Grindwell Norton Financial Statements

Grindwell Norton Annually Results

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Y/e 31 Mar Mar-2021 Mar-2020 Mar-2018 Mar-2017
Growth matrix (%)        
Revenue growth 3.69 10.40 13.30 9.80
Op profit growth 22.50 7.14 27.80 5.23
EBIT growth 29.80 7.90 26 11.10
Net profit growth 31 21.90 25.40 13.50
Profitability ratios (%)        
OPM 19.80 16.70 17.30 15.30
EBIT margin 19.60 15.60 16 14.40
Net profit margin 14.60 11.60 10.50 9.45
RoCE 24.30 21.70 22.90 20.40
RoNW 4.69 4.19 3.98 3.60
RoA 4.53 4.01 3.74 3.36
Per share ratios ()        
EPS 21.50 16.60 13.60 10.90
Dividend per share 9.50 7.50 5 4
Cash EPS 16.70 11.30 9.48 6.97
Book value per share 123 107 89.50 80.70
Valuation ratios        
P/E 44.40 27.70 37.10 32.40
P/CEPS 57.10 40.80 53.30 50.80
P/B 7.73 4.28 5.65 4.39
EV/EBIDTA 27.80 16.60 19.40 16.40
Payout (%)        
Dividend payout -- -- 37 37.10
Tax payout (25) (24) (34) (33)
Liquidity ratios        
Debtor days 45.30 44.10 38.80 37.70
Inventory days 69.70 66.50 66 72.70
Creditor days (76) (60) (57) (42)
Leverage ratios        
Interest coverage (94) (55) (149) (91)
Net debt / equity (0.10) -- (0.30) (0.30)
Net debt / op. profit (0.40) (0.10) (1.10) (1.20)
Cost breakup ()        
Material costs (44) (45) (44) (44)
Employee costs (13) (13) (12) (13)
Other costs (24) (25) (27) (27)
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Y/e 31 Mar( In .Cr) Mar-2021 Mar-2020 Mar-2018 Mar-2017
Revenue 1,638 1,580 1,431 1,263
yoy growth (%) 3.69 10.40 13.30 9.80
Raw materials (721) (713) (624) (554)
As % of sales 44 45.10 43.60 43.90
Employee costs (208) (205) (177) (170)
As % of sales 12.70 13 12.40 13.50
Other costs (385) (397) (384) (346)
As % of sales 23.50 25.10 26.80 27.40
Operating profit 324 265 247 193
OPM 19.80 16.70 17.30 15.30
Depreciation (54) (58) (45) (42)
Interest expense (3.40) (4.50) (1.50) (2)
Other income 51 40.40 26.90 30.90
Profit before tax 317 243 227 180
Taxes (79) (59) (77) (59)
Tax rate (25) (24) (34) (33)
Minorities and other 1.44 (1.40) (1.10) (1.50)
Adj. profit 239 183 150 119
Exceptional items -- -- -- --
Net profit 239 183 150 119
yoy growth (%) 31 21.90 25.40 13.50
NPM 14.60 11.60 10.50 9.45
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2018 Mar-2017
Profit before tax 317 243 227 180
Depreciation (54) (58) (45) (42)
Tax paid (79) (59) (77) (59)
Working capital 120 89.20 339 227
Other operating items -- -- -- --
Operating cashflow 303 215 445 306
Capital expenditure 282 222 (37) (131)
Free cash flow 586 437 408 175
Equity raised 1,471 1,411 1,357 1,320
Investments 678 554 140 110
Debt financing/disposal (21) (19) (22) (8.70)
Dividends paid -- -- 55.40 44.30
Other items -- -- -- --
Net in cash 2,713 2,383 1,938 1,642
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2019 Mar-2018
Equity capital 55.40 55.40 55.40 55.40
Preference capital -- -- -- --
Reserves 1,309 1,132 1,043 935
Net worth 1,365 1,187 1,098 991
Minority interest
Debt -- -- -- 0.04
Deferred tax liabilities (net) 32.50 28.90 42.70 43.80
Total liabilities 1,409 1,230 1,154 1,047
Fixed assets 394 414 388 367
Intangible assets
Investments 713 583 183 171
Deferred tax asset (net) 15.80 16.90 19.40 22.50
Net working capital 156 202 330 215
Inventories 323 303 329 272
Inventory Days 71.90 70.10 -- 69.40
Sundry debtors 202 205 206 177
Debtor days 45 47.40 -- 45.20
Other current assets 100 72.30 106 80.40
Sundry creditors (315) (230) (187) (204)
Creditor days 70.30 53 -- 52
Other current liabilities (153) (149) (124) (111)
Cash 130 14.70 234 272
Total assets 1,410 1,230 1,154 1,047
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Particulars ( Rupees In Crores.) Mar-2021 Mar-2020 Mar-2019 Mar-2018 Mar-2017
Gross Sales 1,628 1,567 1,583 1,446 1,355
Excise Duty -- -- -- 22.80 100
Net Sales 1,628 1,567 1,583 1,423 1,255
Other Operating Income 10.40 12.70 15.20 7.87 8.47
Other Income 51 40.40 35.40 27 30.90
Total Income 1,689 1,620 1,633 1,458 1,294
Total Expenditure ** 1,314 1,315 1,326 1,184 1,070
PBIDT 375 305 307 274 224
Interest 3.42 4.47 1.50 1.53 2.01
PBDT 372 300 306 272 222
Depreciation 54.40 57.80 45.20 44.80 42.30
Minority Interest Before NP -- -- -- -- --
Tax 79.90 67.60 90.30 80.10 61
Deferred Tax (0.40) (8.80) 1.44 (3.50) (2.20)
Reported Profit After Tax 238 184 169 151 121
Minority Interest After NP (1.40) 1.37 1.48 1.14 1.49
Net Profit after Minority Interest 239 183 167 150 119
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 239 183 167 150 119
EPS (Unit Curr.) 21.60 16.50 15.10 13.50 10.80
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 190 150 120 100 80
Equity 55.40 55.40 55.40 55.40 55.40
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(%) 23 19.50 19.40 19.20 17.80
PBDTM(%) 22.80 19.20 19.30 19.10 17.70
PATM(%) 14.60 11.70 10.70 10.60 9.63
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