Balkrishna Industries Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 29.20 14.90 (15) 1.19
Op profit growth 12.40 37.50 13.10 (18)
EBIT growth 6.28 51.40 (6.20) 3.75
Net profit growth 33.90 60.80 (5.70) (0.40)
Profitability ratios (%)        
OPM 26.40 30.40 25.40 19.10
EBIT margin 23.90 29 22 19.90
Net profit margin 19.90 19.30 13.80 12.40
RoCE 20.10 21.10 14.60 16.30
RoNW 5.61 5.67 4.41 5.66
RoA 4.19 3.50 2.28 2.53
Per share ratios ()        
EPS 49.70 73.10 44.50 48.40
Dividend per share 20 8 5.50 2.40
Cash EPS 30.30 42.70 16.90 23.70
Book value per share 259 367 287 235
Valuation ratios        
P/E 15.90 9.48 7.07 6.67
P/CEPS 26.10 16.20 18.60 13.60
P/B 3.05 1.89 1.10 1.37
EV/EBIDTA 10.60 10.70 7.68 8.13
Payout (%)        
Dividend payout 48.60 8.93 20.60 5.89
Tax payout (16) (32) (34) (34)
Liquidity ratios        
Debtor days 38 39 54.40 57.10
Inventory days 41.40 42.90 45.60 46.80
Creditor days (47) (54) (59) (52)
Leverage ratios        
Interest coverage (129) (49) (18) (16)
Net debt / equity 0.17 0.39 0.57 0.85
Net debt / op. profit 0.68 1.21 1.91 2.65
Cost breakup ()        
Material costs (44) (42) (44) (52)
Employee costs (6.80) (6.90) (7.30) (6)
Other costs (22) (20) (24) (23)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2017 Mar-2016 Mar-2015
Revenue 4,811 3,723 3,239 3,817
yoy growth (%) 29.20 14.90 (15) 1.19
Raw materials (2,139) (1,580) (1,419) (1,978)
As % of sales 44.50 42.40 43.80 51.80
Employee costs (329) (257) (235) (227)
As % of sales 6.83 6.90 7.25 5.96
Other costs (1,073) (756) (763) (884)
As % of sales 22.30 20.30 23.60 23.20
Operating profit 1,271 1,131 822 727
OPM 26.40 30.40 25.40 19.10
Depreciation (374) (304) (282) (244)
Interest expense (8.90) (22) (39) (48)
Other income 251 254 174 277
Profit before tax 1,140 1,059 674 713
Taxes (180) (342) (229) (241)
Tax rate (16) (32) (34) (34)
Minorities and other -- -- -- --
Adj. profit 960 717 446 473
Exceptional items -- -- -- --
Net profit 960 717 446 473
yoy growth (%) 33.90 60.80 (5.70) (0.40)
NPM 19.90 19.30 13.80 12.40
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2017 Mar-2016 Mar-2015
Profit before tax 1,140 1,059 674 713
Depreciation (374) (304) (282) (244)
Tax paid (180) (342) (229) (241)
Working capital 295 (480) (315) 222
Other operating items -- -- -- --
Operating cashflow 882 (67) (151) 451
Capital expenditure 3,856 2,155 1,285 240
Free cash flow 4,738 2,088 1,133 691
Equity raised 5,258 3,951 3,810 3,683
Investments 1,049 1,347 833 73.90
Debt financing/disposal 762 430 487 544
Dividends paid 387 53.20 76.40 23.20
Other items -- -- -- --
Net in cash 12,193 7,868 6,339 5,015
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 38.70 38.70 38.70 19.30
Preference capital -- -- -- --
Reserves 4,970 4,615 4,045 3,524
Net worth 5,008 4,654 4,083 3,543
Minority interest
Debt 932 871 867 1,391
Deferred tax liabilities (net) 205 342 340 361
Total liabilities 6,145 5,867 5,291 5,295
Fixed assets 3,894 3,387 2,968 2,958
Intangible assets
Investments 1,063 1,083 1,103 1,349
Deferred tax asset (net) 26.40 16.30 11.20 8.08
Net working capital 1,093 1,316 1,176 954
Inventories 616 759 619 476
Inventory Days 46.70 -- -- 46.70
Sundry debtors 590 517 480 412
Debtor days 44.70 -- -- 40.40
Other current assets 575 668 676 569
Sundry creditors (486) (439) (457) (420)
Creditor days 36.80 -- -- 41.20
Other current liabilities (202) (190) (141) (82)
Cash 69.10 65.60 33.40 24.80
Total assets 6,145 5,867 5,291 5,295
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Particulars ( Rupees In Crores.) Sep-2020 Jun-2020 Mar-2020 Dec-2019 Sep-2019
Gross Sales 1,578 943 1,372 1,156 1,084
Excise Duty -- -- -- -- --
Net Sales 1,578 943 1,372 1,156 1,084
Other Operating Income -- -- -- -- --
Other Income 20.20 36.10 65.50 30.70 80.70
Total Income 1,598 979 1,438 1,186 1,165
Total Expenditure ** 1,038 702 988 810 811
PBIDT 560 277 450 377 354
Interest 3.84 2.69 2.41 2.38 2.06
PBDT 556 274 447 374 352
Depreciation 104 102 101 96.10 91.90
Minority Interest Before NP -- -- -- -- --
Tax 115 40.80 92.80 66 38.90
Deferred Tax (3.90) (0.10) (11) (12) (73)
Reported Profit After Tax 341 132 265 224 294
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 341 132 265 224 294
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 341 132 265 224 294
EPS (Unit Curr.) 17.60 6.81 13.70 11.60 15.20
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 200 150 800 -- 100
Equity 38.70 38.70 38.70 38.70 38.70
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(%) 35.50 29.30 32.80 32.60 32.60
PBDTM(%) 35.30 29.10 32.60 32.40 32.40
PATM(%) 21.60 14 19.30 19.40 27.10