GRINDWELL Financial Statements

GRINDWELL Annual Results

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Y/e 31 Mar Mar-2022 Mar-2021 Mar-2020 Mar-2018
Growth matrix (%)        
Revenue growth 22.90 3.69 10.40 13.30
Op profit growth 23.80 22.50 7.14 27.80
EBIT growth 25 29.80 7.90 26
Net profit growth 23.60 31 21.90 25.40
Profitability ratios (%)        
OPM 19.90 19.80 16.70 17.30
EBIT margin 19.90 19.60 15.60 16
Net profit margin 14.70 14.60 11.60 10.50
RoCE 26.30 24.20 21.70 22.90
RoNW 5.04 4.69 4.19 3.98
RoA 4.85 4.51 4.01 3.74
Per share ratios ()        
EPS 26.70 21.50 16.60 13.60
Dividend per share 12 9.50 7.50 5
Cash EPS 21.90 16.70 11.30 9.48
Book value per share 142 123 107 89.50
Valuation ratios        
P/E 67.50 44.40 27.70 37.10
P/CEPS 82.30 57.10 40.80 53.30
P/B 12.70 7.73 4.28 5.65
EV/EBIDTA 43.30 27.80 16.60 19.40
Payout (%)        
Dividend payout -- -- -- 37
Tax payout (25) (25) (24) (34)
Liquidity ratios        
Debtor days 39.80 45.30 44.10 38.80
Inventory days 69.80 69.70 66.50 66
Creditor days (73) (76) (60) (57)
Leverage ratios        
Interest coverage (97) (94) (55) (149)
Net debt / equity (0.20) (0.10) -- (0.30)
Net debt / op. profit (0.70) (0.40) (0.10) (1.10)
Cost breakup ()        
Material costs (44) (44) (45) (44)
Employee costs (12) (13) (13) (12)
Other costs (23) (24) (25) (27)
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Y/e 31 Mar( In .Cr) Mar-2022 Mar-2021 Mar-2020 Mar-2018
Revenue 2,013 1,638 1,580 1,431
yoy growth (%) 22.90 3.69 10.40 13.30
Raw materials (890) (721) (713) (624)
As % of sales 44.20 44 45.10 43.60
Employee costs (251) (208) (205) (177)
As % of sales 12.50 12.70 13 12.40
Other costs (471) (385) (397) (384)
As % of sales 23.40 23.50 25.10 26.80
Operating profit 401 324 265 247
OPM 19.90 19.80 16.70 17.30
Depreciation (53) (54) (58) (45)
Interest expense (4.10) (3.40) (4.50) (1.50)
Other income 53.10 51 40.40 26.90
Profit before tax 397 317 243 227
Taxes (101) (79) (59) (77)
Tax rate (25) (25) (24) (34)
Minorities and other 0.57 1.44 (1.40) (1.10)
Adj. profit 297 239 183 150
Exceptional items -- -- -- --
Net profit 296 239 183 150
yoy growth (%) 23.60 31 21.90 25.40
NPM 14.70 14.60 11.60 10.50
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Y/e 31 Mar ( In .Cr) Mar-2022 Mar-2021 Mar-2020 Mar-2018
Profit before tax 397 317 243 227
Depreciation (53) (54) (58) (45)
Tax paid (101) (79) (59) (77)
Working capital 403 152 88.40 292
Other operating items -- -- -- --
Operating cashflow 646 336 215 398
Capital expenditure 335 255 106 (115)
Free cash flow 982 591 320 283
Equity raised 1,618 1,531 1,466 1,399
Investments 495 685 552 136
Debt financing/disposal (6) (6.80) (22) (16)
Dividends paid -- -- -- 55.40
Other items -- -- -- --
Net in cash 3,088 2,801 2,316 1,856
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Y/e 31 Mar ( In .Cr) Mar-2022 Mar-2021 Mar-2020 Mar-2019
Equity capital 55.40 55.40 55.40 55.40
Preference capital -- -- -- --
Reserves 1,513 1,309 1,132 1,043
Net worth 1,568 1,365 1,187 1,098
Minority interest
Debt 15.10 12.20 -- --
Deferred tax liabilities (net) 33.40 32.50 28.90 42.70
Total liabilities 1,628 1,422 1,230 1,154
Fixed assets 453 394 414 388
Intangible assets
Investments 531 713 583 183
Deferred tax asset (net) 21.30 15.80 16.90 19.40
Net working capital 346 168 202 330
Inventories 448 323 303 329
Inventory Days 81.20 71.90 70.10 --
Sundry debtors 237 202 205 206
Debtor days 43 45 47.40 --
Other current assets 164 100 72.30 106
Sundry creditors (332) (315) (230) (187)
Creditor days 60.20 70.30 53 --
Other current liabilities (171) (141) (149) (124)
Cash 278 130 14.70 234
Total assets 1,628 1,422 1,230 1,154
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Particulars ( Rupees In Crores.) Mar-2022 Mar-2021 Mar-2020 Mar-2019 Mar-2018
Gross Sales 2,013 1,638 1,567 1,583 1,446
Excise Duty -- -- -- -- 22.80
Net Sales 2,013 1,638 1,567 1,583 1,423
Other Operating Income -- -- 12.70 15.20 7.87
Other Income 53.10 51 40.40 35.40 27
Total Income 2,066 1,689 1,620 1,633 1,458
Total Expenditure ** 1,612 1,314 1,315 1,326 1,184
PBIDT 453 375 305 307 274
Interest 4.12 3.42 4.47 1.50 1.53
PBDT 449 372 300 306 272
Depreciation 53.50 54.40 57.80 45.20 44.80
Minority Interest Before NP -- -- -- -- --
Tax 108 79.90 67.60 90.30 80.10
Deferred Tax (7) (0.40) (8.80) 1.44 (3.50)
Reported Profit After Tax 295 238 184 169 151
Minority Interest After NP (0.60) (1.40) 1.37 1.48 1.14
Net Profit after Minority Interest 296 239 183 167 150
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 296 239 183 167 150
EPS (Unit Curr.) 26.70 21.60 16.50 15.10 13.50
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 240 190 150 120 100
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(%) 22.50 22.90 19.50 19.40 19.20
PBDTM(%) 22.30 22.70 19.20 19.30 19.10
PATM(%) 14.70 14.50 11.70 10.70 10.60
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