Gokul Refoils and Solvent Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 8.75 7.08 (46) (42)
Op profit growth 126 (45) (43) (48)
EBIT growth 33.80 (2.50) (28) (51)
Net profit growth 119 274 (78) 21.60
Profitability ratios (%)        
OPM 1.75 0.84 1.64 1.56
EBIT margin 2.55 2.07 2.28 1.72
Net profit margin 0.92 0.46 0.13 0.33
RoCE 9.76 5.27 6.04 8.21
RoNW 1.71 0.82 0.22 0.85
RoA 0.87 0.29 0.09 0.39
Per share ratios ()        
EPS 1.50 0.69 0.18 0.85
Dividend per share -- -- -- --
Cash EPS 1.08 0.34 (0.10) (0.20)
Book value per share 23.10 20.70 21.30 21
Valuation ratios        
P/E 5.73 18.10 132 14
P/CEPS 7.98 36.70 (163) (56)
P/B 0.37 0.60 1.12 0.57
EV/EBIDTA 4.57 8.71 18.70 2.04
Payout (%)        
Dividend payout -- -- -- --
Tax payout (26) (39) (52) (34)
Liquidity ratios        
Debtor days 14.80 24.30 39.40 41.90
Inventory days 30.20 45 55.70 44.70
Creditor days (4.80) (7.50) (65) (88)
Leverage ratios        
Interest coverage (1.90) (1.30) (1.30) (1.40)
Net debt / equity 0.54 0.86 1.99 --
Net debt / op. profit 4.34 14 18.40 (0.20)
Cost breakup ()        
Material costs (94) (94) (92) (92)
Employee costs (0.70) (0.80) (0.70) (0.50)
Other costs (3.20) (4.70) (5.20) (5.60)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 2,161 1,987 1,856 3,419
yoy growth (%) 8.75 7.08 (46) (42)
Raw materials (2,040) (1,863) (1,716) (3,159)
As % of sales 94.40 93.70 92.50 92.40
Employee costs (14) (15) (14) (16)
As % of sales 0.66 0.77 0.73 0.45
Other costs (69) (92) (96) (191)
As % of sales 3.20 4.65 5.16 5.60
Operating profit 37.80 16.70 30.50 53.20
OPM 1.75 0.84 1.64 1.56
Depreciation (5.60) (4.60) (4.30) (14)
Interest expense (29) (33) (32) (42)
Other income 22.90 29 16.20 19.60
Profit before tax 26.60 8.39 9.90 17
Taxes (6.80) (3.30) (5.20) (5.80)
Tax rate (26) (39) (52) (34)
Minorities and other -- 28.70 (2.30) --
Adj. profit 19.80 33.80 2.42 11.20
Exceptional items -- (25) -- --
Net profit 19.80 9.05 2.42 11.20
yoy growth (%) 119 274 (78) 21.60
NPM 0.92 0.46 0.13 0.33
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 26.60 8.39 9.90 17
Depreciation (5.60) (4.60) (4.30) (14)
Tax paid (6.80) (3.30) (5.20) (5.80)
Working capital (195) (1,062) (308) (454)
Other operating items -- -- -- --
Operating cashflow (181) (1,062) (307) (456)
Capital expenditure (350) (399) (265) (197)
Free cash flow (531) (1,461) (573) (653)
Equity raised 685 561 587 581
Investments (3.30) (176) (117) (93)
Debt financing/disposal (103) (1,371) (400) (385)
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 47.60 (2,447) (503) (550)
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 26.40 26.40 26.40 26.40
Preference capital -- -- -- --
Reserves 279 259 247 254
Net worth 305 285 273 280
Minority interest
Debt 232 263 309 695
Deferred tax liabilities (net) 6.58 6.10 5.26 1.53
Total liabilities 543 554 587 977
Fixed assets 74.80 70.60 73.30 234
Intangible assets
Investments 39 42.20 35.90 68.20
Deferred tax asset (net) 3.20 7.69 8.34 --
Net working capital 358 376 395 539
Inventories 162 141 195 294
Inventory Days 27.30 -- 35.90 57.90
Sundry debtors 87.40 105 88.30 177
Debtor days 14.80 -- 16.20 34.70
Other current assets 166 188 168 156
Sundry creditors (21) (26) (35) (46)
Creditor days 3.52 -- 6.42 8.96
Other current liabilities (36) (32) (22) (42)
Cash 67.60 58.30 74.90 136
Total assets 543 554 587 977
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Particulars ( Rupees In Crores.) Sep-2020 Jun-2020 Mar-2020 Dec-2019 Sep-2019
Gross Sales 633 559 482 475 590
Excise Duty -- -- -- -- --
Net Sales 633 559 482 475 590
Other Operating Income -- -- -- -- --
Other Income 3.93 2.95 2.40 5.75 9.84
Total Income 637 562 485 481 600
Total Expenditure ** 625 550 467 468 585
PBIDT 12.40 11.80 17.50 13.20 15
Interest 4.21 5.45 5.64 5.42 8.64
PBDT 8.23 6.38 11.80 7.73 6.38
Depreciation 1.41 1.30 1.44 1.39 1.39
Minority Interest Before NP -- -- -- -- --
Tax 1.10 2.24 (1.50) 1.08 0.46
Deferred Tax 0.59 (1.10) 3.64 -- 1.45
Reported Profit After Tax 5.14 3.96 8.26 5.28 3.09
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 5.14 3.96 8.26 5.28 3.09
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 5.14 3.96 8.26 5.28 3.09
EPS (Unit Curr.) 0.39 0.30 0.63 0.40 0.23
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 26.40 26.40 26.40 26.40 26.40
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(%) 1.96 2.12 3.62 2.77 2.55
PBDTM(%) 1.30 1.14 2.45 1.63 1.08
PATM(%) 0.81 0.71 1.71 1.11 0.52