Results: Half Yearly Results of Kwality Pharmaceuticals

Y/e 31 Mar	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Growth matrix (%)
Revenue growth	88.10	1.31	39.80	32.50
Op profit growth	103	21.70	32.10	76.70
EBIT growth	78.50	41.50	26	105
Net profit growth	82.10	82.90	35.10	116
Profitability ratios (%)
OPM	11	10.20	8.48	8.98
EBIT margin	9.14	9.63	6.90	7.65
Net profit margin	5.78	5.97	3.31	3.42
RoCE	26.40	19.80	18.90	19
RoNW	7.07	5.49	4.11	3.55
RoA	4.18	3.07	2.27	2.12
Per share ratios ()
EPS	14.40	7.91	4.26	6.32
Dividend per share	--	--	--	0.60
Cash EPS	8.34	3.74	1.51	1.65
Book value per share	58.90	44.30	28.70	49.30
Valuation ratios
P/E	3.90	3.23	9.62	7.59
P/CEPS	6.72	6.83	27.10	29.10
P/B	0.95	0.58	1.43	0.97
EV/EBIDTA	3.07	3.36	5.41	6.57
Payout (%)
Dividend payout	--	--	--	11
Tax payout	(30)	(25)	(39)	(42)
Liquidity ratios
Debtor days	46	88.30	79.20	75.40
Inventory days	27.70	49.10	38.30	44.90
Creditor days	(38)	(66)	(51)	(46)
Leverage ratios
Interest coverage	(9)	(5.40)	(4.30)	(4)
Net debt / equity	0.58	0.73	0.83	0.63
Net debt / op. profit	1.23	2.36	2.13	1.82
Cost breakup ()
Material costs	(63)	(63)	(74)	(72)
Employee costs	(6.10)	(8.60)	(4.10)	(4.30)
Other costs	(20)	(19)	(14)	(14)

Y/e 31 Mar( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	262	139	137	98.30
yoy growth (%)	88.10	1.31	39.80	32.50
Raw materials	(166)	(87)	(101)	(71)
As % of sales	63.20	62.50	73.70	72.40
Employee costs	(16)	(12)	(5.60)	(4.20)
As % of sales	6.07	8.57	4.08	4.30
Other costs	(52)	(26)	(19)	(14)
As % of sales	19.70	18.70	13.80	14.30
Operating profit	28.80	14.20	11.70	8.82
OPM	11	10.20	8.48	8.98
Depreciation	(6.50)	(4.40)	(3)	(2.50)
Interest expense	(2.70)	(2.50)	(2.20)	(1.90)
Other income	1.59	3.66	0.80	1.21
Profit before tax	21.30	10.90	7.30	5.65
Taxes	(6.40)	(2.70)	(2.90)	(2.40)
Tax rate	(30)	(25)	(39)	(42)
Minorities and other	0.26	0.11	0.12	0.09
Adj. profit	15.10	8.32	4.55	3.36
Exceptional items	--	--	--	--
Net profit	15.10	8.32	4.55	3.36
yoy growth (%)	82.10	82.90	35.10	116
NPM	5.78	5.97	3.31	3.42

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Revenue	262	139	165	137
yoy growth (%)	88.60	(16)	20.70	43.50
Raw materials	(166)	(87)	(119)	(101)
As % of sales	63.30	62.80	72.30	74
Employee costs	(16)	(12)	(8.40)	(5.50)
As % of sales	6	8.43	5.10	4.04
Other costs	(51)	(26)	(22)	(19)
As % of sales	19.50	18.60	13.40	13.50
Operating profit	29.30	14.10	15.20	11.50
OPM	11.20	10.20	9.23	8.40
Depreciation	(6.40)	(4.40)	(3.10)	(2.90)
Interest expense	(2.60)	(2.50)	(2.20)	(2.20)
Other income	1.59	3.92	0.93	1.10
Profit before tax	21.80	11.10	10.90	7.55
Taxes	(6.40)	(2.70)	(3.30)	(2.90)
Tax rate	(29)	(24)	(31)	(38)
Minorities and other	--	--	--	--
Adj. profit	15.40	8.43	7.55	4.68
Exceptional items	--	--	--	--
Net profit	15.40	8.43	7.55	4.68
yoy growth (%)	82.80	11.70	61.40	36
NPM	5.89	6.08	4.57	3.42

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Profit before tax	21.30	10.90	7.30	5.65
Depreciation	(6.50)	(4.40)	(3)	(2.50)
Tax paid	(6.40)	(2.70)	(2.90)	(2.40)
Working capital	33	22.80	5.85	(5.90)
Other operating items	--	--	--	--
Operating cashflow	41.40	26.60	7.29	(5.10)
Capital expenditure	62.40	39.80	6.25	(6.30)
Free cash flow	104	66.40	13.50	(11)
Equity raised	56.40	49.40	40.40	31.50
Investments	4.17	2.05	1.69	(1.70)
Debt financing/disposal	35.20	23.50	9.73	(4.60)
Dividends paid	--	--	--	0.31
Other items	--	--	--	--
Net in cash	200	141	65.40	14.20

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Equity capital	10.40	10.40	10.40	10.40
Preference capital	--	--	--	--
Reserves	50.80	35.60	26.90	19.40
Net worth	61.20	46	37.30	29.80
Minority interest
Debt	41.20	35	28.70	26.50
Deferred tax liabilities (net)	0.16	0.12	0.21	0.40
Total liabilities	101	80.10	65.30	55.60
Fixed assets	59.40	42.70	29.10	20.40
Intangible assets
Investments	5.17	3.99	4.82	5.34
Deferred tax asset (net)	0.20	0.32	0.09	0.19
Net working capital	30.60	31.50	29.90	28.10
Inventories	17.40	22.40	11.30	15
Inventory Days	24.20	58.70	--	39.90
Sundry debtors	35.70	30.30	38.40	37
Debtor days	49.70	79.50	--	98.30
Other current assets	42.80	31.50	20.40	16.80
Sundry creditors	(26)	(23)	(17)	(22)
Creditor days	36.50	60.20	--	58.80
Other current liabilities	(39)	(30)	(23)	(19)
Cash	5.81	1.54	1.40	1.61
Total assets	101	80.10	65.30	55.60

Select Period

Particulars ( Rupees In Crores.)	Mar-2022	Sep-2021	Mar-2021	Sep-2020	Mar-2020
Gross Sales	152	304	142	120	66.70
Excise Duty	--	--	--	--	--
Net Sales	152	304	142	120	66.70
Other Operating Income	--	--	--	--	--
Other Income	2.44	1.07	1.13	0.46	3.31
Total Income	155	305	143	120	70
Total Expenditure **	111	173	127	106	60.90
PBIDT	43.20	132	16.70	13.80	9.12
Interest	1.53	1.39	1.48	1.20	1.08
PBDT	41.70	131	15.20	12.60	8.04
Depreciation	5.96	4.73	3.52	2.97	2.59
Minority Interest Before NP	--	--	--	--	--
Tax	9.65	31.70	3.51	2.71	1.71
Deferred Tax	0.05	0.22	0.02	0.14	(0.30)
Reported Profit After Tax	26	93.90	8.15	6.74	4
Minority Interest After NP	--	--	(0.10)	(0.20)	(0.10)
Net Profit after Minority Interest	26	94	8.19	6.95	4.06
Extra-ordinary Items	--	--	--	--	--
Adjusted Profit After Extra-ordinary item	26	94	8.19	6.95	4.06
EPS (Unit Curr.)	25.10	90.60	7.90	6.70	3.92
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	--	--	--	--	--
Equity	10.40	10.40	10.40	10.40	10.40
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(%)	28.40	43.40	11.70	11.50	13.70
PBDTM(%)	--	--	--	--	--
PATM(%)	17.10	30.90	5.73	5.63	6