NECLIFE Results: Annual Results of Nectar Lifescience

Y/e 31 Mar	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Growth matrix (%)
Revenue growth	(35)	26.10	14.10	(1.90)
Op profit growth	(50)	(7)	5.23	(6)
EBIT growth	(68)	(8.20)	(3.80)	(1.20)
Net profit growth	(330)	(39)	(5.50)	2.02
Profitability ratios (%)
OPM	7.07	9.28	12.60	13.70
EBIT margin	3.41	6.90	9.48	11.20
Net profit margin	(4.70)	1.34	2.79	3.37
RoCE	2.54	7.83	8.64	9.25
RoNW	(1.70)	0.72	1.27	1.41
RoA	(0.90)	0.38	0.63	0.69
Per share ratios ()
EPS	(3.30)	1.42	2.33	2.47
Dividend per share	--	0.05	0.05	0.05
Cash EPS	(6)	(1.30)	(0.50)	(0.30)
Book value per share	47.40	50.70	47.20	44.90
Valuation ratios
P/E	(5.70)	6.96	11.40	14.30
P/CEPS	(3.10)	(7.70)	(49)	(114)
P/B	0.39	0.20	0.56	0.78
EV/EBIDTA	11.50	4.37	6.35	6.70
Payout (%)
Dividend payout	--	--	2.15	2.03
Tax payout	(19)	(15)	(17)	(18)
Liquidity ratios
Debtor days	91.10	77.70	108	110
Inventory days	185	142	167	188
Creditor days	(122)	(94)	(119)	(132)
Leverage ratios
Interest coverage	(0.50)	(1.30)	(1.50)	(1.60)
Net debt / equity	0.83	0.67	0.89	0.86
Net debt / op. profit	8.05	3.45	4	3.85
Cost breakup ()
Material costs	(75)	(79)	(73)	(70)
Employee costs	(4.80)	(3.40)	(4.20)	(4.80)
Other costs	(13)	(8.80)	(10)	(11)

Y/e 31 Mar( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	1,543	2,366	1,876	1,644
yoy growth (%)	(35)	26.10	14.10	(1.90)
Raw materials	(1,157)	(1,859)	(1,367)	(1,154)
As % of sales	75	78.50	72.90	70.20
Employee costs	(73)	(81)	(78)	(79)
As % of sales	4.75	3.42	4.18	4.82
Other costs	(204)	(207)	(195)	(186)
As % of sales	13.20	8.75	10.40	11.30
Operating profit	109	220	236	224
OPM	7.07	9.28	12.60	13.70
Depreciation	(60)	(61)	(64)	(62)
Interest expense	(112)	(126)	(115)	(117)
Other income	3.79	4.36	6.04	22.70
Profit before tax	(59)	37.50	62.70	67.40
Taxes	11.50	(5.70)	(10)	(12)
Tax rate	(19)	(15)	(17)	(18)
Minorities and other	--	--	--	--
Adj. profit	(48)	31.80	52.30	55.30
Exceptional items	(25)	--	--	--
Net profit	(73)	31.80	52.30	55.30
yoy growth (%)	(330)	(39)	(5.50)	2.02
NPM	(4.70)	1.34	2.79	3.37

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	1,542	2,363	1,876	1,643
yoy growth (%)	(35)	26	14.10	(2)
Raw materials	(1,156)	(1,858)	(1,366)	(1,154)
As % of sales	75	78.60	72.90	70.20
Employee costs	(73)	(81)	(78)	(79)
As % of sales	4.76	3.43	4.18	4.82
Other costs	(204)	(206)	(195)	(186)
As % of sales	13.20	8.73	10.40	11.30
Operating profit	109	218	236	224
OPM	7.08	9.23	12.60	13.60
Depreciation	(60)	(61)	(64)	(62)
Interest expense	(112)	(126)	(115)	(117)
Other income	3.79	4.36	6.04	22.70
Profit before tax	(59)	35.70	62.60	67.20
Taxes	11.50	(5.70)	(10)	(12)
Tax rate	(19)	(16)	(17)	(18)
Minorities and other	--	--	--	--
Adj. profit	(48)	30.10	52.20	55.10
Exceptional items	(25)	--	--	--
Net profit	(73)	30.10	52.20	55.10
yoy growth (%)	(343)	(42)	(5.40)	1.48
NPM	(4.70)	1.27	2.78	3.35

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Profit before tax	(59)	37.50	62.70	67.40
Depreciation	(60)	(61)	(64)	(62)
Tax paid	11.50	(5.70)	(10)	(12)
Working capital	276	200	362	185
Other operating items	--	--	--	--
Operating cashflow	168	171	349	178
Capital expenditure	646	417	233	79.80
Free cash flow	814	588	583	258
Equity raised	1,812	1,844	1,830	1,835
Investments	(4.70)	0.21	0.41	0.32
Debt financing/disposal	425	(222)	77.40	22
Dividends paid	--	--	1.12	1.12
Other items	--	--	--	--
Net in cash	3,046	2,210	2,492	2,116

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Equity capital	22.40	22.40	22.40	22.40
Preference capital	--	--	--	--
Reserves	1,040	1,114	1,083	1,036
Net worth	1,062	1,136	1,105	1,059
Minority interest
Debt	903	779	903	955
Deferred tax liabilities (net)	127	125	120	115
Total liabilities	2,093	2,040	2,128	2,129
Fixed assets	871	900	924	952
Intangible assets
Investments	0.69	0.40	0.78	0.78
Deferred tax asset (net)	44.30	8.36	7.65	7.24
Net working capital	1,152	1,110	1,174	1,160
Inventories	588	978	918	859
Inventory Days	139	151	--	167
Sundry debtors	375	396	559	612
Debtor days	88.60	61.10	--	119
Other current assets	612	338	282	290
Sundry creditors	(391)	(566)	(531)	(539)
Creditor days	92.50	87.30	--	105
Other current liabilities	(32)	(36)	(53)	(62)
Cash	25.50	21.30	21.30	9.31
Total assets	2,093	2,040	2,128	2,129

Select Period

Particulars ( Rupees In Crores.)	Mar-2021	Mar-2020	Mar-2019	Mar-2018	Mar-2017
Gross Sales	1,764	2,643	2,783	1,901	1,744
Excise Duty	220	276	--	24.40	100
Net Sales	1,543	2,366	2,783	1,876	1,644
Other Operating Income	1.07	0.36	0.08	0.46	0.29
Other Income	2.72	4.01	5.96	5.58	22.40
Total Income	1,547	2,371	2,789	1,882	1,666
Total Expenditure **	1,460	2,147	2,519	1,640	1,419
PBIDT	87.50	224	270	242	247
Interest	112	126	148	115	117
PBDT	(25)	98.20	122	127	130
Depreciation	60.30	60.80	63.30	64.30	62.30
Minority Interest Before NP	--	--	--	--	--
Tax	8.59	1.66	7.41	6.32	12.10
Deferred Tax	(20)	4.02	3.81	4.09	--
Reported Profit After Tax	(73)	31.80	47.60	52.30	55.30
Minority Interest After NP	--	--	--	--	--
Net Profit after Minority Interest	(73)	31.80	47.60	52.30	55.30
Extra-ordinary Items	(23)	--	--	--	--
Adjusted Profit After Extra-ordinary item	(51)	31.80	47.60	52.30	55.30
EPS (Unit Curr.)	(3.30)	1.42	2.12	2.33	2.47
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	--	5	5	5	5
Equity	22.40	22.40	22.40	22.40	22.40
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(%)	5.67	9.47	9.71	12.90	15
PBDTM(%)	(1.60)	4.15	4.39	6.77	7.89
PATM(%)	(4.70)	1.34	1.71	2.79	3.37