Gitanjali Gems Financial Statements

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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2015 Mar-2014
Growth matrix (%)        
Revenue growth 18.50 21.80 (7.70) (24)
Op profit growth (8.50) (27) 26 (28)
EBIT growth 3.34 (22) 37.40 (29)
Net profit growth 61.70 8.60 185 (94)
Profitability ratios (%)        
OPM 4.05 5.25 8.80 6.45
EBIT margin 5.16 5.92 9.25 6.22
Net profit margin 1.01 0.74 0.83 0.27
RoCE 5.72 5.93 8.32 7.17
RoNW 0.65 0.49 0.59 0.22
RoA 0.28 0.19 0.19 0.08
Per share ratios ()        
EPS 13.50 10.30 9.13 3.90
Dividend per share 0.80 0.50 -- --
Cash EPS 7.82 2.22 4.95 (0.50)
Book value per share 553 618 424 428
Valuation ratios        
P/E 4.91 3.16 4.51 15.10
P/CEPS 8.45 14.70 8.32 (114)
P/B 0.12 0.05 0.10 0.14
EV/EBIDTA 9.41 9.28 8.08 10.70
Payout (%)        
Dividend payout 9.93 4.94 -- --
Tax payout 3.37 7.95 0.74 (0.70)
Liquidity ratios        
Debtor days 268 280 308 245
Inventory days 142 142 138 115
Creditor days (161) (125) (87) (94)
Leverage ratios        
Interest coverage (1.20) (1.10) (1.20) (1.10)
Net debt / equity 1.21 1.28 2.06 2.06
Net debt / op. profit 11.90 11 8.47 10.10
Cost breakup ()        
Material costs (91) (92) (85) (84)
Employee costs (1.90) (2) (2.40) (2.20)
Other costs (2.70) (1.30) (3.60) (7.20)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Revenue 16,571 13,984 11,481 12,436
yoy growth (%) 18.50 21.80 (7.70) (24)
Raw materials (15,138) (12,798) (9,786) (10,470)
As % of sales 91.40 91.50 85.20 84.20
Employee costs (312) (273) (276) (271)
As % of sales 1.88 1.96 2.40 2.18
Other costs (449) (179) (408) (892)
As % of sales 2.71 1.28 3.55 7.17
Operating profit 672 734 1,011 802
OPM 4.05 5.25 8.80 6.45
Depreciation (75) (81) (47) (38)
Interest expense (694) (730) (904) (736)
Other income 259 175 98.50 9.56
Profit before tax 161 97.80 158 37
Taxes 5.43 7.78 1.16 (0.30)
Tax rate 3.37 7.95 0.74 (0.70)
Minorities and other 0.88 (1.90) 5.92 (2.40)
Adj. profit 168 104 165 34.30
Exceptional items -- -- (70) (0.70)
Net profit 168 104 95.50 33.50
yoy growth (%) 61.70 8.60 185 (94)
NPM 1.01 0.74 0.83 0.27
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Profit before tax 161 97.80 158 37
Depreciation (75) (81) (47) (38)
Tax paid 5.43 7.78 1.16 (0.30)
Working capital 7,035 5,662 4,093 --
Other operating items -- -- -- --
Operating cashflow 7,127 5,686 4,205 (1.60)
Capital expenditure 2,284 2,205 153 --
Free cash flow 9,410 7,892 4,358 (1.60)
Equity raised 8,764 9,155 7,648 7,671
Investments 18.90 (8.70) (18) --
Debt financing/disposal 10,930 4,418 3,580 224
Dividends paid 9.49 5.12 -- --
Other items -- -- -- --
Net in cash 29,132 21,460 15,568 7,893
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Equity capital 119 102 141 92.10
Preference capital -- -- -- --
Reserves 6,444 6,223 4,018 3,852
Net worth 6,562 6,326 4,159 3,944
Minority interest
Debt 8,254 8,361 8,819 8,484
Deferred tax liabilities (net) 147 160 2.46 1.75
Total liabilities 15,007 14,895 13,033 12,491
Fixed assets 2,568 2,601 444 408
Intangible assets
Investments 61.80 49.50 84.40 85.90
Deferred tax asset (net) 219 202 24.50 21.20
Net working capital 11,872 11,785 12,219 11,621
Inventories 7,172 5,723 5,195 3,503
Inventory Days 158 149 165 103
Sundry debtors 12,829 11,543 9,916 9,484
Debtor days 283 301 315 278
Other current assets 551 760 802 839
Sundry creditors (8,246) (5,758) (3,303) (1,660)
Creditor days 182 150 105 48.70
Other current liabilities (434) (482) (391) (544)
Cash 285 257 261 355
Total assets 15,007 14,895 13,033 12,491
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Particulars ( Rupees In Crores.) Dec-2016 Dec-2015 Dec-2014 Dec-2013 Dec-2012
Gross Sales 11,028 9,702 7,994 9,683 11,668
Excise Duty -- -- -- -- --
Net Sales 11,028 9,702 7,994 9,683 11,668
Other Operating Income -- -- -- -- --
Other Income 135 145 137 95.70 108
Total Income 11,163 9,846 8,131 9,778 11,776
Total Expenditure ** 10,459 9,147 7,270 9,081 10,929
PBIDT 704 700 861 697 847
Interest 496 533 700 538 329
PBDT 208 167 161 159 518
Depreciation 54.90 56.60 27.20 23.70 22
Minority Interest Before NP -- -- -- -- --
Tax 2.58 7.08 5.66 7.60 16.60
Deferred Tax (11) (12) 0.61 0.54 0.22
Reported Profit After Tax 161 116 127 127 479
Minority Interest After NP (1.40) (13) 2.66 3.83 6.64
Net Profit after Minority Interest 163 127 125 123 473
Extra-ordinary Items -- -- (7.50) -- --
Adjusted Profit After Extra-ordinary item 163 127 132 123 473
EPS (Unit Curr.) 14.30 12.80 12.90 13.40 51.60
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 119 102 98.10 92.10 92.10
Public Shareholding (Number) -- -- 63,513,945 56,371,016 37,749,376
Public Shareholding (%) -- -- 64.70 61.20 41
Pledged/Encumbered - No. of Shares -- -- 15,048,555 7,273,015 20,254,030
Pledged/Encumbered - % in Total Promoters Holding -- -- 43.50 20.40 37.30
Pledged/Encumbered - % in Total Equity -- -- 15.30 7.90 22
Non Encumbered - No. of Shares -- -- 19,557,951 28,421,460 34,062,088
Non Encumbered - % in Total Promoters Holding -- -- 56.50 79.60 62.70
Non Encumbered - % in Total Equity -- -- 84.70 30.90 37
PBIDTM(%) 6.38 7.21 10.80 7.20 7.26
PBDTM(%) 1.89 1.72 2.01 1.64 4.44
PATM(%) 1.46 1.19 1.59 1.31 4.11