MICEL Financial Statements

MICEL Nine Monthly Results

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Y/e 31 Mar Mar-2021 Mar-2020 Mar-2019 Mar-2018
Growth matrix (%)        
Revenue growth (41) (62) (97) (31)
Op profit growth (90) (15) 367 (298)
EBIT growth (78) (13) 149 212
Net profit growth (77) (13) (86) 448
Profitability ratios (%)        
OPM (151) (926) (416) (2.70)
EBIT margin (489) (1,278) (561) (6.90)
Net profit margin (497) (1,289) (568) (121)
RoCE (24) (244) (103) (8.10)
RoNW 2.20 5.15 7.56 (265)
RoA (6.10) (61) (26) (36)
Per share ratios ()        
EPS (0.30) (1.10) (1.30) --
Dividend per share -- -- -- --
Cash EPS (0.60) (1.40) (1.60) (9)
Book value per share 0.23 (5.80) (4.70) (3.50)
Valuation ratios        
P/E (2.60) (0.40) (0.80) --
P/CEPS (1.20) (0.30) (0.60) (0.50)
P/B 2.90 (0.10) (0.20) (1.40)
EV/EBIDTA 30.90 (8.80) (7.10) (71)
Payout (%)        
Dividend payout -- -- -- --
Tax payout -- -- -- 170
Liquidity ratios        
Debtor days 2,256 2,843 2,006 78
Inventory days 8,612 9,762 3,789 189
Creditor days (4,154) (1,147) (848) (109)
Leverage ratios        
Interest coverage 59.70 118 449 0.45
Net debt / equity 6.34 (1) (1.10) (1.50)
Net debt / op. profit (19) (7.70) (5.70) (27)
Cost breakup ()        
Material costs (65) (32) (54) (87)
Employee costs (58) (132) (76) (3.60)
Other costs (128) (862) (386) (12)
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Y/e 31 Mar( In .Cr) Mar-2021 Mar-2020 Mar-2019 Mar-2018
Revenue 1.09 1.86 4.84 159
yoy growth (%) (41) (62) (97) (31)
Raw materials (0.70) (0.60) (2.60) (138)
As % of sales 65.10 31.90 54.10 86.90
Employee costs (0.60) (2.50) (3.70) (5.70)
As % of sales 57.60 132 76.20 3.56
Other costs (1.40) (16) (19) (19)
As % of sales 128 862 386 12.30
Operating profit (1.60) (17) (20) (4.30)
OPM (151) (926) (416) (2.70)
Depreciation (6.80) (7.50) (7.70) (7.70)
Interest expense (0.10) (0.20) (0.10) (24)
Other income 3.14 1 0.66 1.17
Profit before tax (5.40) (24) (27) (35)
Taxes -- -- -- (60)
Tax rate -- -- -- 170
Minorities and other -- -- -- --
Adj. profit (5.40) (24) (27) (95)
Exceptional items -- -- (0.30) (96)
Net profit (5.40) (24) (27) (191)
yoy growth (%) (77) (13) (86) 448
NPM (497) (1,289) (568) (121)
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2019 Mar-2018
Profit before tax (5.40) (24) (27) (35)
Depreciation (6.80) (7.50) (7.70) (7.70)
Tax paid -- -- -- (60)
Working capital (311) (337) (337) (302)
Other operating items -- -- -- --
Operating cashflow (323) (368) (372) (405)
Capital expenditure (24) (21) (29) (28)
Free cash flow (347) (390) (401) (434)
Equity raised 391 219 227 373
Investments 0.96 0.35 (1) (1.40)
Debt financing/disposal 2.99 51 22.30 25.80
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 48.20 (120) (153) (37)
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2019 Mar-2018
Equity capital 102 102 102 102
Preference capital -- -- -- --
Reserves (97) (230) (207) (180)
Net worth 5.01 (128) (104) (77)
Minority interest
Debt 32.90 135 117 117
Deferred tax liabilities (net) -- -- -- --
Total liabilities 37.90 6.75 12.70 39.80
Fixed assets 46.30 76.40 84 91.60
Intangible assets
Investments 7.52 7.75 7.12 6.70
Deferred tax asset (net) -- -- -- --
Net working capital (17) (79) (80) (60)
Inventories 1.89 49.50 49.90 50.60
Inventory Days 633 9,728 3,763 116
Sundry debtors 3.96 9.51 19.40 33.80
Debtor days 1,326 1,868 1,467 77.70
Other current assets 4.15 16 16 15.90
Sundry creditors (1.60) (61) (59) (57)
Creditor days 533 11,918 4,463 131
Other current liabilities (26) (93) (106) (103)
Cash 1.11 1.35 1.78 1.71
Total assets 37.90 6.75 12.70 39.80
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Particulars ( Rupees In Crores.) Dec-2020 Dec-2019 Dec-2018 Dec-2017 Dec-2016
Gross Sales 1.08 1.66 3.84 149 179
Excise Duty -- -- -- -- --
Net Sales 1.08 1.66 3.84 149 179
Other Operating Income -- -- -- -- --
Other Income 0.79 0.12 1.81 0.93 1.21
Total Income 1.87 1.78 5.65 150 180
Total Expenditure ** 4.40 3.97 10.80 140 159
PBIDT (2.50) (2.20) (5.20) 9.44 20.50
Interest 0.07 0.03 0.05 1.30 2.70
PBDT (2.60) (2.20) (5.20) 8.14 17.80
Depreciation 5.12 5.65 5.76 5.77 5.57
Minority Interest Before NP -- -- -- -- --
Tax -- -- -- 0.51 2.37
Deferred Tax -- -- -- -- --
Reported Profit After Tax (7.70) (7.90) (11) 1.86 9.84
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest (7.70) (7.90) (11) 1.86 9.84
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item (7.70) (7.90) (11) 1.86 9.84
EPS (Unit Curr.) (0.40) (0.40) (0.50) 0.08 0.56
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 44.10 44.10 44.10 44.10 35.40
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(%) (234) (132) (135) 6.35 11.50
PBDTM(%) (241) (134) (136) 5.47 9.95
PATM(%) (715) (474) (286) 1.25 5.51
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