KANORICHEM Results: Annual Results of Kanoria Chemicals & Industries

Y/e 31 Mar	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Growth matrix (%)
Revenue growth	8.97	20.10	19.20	24.20
Op profit growth	233	(19)	30.30	(12)
EBIT growth	(878)	(118)	381	(45)
Net profit growth	(156)	(284)	(195)	105
Profitability ratios (%)
OPM	8.55	2.80	4.14	3.78
EBIT margin	4.34	(0.60)	4	0.99
Net profit margin	1.33	(2.60)	1.68	(2.10)
RoCE	4.05	(0.50)	3.08	0.64
RoNW	0.63	(1.10)	0.60	(0.60)
RoA	0.31	(0.60)	0.32	(0.30)
Per share ratios ()
EPS	3.66	(7.20)	2.65	--
Dividend per share	--	--	1.50	1.50
Cash EPS	(10)	(19)	(7.50)	(14)
Book value per share	134	130	135	133
Valuation ratios
P/E	24.90	(3.30)	24.80	--
P/CEPS	(9.20)	(1.30)	(8.80)	(5)
P/B	0.68	0.18	0.49	0.52
EV/EBIDTA	8.09	11.90	8.50	12.60
Payout (%)
Dividend payout	--	--	46.70	(44)
Tax payout	30	(26)	20	(60)
Liquidity ratios
Debtor days	57.90	51.10	55	52.50
Inventory days	58	58.60	53.30	47.70
Creditor days	(58)	(55)	(52)	(40)
Leverage ratios
Interest coverage	(1.50)	0.17	(1.40)	(0.30)
Net debt / equity	0.78	0.87	0.67	0.61
Net debt / op. profit	4.86	17.50	11.40	13.30
Cost breakup ()
Material costs	(66)	(68)	(67)	(61)
Employee costs	(15)	(16)	(16)	(18)
Other costs	(11)	(14)	(13)	(17)

Y/e 31 Mar( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	1,095	1,005	837	702
yoy growth (%)	8.97	20.10	19.20	24.20
Raw materials	(725)	(681)	(561)	(432)
As % of sales	66.30	67.80	67	61.50
Employee costs	(161)	(159)	(130)	(124)
As % of sales	14.70	15.80	15.60	17.70
Other costs	(115)	(137)	(111)	(120)
As % of sales	10.50	13.60	13.20	17.10
Operating profit	93.60	28.10	34.60	26.60
OPM	8.55	2.80	4.14	3.78
Depreciation	(58)	(56)	(47)	(45)
Interest expense	(32)	(37)	(24)	(20)
Other income	11.90	21.80	45.40	25.80
Profit before tax	15.20	(43)	9.64	(13)
Taxes	4.57	11.30	1.93	7.97
Tax rate	30	(26)	20	(60)
Minorities and other	(1.50)	5.76	2.48	8.92
Adj. profit	18.30	(26)	14	3.64
Exceptional items	(3.80)	--	--	(18)
Net profit	14.50	(26)	14	(15)
yoy growth (%)	(156)	(284)	(195)	105
NPM	1.33	(2.60)	1.68	(2.10)

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	388	360	339	296
yoy growth (%)	7.84	6.20	14.60	(0.40)
Raw materials	(271)	(251)	(242)	(188)
As % of sales	69.90	69.80	71.50	63.50
Employee costs	(29)	(30)	(23)	(21)
As % of sales	7.50	8.43	6.81	6.96
Other costs	(59)	(71)	(60)	(59)
As % of sales	15.30	19.80	17.80	19.90
Operating profit	28.50	6.98	13.20	28.50
OPM	7.34	1.94	3.89	9.65
Depreciation	(22)	(21)	(21)	(20)
Interest expense	(12)	(12)	(7.10)	(3.30)
Other income	4.88	19.90	23.30	22.70
Profit before tax	(1.20)	(6.40)	8.24	27.50
Taxes	1.36	5.61	(2.60)	9.62
Tax rate	(109)	(87)	(32)	35
Minorities and other	--	--	--	--
Adj. profit	0.12	(0.80)	5.60	37.10
Exceptional items	(3.80)	--	--	(18)
Net profit	(3.70)	(0.80)	5.60	18.70
yoy growth (%)	349	(115)	(70)	10.20
NPM	(0.90)	(0.20)	1.65	6.33

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Profit before tax	15.20	(43)	9.64	(13)
Depreciation	(58)	(56)	(47)	(45)
Tax paid	4.57	11.30	1.93	7.97
Working capital	129	162	101	38.20
Other operating items	--	--	--	--
Operating cashflow	90.40	74.30	66	(13)
Capital expenditure	257	862	495	318
Free cash flow	347	937	561	306
Equity raised	743	1,056	1,005	1,054
Investments	9.69	(325)	(192)	(110)
Debt financing/disposal	351	414	313	330
Dividends paid	--	--	6.55	6.55
Other items	--	--	--	--
Net in cash	1,451	2,082	1,694	1,586

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Equity capital	21.90	21.90	21.90	21.90
Preference capital	--	--	--	--
Reserves	565	547	577	566
Net worth	587	569	599	588
Minority interest
Debt	490	539	509	440
Deferred tax liabilities (net)	71.50	72.50	75.30	74.40
Total liabilities	1,157	1,192	1,199	1,108
Fixed assets	878	909	892	812
Intangible assets
Investments	19.50	25.50	47.50	62.90
Deferred tax asset (net)	39.10	35.20	26.20	26.40
Net working capital	186	176	188	160
Inventories	167	181	190	141
Inventory Days	55.60	65.90	--	61.70
Sundry debtors	203	144	146	138
Debtor days	67.70	52.30	--	60
Other current assets	60.10	66.80	79.20	76.70
Sundry creditors	(157)	(162)	(152)	(130)
Creditor days	52.20	58.80	--	56.90
Other current liabilities	(88)	(55)	(75)	(66)
Cash	34.70	46.70	45.60	46.90
Total assets	1,157	1,192	1,199	1,108

Select Period

Particulars ( Rupees In Crores.)	Mar-2021	Mar-2020	Mar-2019	Mar-2018	Mar-2017
Gross Sales	1,095	1,005	1,072	845	734
Excise Duty	--	--	--	8.07	31.70
Net Sales	1,095	1,005	1,072	837	702
Other Operating Income	--	--	--	--	--
Other Income	11.90	21.80	12.30	45.40	25.80
Total Income	1,107	1,027	1,084	882	728
Total Expenditure **	1,005	977	1,013	802	694
PBIDT	102	50	70.50	80	34
Interest	32.30	36.70	36	23.80	20.20
PBDT	69.50	13.20	34.50	56.30	13.80
Depreciation	58	56.10	49.50	46.60	45.50
Minority Interest Before NP	--	--	--	--	--
Tax	0.15	0.37	1.55	0.21	(8.40)
Deferred Tax	(4.70)	(12)	2.97	(2.10)	0.42
Reported Profit After Tax	16	(32)	(20)	11.60	(24)
Minority Interest After NP	1.47	(5.80)	(4.60)	(2.50)	--
Net Profit after Minority Interest	14.50	(26)	(15)	14.10	(24)
Extra-ordinary Items	(3.70)	--	(3.80)	--	(18)
Adjusted Profit After Extra-ordinary item	18.30	(26)	(11)	14.10	(5.50)
EPS (Unit Curr.)	3.32	(5.90)	(3.40)	3.22	(5.40)
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	--	--	15	30	30
Equity	21.90	21.90	21.90	21.90	21.90
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(%)	9.30	4.97	6.58	9.57	4.84
PBDTM(%)	6.35	1.32	3.22	6.72	1.96
PATM(%)	1.46	(3.10)	(1.80)	1.38	(3.40)