HUHTAMAKI Results: Nine Monthly Results of Huhtamaki India

Y/e 31 Mar	Dec-2015	Dec-2014	Dec-2013	Dec-2012
Growth matrix (%)
Revenue growth	66.30	12.90	20.50	--
Op profit growth	95.10	3.91	27.70	--
EBIT growth	84.70	9.03	24.30	--
Net profit growth	15.50	18.50	24.70	--
Profitability ratios (%)
OPM	11.40	9.72	10.60	9.96
EBIT margin	7.66	6.89	7.14	6.92
Net profit margin	3.78	5.44	5.18	5.01
RoCE	17.10	15.40	17.50	--
RoNW	3.24	3.48	3.77	--
RoA	2.11	3.03	3.17	--
Per share ratios ()
EPS	10.30	8.86	8.75	6.78
Dividend per share	2.80	2.80	2.80	2.60
Cash EPS	(1.90)	3.13	2.26	1.50
Book value per share	85.10	78	62.30	56.60
Valuation ratios
P/E	23.40	20.40	8.53	10.70
P/CEPS	(128)	57.80	33	48.10
P/B	2.82	2.32	1.20	1.28
EV/EBIDTA	9.15	10.50	4.17	5.01
Payout (%)
Dividend payout	31.80	36.70	36.50	42
Tax payout	(32)	(23)	(31)	(27)
Liquidity ratios
Debtor days	59.50	67.70	61.80	--
Inventory days	22.80	28.60	30.60	--
Creditor days	(48)	(56)	(53)	--
Leverage ratios
Interest coverage	(3.90)	(27)	(21)	(106)
Net debt / equity	0.83	0.05	0.08	0.10
Net debt / op. profit	2.21	0.25	0.27	0.41
Cost breakup ()
Material costs	(67)	(71)	(69)	(69)
Employee costs	(8.70)	(7.50)	(7.70)	(7.90)
Other costs	(13)	(12)	(12)	(13)

Y/e 31 Mar( In .Cr)	Dec-2015	Dec-2014	Dec-2013	Dec-2012
Revenue	2,037	1,225	1,086	901
yoy growth (%)	66.30	12.90	20.50	--
Raw materials	(1,367)	(872)	(752)	(625)
As % of sales	67.10	71.10	69.30	69.40
Employee costs	(177)	(92)	(84)	(71)
As % of sales	8.69	7.53	7.75	7.88
Other costs	(261)	(142)	(135)	(115)
As % of sales	12.80	11.60	12.40	12.80
Operating profit	232	119	115	89.70
OPM	11.40	9.72	10.60	9.96
Depreciation	(91)	(44)	(42)	(36)
Interest expense	(40)	(3.10)	(3.70)	(0.60)
Other income	14.20	9.26	4.90	8.26
Profit before tax	116	81.30	73.70	61.70
Taxes	(37)	(19)	(23)	(17)
Tax rate	(32)	(23)	(31)	(27)
Minorities and other	(1.80)	(1.90)	(1.60)	--
Adj. profit	76.90	60.30	49.20	45.10
Exceptional items	--	6.28	7.05	--
Net profit	76.90	66.60	56.20	45.10
yoy growth (%)	15.50	18.50	24.70	--
NPM	3.78	5.44	5.18	5.01

Y/e 31 Mar ( In .Cr)	Dec-2021	Dec-2020	Dec-2019	Dec-2018
Revenue	2,625	2,463	2,582	2,369
yoy growth (%)	6.60	(4.60)	9	11.20
Raw materials	(1,872)	(1,612)	(1,712)	(1,608)
As % of sales	71.30	65.50	66.30	67.90
Employee costs	(258)	(276)	(252)	(235)
As % of sales	9.82	11.20	9.75	9.93
Other costs	(386)	(341)	(326)	(305)
As % of sales	14.70	13.80	12.60	12.90
Operating profit	109	234	293	221
OPM	4.15	9.49	11.30	9.35
Depreciation	(92)	(98)	(87)	(85)
Interest expense	(27)	(26)	(21)	(39)
Other income	9.37	8.02	16.70	16.70
Profit before tax	(0.60)	118	202	114
Taxes	8.88	(22)	(32)	(79)
Tax rate	(1,505)	(18)	(16)	(69)
Minorities and other	--	--	--	--
Adj. profit	8.29	96	170	34.90
Exceptional items	(31)	--	--	--
Net profit	(23)	96	170	34.90
yoy growth (%)	(124)	(44)	387	(45)
NPM	(0.90)	3.90	6.58	1.47

Y/e 31 Mar ( In .Cr)	Dec-2015	Dec-2014	Dec-2013	Dec-2012
Profit before tax	116	81.30	73.70	61.70
Depreciation	(91)	(44)	(42)	(36)
Tax paid	(37)	(19)	(23)	(17)
Working capital	108	4.62	(4.60)	--
Other operating items	--	--	--	--
Operating cashflow	96.50	23	4.13	--
Capital expenditure	988	66	(66)	--
Free cash flow	1,085	89	(62)	--
Equity raised	892	887	891	--
Investments	146	132	(132)	--
Debt financing/disposal	532	45.60	47.30	--
Dividends paid	20.40	20.40	17.60	16.30
Other items	--	--	--	--
Net in cash	2,676	1,173	762	--

Y/e 31 Mar ( In .Cr)	Dec-2015	Dec-2014	Dec-2013	Dec-2012
Equity capital	14.50	14.50	12.50	12.50
Preference capital	--	--	--	--
Reserves	604	553	378	342
Net worth	619	567	391	355
Minority interest
Debt	529	41.90	46.20	51.90
Deferred tax liabilities (net)	13.50	9.08	1.02	4.01
Total liabilities	1,185	641	458	429
Fixed assets	759	281	243	247
Intangible assets
Investments	207	186	54.80	60.40
Deferred tax asset (net)	9.22	3.59	0.03	3.33
Net working capital	195	158	145	103
Inventories	156	98.30	93.50	88.60
Inventory Days	28	29.30	31.40	35.90
Sundry debtors	419	246	209	159
Debtor days	75	73.20	70.20	64.40
Other current assets	93.60	56.90	46.90	33.80
Sundry creditors	(290)	(185)	(153)	(132)
Creditor days	52	55.10	51.30	53.50
Other current liabilities	(183)	(58)	(52)	(46)
Cash	15.40	11.70	15.80	14.80
Total assets	1,185	641	458	429

Y/e 31 Mar ( In .Cr)	Dec-2021	Dec-2020	Dec-2019	Dec-2018
Equity capital	15.10	15.10	15.10	15.10
Preference capital	--	--	--	--
Reserves	701	750	682	541
Net worth	716	765	697	556
Minority interest
Debt	409	295	273	403
Deferred tax liabilities (net)	20.70	11.20	6.75	8.88
Total liabilities	1,145	1,071	977	968
Fixed assets	580	577	495	522
Intangible assets
Investments	0.62	18.40	60.80	21.10
Deferred tax asset (net)	32.30	19	13	13.80
Net working capital	500	389	364	364
Inventories	348	229	182	212
Inventory Days	48.30	33.90	25.70	32.70
Sundry debtors	629	534	618	570
Debtor days	87.50	79.10	87.40	87.80
Other current assets	207	150	107	72.60
Sundry creditors	(579)	(417)	(436)	(365)
Creditor days	80.50	61.80	61.70	56.30
Other current liabilities	(104)	(106)	(108)	(126)
Cash	32.20	67.10	44.60	47.80
Total assets	1,145	1,071	977	968

Select Period

Particulars ( Rupees In Crores.)	Sep-2016	Sep-2015	Sep-2014	Sep-2013	Sep-2012
Gross Sales	1,637	1,489	973	851	711
Excise Duty	--	--	65.50	54.80	45.10
Net Sales	1,637	1,489	907	796	666
Other Operating Income	18.30	20.30	7.96	8.25	5.57
Other Income	12.50	11.20	9.56	4.13	6.54
Total Income	1,668	1,521	925	808	678
Total Expenditure **	1,461	1,342	825	717	605
PBIDT	207	178	99.80	91.50	72.40
Interest	25.60	30.50	2.21	2.82	0.02
PBDT	181	148	97.60	88.70	72.40
Depreciation	69.20	67.30	32.70	31.30	25.80
Minority Interest Before NP	--	--	--	--	--
Tax	45.40	22.80	12	18.40	12.80
Deferred Tax	(6)	(0.30)	2.53	(1.40)	(1.30)
Reported Profit After Tax	72.40	58.20	50.40	40.50	35
Minority Interest After NP	3.09	1.86	1.57	0.92	--
Net Profit after Minority Interest	69.30	56.40	48.80	39.50	35
Extra-ordinary Items	--	--	3.89	--	--
Adjusted Profit After Extra-ordinary item	69.30	56.40	44.90	39.50	35
EPS (Unit Curr.)	9.53	7.75	7.60	6.31	5.59
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	--	--	--	--	--
Equity	14.50	14.50	14.50	12.50	12.50
Public Shareholding (Number)	--	22,707,937	22,707,937	22,707,936	22,758,036
Public Shareholding (%)	--	31.20	31.20	36.20	36.30
Pledged/Encumbered - No. of Shares	--	--	--	--	--
Pledged/Encumbered - % in Total Promoters Holding	--	--	--	--	--
Pledged/Encumbered - % in Total Equity	--	--	--	--	--
Non Encumbered - No. of Shares	--	50,003,997	50,003,997	39,979,252	39,929,152
Non Encumbered - % in Total Promoters Holding	--	100	100	100	100
Non Encumbered - % in Total Equity	--	68.80	68.80	63.80	63.70
PBIDTM(%)	12.60	12	11	11.50	10.90
PBDTM(%)	11.10	9.93	10.80	11.10	10.90
PATM(%)	4.42	3.91	5.55	5.09	5.27