Morepen Laboratories Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 40.70 1.85 22.80 21.10
Op profit growth 5.85 5.45 (0.30) 27.60
EBIT growth 20.40 9.42 13.10 152
Net profit growth 13.50 25.20 84.70 498
Profitability ratios (%)        
OPM 8.03 10.70 10.30 12.70
EBIT margin 4.82 5.63 5.24 5.68
Net profit margin 3.94 4.88 3.97 2.64
RoCE 10.60 9.43 8.53 7.50
RoNW 3.29 3.50 2.38 1.09
RoA 2.16 2.04 1.62 0.87
Per share ratios ()        
EPS 0.75 0.66 0.53 0.28
Dividend per share -- -- -- --
Cash EPS (0.10) (0.10) (0.20) (0.50)
Book value per share 6.32 5.02 4.36 6.68
Valuation ratios        
P/E 12.70 46.70 35.80 93.20
P/CEPS (129) (293) (83) (52)
P/B 1.51 6.14 4.35 6.50
EV/EBIDTA 6.71 22.10 15.60 19.70
Payout (%)        
Dividend payout -- -- -- --
Tax payout (14) -- -- 0.79
Liquidity ratios        
Debtor days 55.50 64.60 55.40 54.20
Inventory days 46.10 42.60 32.70 29.80
Creditor days (81) (102) (85) (90)
Leverage ratios        
Interest coverage (21) (7.80) (4.10) (2.60)
Net debt / equity 0.33 0.57 0.82 0.21
Net debt / op. profit 1.38 1.98 2.62 1.03
Cost breakup ()        
Material costs (65) (61) (61) (62)
Employee costs (13) (13) (12) (12)
Other costs (14) (16) (17) (14)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 853 607 595 485
yoy growth (%) 40.70 1.85 22.80 21.10
Raw materials (557) (369) (366) (300)
As % of sales 65.30 60.80 61.40 61.80
Employee costs (110) (77) (70) (58)
As % of sales 12.90 12.60 11.70 12
Other costs (117) (97) (99) (66)
As % of sales 13.70 15.90 16.50 13.50
Operating profit 68.50 64.70 61.40 61.60
OPM 8.03 10.70 10.30 12.70
Depreciation (37) (34) (34) (35)
Interest expense (2) (4.40) (7.60) (11)
Other income 9.48 3.72 3.72 1.20
Profit before tax 39.10 29.80 23.60 17.10
Taxes (5.50) -- -- 0.13
Tax rate (14) -- -- 0.79
Minorities and other -- (0.20) -- --
Adj. profit 33.60 29.60 23.60 17.20
Exceptional items -- -- -- (4.40)
Net profit 33.60 29.60 23.60 12.80
yoy growth (%) 13.50 25.20 84.70 498
NPM 3.94 4.88 3.97 2.64
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 39.10 29.80 23.60 17.10
Depreciation (37) (34) (34) (35)
Tax paid (5.50) -- -- 0.13
Working capital 171 43.60 29.40 12
Other operating items -- -- -- --
Operating cashflow 168 39 19.10 (6)
Capital expenditure (245) 0.22 (705) 37.30
Free cash flow (77) 39.20 (686) 31.30
Equity raised 175 97.50 53.30 165
Investments (2.90) (3.70) (3.90) --
Debt financing/disposal 37.30 57.50 57.40 4.84
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 132 191 (579) 201
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 90 90 90 90
Preference capital -- -- -- --
Reserves 194 163 136 106
Net worth 284 253 226 196
Minority interest
Debt 133 132 134 169
Deferred tax liabilities (net) -- -- -- --
Total liabilities 417 384 360 364
Fixed assets 216 236 264 272
Intangible assets
Investments 1.09 0.02 0.22 --
Deferred tax asset (net) -- -- -- --
Net working capital 160 116 89.20 84.90
Inventories 138 94.20 76.90 64.70
Inventory Days 59.30 -- 46.30 39.60
Sundry debtors 138 134 122 93
Debtor days 58.90 -- 73.30 57
Other current assets 131 119 117 101
Sundry creditors (172) (168) (175) (129)
Creditor days 73.70 -- 105 79.20
Other current liabilities (74) (63) (51) (45)
Cash 38.90 32.20 5.95 7.59
Total assets 417 384 360 364
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Particulars ( Rupees In Crores.) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Gross Sales 853 769 607 595 485
Excise Duty -- -- -- -- --
Net Sales 853 769 607 595 485
Other Operating Income -- -- -- -- --
Other Income 9.48 3.67 3.72 3.72 1.20
Total Income 863 772 610 599 486
Total Expenditure ** 785 701 542 534 428
PBIDT 78 71.20 68.30 65.10 58.40
Interest 1.98 2.11 4.36 7.56 10.50
PBDT 76 69.10 63.90 57.50 47.90
Depreciation 36.90 39.90 34.30 33.90 35.20
Minority Interest Before NP -- -- -- -- --
Tax 5.53 0.34 -- -- (0.10)
Deferred Tax -- -- -- -- --
Reported Profit After Tax 33.60 28.80 29.60 23.60 12.80
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 33.60 28.90 29.60 23.60 12.80
Extra-ordinary Items -- -- -- -- (4.40)
Adjusted Profit After Extra-ordinary item 33.60 28.90 29.60 23.60 17.20
EPS (Unit Curr.) 0.75 0.64 0.66 0.52 0.28
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 90 90 90 90 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(%) 9.14 9.26 11.30 10.90 12
PBDTM(%) 8.91 8.99 10.50 9.66 9.87
PATM(%) 3.94 3.75 4.88 3.97 2.64