Ashok Leyland Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth (26) 29.50 7.58 38.60
Op profit growth (24) 29 10.60 96.40
EBIT growth (32) 34 11.90 126
Net profit growth (81) 10.80 133 409
Profitability ratios (%)        
OPM 14.70 14.30 14.40 14
EBIT margin 11.80 12.90 12.40 11.90
Net profit margin 1.53 5.94 6.95 3.21
RoCE 9.07 16.70 14.80 15.90
RoNW 1.11 6.37 6.82 3.49
RoA 0.29 1.93 2.07 1.07
Per share ratios ()        
EPS 1.57 6.20 5.74 2.50
Dividend per share 0.50 2.43 1.56 0.95
Cash EPS (1.40) 3.81 3.57 0.56
Book value per share 26.50 25.40 22.50 18.50
Valuation ratios        
P/E 27.40 23.40 14.70 43.40
P/CEPS (31) 38.20 23.70 196
P/B 1.62 5.73 3.76 5.87
EV/EBIDTA 9.82 12.80 10.60 13.10
Payout (%)        
Dividend payout -- 40.40 28.70 22.60
Tax payout (35) (29) (11) (31)
Liquidity ratios        
Debtor days 22.20 14.90 21.50 24
Inventory days 31.30 31.90 38.90 30.70
Creditor days (80) (62) (58) (58)
Leverage ratios        
Interest coverage (1.40) (3.10) (2.70) (2.70)
Net debt / equity 2.59 1.96 1.89 1.77
Net debt / op. profit 6.24 3.43 3.67 3.13
Cost breakup ()        
Material costs (61) (65) (64) (66)
Employee costs (10) (7.60) (8.10) (8)
Other costs (14) (13) (13) (12)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 21,951 29,620 22,871 21,260
yoy growth (%) (26) 29.50 7.58 38.60
Raw materials (13,346) (19,218) (14,734) (13,974)
As % of sales 60.80 64.90 64.40 65.70
Employee costs (2,190) (2,257) (1,850) (1,711)
As % of sales 9.98 7.62 8.09 8.05
Other costs (3,182) (3,896) (2,993) (2,597)
As % of sales 14.50 13.20 13.10 12.20
Operating profit 3,233 4,248 3,294 2,979
OPM 14.70 14.30 14.40 14
Depreciation (750) (646) (573) (524)
Interest expense (1,802) (1,232) (1,049) (925)
Other income 108 206 121 85.10
Profit before tax 790 2,577 1,793 1,615
Taxes (279) (751) (196) (497)
Tax rate (35) (29) (11) (31)
Minorities and other (123) (66) (48) (30)
Adj. profit 387 1,760 1,549 1,088
Exceptional items (53) 0.39 40.10 (406)
Net profit 337 1,760 1,589 682
yoy growth (%) (81) 10.80 133 409
NPM 1.53 5.94 6.95 3.21
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 790 2,577 1,793 1,615
Depreciation (750) (646) (573) (524)
Tax paid (279) (751) (196) (497)
Working capital 7,628 492 77.60 (78)
Other operating items -- -- -- --
Operating cashflow 7,388 1,673 1,102 517
Capital expenditure 192 (2,006) 1,150 (1,150)
Free cash flow 7,580 (333) 2,252 (634)
Equity raised 10,909 10,314 9,955 10,560
Investments (204) 2,883 902 (902)
Debt financing/disposal 18,846 11,835 6,219 6,420
Dividends paid -- 711 457 154
Other items -- -- -- --
Net in cash 37,131 25,410 19,785 15,598
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 294 294 293 293
Preference capital -- -- -- --
Reserves 7,495 8,452 7,128 6,100
Net worth 7,789 8,746 7,421 6,393
Minority interest
Debt 22,417 19,168 15,791 13,168
Deferred tax liabilities (net) 1,070 1,098 727 764
Total liabilities 32,383 30,087 24,764 20,914
Fixed assets 8,605 7,373 7,036 6,835
Intangible assets
Investments 960 1,492 4,383 1,933
Deferred tax asset (net) 739 851 571 751
Net working capital 19,843 18,594 11,545 10,331
Inventories 1,547 3,077 2,214 2,955
Inventory Days 25.70 -- 27.30 47.20
Sundry debtors 1,496 2,717 1,176 1,238
Debtor days 24.90 -- 14.50 19.80
Other current assets 23,286 22,689 17,344 12,584
Sundry creditors (3,051) (5,315) (5,169) (3,499)
Creditor days 50.70 -- 63.70 55.80
Other current liabilities (3,435) (4,575) (4,020) (2,947)
Cash 2,235 1,777 1,231 1,064
Total assets 32,383 30,087 24,764 20,914
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Particulars ( Rupees In Crores.) Jun-2020 Mar-2020 Dec-2019 Sep-2019 Jun-2019
Gross Sales 1,480 5,062 5,148 5,033 6,515
Excise Duty -- -- -- -- --
Net Sales 1,480 5,062 5,148 5,033 6,515
Other Operating Income 5.88 25.90 40.70 63.10 73.50
Other Income 25.70 40.20 20.20 25.10 25.30
Total Income 1,512 5,128 5,209 5,121 6,614
Total Expenditure ** 1,368 4,385 4,439 4,399 5,557
PBIDT 143 743 770 722 1,056
Interest 485 445 468 456 432
PBDT (342) 298 302 265 624
Depreciation 185 209 180 178 183
Minority Interest Before NP -- -- -- -- --
Tax 19 (2.90) 65.90 (31) 163
Deferred Tax (157) 34.10 (1.70) 49.10 3.25
Reported Profit After Tax (389) 57.80 57.10 70 275
Minority Interest After NP 20.30 39.70 30.30 25.40 27.80
Net Profit after Minority Interest (409) 18.10 26.80 44.60 247
Extra-ordinary Items (1.60) (1.30) (1) (21) (1.60)
Adjusted Profit After Extra-ordinary item (407) 19.30 27.80 65.10 249
EPS (Unit Curr.) (1.40) 0.06 0.09 0.15 0.84
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- 50 -- -- --
Equity 294 294 294 294 294
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 9.68 14.70 15 14.30 16.20
PBDTM(%) (23) 5.88 5.86 5.27 9.59
PATM(%) (26) 1.14 1.11 1.39 4.22