FILATEX Results: Filatex India Half Yearly Results

Y/e 31 Mar	Mar-2018	Mar-2017	Mar-2016	Mar-2015
Growth matrix (%)
Revenue growth	24.30	21.30	(19)	--
Op profit growth	17.90	52.40	10.80	--
EBIT growth	17.60	51.50	13	--
Net profit growth	47.40	54.60	173	--
Profitability ratios (%)
OPM	8.14	8.59	6.84	5.01
EBIT margin	7.09	7.50	6.01	4.32
Net profit margin	3.10	2.61	2.05	0.61
RoCE	12.60	13.60	11	--
RoNW	4.20	3.79	3.45	--
RoA	1.37	1.18	0.94	--
Per share ratios ()
EPS	13.70	9.32	8.19	3
Dividend per share	--	--	--	--
Cash EPS	6.65	2.66	1.55	(3.40)
Book value per share	88.60	74.70	65.50	53.20
Valuation ratios
P/E	2.37	2.58	0.95	1.90
P/CEPS	4.90	9.06	5.05	(1.70)
P/B	0.37	0.32	0.12	0.11
EV/EBIDTA	8.32	7.18	6.14	5.59
Payout (%)
Dividend payout	--	--	--	--
Tax payout	(36)	(24)	(25)	(33)
Liquidity ratios
Debtor days	35	48.90	52.20	--
Inventory days	32.50	29.10	31	--
Creditor days	(11)	(1.70)	(2.50)	--
Leverage ratios
Interest coverage	(3.10)	(2)	(1.50)	(1.30)
Net debt / equity	1.78	1.60	2.28	2.37
Net debt / op. profit	4.37	3.90	5.47	5.12
Cost breakup ()
Material costs	(80)	(79)	(82)	(86)
Employee costs	(2.50)	(3)	(3.10)	(2.30)
Other costs	(8.90)	(9.40)	(7.70)	(6.90)

Y/e 31 Mar( In .Cr)	Mar-2018	Mar-2017	Mar-2016	Mar-2015
Revenue	1,928	1,551	1,278	1,573
yoy growth (%)	24.30	21.30	(19)	--
Raw materials	(1,551)	(1,225)	(1,052)	(1,350)
As % of sales	80.50	79	82.30	85.80
Employee costs	(49)	(47)	(40)	(35)
As % of sales	2.53	3.03	3.13	2.25
Other costs	(171)	(146)	(99)	(108)
As % of sales	8.88	9.39	7.75	6.90
Operating profit	157	133	87.40	78.90
OPM	8.14	8.59	6.84	5.01
Depreciation	(31)	(29)	(21)	(21)
Interest expense	(44)	(59)	(51)	(54)
Other income	10.60	12.10	10.70	9.70
Profit before tax	92.70	57.70	25.60	14.40
Taxes	(33)	(14)	(6.40)	(4.80)
Tax rate	(36)	(24)	(25)	(33)
Minorities and other	--	--	--	--
Adj. profit	59.70	44	19.20	9.60
Exceptional items	--	(3.40)	6.97	--
Net profit	59.70	40.50	26.20	9.60
yoy growth (%)	47.40	54.60	173	--
NPM	3.10	2.61	2.05	0.61

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	2,227	2,782	1,934	1,549
yoy growth (%)	(20)	43.90	24.90	21.10
Raw materials	(1,578)	(2,214)	(1,551)	(1,225)
As % of sales	70.90	79.60	80.20	79.10
Employee costs	(67)	(75)	(49)	(47)
As % of sales	3.01	2.68	2.52	3.03
Other costs	(234)	(271)	(177)	(143)
As % of sales	10.50	9.75	9.15	9.24
Operating profit	347	222	157	133
OPM	15.60	7.98	8.12	8.60
Depreciation	(58)	(51)	(31)	(29)
Interest expense	(59)	(61)	(44)	(59)
Other income	9.45	12.40	10.60	12.10
Profit before tax	240	122	92.70	57.70
Taxes	(74)	(0.50)	(33)	(14)
Tax rate	(31)	(0.40)	(36)	(24)
Minorities and other	--	--	--	--
Adj. profit	166	121	59.80	44
Exceptional items	--	--	--	(3.40)
Net profit	166	121	59.80	40.60
yoy growth (%)	36.50	103	47.40	54.40
NPM	7.45	4.37	3.09	2.62

Y/e 31 Mar ( In .Cr)	Mar-2018	Mar-2017	Mar-2016	Mar-2015
Profit before tax	92.70	57.70	25.60	14.40
Depreciation	(31)	(29)	(21)	(21)
Tax paid	(33)	(14)	(6.40)	(4.80)
Working capital	(8.80)	29.70	(30)	--
Other operating items	--	--	--	--
Operating cashflow	20.10	44.70	(32)	--
Capital expenditure	439	(17)	16.90	--
Free cash flow	459	27.80	(15)	--
Equity raised	432	430	421	--
Investments	--	--	--	--
Debt financing/disposal	440	243	131	--
Dividends paid	--	--	--	--
Other items	--	--	--	--
Net in cash	1,330	700	537	--

Y/e 31 Mar ( In .Cr)	Mar-2019	Mar-2018	Mar-2017	Mar-2016
Equity capital	44.70	44.10	43.80	44.90
Preference capital	--	--	--	--
Reserves	427	341	281	165
Net worth	472	385	325	209
Minority interest
Debt	605	712	535	490
Deferred tax liabilities (net)	149	125	96.80	57.70
Total liabilities	1,226	1,222	957	758
Fixed assets	1,000	951	634	510
Intangible assets
Investments	0.06	--	0.01	0.01
Deferred tax asset (net)	90.60	84.10	69	34.70
Net working capital	91.30	161	238	200
Inventories	173	194	149	98.60
Inventory Days	--	36.70	35.10	28.10
Sundry debtors	98.70	171	199	216
Debtor days	--	32.30	46.90	61.80
Other current assets	99.70	96.40	61.60	42.90
Sundry creditors	(20)	(99)	(5.40)	(7.80)
Creditor days	--	18.80	1.26	2.23
Other current liabilities	(260)	(200)	(166)	(150)
Cash	44.20	25.60	14.90	12.50
Total assets	1,226	1,222	957	758

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Equity capital	46.60	46	45.90	44.10
Preference capital	--	--	--	--
Reserves	716	549	426	341
Net worth	762	595	472	385
Minority interest
Debt	588	720	594	712
Deferred tax liabilities (net)	144	132	148	125
Total liabilities	1,494	1,446	1,214	1,222
Fixed assets	1,265	1,183	1,000	951
Intangible assets
Investments	0.05	0.03	0.06	0.07
Deferred tax asset (net)	71.80	93.70	89	84.10
Net working capital	121	148	80.80	162
Inventories	254	172	173	194
Inventory Days	41.70	22.50	--	36.60
Sundry debtors	122	119	98.70	171
Debtor days	19.90	15.60	--	32.20
Other current assets	129	127	99.80	96.40
Sundry creditors	(280)	(191)	(20)	(99)
Creditor days	45.90	25	--	18.70
Other current liabilities	(104)	(78)	(271)	(200)
Cash	36.10	21.80	44.20	25.50
Total assets	1,494	1,446	1,214	1,222