HONASA · Fast Moving Consumer Goods
Honasa Consumer Ltd. reported revenue of ₹518 cr for October to December 2024, +6.1% on the year and +12.1% on the quarter.
Operating profit (EBITDA) was ₹26.0 cr, a margin of 5.0%, −195 bps on the year and +1,173 bps on the quarter. Over the last 7 quarters the margin has ranged from −6.7% to 8.3%, averaging 5.0%. Operating costs grew +8.4%, faster than revenue at +6.1%, so operating profit grew less than sales.
Net profit was ₹26.0 cr, 0.0% on the year and — on the quarter, with earnings per share of ₹0.80. Profit before other income, one-offs and tax fell 58.3%, so 58 points of the headline growth came from outside the core business. The tax rate was 12% against an average of 24% over the previous 5 quarters, which lifted profit this quarter.
On earnings per share of ₹2.41 over the last four quarters, the stock at ₹452.95 trades at 187.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 66% of profit before tax, against 31% a year earlier.
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 12.0% against 23.3% over the previous quarters, worth about ₹3.3 cr of profit.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 5.0%, −195 bps on the year (+1,173 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹496 cr | ₹488 cr | ₹471 cr | ₹554 cr | ₹462 cr | ₹518 cr | ₹534 cr | ₹595 cr | ₹538 cr | ₹602 cr | ₹657 cr | ₹756 cr |
| YoY | — | — | — | +19% | −7% | +6% | +13% | +7% | +16% | +16% | +23% | +27% |
| EBITDA margin | 8.1% | 7.0% | 7.0% | 8.3% | −6.7% | 5.0% | 5.1% | 7.7% | 8.9% | 10.8% | 11.7% | 14.6% |
| Other income, % of PBT | 18% | 31% | 49% | 37% | — | 66% | 66% | 43% | 38% | 24% | 23% | 19% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 22% | 23% | — | 12% | 22% | 26% | 26% | 25% | 15% | 24% |
| Net profit | ₹29.0 cr | ₹26.0 cr | ₹30.0 cr | ₹40.0 cr | −₹19.0 cr | ₹26.0 cr | ₹25.0 cr | ₹41.0 cr | ₹39.0 cr | ₹50.0 cr | ₹69.0 cr | ₹90.0 cr |
| YoY | — | — | — | +60% | −166% | 0% | −17% | +2% | — | +92% | +176% | +120% |
| Core profit YoY | — | — | — | +57% | −238% | −58% | −45% | −3% | — | +410% | +473% | +200% |
| EPS | ₹2.16 | ₹0.80 | ₹0.94 | ₹1.24 | −₹0.57 | ₹0.80 | ₹0.77 | ₹1.27 | ₹1.21 | ₹1.54 | ₹2.13 | ₹2.77 |
| Flags | · | 1 | 1 | ✓ | 2 | 2 | 1 | ✓ | 1 | 1 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Honasa Consumer Ltd. reported revenue of ₹518 cr (+6.1% on the year) and net profit of ₹26.0 cr (0.0% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −58.3% on the year, against 0.0% for reported profit.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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