ELGIEQUIP Results: Quarterly Results of Elgi Equipments

Y/e 31 Mar	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Growth matrix (%)
Revenue growth	5.17	14	17.30	(2.40)
Op profit growth	58.70	(23)	26.50	11.30
EBIT growth	96.50	(42)	34.30	17.70
Net profit growth	141	(55)	28.80	45.30
Profitability ratios (%)
OPM	11.20	7.43	11	10.20
EBIT margin	8.57	4.58	9.06	7.92
Net profit margin	5.33	2.33	5.94	5.41
RoCE	12.70	7.63	15.90	12.50
RoNW	3.13	1.46	3.68	3.21
RoA	1.97	0.97	2.60	2.13
Per share ratios ()
EPS	3.23	2.69	6.01	4.67
Dividend per share	0.80	1.65	1.20	1
Cash EPS	0.89	(1.40)	3.19	1.85
Book value per share	27.40	48.50	43.50	38.30
Valuation ratios
P/E	58.90	20.80	21.20	23.20
P/CEPS	214	(39)	39.90	58.50
P/B	6.93	1.15	2.93	2.83
EV/EBIDTA	26	14.30	22.10	23.40
Payout (%)
Dividend payout	--	72	20	21.40
Tax payout	(33)	(40)	(30)	(26)
Liquidity ratios
Debtor days	70.80	68.90	66.60	66.10
Inventory days	65.10	61.60	56.90	60.30
Creditor days	(53)	(46)	(49)	(51)
Leverage ratios
Interest coverage	(12)	(5.40)	(24)	(14)
Net debt / equity	0.23	0.47	0.23	0.24
Net debt / op. profit	0.94	2.67	0.89	1.04
Cost breakup ()
Material costs	(53)	(54)	(56)	(55)
Employee costs	(21)	(22)	(18)	(19)
Other costs	(14)	(17)	(15)	(16)

Y/e 31 Mar( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	1,924	1,829	1,604	1,367
yoy growth (%)	5.17	14	17.30	(2.40)
Raw materials	(1,028)	(981)	(905)	(754)
As % of sales	53.40	53.60	56.40	55.20
Employee costs	(412)	(405)	(281)	(254)
As % of sales	21.40	22.10	17.50	18.60
Other costs	(269)	(308)	(242)	(220)
As % of sales	14	16.80	15.10	16.10
Operating profit	216	136	176	139
OPM	11.20	7.43	11	10.20
Depreciation	(74)	(65)	(45)	(45)
Interest expense	(13)	(16)	(6)	(7.80)
Other income	23.50	13.20	13.90	13.60
Profit before tax	151	68.30	139	100
Taxes	(50)	(27)	(41)	(26)
Tax rate	(33)	(40)	(30)	(26)
Minorities and other	--	--	--	--
Adj. profit	101	41.30	98	74
Exceptional items	--	--	(2.70)	--
Net profit	102	42.60	95.30	74
yoy growth (%)	141	(55)	28.80	45.30
NPM	5.33	2.33	5.94	5.41

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	1,100	1,081	1,022	889
yoy growth (%)	1.77	5.73	15	2.68
Raw materials	(639)	(624)	(598)	(515)
As % of sales	58.10	57.70	58.50	58
Employee costs	(156)	(163)	(138)	(118)
As % of sales	14.20	15.10	13.50	13.30
Other costs	(150)	(175)	(155)	(144)
As % of sales	13.60	16.10	15.10	16.20
Operating profit	155	119	131	112
OPM	14.10	11	12.80	12.60
Depreciation	(35)	(37)	(36)	(37)
Interest expense	(3.70)	(4.30)	(1.70)	(1.20)
Other income	24.10	49.40	17.20	14.30
Profit before tax	140	128	110	88.30
Taxes	(35)	(27)	(31)	(20)
Tax rate	(25)	(21)	(28)	(23)
Minorities and other	--	--	--	--
Adj. profit	105	100	79.60	68.40
Exceptional items	--	--	(2.70)	--
Net profit	105	100	76.90	68.40
yoy growth (%)	4.65	30.60	12.40	628
NPM	9.55	9.29	7.52	7.69

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Profit before tax	151	68.30	139	100
Depreciation	(74)	(65)	(45)	(45)
Tax paid	(50)	(27)	(41)	(26)
Working capital	446	260	184	1.08
Other operating items	--	--	--	--
Operating cashflow	472	236	237	30.40
Capital expenditure	643	377	(14)	(175)
Free cash flow	1,115	613	223	(145)
Equity raised	1,133	1,154	1,045	1,010
Investments	8.83	(2.50)	0.20	0.44
Debt financing/disposal	473	736	604	618
Dividends paid	--	26.10	19	15.80
Other items	--	--	--	--
Net in cash	2,730	2,527	1,890	1,500

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Equity capital	26.20	14.70	14.70	14.70
Preference capital	--	--	--	--
Reserves	844	754	756	674
Net worth	870	769	771	689
Minority interest
Debt	464	448	238	266
Deferred tax liabilities (net)	25.20	19.40	17.10	6.86
Total liabilities	1,359	1,236	1,026	962
Fixed assets	576	604	510	442
Intangible assets
Investments	23.80	12.40	14.30	15.10
Deferred tax asset (net)	37.70	31.50	17.30	6.11
Net working capital	459	503	374	390
Inventories	343	343	279	274
Inventory Days	65	68.50	--	62.30
Sundry debtors	400	347	367	343
Debtor days	75.80	69.20	--	78.20
Other current assets	148	147	95	69.40
Sundry creditors	(289)	(209)	(247)	(213)
Creditor days	54.80	41.70	--	48.60
Other current liabilities	(142)	(125)	(120)	(84)
Cash	262	85.70	110	109
Total assets	1,359	1,236	1,026	962

Select Period

Particulars ( Rupees In Crores.)	Mar-2022	Dec-2021	Sep-2021	Jun-2021	Mar-2021
Gross Sales	728	656	652	489	611
Excise Duty	--	--	--	--	--
Net Sales	728	656	652	489	611
Other Operating Income	--	--	--	--	--
Other Income	15.80	10.80	18	11.90	6.41
Total Income	743	666	670	501	617
Total Expenditure **	621	582	572	457	531
PBIDT	122	84.50	98.10	44.10	85.60
Interest	2.40	3.01	2.80	2.91	3.16
PBDT	120	81.40	95.30	41.20	82.40
Depreciation	19.90	17.80	18.30	18.50	19.60
Minority Interest Before NP	--	--	--	--	--
Tax	26.90	22.10	23.70	12.10	21.70
Deferred Tax	(0.30)	(0.20)	1.80	(1.40)	(2.30)
Reported Profit After Tax	73.10	41.70	51.60	12	43.40
Minority Interest After NP	--	--	--	--	--
Net Profit after Minority Interest	73.10	41.70	51.60	12	43.40
Extra-ordinary Items	--	--	--	--	--
Adjusted Profit After Extra-ordinary item	73.10	41.70	51.60	12	43.40
EPS (Unit Curr.)	2.31	1.32	1.63	0.38	1.37
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	--	--	--	--	--
Equity	31.70	31.70	31.70	31.70	31.70
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(%)	16.80	12.90	15.10	9	14
PBDTM(%)	16.40	12.40	14.60	8.41	13.50
PATM(%)	10	6.36	7.92	2.46	7.10