Results: Quarterly Results of Asian Star Company

Y/e 31 Mar	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Growth matrix (%)
Revenue growth	(17)	(22)	11.80	5.80
Op profit growth	(46)	(32)	33.20	(1.20)
EBIT growth	(32)	(40)	37.50	3.48
Net profit growth	0.83	(42)	65	(11)
Profitability ratios (%)
OPM	2.50	3.84	4.39	3.68
EBIT margin	2.62	3.19	4.15	3.38
Net profit margin	2.51	2.08	2.79	1.89
RoCE	3.62	5.19	8.66	6.17
RoNW	1.35	1.48	2.99	2.04
RoA	0.87	0.84	1.46	0.86
Per share ratios ()
EPS	40	39.50	68.20	41.30
Dividend per share	1.50	1.50	1.50	1.50
Cash EPS	30.70	29.60	57.30	30.20
Book value per share	757	727	615	525
Valuation ratios
P/E	19.70	18.10	15.60	16.20
P/CEPS	25.70	24	18.50	22.10
P/B	1.04	0.98	1.73	1.27
EV/EBIDTA	18.10	12.90	11.90	12.90
Payout (%)
Dividend payout	--	--	2.20	3.63
Tax payout	7.43	(19)	(13)	(26)
Liquidity ratios
Debtor days	106	95.20	83.50	90.30
Inventory days	74.50	66.50	55.60	56.30
Creditor days	(26)	(22)	(28)	(35)
Leverage ratios
Interest coverage	(19)	(5)	(5.30)	(4.30)
Net debt / equity	0.18	0.28	0.45	0.81
Net debt / op. profit	3.39	2.75	2.56	5.31
Cost breakup ()
Material costs	(86)	(83)	(86)	(87)
Employee costs	(2.20)	(2.20)	(1.90)	(1.90)
Other costs	(9.30)	(11)	(7.90)	(7.10)

Y/e 31 Mar( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	2,544	3,053	3,905	3,494
yoy growth (%)	(17)	(22)	11.80	5.80
Raw materials	(2,190)	(2,523)	(3,354)	(3,053)
As % of sales	86.10	82.60	85.90	87.40
Employee costs	(55)	(66)	(73)	(65)
As % of sales	2.17	2.15	1.87	1.87
Other costs	(235)	(347)	(307)	(247)
As % of sales	9.25	11.40	7.86	7.06
Operating profit	63.60	117	171	129
OPM	2.50	3.84	4.39	3.68
Depreciation	(15)	(16)	(17)	(18)
Interest expense	(3.60)	(20)	(31)	(28)
Other income	17.90	(3.90)	8.23	7.17
Profit before tax	63	77.80	132	90.40
Taxes	4.68	(14)	(17)	(24)
Tax rate	7.43	(19)	(13)	(26)
Minorities and other	(0.10)	0.24	(0.10)	0.08
Adj. profit	67.60	63.50	114	66.60
Exceptional items	(3.60)	(0.10)	(5)	(0.40)
Net profit	63.90	63.40	109	66.10
yoy growth (%)	0.83	(42)	65	(11)
NPM	2.51	2.08	2.79	1.89

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	1,687	2,163	2,727	2,697
yoy growth (%)	(22)	(21)	1.11	13.70
Raw materials	(1,362)	(1,687)	(2,287)	(2,313)
As % of sales	80.70	78	83.90	85.80
Employee costs	(47)	(59)	(59)	(51)
As % of sales	2.81	2.72	2.17	1.90
Other costs	(232)	(342)	(293)	(233)
As % of sales	13.80	15.80	10.80	8.64
Operating profit	46	75.40	87	99.10
OPM	2.73	3.49	3.19	3.67
Depreciation	(13)	(14)	(15)	(16)
Interest expense	(2)	(18)	(26)	(24)
Other income	20.60	(1)	11.10	8.55
Profit before tax	51.70	42.20	56.50	67.50
Taxes	4.78	(14)	(16)	(23)
Tax rate	9.24	(34)	(28)	(33)
Minorities and other	--	--	--	--
Adj. profit	56.50	27.80	40.50	44.90
Exceptional items	(3.60)	(0.10)	(4.90)	(0.40)
Net profit	52.80	27.70	35.60	44.50
yoy growth (%)	90.80	(22)	(20)	10.80
NPM	3.13	1.28	1.31	1.65

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Profit before tax	63	77.80	132	90.40
Depreciation	(15)	(16)	(17)	(18)
Tax paid	4.68	(14)	(17)	(24)
Working capital	564	599	381	141
Other operating items	--	--	--	--
Operating cashflow	617	646	478	189
Capital expenditure	209	206	202	180
Free cash flow	826	853	680	370
Equity raised	1,511	1,504	1,317	1,294
Investments	83.80	65.60	61	30.80
Debt financing/disposal	3.29	151	115	278
Dividends paid	--	--	2.40	2.40
Other items	--	--	--	--
Net in cash	2,425	2,573	2,175	1,975

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Equity capital	16	16	16	16
Preference capital	--	--	--	--
Reserves	1,196	1,147	1,058	968
Net worth	1,212	1,163	1,074	984
Minority interest
Debt	549	663	690	844
Deferred tax liabilities (net)	37.50	52	50.80	48.90
Total liabilities	1,798	1,878	1,815	1,877
Fixed assets	253	267	279	291
Intangible assets
Investments	84.70	66.40	71.80	64.90
Deferred tax asset (net)	2.51	2.50	2.12	1.73
Net working capital	1,124	1,201	1,150	1,114
Inventories	485	554	566	559
Inventory Days	69.60	66.20	--	52.30
Sundry debtors	806	667	765	925
Debtor days	116	79.80	--	86.40
Other current assets	84.80	138	64.60	71.50
Sundry creditors	(219)	(130)	(201)	(229)
Creditor days	31.40	15.60	--	21.40
Other current liabilities	(33)	(28)	(45)	(213)
Cash	334	341	312	405
Total assets	1,798	1,878	1,815	1,877

Select Period

Particulars ( Rupees In Crores.)	Mar-2022	Dec-2021	Sep-2021	Jun-2021	Mar-2021
Gross Sales	1,260	1,151	1,153	859	1,087
Excise Duty	--	--	--	--	--
Net Sales	1,260	1,151	1,153	859	1,087
Other Operating Income	--	--	--	--	--
Other Income	(5.10)	0.20	6.66	6.17	3.86
Total Income	1,255	1,152	1,159	865	1,091
Total Expenditure **	1,224	1,121	1,118	835	1,058
PBIDT	30.80	30.30	41.60	29.80	33
Interest	1.05	1.57	1.33	1.32	1.09
PBDT	29.80	28.70	40.30	28.40	31.90
Depreciation	3.33	3.50	3.49	3.72	3.76
Minority Interest Before NP	--	--	--	--	--
Tax	5.37	7.36	5.69	4.19	4.64
Deferred Tax	(0.80)	(2.90)	0.47	(0.30)	(15)
Reported Profit After Tax	21.90	20.80	30.60	20.80	38.20
Minority Interest After NP	(0.20)	(0.80)	1.03	0.20	--
Net Profit after Minority Interest	22	21.60	29.60	20.60	38.20
Extra-ordinary Items	0.08	(3.80)	--	--	(3.10)
Adjusted Profit After Extra-ordinary item	22	25.50	29.60	20.60	41.30
EPS (Unit Curr.)	13.80	13.50	18.40	12.90	23.90
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	--	--	--	--	--
Equity	16	16	16	16	16
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(%)	2.45	2.63	3.61	3.46	3.03
PBDTM(%)	2.36	2.50	3.49	3.31	2.93
PATM(%)	1.74	1.81	2.66	2.42	3.51