HIKAL Results: Quarterly Results of Hikal

Y/e 31 Mar	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Growth matrix (%)
Revenue growth	14.10	16.30	27.80	9.54
Op profit growth	18.20	13	21.80	9.74
EBIT growth	24.80	21	21	15
Net profit growth	57.70	9.33	14	64.40
Profitability ratios (%)
OPM	18.80	18.10	18.70	19.60
EBIT margin	14.10	12.90	12.40	13.10
Net profit margin	7.74	5.60	5.96	6.68
RoCE	15.70	13.80	12.60	11.30
RoNW	3.80	2.84	3.03	2.90
RoA	2.16	1.50	1.51	1.44
Per share ratios ()
EPS	10.80	6.85	9.40	8.24
Dividend per share	2	1.20	1.20	1.20
Cash EPS	3.88	0.16	(1)	(0.20)
Book value per share	75.70	66.20	81.40	73.60
Valuation ratios
P/E	13.30	10.20	14.60	17.20
P/CEPS	36.90	437	(135)	(818)
P/B	1.90	1.06	1.68	1.93
EV/EBIDTA	7.15	5.22	9.33	11.50
Payout (%)
Dividend payout	9.26	14.60	12.80	14.60
Tax payout	(36)	(30)	(31)	(15)
Liquidity ratios
Debtor days	87.60	76	76.60	66.40
Inventory days	61.40	74.50	79.80	99.80
Creditor days	(63)	(60)	(56)	(62)
Leverage ratios
Interest coverage	(6.70)	(3.70)	(3.30)	(2.70)
Net debt / equity	0.61	0.71	0.91	0.96
Net debt / op. profit	1.78	2.13	2.51	2.93
Cost breakup ()
Material costs	(53)	(52)	(54)	(50)
Employee costs	(9.60)	(10)	(9.90)	(12)
Other costs	(19)	(20)	(18)	(19)

Y/e 31 Mar( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	1,720	1,507	1,296	1,014
yoy growth (%)	14.10	16.30	27.80	9.54
Raw materials	(908)	(776)	(699)	(509)
As % of sales	52.80	51.50	53.90	50.20
Employee costs	(164)	(157)	(128)	(117)
As % of sales	9.55	10.40	9.88	11.50
Other costs	(325)	(301)	(227)	(189)
As % of sales	18.90	20	17.50	18.70
Operating profit	323	273	242	198
OPM	18.80	18.10	18.70	19.60
Depreciation	(85)	(82)	(86)	(69)
Interest expense	(36)	(52)	(49)	(48)
Other income	4.98	3.70	4.46	3.44
Profit before tax	206	142	111	84.50
Taxes	(73)	(42)	(34)	(13)
Tax rate	(36)	(30)	(31)	(15)
Minorities and other	--	--	--	--
Adj. profit	133	99.80	77.20	71.90
Exceptional items	--	(15)	--	(4.20)
Net profit	133	84.40	77.20	67.70
yoy growth (%)	57.70	9.33	14	64.40
NPM	7.74	5.60	5.96	6.68

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Profit before tax	206	142	111	84.50
Depreciation	(85)	(82)	(86)	(69)
Tax paid	(73)	(42)	(34)	(13)
Working capital	365	323	198	95.30
Other operating items	--	--	--	--
Operating cashflow	413	340	190	98.10
Capital expenditure	255	143	(205)	(294)
Free cash flow	668	482	(15)	(196)
Equity raised	1,180	1,142	1,019	1,019
Investments	(2.50)	(2.40)	(0.50)	0.50
Debt financing/disposal	271	328	372	234
Dividends paid	12.30	12.30	9.86	9.86
Other items	--	--	--	--
Net in cash	2,129	1,962	1,386	1,067

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Equity capital	24.70	24.70	24.70	16.40
Preference capital	--	--	--	--
Reserves	909	792	732	653
Net worth	933	817	756	669
Minority interest
Debt	610	646	661	635
Deferred tax liabilities (net)	37.60	44.40	37	--
Total liabilities	1,581	1,507	1,454	1,304
Fixed assets	967	896	792	751
Intangible assets
Investments	0.61	0.68	1.02	2.60
Deferred tax asset (net)	--	11.90	24.10	0.46
Net working capital	577	534	606	523
Inventories	267	312	364	303
Inventory Days	56.60	75.70	--	85.30
Sundry debtors	486	340	350	287
Debtor days	103	82.40	--	80.90
Other current assets	157	155	147	170
Sundry creditors	(253)	(228)	(170)	(178)
Creditor days	53.70	55.30	--	50
Other current liabilities	(79)	(45)	(85)	(60)
Cash	36.80	63.60	31.70	27.20
Total assets	1,581	1,507	1,454	1,304

Select Period

Particulars ( Rupees In Crores.)	Mar-2022	Dec-2021	Sep-2021	Jun-2021	Mar-2021
Gross Sales	501	507	464	455	532
Excise Duty	--	--	--	--	--
Net Sales	501	507	464	455	532
Other Operating Income	1.40	7.91	5.10	2.28	0.89
Other Income	0.27	0.57	0.87	3.18	2.87
Total Income	503	515	470	460	535
Total Expenditure **	441	422	378	361	423
PBIDT	61.30	93.50	91.80	98.90	112
Interest	8.08	7.18	7.96	7.99	9.97
PBDT	53.20	86.30	83.80	91	102
Depreciation	24.20	24.70	24.20	22.60	21.60
Minority Interest Before NP	--	--	--	--	--
Tax	7.80	16.90	16	18.90	34.30
Deferred Tax	0.44	(0.50)	(0.50)	(1)	(4.60)
Reported Profit After Tax	20.70	45.20	44.10	50.50	50.90
Minority Interest After NP	--	--	--	--	--
Net Profit after Minority Interest	20.70	45.20	44.10	50.50	50.90
Extra-ordinary Items	--	--	--	--	--
Adjusted Profit After Extra-ordinary item	20.70	45.20	44.10	50.50	50.90
EPS (Unit Curr.)	1.68	3.67	3.57	4.10	4.13
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	--	60	--	--	--
Equity	24.70	24.70	24.70	24.70	24.70
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(%)	12.20	18.50	19.80	21.80	21.10
PBDTM(%)	10.60	17	18.10	20	19.20
PATM(%)	4.13	8.92	9.50	11.10	9.58