Kansai Nerolac Paints Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 13.40 14.90 7.58 5.02
Op profit growth 1.43 7.56 26.10 29.60
EBIT growth (13) 2.83 40.70 34.50
Net profit growth 1.28 1.09 (44) 229
Profitability ratios (%)        
OPM 15.20 17 18.20 15.50
EBIT margin 13 16.90 18.90 14.40
Net profit margin 9.87 11 12.60 23.90
RoCE 18.80 25.30 27.20 24.70
RoNW 3.78 4.33 4.78 11
RoA 3.55 4.13 4.53 10.20
Per share ratios ()        
EPS 9.57 9.53 9.47 16.50
Dividend per share 3.15 2.60 3 3.05
Cash EPS 7.03 8.11 8.14 15.50
Book value per share 69.80 58.10 52.20 46.60
Valuation ratios        
P/E 40.40 52.90 39.90 17.10
P/CEPS 54.90 62.10 46.40 18.20
P/B 5.53 8.67 7.24 6.04
EV/EBIDTA 25.10 31.10 24.10 24.10
Payout (%)        
Dividend payout -- 33.80 31.80 10.10
Tax payout (23) (35) (33) (33)
Liquidity ratios        
Debtor days 51.50 50.70 51.20 51.40
Inventory days 63.50 60 57.90 55.10
Creditor days (55) (62) (62) (51)
Leverage ratios        
Interest coverage (33) -- -- --
Net debt / equity -- (0.10) (0.10) (0.20)
Net debt / op. profit -- (0.40) (0.30) (0.70)
Cost breakup ()        
Material costs (62) (60) (58) (63)
Employee costs (5.90) (5) (5) (4.60)
Other costs (17) (18) (18) (17)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 5,280 4,658 4,053 3,767
yoy growth (%) 13.40 14.90 7.58 5.02
Raw materials (3,259) (2,814) (2,369) (2,368)
As % of sales 61.70 60.40 58.50 62.90
Employee costs (310) (235) (203) (173)
As % of sales 5.88 5.05 5 4.60
Other costs (907) (816) (743) (641)
As % of sales 17.20 17.50 18.30 17
Operating profit 804 793 737 585
OPM 15.20 17 18.20 15.50
Depreciation (142) (77) (70) (68)
Interest expense (21) -- -- --
Other income 25.50 70.90 98 27.50
Profit before tax 667 787 765 544
Taxes (151) (273) (255) (177)
Tax rate (23) (35) (33) (33)
Minorities and other 5.23 0.65 (1.20) (1)
Adj. profit 521 514 509 366
Exceptional items -- -- -- 535
Net profit 521 514 509 901
yoy growth (%) 1.28 1.09 (44) 229
NPM 9.87 11 12.60 23.90
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 667 787 765 544
Depreciation (142) (77) (70) (68)
Tax paid (151) (273) (255) (177)
Working capital 965 660 631 --
Other operating items -- -- -- --
Operating cashflow 1,339 1,097 1,071 298
Capital expenditure 1,736 391 175 --
Free cash flow 3,075 1,488 1,246 298
Equity raised 4,418 4,076 3,961 4,086
Investments 253 472 324 --
Debt financing/disposal 232 94.60 75 92.20
Dividends paid -- 140 162 75.50
Other items -- -- -- --
Net in cash 7,979 6,271 5,767 4,552
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 53.90 53.90 53.90 53.90
Preference capital -- -- -- --
Reserves 3,706 3,362 3,078 2,761
Net worth 3,760 3,416 3,132 2,815
Minority interest
Debt 178 108 35.20 28.70
Deferred tax liabilities (net) 108 127 81.40 105
Total liabilities 4,068 3,671 3,265 2,963
Fixed assets 2,075 1,781 1,382 1,112
Intangible assets
Investments 306 197 521 531
Deferred tax asset (net) -- -- -- 25.20
Net working capital 1,495 1,597 999 1,033
Inventories 1,008 1,111 829 703
Inventory Days 69.70 -- 65 63.30
Sundry debtors 787 756 703 590
Debtor days 54.40 -- 55.10 53.20
Other current assets 515 577 332 438
Sundry creditors (609) (717) (741) (575)
Creditor days 42.10 -- 58.10 51.80
Other current liabilities (206) (130) (123) (123)
Cash 192 96.20 364 261
Total assets 4,068 3,671 3,265 2,963
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Particulars ( Rupees In Crores.) Jun-2020 Mar-2020 Dec-2019 Sep-2019 Jun-2019
Gross Sales 631 1,073 1,325 1,320 1,533
Excise Duty -- -- -- -- --
Net Sales 631 1,073 1,325 1,320 1,533
Other Operating Income 7.55 7.35 7.13 5.98 9.11
Other Income 8.16 3.84 10.60 4.33 6.77
Total Income 647 1,084 1,343 1,330 1,549
Total Expenditure ** 562 946 1,134 1,107 1,289
PBIDT 85 138 208 223 260
Interest 5.51 6.19 5.26 4.83 4.63
PBDT 79.50 132 203 218 256
Depreciation 37.90 38.40 36.90 33.80 33
Minority Interest Before NP -- -- -- -- --
Tax 14.40 25.30 43 31.30 72.50
Deferred Tax (2.50) 2.88 7.27 (37) 5.61
Reported Profit After Tax 29.60 65.40 116 190 145
Minority Interest After NP (3.80) (1.90) (1.20) (0.90) (1.30)
Net Profit after Minority Interest 33.50 67.20 117 191 146
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 33.50 67.20 117 191 146
EPS (Unit Curr.) 0.62 1.25 2.17 3.54 2.71
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 53.90 53.90 53.90 53.90 53.90
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(%) 13.50 12.90 15.70 16.90 17
PBDTM(%) 12.60 12.30 15.30 16.50 16.70
PATM(%) 4.69 6.09 8.74 14.40 9.44