Grasim Industries Financial Statements

Grasim Industries Annually Results

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Y/e 31 Mar Mar-2021 Mar-2020 Mar-2018 Mar-2017
Growth matrix (%)        
Revenue growth (9.90) 38.10 55.80 4.58
Op profit growth (30) 43.30 65.10 15.30
EBIT growth 8.72 47.90 46.20 22.70
Net profit growth (2.70) 65.20 (15) 28.30
Profitability ratios (%)        
OPM 17.40 22.50 21.70 20.50
EBIT margin 22.40 18.50 17.30 18.50
Net profit margin 6.15 5.70 4.77 8.78
RoCE 8.37 8.39 9.10 12.20
RoNW 1.76 1.94 1.51 2.69
RoA 0.58 0.65 0.63 1.45
Per share ratios ()        
EPS 106 101 56.10 90.90
Dividend per share 9 4 6.20 5.50
Cash EPS 4.12 5.84 (0.70) 29.10
Book value per share 995 861 873 672
Valuation ratios        
P/E 13.70 4.71 18.80 9.44
P/CEPS 352 81.40 (1,514) 29.50
P/B 1.46 0.55 1.21 1.28
EV/EBIDTA 8.55 6.09 10.80 6.61
Payout (%)        
Dividend payout -- -- 15.20 --
Tax payout (30) 0.41 (32) (29)
Liquidity ratios        
Debtor days 26.40 25.90 26.70 30.40
Inventory days 34 29.90 32.80 42.40
Creditor days (47) (36) (35) (37)
Leverage ratios        
Interest coverage (2.70) (2.10) (2.70) (9.50)
Net debt / equity 1.11 1.43 1.14 0.22
Net debt / op. profit 5.96 4.64 5.39 0.94
Cost breakup ()        
Material costs (18) (20) (22) (26)
Employee costs (7.90) (7.60) (7.10) (6.30)
Other costs (57) (50) (49) (47)
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Y/e 31 Mar( In .Cr) Mar-2021 Mar-2020 Mar-2018 Mar-2017
Revenue 69,963 77,625 56,198 36,068
yoy growth (%) (9.90) 38.10 55.80 4.58
Raw materials (12,629) (15,562) (12,611) (9,475)
As % of sales 18.10 20 22.40 26.30
Employee costs (5,535) (5,865) (3,992) (2,266)
As % of sales 7.91 7.55 7.10 6.28
Other costs (39,605) (38,731) (27,405) (16,943)
As % of sales 56.60 49.90 48.80 47
Operating profit 12,194 17,467 12,190 7,385
OPM 17.40 22.50 21.70 20.50
Depreciation (4,033) (4,041) (2,724) (1,808)
Interest expense (5,723) (6,926) (3,659) (702)
Other income 7,486 967 263 1,077
Profit before tax 9,924 7,467 6,070 5,952
Taxes (3,022) 30.70 (1,950) (1,707)
Tax rate (30) 0.41 (32) (29)
Minorities and other (2,444) (2,252) (1,009) (1,078)
Adj. profit 4,457 5,245 3,111 3,167
Exceptional items (342) (1,382) (433) --
Net profit 4,305 4,425 2,679 3,167
yoy growth (%) (2.70) 65.20 (15) 28.30
NPM 6.15 5.70 4.77 8.78
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2018 Mar-2017
Profit before tax 9,924 7,467 6,070 5,952
Depreciation (4,033) (4,041) (2,724) (1,808)
Tax paid (3,022) 30.70 (1,950) (1,707)
Working capital 5,447 11,335 11,108 367
Other operating items -- -- -- --
Operating cashflow 8,315 14,792 12,504 2,805
Capital expenditure 77,183 74,548 44,438 1,284
Free cash flow 85,498 89,340 56,942 4,088
Equity raised 75,515 69,020 74,620 49,651
Investments 80,084 58,461 57,984 6,590
Debt financing/disposal 79,713 85,884 68,501 9,908
Dividends paid -- -- 408 --
Other items -- -- -- --
Net in cash 320,809 302,705 258,455 70,236
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2019 Mar-2018
Equity capital 135 135 135 134
Preference capital 11.20 11.20 69.20 56.20
Reserves 65,359 56,498 57,885 57,227
Net worth 65,505 56,644 58,089 57,418
Minority interest
Debt 77,703 84,766 84,418 67,014
Deferred tax liabilities (net) 9,286 8,758 11,362 7,756
Total liabilities 189,561 184,472 184,372 158,524
Fixed assets 90,791 91,640 89,895 71,547
Intangible assets
Investments 88,017 66,337 62,747 65,995
Deferred tax asset (net) 1,035 1,916 2,567 2,160
Net working capital 4,753 20,774 27,255 17,507
Inventories 6,197 6,841 7,059 5,860
Inventory Days 32.30 32.20 -- 38.10
Sundry debtors 4,342 5,793 6,690 5,203
Debtor days 22.70 27.20 -- 33.80
Other current assets 72,538 69,767 72,827 57,977
Sundry creditors (8,376) (6,535) (6,247) (5,352)
Creditor days 43.70 30.70 -- 34.80
Other current liabilities (69,948) (55,091) (53,075) (46,182)
Cash 4,966 3,804 1,908 1,316
Total assets 189,561 184,472 184,372 158,524
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Particulars ( Rupees In Crores.) Mar-2021 Mar-2020 Mar-2019 Mar-2018 Mar-2017
Gross Sales 76,398 75,141 77,200 57,034 40,247
Excise Duty -- -- -- 1,140 4,179
Net Sales 76,398 75,141 77,200 55,894 36,068
Other Operating Income -- -- -- -- --
Other Income 1,479 1,594 907 973 1,077
Total Income 77,876 76,734 78,107 56,866 37,146
Total Expenditure ** 58,111 59,286 63,312 44,844 28,683
PBIDT 19,766 17,449 14,795 12,022 8,462
Interest 5,723 6,890 6,060 3,663 702
PBDT 14,042 10,558 8,735 8,359 7,760
Depreciation 4,033 4,004 3,571 2,724 1,808
Minority Interest Before NP -- -- -- -- --
Tax 1,959 1,567 2,324 1,734 1,346
Deferred Tax 1,063 (1,651) 94.80 213 361
Reported Profit After Tax 6,987 6,639 2,745 3,688 4,246
Minority Interest After NP 2,682 2,227 1,052 1,009 1,078
Net Profit after Minority Interest 4,305 4,412 1,693 2,679 3,167
Extra-ordinary Items (236) (1,067) (1,429) (283) --
Adjusted Profit After Extra-ordinary item 4,541 5,478 3,122 2,962 3,167
EPS (Unit Curr.) 65.60 67.20 25.80 44.20 67.90
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 450 200 350 310 --
Equity 132 132 132 131 93.40
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(%) 25.90 23.20 19.20 21.50 23.50
PBDTM(%) 18.40 14.10 11.30 15 21.50
PATM(%) 9.15 8.83 3.56 6.60 11.80
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