PGHH Q3FY23 PAT grows 60% to Rs165 crore on sharp fall in input costs and tax credits

PGHH reported -9.26% lower total revenues for the March 2023 quarter on consolidated basis at Rs883cr. On a sequential basis, the revenues were down -22.36%. The company saw good traction in the hygiene business and the company undertook a sharp lowering of material costs and higher inventory efficiency gains in the quarter.

Another major reason for the 60% spike in the net profit was from the reversal of tax provisions of Rs58 crore in the previous quarters, which has shown as tax credit for this quarter. If that was factored, then the profits for the quarter would have been lower on a yoy basis.

Financial highlights for Mar-23 compared yoy and sequentially

Due to the predominant impact of the tax credit in the quarter, the company saw its net margins for the quarter expand from 10.57% to 18.69%. PGHH follows the July to June yearly fiscal cycle so the March quarter was the third quarter for FY23.