Kaveri Seed Company Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 13.40 16.20 (5.40) (36)
Op profit growth 14.20 59 (26) (39)
EBIT growth 23.90 53.30 (17) (44)
Net profit growth 22.60 171 (54) (44)
Profitability ratios (%)        
OPM 27.30 27.10 19.80 25.20
EBIT margin 29.40 26.90 20.40 23.20
Net profit margin 27.90 25.80 11 22.50
RoCE 27.10 21.50 14.80 20.60
RoNW 6.57 5.21 2 4.99
RoA 6.43 5.15 2 4.98
Per share ratios ()        
EPS 43.10 32 11.20 24.30
Dividend per share 3 3 -- 2.50
Cash EPS 38.70 28.20 6.89 20.30
Book value per share 159 153 147 134
Valuation ratios        
P/E 7.91 15.20 49.40 15.50
P/CEPS 8.81 17.20 80.10 18.50
P/B 2.14 3.17 3.76 2.80
EV/EBIDTA 6.88 13 21.80 12.90
Payout (%)        
Dividend payout 8.81 11.30 -- 24.80
Tax payout (4.70) (3.80) (4.90) (3.20)
Liquidity ratios        
Debtor days 40.10 38.20 42.90 48.60
Inventory days 213 198 247 245
Creditor days (132) (160) (167) (121)
Leverage ratios        
Interest coverage (571) (365) (595) (725)
Net debt / equity -- -- -- --
Net debt / op. profit -- -- (0.10) --
Cost breakup ()        
Material costs (52) (51) (58) (53)
Employee costs (7.30) (6.60) (5.70) (5.10)
Other costs (14) (15) (16) (16)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 929 819 705 745
yoy growth (%) 13.40 16.20 (5.40) (36)
Raw materials (481) (418) (409) (398)
As % of sales 51.70 51 58.10 53.50
Employee costs (68) (54) (40) (38)
As % of sales 7.31 6.64 5.66 5.14
Other costs (127) (125) (116) (121)
As % of sales 13.70 15.20 16.50 16.20
Operating profit 253 222 140 188
OPM 27.30 27.10 19.80 25.20
Depreciation (26) (25) (30) (27)
Interest expense (0.50) (0.60) (0.20) (0.20)
Other income 45.60 23.70 34.40 13.10
Profit before tax 273 220 143 173
Taxes (13) (8.40) (7) (5.50)
Tax rate (4.70) (3.80) (4.90) (3.20)
Minorities and other (0.90) (0.20) 0.54 0.41
Adj. profit 259 211 137 168
Exceptional items -- -- (59) --
Net profit 259 211 77.80 168
yoy growth (%) 22.60 171 (54) (44)
NPM 27.90 25.80 11 22.50
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 273 220 143 173
Depreciation (26) (25) (30) (27)
Tax paid (13) (8.40) (7) (5.50)
Working capital 261 110 (114) --
Other operating items -- -- -- --
Operating cashflow 495 296 (7.70) 140
Capital expenditure 263 137 94.10 --
Free cash flow 758 433 86.40 140
Equity raised 1,036 1,309 1,664 1,700
Investments 252 344 362 --
Debt financing/disposal 7.67 1.94 3.26 0.02
Dividends paid 18.90 19.80 -- 41.60
Other items -- -- -- --
Net in cash 2,072 2,108 2,115 1,882
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 12.10 12.60 13.20 13.80
Preference capital -- -- -- --
Reserves 947 994 999 1,001
Net worth 959 1,007 1,012 1,014
Minority interest
Debt 6.26 7.11 2.88 4.64
Deferred tax liabilities (net) 18.40 20.60 17.20 --
Total liabilities 984 1,034 1,032 1,018
Fixed assets 268 278 227 234
Intangible assets
Investments 384 510 623 657
Deferred tax asset (net) 1.57 1.48 1.12 0.83
Net working capital 322 236 167 105
Inventories 639 561 443 448
Inventory Days 251 -- 197 232
Sundry debtors 118 84.60 85.90 85.40
Debtor days 46.40 -- 38.30 44.20
Other current assets 160 108 72.70 81.70
Sundry creditors (267) (218) (220) (303)
Creditor days 105 -- 98.10 157
Other current liabilities (328) (300) (214) (207)
Cash 8.05 8.70 13.90 21
Total assets 984 1,034 1,032 1,018
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Particulars ( Rupees In Crores.) Dec-2019 Dec-2018 Dec-2015 Dec-2014 Dec-2013
Gross Sales 867 756 849 1,121 972
Excise Duty -- -- -- -- --
Net Sales 867 756 849 1,121 972
Other Operating Income -- -- -- -- --
Other Income 14.60 39.80 11.60 10.90 8.19
Total Income 882 796 861 1,132 980
Total Expenditure ** 601 538 656 820 757
PBIDT 280 257 205 312 223
Interest 0.30 0.40 0.18 0.14 0.13
PBDT 280 257 205 312 223
Depreciation 18.90 16.40 19.90 6.53 11.90
Minority Interest Before NP -- -- -- -- --
Tax 8.41 12.40 4.93 5.55 3.89
Deferred Tax 0.54 (0.30) -- -- --
Reported Profit After Tax 252 229 180 300 207
Minority Interest After NP 0.83 -- (0.10) 0.17 0.26
Net Profit after Minority Interest 251 229 180 300 207
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 251 229 180 300 207
EPS (Unit Curr.) 39.80 35.40 26.10 43.50 151
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- 250 --
Equity 12.60 12.60 13.80 13.80 13.80
Public Shareholding (Number) -- -- -- 29,169,052 4,999,224
Public Shareholding (%) -- -- -- 42.30 36.40
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- 39,727,143 8,749,217
Non Encumbered - % in Total Promoters Holding -- -- -- 100 100
Non Encumbered - % in Total Equity -- -- -- 57.70 63.60
PBIDTM(%) 32.30 34 24.10 27.80 23
PBDTM(%) 32.30 34 24.10 27.80 23
PATM(%) 29.10 30.20 21.20 26.70 21.30