Grindwell Norton Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 10.40 13.30 9.80 1.34
Op profit growth 7.14 27.80 5.23 1.61
EBIT growth 7.90 26 11.10 4.34
Net profit growth 21.90 25.40 13.50 1.95
Profitability ratios (%)        
OPM 16.70 17.30 15.30 15.90
EBIT margin 15.60 16 14.40 14.20
Net profit margin 11.60 10.50 9.45 9.15
RoCE 21.70 22.90 20.40 21.90
RoNW 4.19 3.98 3.60 3.82
RoA 4.01 3.74 3.36 3.53
Per share ratios ()        
EPS 16.60 13.60 10.90 17.90
Dividend per share 7.50 5 4 6.50
Cash EPS 11.30 9.48 6.97 11.30
Book value per share 107 89.50 80.70 138
Valuation ratios        
P/E 27.70 37.10 32.40 18.90
P/CEPS 40.80 53.30 50.80 29.80
P/B 4.28 5.65 4.39 2.45
EV/EBIDTA 16.60 19.40 16.40 17.60
Payout (%)        
Dividend payout -- 37 37.10 75.40
Tax payout (24) (34) (33) (34)
Liquidity ratios        
Debtor days 44.10 38.80 37.70 41.70
Inventory days 66.50 66 72.70 76.60
Creditor days (60) (57) (42) (32)
Leverage ratios        
Interest coverage (55) (149) (91) (68)
Net debt / equity -- (0.30) (0.30) (0.10)
Net debt / op. profit (0.10) (1.10) (1.20) (0.60)
Cost breakup ()        
Material costs (45) (44) (44) (43)
Employee costs (13) (12) (13) (13)
Other costs (25) (27) (27) (28)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 1,580 1,431 1,263 1,151
yoy growth (%) 10.40 13.30 9.80 1.34
Raw materials (713) (624) (554) (494)
As % of sales 45.10 43.60 43.90 43
Employee costs (205) (177) (170) (148)
As % of sales 13 12.40 13.50 12.90
Other costs (397) (384) (346) (324)
As % of sales 25.10 26.80 27.40 28.20
Operating profit 265 247 193 184
OPM 16.70 17.30 15.30 15.90
Depreciation (58) (45) (42) (43)
Interest expense (4.50) (1.50) (2) (2.40)
Other income 40.40 26.90 30.90 22.60
Profit before tax 243 227 180 161
Taxes (59) (77) (59) (55)
Tax rate (24) (34) (33) (34)
Minorities and other (1.40) (1.10) (1.50) (1.20)
Adj. profit 183 150 119 105
Exceptional items -- -- -- --
Net profit 183 150 119 105
yoy growth (%) 21.90 25.40 13.50 1.95
NPM 11.60 10.50 9.45 9.15
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 243 227 180 161
Depreciation (58) (45) (42) (43)
Tax paid (59) (77) (59) (55)
Working capital 62.60 340 275 121
Other operating items -- -- -- --
Operating cashflow 189 446 354 184
Capital expenditure 248 78.60 (54) (191)
Free cash flow 437 525 300 (6.30)
Equity raised 1,350 1,302 1,279 1,232
Investments 547 142 115 99.80
Debt financing/disposal (21) (19) (15) (1.20)
Dividends paid -- 55.40 44.30 72
Other items -- -- -- --
Net in cash 2,312 2,005 1,723 1,397
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 55.40 55.40 55.40 55.40
Preference capital -- -- -- --
Reserves 1,132 1,043 935 838
Net worth 1,187 1,098 991 893
Minority interest
Debt -- -- 0.04 7.76
Deferred tax liabilities (net) 28.90 42.70 43.80 42.70
Total liabilities 1,230 1,154 1,047 955
Fixed assets 414 388 367 374
Intangible assets
Investments 583 183 171 145
Deferred tax asset (net) 16.90 19.40 22.50 19.70
Net working capital 202 330 215 173
Inventories 303 329 272 246
Inventory Days 70.10 -- 69.40 71
Sundry debtors 205 206 177 127
Debtor days 47.40 -- 45.20 36.80
Other current assets 72.30 106 80.40 74.60
Sundry creditors (230) (187) (204) (166)
Creditor days 53 -- 52 47.80
Other current liabilities (149) (124) (111) (109)
Cash 14.70 234 272 243
Total assets 1,230 1,154 1,047 955
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Particulars ( Rupees In Crores.) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Gross Sales 1,567 1,583 1,446 1,355 1,233
Excise Duty -- -- 22.80 100 90.10
Net Sales 1,567 1,583 1,423 1,255 1,143
Other Operating Income 12.70 15.20 7.87 8.47 7.22
Other Income 40.40 35.40 27 30.90 22.60
Total Income 1,620 1,633 1,458 1,294 1,173
Total Expenditure ** 1,315 1,326 1,184 1,070 967
PBIDT 305 307 274 224 206
Interest 4.47 1.50 1.53 2.01 2.42
PBDT 300 306 272 222 204
Depreciation 57.80 45.20 44.80 42.30 42.60
Minority Interest Before NP -- -- -- -- --
Tax 67.60 90.30 80.10 61 56
Deferred Tax (8.80) 1.44 (3.50) (2.20) (1.30)
Reported Profit After Tax 184 169 151 121 106
Minority Interest After NP 1.37 1.48 1.14 1.49 --
Net Profit after Minority Interest 183 167 150 119 106
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 183 167 150 119 106
EPS (Unit Curr.) 16.50 15.10 13.50 10.80 2.79
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 150 120 100 80 130
Equity 55.40 55.40 55.40 55.40 27.70
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(%) 19.50 19.40 19.20 17.80 18
PBDTM(%) 19.20 19.30 19.10 17.70 17.80
PATM(%) 11.70 10.70 10.60 9.63 9.31