CARE Ratings Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth (27) 15.70 2.89 7.22
Op profit growth (61) 15.70 4.79 8.97
EBIT growth (55) 9.69 19.10 (10)
Net profit growth (49) 10 23.40 (13)
Profitability ratios (%)        
OPM 33.40 63.40 63.40 62.20
EBIT margin 43.10 70.10 73.90 63.90
Net profit margin 33.80 48.80 51.40 42.80
RoCE 18.10 40.70 44.90 46
RoNW 3.64 7.27 7.95 7.79
RoA 3.55 7.10 7.80 7.70
Per share ratios ()        
EPS 28.30 55.10 50.10 35
Dividend per share 19.50 55 28 28
Cash EPS 25.30 54.10 49 39.30
Book value per share 181 203 177 139
Valuation ratios        
P/E 11.60 22 33.10 26.60
P/CEPS 13 22.40 33.80 23.70
P/B 1.82 5.98 9.39 6.71
EV/EBIDTA 7.59 15 22.50 14.90
Payout (%)        
Dividend payout -- 99.80 55.90 82.40
Tax payout (20) (30) (31) (33)
Liquidity ratios        
Debtor days 60 35.40 31.10 25.70
Inventory days -- -- -- --
Creditor days (1.80) -- (1.70) (1.70)
Leverage ratios        
Interest coverage (113) -- -- --
Net debt / equity (0.20) -- -- --
Net debt / op. profit (1.40) (0.10) (0.10) (0.10)
Cost breakup ()        
Material costs -- -- -- --
Employee costs (45) (27) (25) (27)
Other costs (22) (9.90) (11) (11)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 244 333 287 279
yoy growth (%) (27) 15.70 2.89 7.22
Raw materials -- -- -- --
As % of sales -- -- -- --
Employee costs (109) (89) (73) (76)
As % of sales 44.90 26.70 25.30 27.10
Other costs (53) (33) (33) (30)
As % of sales 21.80 9.92 11.30 10.70
Operating profit 81.30 211 182 174
OPM 33.40 63.40 63.40 62.20
Depreciation (7.80) (3.10) (3.40) (4.20)
Interest expense (0.90) -- -- --
Other income 31.50 25.50 33.70 8.69
Profit before tax 104 233 212 178
Taxes (21) (71) (65) (59)
Tax rate (20) (30) (31) (33)
Minorities and other (1.10) 0.07 0.03 --
Adj. profit 82.40 162 148 120
Exceptional items -- -- -- --
Net profit 82.40 162 148 120
yoy growth (%) (49) 10 23.40 (13)
NPM 33.80 48.80 51.40 42.80
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 104 233 212 178
Depreciation (7.80) (3.10) (3.40) (4.20)
Tax paid (21) (71) (65) (59)
Working capital 78.60 46.20 41.70 6.35
Other operating items -- -- -- --
Operating cashflow 154 205 186 122
Capital expenditure 38.60 (5.60) (11) 2.62
Free cash flow 193 200 175 124
Equity raised 771 964 882 672
Investments 68.80 137 7.38 46.10
Debt financing/disposal -- -- -- --
Dividends paid -- 162 82.50 81.80
Other items -- -- -- --
Net in cash 1,033 1,463 1,147 924
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 53 50.90 38.10 29.70
Preference capital -- -- -- --
Reserves 480 499 559 490
Net worth 533 550 597 520
Minority interest
Debt -- -- -- --
Deferred tax liabilities (net) 15.50 12.10 10.40 14.60
Total liabilities 552 564 609 535
Fixed assets 93.60 83.10 60.20 61
Intangible assets
Investments 339 439 518 466
Deferred tax asset (net) 10.40 5.35 6.02 4.03
Net working capital (5.50) 7.11 (4.40) (10)
Inventories -- -- -- --
Inventory Days -- -- -- --
Sundry debtors 40.90 47.30 39.20 25.30
Debtor days 61.30 -- 43.10 32.10
Other current assets 30 15.20 10.70 17.60
Sundry creditors (1.60) (1) -- --
Creditor days 2.34 -- -- --
Other current liabilities (75) (54) (54) (53)
Cash 115 30.20 29.20 14.10
Total assets 552 564 609 535
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Particulars ( Rupees In Crores.) Sep-2020 Jun-2020 Mar-2020 Dec-2019 Sep-2019
Gross Sales 75.90 37.40 66 56.10 71.60
Excise Duty -- -- -- -- --
Net Sales 75.90 37.40 66 56.10 71.60
Other Operating Income -- -- -- -- --
Other Income 7.99 9.51 7.43 7.14 9.09
Total Income 83.90 46.90 73.40 63.30 80.70
Total Expenditure ** 34 32.30 50.80 38.50 35.20
PBIDT 49.90 14.60 22.60 24.70 45.60
Interest 0.19 0.20 0.22 0.25 0.23
PBDT 49.70 14.40 22.40 24.50 45.30
Depreciation 2.03 2.01 2.01 2.01 1.90
Minority Interest Before NP -- -- -- -- --
Tax 11.80 2.25 5.07 3.65 8.59
Deferred Tax 0.08 0.40 (0.40) 1.23 (1.90)
Reported Profit After Tax 35.80 9.70 15.70 17.60 36.70
Minority Interest After NP 0.38 0.35 0.40 0.16 0.23
Net Profit after Minority Interest 35.50 9.35 15.30 17.40 36.50
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 35.50 9.35 15.30 17.40 36.50
EPS (Unit Curr.) 12 3.17 5.19 5.91 12.40
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 80 -- -- 60 80
Equity 29.50 29.50 29.50 29.50 29.50
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(%) 65.80 39 34.20 44.10 63.60
PBDTM(%) 65.50 38.40 33.90 43.60 63.30
PATM(%) 47.20 25.90 23.80 31.30 51.30