Godrej Agrovet Financial Statements

Godrej Agrovet Nine Monthly Results

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Y/e 31 Mar Mar-2021 Mar-2020 Mar-2018 Mar-2017
Growth matrix (%)        
Revenue growth (10) 34.30 5.59 31
Op profit growth 15.40 10.30 1.15 46.20
EBIT growth 16 (0.40) (7.90) 35.80
Net profit growth 2.47 33.60 (7.90) (5.70)
Profitability ratios (%)        
OPM 9 7.01 8.54 8.92
EBIT margin 7.17 5.56 7.50 8.60
Net profit margin 5.01 4.40 4.42 5.07
RoCE 13.40 14.60 17.80 18.20
RoNW 4.03 4.71 4.74 6.94
RoA 2.35 2.88 2.63 2.69
Per share ratios ()        
EPS 18.10 15.70 13.10 14.70
Dividend per share 8 5.50 4.50 4.50
Cash EPS 8.32 8.23 7.46 9.41
Book value per share 107 95.70 73.50 54.50
Valuation ratios        
P/E 29 23.50 48.70 --
P/CEPS 63.10 44.70 85.40 --
P/B 4.91 3.85 8.67 --
EV/EBIDTA 18.30 14.30 26.60 --
Payout (%)        
Dividend payout -- 5.80 45.40 33.50
Tax payout (26) (14) (35) (30)
Liquidity ratios        
Debtor days 48.80 38.60 40.20 36.30
Inventory days 54.40 43.20 52.80 52.20
Creditor days (28) (22) (27) (25)
Leverage ratios        
Interest coverage (9.70) (9.30) (8.60) (4.90)
Net debt / equity 0.47 0.33 0.27 0.60
Net debt / op. profit 1.70 1.23 0.85 1.37
Cost breakup ()        
Material costs (74) (77) (76) (77)
Employee costs (6) (5.10) (5.30) (4.70)
Other costs (11) (11) (9.90) (9.20)
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Y/e 31 Mar( In .Cr) Mar-2021 Mar-2020 Mar-2018 Mar-2017
Revenue 6,267 6,964 5,186 4,911
yoy growth (%) (10) 34.30 5.59 31
Raw materials (4,608) (5,376) (3,954) (3,791)
As % of sales 73.50 77.20 76.20 77.20
Employee costs (376) (354) (276) (233)
As % of sales 6.01 5.08 5.33 4.74
Other costs (719) (745) (513) (450)
As % of sales 11.50 10.70 9.88 9.16
Operating profit 564 488 443 438
OPM 9 7.01 8.54 8.92
Depreciation (154) (148) (86) (75)
Interest expense (46) (42) (45) (86)
Other income 39.60 46.80 31.80 59
Profit before tax 403 346 344 336
Taxes (106) (48) (121) (102)
Tax rate (26) (14) (35) (30)
Minorities and other (34) 5.61 (22) (24)
Adj. profit 263 303 201 210
Exceptional items -- (9.90) 12.10 20
Net profit 314 306 229 249
yoy growth (%) 2.47 33.60 (7.90) (5.70)
NPM 5.01 4.40 4.42 5.07
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2018 Mar-2017
Profit before tax 403 346 344 336
Depreciation (154) (148) (86) (75)
Tax paid (106) (48) (121) (102)
Working capital 131 154 -- (154)
Other operating items -- -- -- --
Operating cashflow 274 303 137 6.16
Capital expenditure 1,310 996 -- (996)
Free cash flow 1,584 1,299 137 (990)
Equity raised 2,335 2,170 2,296 2,297
Investments 64.50 (46) -- 46.30
Debt financing/disposal 2,261 1,240 784 1,225
Dividends paid -- -- 86.40 83.30
Other items -- -- -- --
Net in cash 6,245 4,663 3,303 2,662
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2019 Mar-2018
Equity capital 192 192 192 192
Preference capital -- -- -- --
Reserves 1,859 1,646 1,457 1,219
Net worth 2,051 1,838 1,649 1,411
Minority interest
Debt 1,007 651 398 410
Deferred tax liabilities (net) 171 175 209 173
Total liabilities 3,640 3,047 2,656 2,263
Fixed assets 2,422 2,310 2,144 1,682
Intangible assets
Investments 124 129 117 195
Deferred tax asset (net) 19.60 27.80 4.24 6.55
Net working capital 1,023 530 361 348
Inventories 980 887 899 763
Inventory Days 57.10 46.50 -- 53.70
Sundry debtors 823 853 735 620
Debtor days 47.90 44.70 -- 43.70
Other current assets 380 443 306 242
Sundry creditors (465) (408) (366) (381)
Creditor days 27.10 21.40 -- 26.80
Other current liabilities (694) (1,245) (1,212) (897)
Cash 50.90 50.80 29.80 31.80
Total assets 3,640 3,047 2,656 2,263
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Particulars ( Rupees In Crores.) Dec-2020 Dec-2019 Dec-2018 Dec-2017 Dec-2016
Gross Sales 4,784 5,325 4,511 3,997 3,892
Excise Duty -- -- -- 20.40 10.40
Net Sales 4,784 5,325 4,511 3,977 3,882
Other Operating Income 19.90 10.90 15.80 13.70 --
Other Income 66.40 43.40 55.50 53.20 61.20
Total Income 4,871 5,380 4,582 4,044 3,943
Total Expenditure ** 4,353 4,974 4,146 3,622 3,508
PBIDT 518 406 436 422 435
Interest 28.70 33.40 26.40 37.60 76.40
PBDT 489 372 410 385 359
Depreciation 115 110 72.50 64.20 55.30
Minority Interest Before NP -- -- -- -- --
Tax 84.60 73.10 92.10 89.40 64.60
Deferred Tax 5.77 (42) 16.80 11.90 23.20
Reported Profit After Tax 284 231 229 219 216
Minority Interest After NP 27 (0.20) 13.30 14.90 21
Net Profit after Minority Interest 257 232 215 204 195
Extra-ordinary Items -- -- -- 8.24 (0.40)
Adjusted Profit After Extra-ordinary item 257 232 215 196 195
EPS (Unit Curr.) 13.40 12.10 11.10 10.80 23.50
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 192 192 192 192 92
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(%) 10.80 7.62 9.68 10.60 11.20
PBDTM(%) 10.20 6.99 9.09 9.67 9.24
PATM(%) 5.94 4.34 5.07 5.51 5.56
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