reports
- Rayhan Ahmed
Equity Note on Reckitt Benckiser Ltd. (RECKITTBEN)
Reckitt Benckiser (Bangladesh) PLC is engaged in manufacturing and marketing of Household, Toiletries and Pharmaceutical products. The company is a multinational company with its parent company Reckitt Benckiser Limited, UK (82.96%) being the majority shareholder.
- Humayra Afroz
- Tanay Roy
Reckitt Benckiser Bangladesh: Flat NPAT growth in Q2 CY23 due to 454 b...
* EPS flat at BDT 31.11 in Q2 CY22. * Sales up by c6% yoy to BDT 1,312 mn in Q2 CY22. Growth in sales was partly driven by new product introduction and improved distribution network. * Gross margin up by 454 bps in Q2 CY22 due to decline in production and trading costs excluding factory overhead. * Opex to sales up by 454 bps in Q2 CY22 due to inflationary pressure driving up labor costs. * Effective tax rates went up 410 bps in Q2 CY22 to c33%.
- Humayra Afroz
- Tanay Roy
How did multinational companies perform in Jan-Mar 2023?
* The cumulative profits of Multinational Companies (MNCs), excluding BERGERPBL, increased by c5% yoy in Jan-Mar 2023. * Consumer staple companies experienced continued growth, performing well during the quarter: * MARICO’s profit grew c. 25% this quarter because of profitability improvement driven by lower copra price and opex management * RECKITTBEN resumed topline growth and generated strong earnings growth by trimming operating expenses * All construction companies ...
- Tanay Roy
Reckitt Benckiser Bangladesh: NPAT rose c67% yoy driven by c7% revenue...
* Earnings rose c67% yoy in Q1 CY23. Earnings rose from BDT 91 mn in Q1 CY22 to BDT 152 mn in Q1 CY23. This rise in earnings was driven by c7% yoy revenue growth and 857bps yoy fall in opex to sales. * Revenue rose c7% yoy in Q1 CY23. Revenue rose from BDT 1,275 mn in Q1 CY22 to BDT 1,366 mn in Q1 CY23. Revenue was under pressure for the last six quarters before Q4 CY22. Since then, revenue growth recovered to single digit. * Gross margin fell significantly by 239 bps yoy in Q1 CY2...
- Tanay Roy
Reckitt Benckiser Bangladesh: NPAT rose c67% yoy driven by c7% revenue...
* Earnings rose c67% yoy in Q1 CY23. Earnings rose from BDT 91 mn in Q1 CY22 to BDT 152 mn in Q1 CY23. This rise in earnings was driven by c7% yoy revenue growth and 857bps yoy fall in opex to sales. * Revenue rose c7% yoy in Q1 CY23. Revenue rose from BDT 1,275 mn in Q1 CY22 to BDT 1,366 mn in Q1 CY23. Revenue was under pressure for the last six quarters before Q4 CY22. Since then, revenue growth recovered to single digit. * Gross margin fell significantly by 239 bps yoy in Q1 CY2...
- Tanay Roy
Reckitt Benckiser Bangladesh: Earnings declined c26% yoy in Q4 CY22 an...
* c26% yoy earnings decline in Q4 CY22; c18% yoy earnings decline in CY22. NPAT fell from BDT 311 mn in Q4 CY21 to BDT 232 mn in Q4 CY22. Annual EPS stood at BDT 139.5 in CY22 against BDT 171.0 in CY21. RECKITTBEN reported a 278 bps yoy decline in EBIT margin in 9M CY22 owing to high input costs which were somewhat offset by reduced operating expenses. We believe the trend might have possibly continued in Q4 CY22 leading to the decline in earnings. * DPS stood at BDT 98 in CY22 agai...
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