JBF Industries Financial Statements

JBF Industries Nine Monthly Results

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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2015 Mar-2014
Growth matrix (%)        
Revenue growth 1.20 -- 3.64 14.90
Op profit growth (31) (12) 36.70 5.23
EBIT growth (51) (29) 41.20 (5)
Net profit growth 73.80 (822) 447 (95)
Profitability ratios (%)        
OPM 5.41 7.95 9.03 6.85
EBIT margin 2.11 4.32 6.08 4.46
Net profit margin (4.30) (2.50) 0.35 0.07
RoCE 1.41 3.16 5.64 5.22
RoNW (4.30) (2.60) 0.42 0.08
RoA (0.70) (0.50) 0.08 0.02
Per share ratios ()        
EPS -- -- 3.82 0.03
Dividend per share 0.50 1 2 2
Cash EPS (90) (71) (42) (37)
Book value per share 252 296 280 289
Valuation ratios        
P/E -- -- 55.30 2,848
P/CEPS (3.10) (2.60) (5) (2.30)
P/B 1.10 0.62 0.76 0.30
EV/EBIDTA 22.80 14.90 11.20 10.30
Payout (%)        
Dividend payout (2.50) (7) 61.80 327
Tax payout 5.78 30.40 (65) (38)
Liquidity ratios        
Debtor days 80.70 69.40 53.50 46.50
Inventory days 44.60 44.10 43.10 41.90
Creditor days (108) (101) (82) (64)
Leverage ratios        
Interest coverage (0.30) (0.70) (1.20) (1.10)
Net debt / equity 4.78 3.94 4.42 3.15
Net debt / op. profit 20.30 13.50 10.10 10.10
Cost breakup ()        
Material costs (77) (73) (74) (78)
Employee costs (2.90) (3.10) (2.70) (1.90)
Other costs (14) (16) (15) (13)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Revenue 8,985 8,879 8,879 8,568
yoy growth (%) 1.20 -- 3.64 14.90
Raw materials (6,942) (6,490) (6,527) (6,685)
As % of sales 77.30 73.10 73.50 78
Employee costs (262) (275) (235) (162)
As % of sales 2.91 3.10 2.65 1.89
Other costs (1,294) (1,408) (1,316) (1,134)
As % of sales 14.40 15.90 14.80 13.20
Operating profit 487 705 802 587
OPM 5.41 7.95 9.03 6.85
Depreciation (344) (357) (307) (245)
Interest expense (559) (556) (451) (345)
Other income 46.80 35 45.40 41
Profit before tax (369) (172) 89.40 37.90
Taxes (21) (52) (58) (14)
Tax rate 5.78 30.40 (65) (38)
Minorities and other -- -- -- --
Adj. profit (390) (225) 31.10 23.60
Exceptional items -- -- -- (18)
Net profit (390) (225) 31.10 5.68
yoy growth (%) 73.80 (822) 447 (95)
NPM (4.30) (2.50) 0.35 0.07
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Profit before tax (369) (172) 89.40 37.90
Depreciation (344) (357) (307) (245)
Tax paid (21) (52) (58) (14)
Working capital 1,735 1,925 272 --
Other operating items -- -- -- --
Operating cashflow 1,001 1,343 (3.60) (221)
Capital expenditure 4,716 3,963 3,528 --
Free cash flow 5,717 5,306 3,525 (221)
Equity raised 3,720 4,036 3,325 3,619
Investments (127) (65) (49) --
Debt financing/disposal 10,936 9,683 6,666 2,354
Dividends paid 8.18 13.10 13.10 13.10
Other items -- -- -- --
Net in cash 20,254 18,972 13,479 5,765
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Equity capital 81.90 81.90 65.50 65.30
Preference capital -- -- 14.90 14.90
Reserves 1,982 2,342 1,755 1,805
Net worth 2,064 2,424 1,835 1,885
Minority interest
Debt 10,849 10,729 8,592 6,416
Deferred tax liabilities (net) 250 242 236 206
Total liabilities 13,334 13,617 10,663 8,506
Fixed assets 10,816 10,410 8,574 6,342
Intangible assets
Investments 1.12 1.13 2.59 3.25
Deferred tax asset (net) 16.90 15.80 11.40 35.10
Net working capital 1,508 2,009 1,602 1,638
Inventories 1,107 1,089 1,055 1,044
Inventory Days 45 44.80 43.40 44.50
Sundry debtors 2,043 1,928 1,451 1,150
Debtor days 83 79.20 59.60 49
Other current assets 1,488 1,721 1,586 1,156
Sundry creditors (2,715) (2,331) (2,197) (1,441)
Creditor days 110 95.80 90.30 61.40
Other current liabilities (416) (398) (293) (271)
Cash 991 1,181 473 487
Total assets 13,334 13,617 10,663 8,506
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Particulars ( Rupees In Crores.) Dec-2015 Dec-2014 Dec-2013 Dec-2012 Dec-2011
Gross Sales 6,405 6,730 6,468 5,347 5,247
Excise Duty -- -- -- -- --
Net Sales 6,405 6,730 6,468 5,347 5,247
Other Operating Income 7.60 7.98 5.04 4.58 10.50
Other Income 4.94 15.50 16.80 2.59 74.60
Total Income 6,417 6,753 6,490 5,354 5,332
Total Expenditure ** 5,771 6,046 5,996 4,813 4,709
PBIDT 646 708 494 541 622
Interest 387 353 362 261 321
PBDT 259 354 132 280 301
Depreciation 266 227 177 148 111
Minority Interest Before NP -- -- -- -- --
Tax 22.50 42 (3.90) 19.20 (9.70)
Deferred Tax -- -- -- -- --
Reported Profit After Tax (29) 85.20 (41) 113 199
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest (22) 85.20 (41) 113 199
Extra-ordinary Items -- -- (37) -- --
Adjusted Profit After Extra-ordinary item (22) 85.20 (4.80) 113 199
EPS (Unit Curr.) (3.80) 12.60 (6.30) 15.40 27.70
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 81.90 65.50 65.30 72.60 71.90
Public Shareholding (Number) -- 30,170,862 28,002,830 40,321,140 41,421,036
Public Shareholding (%) -- 46.10 42.90 55.50 57.60
Pledged/Encumbered - No. of Shares -- 3,200,000 2,700,000 -- 300,000
Pledged/Encumbered - % in Total Promoters Holding -- 9.06 7.24 -- 0.98
Pledged/Encumbered - % in Total Equity -- 4.89 4.13 -- 0.42
Non Encumbered - No. of Shares -- 32,126,617 34,606,616 32,265,696 30,226,400
Non Encumbered - % in Total Promoters Holding -- 90.90 92.80 100 99
Non Encumbered - % in Total Equity -- 49.10 53 44.50 42
PBIDTM(%) 10.10 10.50 7.64 10.10 11.90
PBDTM(%) 4.04 5.26 2.04 5.23 5.74
PATM(%) (0.50) 1.27 (0.60) 2.11 3.80
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