Devhari Exports (India) Financial Statements

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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (18) 16,588 (79) --
Op profit growth (431) (259) (1,226) --
EBIT growth 177 264 2,290 --
Net profit growth 212 1,258 427 --
Profitability ratios (%)        
OPM 0.25 (0.10) 6.48 (0.10)
EBIT margin 0.53 0.16 7.18 0.06
Net profit margin 0.36 0.09 1.15 0.05
RoCE 7.16 4.41 1.89 --
RoNW 4.12 1.38 0.10 --
RoA 1.21 0.66 0.08 --
Per share ratios ()        
EPS 0.17 0.05 -- --
Dividend per share -- -- -- --
Cash EPS 0.16 0.05 -- --
Book value per share 1.05 0.96 0.96 0.96
Valuation ratios        
P/E -- 201 -- --
P/CEPS -- 193 -- --
P/B -- 10.40 -- --
EV/EBIDTA -- 106 -- --
Payout (%)        
Dividend payout -- -- -- --
Tax payout (31) (34) (16) (27)
Liquidity ratios        
Debtor days 107 32.70 686 --
Inventory days 17.20 6.44 -- --
Creditor days (84) (25) (759) --
Leverage ratios        
Interest coverage (46) (11) (1.20) --
Net debt / equity 1.53 (0.60) 0.38 0.25
Net debt / op. profit 13.90 15.70 16.80 (122)
Cost breakup ()        
Material costs (98) (98) (84) (99)
Employee costs (0.30) (0.30) (4.40) (0.40)
Other costs (1.50) (1.50) (4.90) (0.80)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 344 420 2.51 12.10
yoy growth (%) (18) 16,588 (79) --
Raw materials (337) (413) (2.10) (12)
As % of sales 97.90 98.30 84.30 98.90
Employee costs (1.20) (1.10) (0.10) --
As % of sales 0.34 0.26 4.38 0.36
Other costs (5.10) (6.10) (0.10) (0.10)
As % of sales 1.47 1.46 4.86 0.81
Operating profit 0.86 (0.30) 0.16 --
OPM 0.25 (0.10) 6.48 (0.10)
Depreciation -- -- -- --
Interest expense -- (0.10) (0.10) --
Other income 0.98 0.92 0.02 0.03
Profit before tax 1.78 0.60 0.03 0.01
Taxes (0.60) (0.20) -- --
Tax rate (31) (34) (16) (27)
Minorities and other -- -- -- --
Adj. profit 1.23 0.39 0.03 0.01
Exceptional items -- -- -- --
Net profit 1.23 0.39 0.03 0.01
yoy growth (%) 212 1,258 427 --
NPM 0.36 0.09 1.15 0.05
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 1.78 0.60 0.03 0.01
Depreciation -- -- -- --
Tax paid (0.60) (0.20) -- --
Working capital 16.60 5.20 (5.20) --
Other operating items -- -- -- --
Operating cashflow 17.80 5.59 (5.20) --
Capital expenditure 0.12 0.12 (0.10) --
Free cash flow 17.90 5.71 (5.30) --
Equity raised (1.20) (0.90) (0.60) --
Investments 1.22 2.30 (2.30) --
Debt financing/disposal 14.50 4.78 5.28 --
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 32.40 11.80 (2.90) --
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 7.43 7.43 7.43 7.43
Preference capital -- -- -- --
Reserves 0.36 (0.30) (0.30) (0.30)
Net worth 7.79 7.16 7.15 7.12
Minority interest
Debt 13 2.55 3.01 1.85
Deferred tax liabilities (net) -- -- -- --
Total liabilities 31.30 19.60 10.20 8.97
Fixed assets 6.22 4.43 0.01 0.01
Intangible assets
Investments 1.22 2.30 -- --
Deferred tax asset (net) -- -- 0.01 0.01
Net working capital 22.70 6.28 9.86 8.84
Inventories 17.70 14.80 -- --
Inventory Days 18.70 12.90 -- --
Sundry debtors 127 75 0.16 9.29
Debtor days 135 65.30 23.20 280
Other current assets 6.39 2.13 10.20 9.10
Sundry creditors (101) (57) (0.30) (9.50)
Creditor days 107 49.50 39.20 287
Other current liabilities (28) (29) (0.20) --
Cash 1.07 6.61 0.28 0.09
Total assets 31.30 19.60 10.20 8.95
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Particulars ( Rupees In Crores.) Mar-2017 Dec-2016 Sep-2016 Jun-2016 Mar-2016
Gross Sales 157 (4.40) 4.75 4.20 0.24
Excise Duty -- -- -- -- --
Net Sales 157 (4.40) 4.75 4.20 0.24
Other Operating Income -- 0.05 -- (0.10) --
Other Income 0.65 -- 0.04 -- 0.47
Total Income 158 (4.40) 4.78 4.12 0.71
Total Expenditure ** 158 (4.50) 4.97 4.33 0.41
PBIDT 0.35 0.15 (0.20) (0.20) 0.30
Interest 0.02 -- -- -- 0.14
PBDT 0.32 0.15 (0.20) (0.20) 0.16
Depreciation -- -- -- -- --
Minority Interest Before NP -- -- -- -- --
Tax 0.09 -- -- -- 0.01
Deferred Tax -- -- -- -- --
Reported Profit After Tax 0.23 0.15 (0.20) (0.20) 0.15
Minority Interest After NP 0.10 -- -- -- --
Net Profit after Minority Interest 0.13 0.15 (0.20) (0.20) 0.15
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 0.13 0.15 (0.20) (0.20) 0.15
EPS (Unit Curr.) 0.03 0.02 0.02 -- 0.02
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 7.43 7.43 7.43 7.43 7.43
Public Shareholding (Number) -- -- -- -- 60,785,000
Public Shareholding (%) -- -- -- -- 81.80
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 13,498,377
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 18.20
PBIDTM(%) 0.22 (3.40) (4) (5.20) 125
PBDTM(%) 0.20 (3.40) (4) (5.20) 66.70
PATM(%) 0.15 (3.40) (4) (5.20) 62.50