Other income 632 410 258 130 127 131 521
TOTAL Revenue 40,415 47,438 52,704 14409 14984 15369 59519
Y/Y 17.38% 11.10% 10.00% 11.00% 11.00% 12.93%
Q/Q
Check line 40,415 47,438 52,704 14409 14984 15369 59519

Cost of materials consumed 11,976 15,432 16,446 4697 4855 4964 19384
Purchases of stock-in-trade 6,391 7,121 9,311 2795 2907 2982 11624
Changes in inventories -108 -405 -22 -56 -58 -60 -319
COGS 18,259 22,148 25,735 7,436 7,703 7,886 30,690
Gross Profit 22,156 25,290 26,969 6,972 7,281 7,483 28,829
Gross Profit margin % 54.82% 53.31% 51.17% 48.39% 48.59% 48.69% 48.44%

Employee benefits expense 1,820 2,358 2,545 648 674 692 2650
Advertising and promotion 4,713 4,754 4,744 1347 1401 1437 5519
Others 5,130 6,142 6,565 1585 1648 1691 6512
Other expenses 9,843 10,896 11,309 2932 3049 3128 12031
Checkline 9,843 10,896 11,309 2,932 3,049 3,128 12,031
Operting Expenses 11,663 13,254 13,854 3,581 3,723 3,819 14,681
EBITDA 10,493 12,036 13,115 3,392 3,557 3,664 14,148
EBITDA Margin % 25.96% 25.37% 24.88% 23.54% 23.74% 23.84% 23.77%
Checkline 10,493 12,036 13,115 3,392 3,557 3,664 14,148

Depreciation and amortisation 1,002 1,074 1,091

EBIT 9,491 10,962 12,024
EBIT Margin % 23.48% 23.11% 22.81%
Finance costs 118 117 106
Exceptional items [net credit/ (c -200 -239 -44
Profit before tax from continuin 9173 10606 11874
Checkline 9,173 10,606 11,874
Current tax 2243 2520 2840
Deferred tax credit/(charge) 166 86 147
Total Tax 2409 2606 2987
Tax rate % 26.26% 24.57% 25.16%
Net Profit 6764 8000 8887
Net Profit margin % 16.74% 16.86% 16.86%
Y/Y 18.27% 11.09%
Q/Q
Checkline 6,764 8,000 8,887
2023-24 E 2024-25 E

66128 74063

533 597
66661 74660
12.00% 12.00%

66661 74660

21265 23742
12799 14335
-260 -291
33,804 37,786
32,857 36,875
49.29% 49.39%

3000 3360
6233 6981
7333 8213
13566 15193
13,566 15,193
16,565 18,553
16,292 18,322
24.44% 24.54%
16,292 18,322
Balance Sheet
FY ended 31st March(Rs. Cr) 2019-20 2020-21 2021-22 Q2 2022-232022-23 EQ4 22-23 E
ASSETS
Non-current assets
Property, plant and equipment 4960 6116 6169
Capital work-in-progress 597 745 1313
Goodwill 36 17316 17316
Other intangible assets 402 27930 27907
Goodwill on consolidation 81 81 81
Financial assets
- Investments 2 2 2
- Loans 238 111 115
- Other financial assets 3 757 729
Non-current tax assets (net) 1083 1246 1158
Deferred tax assets 284 17 11
Other non-current assets 146 219 194
Total Non-current assets 7832 54540 54995
Checkline 7832 54540 54995

Current assets
Inventories 2767 3579 4096
Financial assets
- Investments 1253 2707 3519
- Loans 0 34 35
- Trade receivables 1149 1758 2236
- Cash and cash equivalents 3216 1842 1147 0 0 0
- Bank balances other than cash and cas 1897 2629 2699
- Other financial assets 1420 1154 1089
Other current assets 601 497 688
Assets held for sale 18 17 13
Current tax assets (net) 0 0 0
Total - Current assets 12321 14217 15522
Checkline 12321 14217 15522
TOTAL - ASSETS 20153 68757 70517
Checkline 20153 68757 70517

EQUITY AND LIABILITIES

EQUITY

Equity share capital 216 235 235

Other equity 8013 47439 48826
Non-controlling interest 17 20 26
Total - Equity 8246 47694 49087
Checkline 8246 47694 49087
LIABILITIES

Non-current liabilities
Financial liabilities
- Lease liabilities 731 741
- Other financial liabilities 939 296 357
Provisions 1227 1578 1580
Deferred tax liabilities 0 5988 6141
Non-current tax liabilities (net) 424 1367 1331
Total - Non-current liabilities 2590 9960 10150
Checkline 2590 9960 10150
Current liabilities
Financial liabilities
- Borrowings 0 0 0
- Lease liabilities 278 302
- Trade payables
total outstanding dues of micro ente 0 67 60
total outstanding dues of creditors 7535 8735 9008
- Other financial liabilities 932 928 899
Other current liabilities 428 588 665
Provisions 422 507 346
Current tax liabilities (net)
Total - Current liabilities 9317 11103 11280
Checkline 9317 11103 11280
TOTAL - EQUITY AND LIABILITIES 20153 68757 70517
Checkline 20153 68757 70517
2022-23 E 2023-24 E 2024-25 E

0 0 0
Cash Flow
FY ended 31st March(Rs. Cr) 2019-20 2020-21 2021-22 Q2 2022-23 2022-23 E
CASH FLOWS FROM OPERATING ACTIVITIES:
Profit before tax from continuing operations 9173 10606 11874 0 0
Adjustments for:
Depreciation and amortisation expenses 1002 1134 1106 0 0
(Profit) / loss on sale of property, plant and equi 53 -57 -97
Government grant accrued (net) -104 13 0
Contingent Consideration true up for business co -26 -22 -9
Finance income -492 -346 -198
Dividend income -1 -1 -1
Other non operating income - Fair value (gain)/lo -139 -63 -59
Interest expense 118 117 106 0 0
Provision for expenses on employee stock option 2 -1 -1
Profit on sale of brand rights 0 -29
Inventory written off net of Provision/(write back) 138 201 156
Bad debts/assets written off net of Provision/(writ 11 77 -15
Mark-to-market (gain)/ loss on derivative financia -12 14 -4
Cash Generated from operations before worki 9723 11672 12829
Checkline 9723 11672 12829
Adjustments for:
(Increase)/decrease in Non-Current assets -19 -4 3
(Increase)/decrease in Current Assets 471 -412 -480
(Increase)/decrease in Inventories -331 -543 -758
Increase/(decrease) in Non-Current Liabilities 56 28 86
Increase/(decrease) in Current Liabilities 234 830 149
Cash flows generated from operations 10134 11571 11829
Checkline 10134 11571 11829
Taxes paid (net of refunds) -2505 -2407 -2784
Profit/(Loss) from discontinued operations -6 -1 3
Net cash flows generated from operating activit 7623 9163 9048
Checkline 7623 9163 9048

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property, plant and equipment -850 -741 -1225
Sale proceeds of property, plant and equipment 52 97 146
Purchase of intangible assets -12 -3422 -3
Sale proceeds of intangible assets (brand rights) 0 29
Contingent consideration paid on business combi -30 -33 -41
Purchase of current investments -36090 -39876 -48522
Sale proceeds of current investments 37690 38486 47786
Stamp duty payment on issue of Equity shares 0 -44 0
Loans given to others 0 -4
Investment in term deposits (having original matu -4979 -2874 -3711
Redemption/maturity of term deposits (having orig 5658 6601 3656
Investment in non-current deposits with banks 0 -1
Interest received 351 277 161
Dividend received from others 1 1 1
Net cash flows used in investing activities - [B 1791 -1528 -1728
Checkline 1791 -1528 -1728

CASH FLOWS FROM FINANCING ACTIVITIES:

Dividends paid -5196 -8811 -7526
Dividend distribution tax paid -1061
Amount taken for short term purpose 0 188 55
Repayment of amount taken for short term purpo -99 -188 -55
Principal payment of lease liabilities -373 -406 -407
Interest paid on lease liabilities -80 -86 -80
Interest paid other than on lease liabilities -10 -6 -2
Proceeds from share allotment under employee s 0.0 0.0 0.1
Net cash flows used in financing activities - [C -6819 -9309 -8015
Checkline -6819 -9309 -8015
Net decrease in cash and cash equivalents - 2595 -1674 -695
Checkline 2595 -1674 -695
Add: Cash and cash equivalents at the beginning 621 3216 1842
Add: Cash acquired under Business Combination 0 300 0
Cash and cash equivalents at the end of the y 3216 1842 1147
Checkline 3216 1842 1147
Q4 22-23 E 2022-23 E 2023-24 E 2024-25 E

0 0 0 0

0 0 0 0

0 0 0 0
Revenue Tab
FY ended 31st March(Rs. Cr 2019-20 2020-21 2021-22 Q2 2022-23 E Q3 2022-23 E Q4 22-23 E
Segment Revenue (Sales and Other operating income)
- Home Care 13640 13957 16570 4799 4993 5122
% of Total Segment Revenu 34.29% 29.68% 31.59% 33.61% 33.61% 33.61%
- Beauty & Personal Care 17488 18038 19567 5319 5571 5730
% of Total Segment Revenu 43.96% 38.36% 37.31% 37.25% 37.50% 37.60%
- Foods & Refreshment 7450 13204 14105 3498 3640 3733
% of Total Segment Revenu 18.73% 28.08% 26.89% 24.50% 24.50% 24.50%
- Others (includes Exports, 1205 1829 2204 663 652 654
% of Total Segment Revenu 3.03% 3.89% 4.20% 4.64% 4.39% 4.29%
Total Segment Revenue 39783 47028 52446 14279 14857 15238
% of Total Income 98.44% 99.14% 99.51% 99.10% 99.15% 99.15%
YoY 18.21% 11.52% 9.45% 10.55% 10.69%
Checkline 47028 52446
Checkline 39783 47028 52446 14279 14857 15238

Other income 632 410 258 130 127 131

% of Total Income 1.56% 0.86% 0.49% 0.90% 0.85% 0.85%
TOTAL INCOME 40,415 47,438 52,704 14408.9 14983.89 15369.06
YoY 17.38% 11.10% 10.00% 11.00% 11.00%

Senarios 2
Case 1- Low Growth 7.00% 8.00% 8.00%
Case 2 - Mid Growth 10.00% 11.00% 11.00%
Case 3 - High Growth 12.00% 13.00% 13.00%
2022-23 E 2023-24 E 2024-25 E

19844 22351 25033

33.64% 33.80% 33.80%
22026 24864 27922
37.33% 37.60% 37.70%
14499 15871 17775
24.57% 24.00% 24.00%
2629 3042 3333
4.46% 4.60% 4.50%
58998 66128 74063
99.13% 99.20% 99.20%
12.49% 12.08% 12.00%

58998 66128 74063

521 533 597

0.87% 0.80% 0.80%
59,519 66661.112 74660.445
12.93% 12.00% 12.00%

10.00% 10.00%
12.00% 12.00%
14.00% 14.00%
FY ended 31st March(Rs. Cr) 2019-20 2020-21 2021-22Q1 2022-23 Q2 2022-23 2022-23 E Q4 22-23 E
%Expense w.r.t Total Income

Cost of materials consumed 29.63% 32.53% 31.20% 32.99% 32.60% 32.40% 32.30%
Purchases of stock-in-trade 15.81% 15.01% 17.67% 19.92% 19.40% 19.40% 19.40%
Changes in inventories -0.27% -0.85% -0.04% -0.98% -0.39% -0.39% -0.39%

Employee benefits expense 4.50% 4.97% 4.83% 4.31% 4.50% 4.50% 4.50%
Advertising and promotion 11.66% 10.02% 9.00% 9.04% 9.35% 9.35% 9.35%
Others 12.69% 12.95% 12.46% 10.76% 11.00% 11.00% 11.00%
2022-23 E 2023-24 E 2024-25 E

31.90% 31.80%
19.20% 19.20%
-0.39% -0.39%

4.50% 4.50%
9.35% 9.35%
11.00% 11.00%
FY ended 31st March(Rs. Cr) 2019-20 2020-21 2021-22 2022-23 E 2023-24 E

Revenue from operations 39783 47028 52446

COGS 18,259 22,148 25,735

Working Capital Balance

Trade receivables 1149 1758 2236

Loans 0 34 35
Inventories 2767 3579 4096
Other current assets 601 497 688
Assets held for sale 18 17 13
Total Non Cash Current Assets

total outstanding dues of micro enterprises and 0 67 60

total outstanding dues of creditors other than mi 7535 8735 9008
Trade Payable
Other current liabilities 428 588 665
Provisions 422 507 346
Total Non Debt Current Liability

Net Working Capital

(Increase)/Decrease in working Capital

Trade Receivable Days

Inventory Days
Trade Payble Days

Total Non Cash Current Assets % of Revenue from Operation

Loans
Other current assets
Assets held for sale

Total Non Debt Current Liability % of COGS

Other current liabilities
Provisions
2024-25 E
FY ended 31st March(Rs. Cr) 2019-20 Q1 2020-21Q2 2020-21Q3 2020-21Q4 2020-212020-21
Current Assets % of Revenue
Financial assets
- Investments
- Loans
- Bank balances other than cash and cash equivalents mentioned above
- Other financial assets
Current tax assets (net)

Current Liability % of COGS

Financial liabilities
- Borrowings
- Lease liabilities
- Other financial liabilities
Current tax liabilities (net)
Q1 2021-22Q2 2021-22Q3 2021-22Q4 2021-222021-22 Q1 2022-23Q2 2022-232022-23 EQ4 22-23 E 2022-23 E
2023-24 E 2024-25 E