Hemas poised to meet challenges head-on
View(s):Hemas Holdings is poised to meet challenges head-on with a strong strategic vision to drive growth while maintaining an acceptable risk profile, it announced in the financial results for the year ending March 31, 2023.
“Hemas will continue to leverage on the strength of the business relationships of our strategic partners to generate win-win solutions and continue investments to strengthen the core portfolio. Exports and Internationalisation will remain focus areas, while the group explores opportunities for organic and inorganic growth primarily in consumer and healthcare spaces,” Kasturi C. Wilson, Group Chief Executive Officer, said in her review.
The group posted a revenue of Rs. 113.9 billion for the financial year 2022/23, a growth of 44.5 per cent over last year. The high input costs, foreign currency limitations coupled with escalating interest costs experienced had a significant impact on the performance. The group posted a cumulative operating profit of Rs. 11 billion, a 61.6 per cent growth over previous year and the earnings for the period remained flat against last year at Rs. 4.3 billion.
With relatively improved operating conditions, the revenue for the quarter reported a growth of 52.6 per cent while the operating profit for the quarter Rs. 3 billion was an increase of 96.5 per cent against last year. However, under elevated borrowing costs and increased working capital base, the earnings for the quarter remained flat at Rs 1.1 billion. Total tax payments to the Government for the year under review is Rs. 9.9 billion.
The market witnessed price reductions and promotional trade schemes to stimulate consumption. However, changes made to the personal income tax structure severely impacted modern trade sales volumes as consumers rationalised their purchases under reduced disposable income levels. The market continued to experience double-digit volume contraction in comparison to the previous year but did witness a recovering momentum on a quarter-on-quarter basis.
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