LINDEINDIA · Chemicals
Linde India Ltd. reported revenue of ₹630 cr for January to March 2024, — on the year and −10.8% on the quarter.
Operating profit (EBITDA) was ₹179 cr, a margin of 28.4%, — on the year and +207 bps on the quarter.
Net profit was ₹104 cr, — on the year and −11.1% on the quarter, with earnings per share of ₹12.23.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹49.99 over the last four quarters, the stock at ₹6,200.00 trades at 124.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, 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).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹706 cr | ₹630 cr | ₹653 cr | ₹634 cr | ₹606 cr | ₹592 cr | ₹571 cr | ₹644 cr | ₹701 cr | ₹614 cr | ₹694 cr | ₹723 cr |
| YoY | — | — | −9% | −11% | −14% | −6% | −13% | +2% | +16% | +4% | +22% | +12% |
| EBITDA margin | 26.3% | 28.4% | 28.2% | 28.2% | 31.7% | 35.5% | 34.5% | 43.8% | 36.7% | 28.2% | 28.9% | 32.0% |
| Other income, % of PBT | 14% | 13% | 13% | 11% | 12% | 8% | 3% | 2% | 22% | 5% | 4% | 4% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 26% | 25% | 26% | 26% | 27% | 26% | 25% | 21% | 26% | 25% | 25% |
| Net profit | ₹117 cr | ₹104 cr | ₹112 cr | ₹104 cr | ₹114 cr | ₹118 cr | ₹105 cr | ₹171 cr | ₹192 cr | ₹85.0 cr | ₹105 cr | ₹119 cr |
| YoY | — | — | +14% | −3% | −3% | +13% | −6% | +64% | +68% | −28% | −0% | −31% |
| Core profit YoY | — | — | +15% | +2% | +1% | +20% | +5% | +80% | +40% | −26% | −3% | −32% |
| EPS | ₹13.74 | ₹12.23 | ₹13.08 | ₹12.24 | ₹13.37 | ₹13.82 | ₹12.32 | ₹20.05 | ₹22.46 | ₹9.99 | ₹12.26 | ₹13.93 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | 1 | 1 | 2 |
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.
Linde India Ltd. reported revenue of ₹630 cr (— on the year) and net profit of ₹104 cr (— on the year) for January to March 2024.
None of the 2 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.