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.) Dec-2019 Dec-2018 Dec-2017 Dec-2016 Dec-2015
Gross Sales 1,203 1,181 1,065 1,002 895
Excise Duty -- -- 22.80 71.50 63.90
Net Sales 1,203 1,181 1,042 931 831
Other Operating Income 10.90 11.50 5.59 6.24 5.52
Other Income 30.70 24.80 20.60 23 16.90
Total Income 1,244 1,217 1,068 960 853
Total Expenditure ** 1,010 989 873 797 707
PBIDT 235 229 195 163 146
Interest 3 0.83 1.27 1.27 1.89
PBDT 232 228 194 162 144
Depreciation 43.40 33.80 33.70 30.80 31.40
Minority Interest Before NP -- -- -- -- --
Tax 50 68.60 56.90 44.20 38.50
Deferred Tax (3.70) (0.30) (3.60) 0.20 --
Reported Profit After Tax 142 126 107 86.70 74.60
Minority Interest After NP 0.98 1.07 0.81 1.05 0.44
Net Profit after Minority Interest 141 125 106 85.70 74.10
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 141 125 106 85.70 74.10
EPS (Unit Curr.) 12.70 11.30 9.55 7.74 13.40
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
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 18.70 17.50 17.60
PBDTM(%) 19.30 19.30 18.60 17.40 17.40
PATM(%) 11.80 10.70 10.20 9.32 8.97