The Sunshine Holdings Group recorded consolidated revenue of LKR 24.3 billion for the year ended 31st March 2021 (FY 20/21), up 16.6% YoY.
The Group revenue which predominantly includes revenue from Healthcare and Consumer sectors, contributed 52.5% and 29.3% respectively, while the Agribusiness sectors accounted for 16.2%.
The Healthcare sector recorded YoY growth of 14.5% YoY against last year, while the Consumer goods sector recorded a 30.8% YoY increase in revenue mainly due to the performance of Daintee Limited in the last seven months.
The gross profit margin for FY 20/21 stood at 31.8%, an increase of 22 basis points against last year. The gross profit closed at LKR 7.7 billion up 25.2% YoY compared to the previous year backed by the contribution from the Consumer goods and Agribusiness sectors. The Group EBIT closed at LKR 3.5 billion, an increase of 21.2% YoY.
The healthcare sector recorded revenue of LKR 12.8 billion at the close of FY 20/21, an increase of 14.5% YoY on the back of strong growth in the pharma and medical device businesses, while EBIT for the sector was up by 39.4% YoY. The Healthcare sector Profit After Tax (PAT) increased by 61.6% YoY, mainly due to higher revenue and operational efficiencies.
The Consumer Goods sector reported a 30.8% YoY increase in revenue to close at LKR 7.1 billion. The revenue increase is mainly due to the contribution from the confectionary business segment. The EBIT for the sector closed at 580 million up 39.2% YoY. The PAT of the sector increased by 7.2% YoY to LKR 467 million in comparison to last year.
Agribusiness sector revenue increased by 2.5% YoY. The EBIT increased to LKR 1.8 billion from LKR 1.1 billion due to the improved performances in both Palm oil and Dairy segments. PAT of the Agri sector closed at LKR 1.7 billion for FY 20/21, up 120% YoY compared to the same period last year, while PAT of the Dairy segment increased to LKR 60 million from a net loss of LKR 189 million in FY 19/20.
Energy sector revenue increased to LKR 440 million in FY 20/21, from LKR 313 million due to higher rainfall in the catchment areas and increased capacity of the solar power. However, the Hydropower segment was divested by the group on 7th April 2021, to refocus on core sectors.
As a result, a provision for impairment of investment in the Hydropower segment was made in the books of Sunshine Energy (Pvt) Ltd, amounting to LKR 143 million as of 31st March 2021.
Group PAT amounted to LKR 2.5 billion in FY 20/21 compared to LKR 1.8 billion reported during last year. Profits attributable to equity shareholders (PATMI) increased by 32.7% YoY to LKR 1.5 billion in FY 20/21.
“As a Group, we have been facing challenges in some of our core sectors and will continue to do so in the short to medium term due to the negative economic impact caused by the COVID-19 pandemic and subsequent lockdowns. All possible measures have been taken to ensure business sustainability and continuity in the coming months,” V. Govindasamy, Group Managing Director said.