Greenlam Industries Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 15.40 6.41 4.47 11.20
Op profit growth 19.70 7.64 9.11 40.60
EBIT growth 13.60 9.96 10.10 61.30
Net profit growth 34.10 30.10 31.70 95
Profitability ratios (%)        
OPM 13.50 13 12.90 12.30
EBIT margin 9.86 10 9.69 9.19
Net profit margin 6.56 5.64 4.62 3.66
RoCE 17.90 18.10 16.40 14.80
RoNW 5.06 4.94 4.57 4.05
RoA 2.97 2.55 1.95 1.48
Per share ratios ()        
EPS 35.90 26.80 20.60 15.40
Dividend per share 4 2.50 1.50 1
Cash EPS 14.20 11.90 5.39 1.13
Book value per share 207 148 124 102
Valuation ratios        
P/E 13.30 42.70 30.80 31.80
P/CEPS 33.80 96.30 117 433
P/B 2.31 7.75 5.13 4.82
EV/EBIDTA 7.77 19.90 12.90 11.90
Payout (%)        
Dividend payout -- 9.34 7.29 7.69
Tax payout (20) (33) (34) (40)
Liquidity ratios        
Debtor days 42.60 52.40 58.10 64.90
Inventory days 86.70 77.20 80.60 84.70
Creditor days (54) (53) (62) (76)
Leverage ratios        
Interest coverage (6) (6.30) (3.60) (2.90)
Net debt / equity 0.53 0.68 0.97 1.47
Net debt / op. profit 1.48 1.62 2.10 2.84
Cost breakup ()        
Material costs (51) (52) (53) (52)
Employee costs (17) (15) (14) (14)
Other costs (19) (20) (20) (22)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 1,321 1,145 1,076 1,030
yoy growth (%) 15.40 6.41 4.47 11.20
Raw materials (670) (598) (567) (537)
As % of sales 50.80 52.30 52.70 52.20
Employee costs (222) (173) (152) (140)
As % of sales 16.80 15.10 14.20 13.60
Other costs (250) (224) (218) (226)
As % of sales 18.90 19.60 20.30 21.90
Operating profit 178 149 138 127
OPM 13.50 13 12.90 12.30
Depreciation (52) (36) (37) (35)
Interest expense (22) (18) (29) (32)
Other income 4.42 1.63 2.51 2.83
Profit before tax 108 96.50 75.70 62.40
Taxes (22) (32) (26) (25)
Tax rate (20) (33) (34) (40)
Minorities and other -- -- -- --
Adj. profit 86.70 64.60 49.70 37.70
Exceptional items -- -- -- --
Net profit 86.70 64.60 49.70 37.70
yoy growth (%) 34.10 30.10 31.70 95
NPM 6.56 5.64 4.62 3.66
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 108 96.50 75.70 62.40
Depreciation (52) (36) (37) (35)
Tax paid (22) (32) (26) (25)
Working capital 428 7.65 (7.80) 7.76
Other operating items -- -- -- --
Operating cashflow 462 36.30 5.27 10.50
Capital expenditure 767 103 3.78 (3.80)
Free cash flow 1,229 140 9.05 6.72
Equity raised 414 493 473 484
Investments 0.01 -- -- --
Debt financing/disposal 294 60.60 (27) 215
Dividends paid -- 6.03 3.62 2.41
Other items -- -- -- --
Net in cash 1,937 700 459 708
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 12.10 12.10 12.10 12.10
Preference capital -- -- -- --
Reserves 489 416 344 286
Net worth 501 428 356 298
Minority interest
Debt 294 270 252 298
Deferred tax liabilities (net) 24.50 31.60 31 33.10
Total liabilities 819 730 639 630
Fixed assets 445 352 332 329
Intangible assets
Investments 0.01 0.01 -- --
Deferred tax asset (net) 10.40 11.50 11.50 11.20
Net working capital 333 356 286 282
Inventories 371 308 256 228
Inventory Days 103 -- 81.70 77.40
Sundry debtors 138 177 171 158
Debtor days 38.10 -- 54.40 53.70
Other current assets 119 80.50 54.60 67.50
Sundry creditors (180) (166) (158) (129)
Creditor days 49.80 -- 50.30 43.80
Other current liabilities (114) (43) (38) (43)
Cash 30.70 10.60 10.40 7.85
Total assets 819 730 639 630
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Particulars ( Rupees In Crores.) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Gross Sales 1,321 1,281 1,156 1,116 1,030
Excise Duty -- -- 11 40.50 --
Net Sales 1,321 1,281 1,145 1,076 1,030
Other Operating Income -- -- -- -- --
Other Income 4.42 1.52 1.63 2.51 2.83
Total Income 1,325 1,282 1,146 1,078 1,033
Total Expenditure ** 1,142 1,122 996 937 903
PBIDT 183 160 151 141 130
Interest 21.80 17 18.10 28.60 32.30
PBDT 161 143 132 112 97.40
Depreciation 52.50 36.80 36 36.60 35
Minority Interest Before NP -- -- -- -- --
Tax 27.10 28.90 33.70 28.40 13.20
Deferred Tax (5.40) 0.27 (1.80) (2.40) 11.50
Reported Profit After Tax 86.70 77.10 64.60 49.70 37.70
Minority Interest After NP 0.01 -- -- 0.01 0.01
Net Profit after Minority Interest 86.70 77.10 64.60 49.70 37.70
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 86.70 77.10 64.60 49.70 37.70
EPS (Unit Curr.) 35.90 32 26.80 20.60 15.60
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 80 60 50 30 20
Equity 12.10 12.10 12.10 12.10 12.10
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(%) 13.80 12.50 13.10 13.10 12.60
PBDTM(%) 12.20 11.20 11.60 10.40 9.45
PATM(%) 6.56 6.02 5.64 4.62 3.66
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