Harita Seating Systems Financial Statements

Harita Seating Systems Annually Results

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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 24.50 11.60 10.10 13
Op profit growth 37.40 25.30 41.20 (2.70)
EBIT growth 35.10 30.40 47.40 10.30
Net profit growth 33.20 8.95 192 13.80
Profitability ratios (%)        
OPM 9.87 8.94 7.96 6.20
EBIT margin 8.03 7.40 6.33 4.73
Net profit margin 4.25 3.98 4.07 1.53
RoCE 30.60 27.60 22.50 14.30
RoNW 6.89 6.56 7.44 2.96
RoA 4.06 3.70 3.61 1.16
Per share ratios ()        
EPS 63.20 47.30 39.40 17.10
Dividend per share 6 5 6 2.50
Cash EPS 24.70 17.30 15.60 (5.80)
Book value per share 199 153 124 99.90
Valuation ratios        
P/E 15.60 14.90 11 10
P/CEPS 40 40.70 27.70 (30)
P/B 4.97 4.61 3.47 1.72
EV/EBIDTA 8.80 8.19 6.09 3.93
Payout (%)        
Dividend payout 15.10 13.70 25.80 35.50
Tax payout (30) (30) (27) (33)
Liquidity ratios        
Debtor days 72.20 63.10 67.50 70.20
Inventory days 17.20 16 16.30 16.50
Creditor days (69) (61) (61) (61)
Leverage ratios        
Interest coverage (58) (118) (23) (4.80)
Net debt / equity 0.13 0.03 (0.10) 0.34
Net debt / op. profit 0.23 0.06 (0.10) 0.73
Cost breakup ()        
Material costs (70) (70) (70) (74)
Employee costs (11) (11) (11) (10)
Other costs (9.30) (10) (10) (9.80)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 885 711 637 579
yoy growth (%) 24.50 11.60 10.10 13
Raw materials (622) (495) (449) (426)
As % of sales 70.30 69.70 70.40 73.50
Employee costs (93) (79) (71) (61)
As % of sales 10.50 11.10 11.20 10.50
Other costs (82) (73) (66) (57)
As % of sales 9.30 10.30 10.40 9.81
Operating profit 87.30 63.50 50.70 35.90
OPM 9.87 8.94 7.96 6.20
Depreciation (18) (15) (14) (13)
Interest expense (1.20) (0.40) (1.70) (5.70)
Other income 2.19 3.82 3.41 4.79
Profit before tax 69.80 52.10 38.60 21.70
Taxes (21) (15) (11) (7.20)
Tax rate (30) (30) (27) (33)
Minorities and other (11) (8.50) (6.50) (5.60)
Adj. profit 37.60 28.20 21.50 8.88
Exceptional items -- -- 4.47 --
Net profit 37.60 28.20 25.90 8.88
yoy growth (%) 33.20 8.95 192 13.80
NPM 4.25 3.98 4.07 1.53
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 69.80 52.10 38.60 21.70
Depreciation (18) (15) (14) (13)
Tax paid (21) (15) (11) (7.20)
Working capital 50 10.80 (6.90) --
Other operating items -- -- -- --
Operating cashflow 80.60 32.80 7.21 1.18
Capital expenditure (16) (58) (4.30) --
Free cash flow 64.80 (25) 2.92 1.18
Equity raised 163 146 132 133
Investments 5.26 12.70 12.10 --
Debt financing/disposal (4.70) (14) (3) 21.80
Dividends paid 4.66 3.88 4.84 1.94
Other items -- -- -- --
Net in cash 233 124 149 158
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 7.77 7.77 7.77 7.77
Preference capital -- -- -- --
Reserves 171 147 111 88.70
Net worth 178 154 119 96.50
Minority interest
Debt 31.70 22.40 11.30 5.02
Deferred tax liabilities (net) 11.40 7.24 10.60 5.89
Total liabilities 297 254 209 172
Fixed assets 241 160 139 115
Intangible assets
Investments 1.14 7.87 15.30 13.80
Deferred tax asset (net) -- -- 2.90 --
Net working capital 44.60 84.20 44.30 33.20
Inventories 50.70 50.30 33.10 29.30
Inventory Days -- 20.70 17 16.80
Sundry debtors 192 218 132 114
Debtor days -- 89.90 67.80 65.10
Other current assets 31.70 27.90 35 22.60
Sundry creditors (197) (183) (119) (97)
Creditor days -- 75.40 61.20 55.40
Other current liabilities (34) (29) (37) (36)
Cash 10.30 2.17 7.72 10.20
Total assets 297 254 209 172
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Particulars ( Rupees In Crores.) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Gross Sales 744 975 905 790 692
Excise Duty -- -- 20.60 79.70 72.60
Net Sales 744 975 885 711 619
Other Operating Income -- -- -- -- 17.70
Other Income 6.19 9.56 2.19 3.82 7.89
Total Income 750 985 887 714 645
Total Expenditure ** 692 898 798 647 586
PBIDT 57.60 86.60 89.50 67.40 58.60
Interest 3.95 3.29 1.22 0.45 1.75
PBDT 53.70 83.30 88.30 66.90 56.90
Depreciation 27.10 22.90 18.50 14.80 13.80
Minority Interest Before NP -- -- -- -- --
Tax 6.75 16.60 20.70 15.40 10.60
Deferred Tax (5) 3.56 -- -- --
Reported Profit After Tax 24.80 40.20 49.10 36.70 32.40
Minority Interest After NP 11 11.40 11.50 -- 6.50
Net Profit after Minority Interest 13.80 28.80 37.60 36.70 25.90
Extra-ordinary Items -- -- -- -- 3.37
Adjusted Profit After Extra-ordinary item 13.80 28.80 37.60 36.70 22.60
EPS (Unit Curr.) 17.80 37.10 48.40 36.40 33.40
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- 60 60 50 60
Equity 7.77 7.77 7.77 7.77 7.77
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(%) 7.75 8.88 10.10 9.48 9.46
PBDTM(%) 7.21 8.54 9.98 9.42 9.18
PATM(%) 3.33 4.13 5.55 5.17 5.24
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