Philips India Limited Unlisted Shares
Signify Innovations India Limited (Philips) Unlisted Shares
INE319A01016
was incorporated in the year -1930. Its today’s share price is 104.05. Its current market capitalisation stands at Rs 605.55 Cr. In the latest quarter, company has reported Gross Sales of Rs. 38849 Cr and Total Income of Rs.39128 Cr. The company’s management includes Sudeep Agrawal, Daniel Mazon, Geetu Gidwani Verma, Vivek Gambhir, Rajiv Mathur, S M Datta. It is listed on the BSE with a BSE Code of 500560 , NSE with an NSE Symbol of PHILIPS and ISIN of INE319A01016. It’s Registered office is at 3rd Floor, Tower A, Dlf It Park,08 Block Af, Major Arterial Road,New Town (Rajarhat)Kolkata-700156, West Bengal. Their Registrars are ACC Ltd. It’s auditors are BSR & Co, BSR & Co LLP, SR Batliboi & Co LLP.
FINANCIAL PERFORMANCE
| 1.1 RESULTS | ` Million | ||
| 2020-21 | 2019-20 | ||
| Gross Income | 48,835 | 45,764 | |
| Profit before exceptional items and tax | 2,531 | 2,346 | |
| Exceptional items | – | 142 | |
| Profit before tax | 2,531 | 2,488 | |
| Provision for current tax | (907) | (878) | |
| Deferred tax – Credit / (Charge) | 136 | (95) | |
| Profit after tax | 1,760 | 1,515 | |
| 1.2 SECTORWISE SALES | |||
| 2020-21 | 2019-20 | ||
| Personal Health | 13,459 | 11,634 | |
| Health Systems | 19,461 | 19,055 | |
| Innovation Services | 14,736 | 13,860 | |
| Others | 414 | 421 | |
| Total | 48,070 | 44,970 |
| PARTICULARS | AS AT 31 MARCH 2021 | AS AT 31 MARCH 2020 |
| Equity share capital | 575 | 575 |
| Total Equity | 44,064 | 37,512 |
| Earnings per equity share | 42.56 | 42.56 |
As the Covid19 pandemic hit us in 2020, we committed to our triple duty of care – customer and their needs, employees and their safety, our business continuity.
Customer needs
Philips has set up a task forces that are actively monitoring and supporting Philips’ operations on a daily basis, and working with customers to help ensure continued safe and timely support to meet their needs. In addition to implementing stringent measures and protocols to ensure that our field service engineers can support customers in a safe way, we are working vigilantly to provide healthcare providers with updated clinical guidance relating to the use of our professional healthcare products and solutions.
Measures to keep our employees’ safe
Employees’ health & wellbeing and enabling a productive work environment was our top most priority.We introduced some benefits for your employees and their families like, Home office setup reimbursement for office-based roles a one-time set- up cost of 75% of the expense incurred upto INR 10,000. Flexible and globally alignment Work from home guidelines which substitute the existing WFH policy during the implementation of Return to Work Protocol. Broadband reimbursement of INR 750 plus taxes. Covid19 Homecare expenses for your employee, spouse and kids upto INR 20,000. Covid19 Hospitalization Expenses: All Covid19 treatment related hospitalizations were covered under the selected medical insurance plan & family structure. We also introduced Covid19 emergency hotline & hospitalization support, Doctor consultation on Phone and tool-free mobile Employee Assistance Program (EAP).
Business continuity
Despite the COVID-19 pandemic, Philips has been able to continue its business operations. As expected, we are seeing decreased demand for our consumer product portfolio in the most affected regions, and increased demand for our professional healthcare portfolio.
Shareholding Pattern:
| Shareholders Name | number of shares | % of share |
| Koninklijke Philips N.V. | 5,52,90,182 | 96.13 |
| Philips Radio B.V. | 60 | 0 |
* The unusual high profit is coming due to deferred tax credit
| Year | Net-Worth | Debt | Debt/NW | RONW | FCF |
| 2018 | 1930 | 68 | 0.04 | 8% | 83.9 |
| 2019 | 2096 | 67 | 0.03 | 9% | 32 |
| 2020 | 2052 | 132 | 0.06 | 7% | 118 |
Business Analysis For FY18-19:
(i) During the year 2018-19, the Health Systems business suffered a revenue de-growth of 3.4% year-on-year, primarily due to the credit squeeze in the financial market attributable to the crisis in the non-banking financial companies (NBFC) sector. The overall Health Systems market de-grew by 3.6% in the fourth quarter of 2018 Moving Annual Turnover (MAT) level, led by the de-growth in Precision diagnostics and Image-Guided Therapy (IGT) equipment by 3.5% and 21.7%, respectively.
(ii) The Personal Health business registered sales growth of 14.6%, over the previous financial year. The growth was driven in all the categories especially with strong growth in Personal Care, Home Care, erstwhile Air, and Floor Care and Beauty Products. The growth of Air Purifiers was driven by public awareness around air quality, especially in the northern part of the country.
(iii) In FY 2018-19, Preethi, a subsidiary, registered significant progress and delivered a 19.5% sales growth over last year with improved profitability. During the year, the focus of the Preethi business was on the cooking appliances segment. Gas Stove category has achieved a sizable share in FY 2018-19 and contributed 13% of the revenue.
(iv) During the year, Philips Home Care, a subsidiary, the business segment didn’t expand to the expected levels due to various challenges in the marketplace.
(v) For brand improving, the Company has enhanced presence across various social media platforms to target youth of the Country. Further, the Company has also engaged famous cricketers, Mr. Virat Kohli and Mr. Rahul Dravid in order to attract the young consumers of the country.
Business Analysis of FY19-20
a) During the year 2019-20, the Health Systems business of the Company delivered another year of strong performance was driven by growth in Image-Guided Therapy (IGT 19.6%) and Patient Care & Monitoring solutions (10%) despite macroeconomic challenges including credit squeeze in the financial market attributable to the crisis in the non-banking financial companies (NBFC) sector.
b) In Image Guided Therapy (IGT), Philips Market share improved by 5%. The market is still reeling under the stent price capping which is causing the value and performance segments to grow. In Magnetic Resonance (MR), Philips Market share declined by 8% whereas in Computed Tomography (CT), and the company witnessed a dip of 3% in market share. Ultrasound business of the Company improved market share from 17.3% to 18%.
c) Financial year 2019-20 has been a challenging year with unfavorable macro-economic conditions, slowing market growths and then Covid-19 outbreak followed by lockdown as containment measures. With these ongoing headwinds, Personal Health business of the Company was still able to deliver sales growth of 5.8%, over the previous financial year. There has been and increase in cost trends of the commodities and adverse currency fluctuations due to global factors.
- Philips India Ltd Annual Report 2019-20
- Philips India Ltd Annual Report 2018-19
- Philips India Ltd Annual Report 2017-18
- Philips India Ltd Annual Report 2016-17
- Philips India Ltd Annual Report 2015-16
- Philips India Ltd Annual Report 2014-15
Philips India Share Price and Delisted/Unlisted Shares – Company Overview
Philips India Limited is a subsidiary of Royal Philips of the Netherlands, a leading health technology company focused on improving people’s health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment, and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions.
The Company sells its products primarily in India through independent distributors and modern trade. The company is a leader in diagnostic imaging, image-guided therapy, patient monitoring, and health informatics, as well as in consumer health and home care. Philips shares are available in unlisted shares in India. Philips share price keeps changing regularly, it is not fixed.
Philips India Price Delisted Share Details As of March 31,2022
| Philips India Outstanding Shares: | 57,517,242 |
| Face Value of Philips India Share: | Rs. 10 Per Equity Share |
| ISIN of Philips India Share: | INE319A01016 |
| Lot Size of Philips India Share: | 50 Shares |
| Philips India Share Price: | Best in Industry |
| PAN Number of Philips India: | AABCP9487A |
| Date of Delisting of Philips India: | 16-Feb-04 |
| Reason of Delisting of Philips India: | Non compliance with clause 21(3)(a) of the SEBI(SAST) Regulations 1997 |
Incorporation Details of Philips
Philips India CIN Number | U31902WB1930PLC006663 |
Philips India Registration Date | 31-Jan-30 |
Category / Sub-Category of Philips India | Company Limited by Shares |
Philips India Registered Office Address | 7, Justice Chandra Madhab Road, Calcutta – 700020 |
Philips India Registrar & Transfer Agent Address and Contact Details | K Fin Technologies Private Limited, Selenium Tower B, Plot 31-32, Gachibowli, Financial District Nanakramguda, Hyderabad – 500032, Telephone: 040 – 67162222 |
Board of Directors of Philips
S. M. Datta, Chairman and Non-Executive Independent Director
Daniel Mazon, Vice-Chairman and Managing Director
Pooja Bedi, Whole-Time Director and Company Secretary
Sudeep Agrawal, Whole-Time Director and Chief Financial Officer
Geetu Gidwani Verma, Non-Executive Independent Director
Philips India Particulars of Subsidiary And Associate Companies
| S. No. | Name of the Company | Holding/ Subsidiary/ Associate/ Joint Venture | % of Shares held |
| 1. | Preethi Kitchen Appliances Private Limited | Subsidiary | 100 |
| 2. | Philips Domestic Appliances Limited | Subsidiary | 100 |
| 3. | Philips Home Care Services India Private Limited | Subsidiary | 100 |
Industry Outlook of Philips
HEALTH SYSTEM
During the year 2021-22, Health Systems business of your Company delivered another year of strong performance with
overall revenue growth of above 60% driven by favorable market growth and customer requirements during the pandemic.
The addressable market has grown in high double digit in the range of 40% triggered by change in healthcare needs caused
by the pandemic situation.
Your Company continues to do strong business with most of its strategic key accounts focusing on multi-modality deals and
in government tenders.
There were a few products launched such as,
1. MR 5300 – Helium free 1.5 T MRI.
2. Spectral CT 7500 – Premium CT scan with dual detectors – making it the most advanced Philips CT scanner in CT
portfolio.
These products help position Philips as a leading innovation focused healthcare company in the market. Your company
during the year has also added to its portfolio the entire Respironics Range under Sleep and Respiratory Care (S&RC) with
Global Manufacturing Footprints and dependency on multiple vendors across geography, pandemic has caused supply chain
disruption which is expected to affect and may impact supply chain and Company performance in the medium term.
Your Company’s global innovation strengths at Bangalore (PIC) along with global design and manufacturing at Pune (HIC)
are delivering world-class “Made in India” medical equipment. The Affiniti series of ultrasounds (Afiiniti 30, Affiniti 50, Affiniti
70) are made in India and contributes to nearly half of Philips ultrasound business in India. Your Company has implemented
a strong strategy for gaining its market share over the next 3 year.
PHILIPS INDIA Limited Balance Sheet (In Rs. Millions)
| PARTICULARS | 31st March 2023 | 31st March 2022 |
| ASSETS | ||
| Non-current assets | ||
| Property, Plant and Equipment | 2,526 | 3,441 |
| Capital work-in-progress | 1,158 | 269 |
| Investment property Financial Assets | 1,334 | 1,366 |
| Trade Receivables | 715 | 1,186 |
| Investments | – | – |
| Other Financial Assets | 159 | 409 |
| Deferred tax assets (net) | 633 | 385 |
| Advance income tax (net of provision) | 3,724 | 3,629 |
| Other non-current assets | 549 | 665 |
| Total Non-current assets | 10,798 | 11,350 |
| Current assets | ||
| Inventories | 7,184 | 6,861 |
| Contract Assets Financial Assets | 710 | 587 |
| Trade receivables | 7,401 | 7,501 |
| Investments | 50 | 53 |
| Cash and cash equivalents | 2,118 | 13,159 |
| Other Financial Assets | 498 | 415 |
| Other current assets | 3,642 | 3,523 |
| Total Current assets | 21,603 | 32,099 |
| TOTAL ASSETS | 32,401 | 43,449 |
| EQUITY AND LIABILITIES EQUITY | ||
| Equity share capital | 575 | 575 |
| Other Equity | 11,768 | 22,200 |
| Equity attributable to equity shareholders LIABILITIES | 12,343 | 22,775 |
| Non-current liabilities | ||
| Contract Liabilities | 1,099 | 1,248 |
| Financial Liabilities Lease Liabilities | 603 | 1,204 |
| Other non-current liabilities | 146 | 45 |
| Provisions | 2,809 | 2,378 |
| Total Non-current liabilities | 4,657 | 4,875 |
| Current liabilities | ||
| Contract Liabilities Financial Liabilities | 4,176 | 4,137 |
| Lease Liabilities | 598 | 708 |
| Trade Payables | ||
| Total outstanding dues of micro enterprises and small enterprises | 134 | 11 |
| Total outstanding dues of creditors other than micro enterprises and small enterprises | 7,045 | 7,460 |
| Other financial liabilities | 410 | 368 |
| Other current liabilities | 1,921 | 1,855 |
| Provision for taxation (net of advances) | 313 | 306 |
| Provisions | 804 | 954 |
| Total Current liabilities | 15,401 | 15,799 |
| TOTAL EQUITY AND LIABILITIES | 32,401 | 43,449 |
PHILIPS INDIA Limited Profit & Loss Statement (In Rs. Millions)
| PARTICULARS | 31st March 2023 | 31st March 2022 |
| Income | ||
| Revenue from operations | 57,340 | 54,814 |
| Other income | 719 | 648 |
| Total Income | 58,059 | 55,462 |
| Expenses | ||
| Cost of raw materials consumed | 4,630 | 3,905 |
| Purchases of stock-in-trade | 19,803 | 24,460 |
| Changes in inventories of work-in-progress, finished goods | -562 | -1,812 |
| and stock-in-trade | ||
| Employee benefits expense | 20,115 | 16,590 |
| Finance costs | 264 | 272 |
| Depreciation and amortization expense | 1,285 | 1,384 |
| Other expenses | 9,316 | 8,330 |
| Total expenses | 54,851 | 53,129 |
| Profit before exceptional items and tax | 3,208 | 2,333 |
| Exceptional items (net) Loss / (Profit) | – | -1,309 |
| Profit before tax | 3,208 | 3,642 |
| Profit / (loss) from continuing operations | 3,208 | 3,572 |
| Tax expense | ||
| Current tax | -827 | -818 |
| Deferred tax expenses – credit / (charge) | 219 | -161 |
| Profit / (loss) after tax from continuing operations | 2,600 | 2,593 |
| Profit / (loss) from discontinued operations | – | 70 |
| Tax expense | ||
| Current tax | – | -18 |
| Deferred tax expenses – credit / (charge) | – | 14 |
| Profit / (loss) after tax from discontinued operations | – | 66 |
| Profit for the year | 2,600 | 2,659 |
| Other Comprehensive Income | ||
| Items that will not be reclassified subsequently to profit or Loss | ||
| Re-measurement gains / (losses) on defined benefit plans | -120 | 399 |
| Income tax effect on defined benefit plans continuing operations | 30 | -301 |
| Income tax effect on defined benefit plans discontinued operations | – | – |
| Other Comprehensive Income for the year (B) | -90 | 98 |
| Total Comprehensive income for the year (A+B) | 2,510 | 2,757 |
| Earnings per equity share for continuing and discontinued operations | ||
| Basic and diluted earnings per equity share of `10 each (in `) | 45 | 46.23 |
PHILIPS INDIA Limited Consolidated Cash Flow Statement (In Rs. Millions)
| PARTICULARS | 31st March 2023 | 31st March 2022 |
| A. Cash generated from operating activities | ||
| Profit before tax from continuing operations | 3,208 | 3,572 |
| Profit before tax from discontinued operations | – | 70 |
| Exceptional items | – | -1,309 |
| Profit before tax and exceptional items | 3,208 | 2,333 |
| Adjusted for | ||
| Write off & other adjustment of Property, Plant & Equipment | 9 | 2 |
| Profit on sale of property | -16 | – |
| Depreciation and amortization | 1,285 | 1,384 |
| Unrealized foreign exchange (gain) and loss (net) | 21 | 5 |
| Allowances for doubtful trade receivables & loans & advances | 158 | 24 |
| Liabilities no longer required written back | -105 | -79 |
| Interest on advances, current accounts and deposits | -506 | -454 |
| Lease Rental Income | -109 | -51 |
| Finance costs | 264 | 272 |
| Total of Adjustment | 1,001 | 1103 |
| Operating profit before working capital changes | 4,209 | 3436 |
| Changes in | ||
| Trade receivables and other loans & advances | 289 | -1745 |
| Inventories | -323 | -3309 |
| Trade payables and other liabilities | 107 | 3781 |
| Cash generated from operations | 4,282 | 2163 |
| Income tax paid (net of refunds) | -869 | -846 |
| Net Cash generated from operating activities | 3,413 | 1317 |
| B. Cash generated from investing activities | ||
| Purchase of Property, Plant and Equipment | -1,256 | -1574 |
| Proceeds from sale of Property, Plant & Equipment | 32 | 1040 |
| Proceeds from redemption of Investments | 59 | – |
| Cash Received from subsidiary on Capital Reduction | – | 4066 |
| Lease Rental Income | 109 | 51 |
| Investments made during the year | – | -171 |
| Interest received | 527 | 270 |
| Net Cash used in investing activities | -529 | 3682 |
| C. Cash flow from financing activities | ||
| Finance costs | -264 | -272 |
| Principal repayment of lease liabilities | -720 | -708 |
| Dividend paid | -12,941 | -173 |
| Net Cash used in financing activities | -13,925 | -1153 |
| Increase / (Decrease) in cash and cash equivalents (A+B+C) | -11,041 | 3846 |
| D. Cash and cash equivalents – Opening Balance | ||
| Cash and cash equivalents | 2,524 | 180 |
| Unpaid dividend | 15 | 15 |
| Deposits with Banks | 10,620 | 9118 |
| Total | 13,159 | 9313 |
| E. Cash and cash equivalents – Closing Balance | ||
| Cash and cash equivalents | 299 | 2524 |
| Unpaid dividend | 19 | 15 |
| Deposits with Banks | 1,800 | 10620 |
| Total | 2,118 | 13159 |
| Net increase/(decrease) in cash and cash equivalents (E-D) | -11,041 | 3846 |
Let ‘s break down the Cash Flow Statement for the years FY 2023 and FY 2022.
Cash Flow Analysis – 2023:
Operating Activities: In 2023, Philips India excelled in operating cash generation, with operating profit before working capital changes soaring to 4,209. Improved receivables management and increased operational efficiency led to a substantial increase in cash generated from operations to 4,282. Despite higher income tax payments, net cash from operating activities rose significantly to 3,413.
Investing Activities: The cash flow from investing activities improved in 2023, shifting from net cash used to net cash generated. Positive contributions from the sale of assets and increased interest received led to a notable improvement, resulting in a net cash used in investing activities of -529.
Financing Activities: Philips India experienced a significant increase in net cash used in financing activities, mainly driven by a substantial rise in dividend payments to -12,941. Despite stable finance costs and lease liabilities, the company ‘s financing decisions led to a net cash used in financing activities of -13,925.
Cash and Cash Equivalents: The closing balance of cash and cash equivalents decreased significantly from 2,524 to 299 at the end of 2023, reflecting the impact of cash flow activities throughout the year.
Cash Flow Analysis – 2022:
Operating Activities: In 2022, Philips India saw a moderate increase in cash generated from operating activities, driven by improved operational efficiency. Despite challenges in receivables management, net cash from operating activities increased to 1,317.
Investing Activities: The cash flow from investing activities saw a notable increase in net cash used in 2022, primarily due to stable investments and interest received. The net cash used in investing activities increased to 3,682.
Financing Activities: Philips India experienced a decrease in net cash used in financing activities in 2022, driven by lower dividend payments. Stable finance costs and lease liabilities contributed to a net cash used in financing activities of -1,153.
Cash and Cash Equivalents: The closing balance of cash and cash equivalents increased significantly from 180 at the beginning of the year to 2,524 at the end of 2022, reflecting the company ‘s cash flow activities throughout the year.
Philips India Limited Financial Ratios
| PARTICULARS | 2023 | 2023 | Read in |
| Return on equity ratio | 14.81 | 11.6 | % |
| Current ratio | 1.4 | 2.1 | Times |
| Inventory turnover ratio | 3.4 | 4.8 | Times |
| Trade receivables turnover ratio | 6.82 | 6.9 | Times |
| Trade payables turnover ratio | 3.36 | 4.55 | Times |
| Net capital turnover ratio | 9.14 | 3.33 | Times |
| Net profit ratio | 4.53 | 4.9 | Times |
| Return on capital employed | 23.99 | 8.9 | Times |
| Return on investment | 6.86 | 6.2 | Times |
The financial ratios of Philips India provide insight into the company ‘s financial performance and position For March 31, 2023.
Return on Equity (ROE):
Increased to 14.81% in 2023 from 11.6% in 2022, indicating improved profitability and effective use of shareholders ‘ investments.
Current Ratio:
Decreased from 2.1 to 1.4 times in 2023, signalling a potential change in short-term liquidity; industry benchmarks need consideration.
Inventory Turnover Ratio:
Improved from 3.4 to 4.8 times in 2023, reflecting efficient inventory management and lower carrying costs.
Trade Receivables Turnover Ratio:
Remained stable at 6.82 times in 2023, suggesting consistent efficiency in collecting receivables.
Trade Payables Turnover Ratio:
Decreased from 4.55 to 3.36 times in 2023, possibly indicating alterations in payment terms or working capital management.
Net Capital Turnover Ratio:
Substantially increased from 3.33 to 9.14 times in 2023, showcasing improved capital utilization and operational efficiency.
Net Profit Ratio:
Slightly decreased from 4.9 to 4.53 times in 2023, indicating maintained profitability relative to sales.
Return on Capital Employed (ROCE):
Significantly increased from 8.9 to 23.99 times in 2023, reflecting higher returns on employed capital.
Return on Investment (ROI):
Increased from 6.2 to 6.86 times in 2023, demonstrating improved returns on total invested capital.
In summary, Philips India displayed positive shifts in efficiency, profitability, and capital utilization in the fiscal year ending March 31, 2023, compared to the previous year. The company made notable improvements across various aspects of financial performance and position.
Dividend history of Philips India Limited (In Rs. Millions)
| PATICULAR | 2023 | 2023 |
| Final Dividend per share | Nil | Rs. 3 |
| Retained earnings for the year | 11,768 | 22,200 |
