PDSL Results: Annual Results of PDS

Y/e 31 Mar	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Growth matrix (%)
Revenue growth	(6.50)	2.50	31.70	6.67
Op profit growth	23.60	51.40	225	(34)
EBIT growth	24.50	42.30	146	(22)
Net profit growth	83.20	(13)	(774)	(155)
Profitability ratios (%)
OPM	3.70	2.80	1.89	0.77
EBIT margin	3.21	2.41	1.74	0.93
Net profit margin	1.36	0.69	0.81	(0.20)
RoCE	15.50	12.50	9.80	4.35
RoNW	3.50	2.24	2.83	(0.40)
RoA	1.64	0.90	1.15	(0.20)
Per share ratios ()
EPS	57	31.10	26.50	8
Dividend per share	15.80	--	--	--
Cash EPS	6.38	(2.40)	10.20	(9.30)
Book value per share	248	214	180	178
Valuation ratios
P/E	11.80	9.06	10.10	35.80
P/CEPS	105	(119)	26.20	(31)
P/B	2.70	1.31	1.49	1.60
EV/EBIDTA	6.75	4.61	7.38	17.20
Payout (%)
Dividend payout	--	--	--	--
Tax payout	(12)	(8.50)	(0.20)	(13)
Liquidity ratios
Debtor days	51.20	51.10	51	56
Inventory days	11.20	8.76	5.65	3.68
Creditor days	(49)	(42)	(35)	(32)
Leverage ratios
Interest coverage	(7.80)	(3.30)	(3.50)	(2.10)
Net debt / equity	0.09	0.44	0.70	0.70
Net debt / op. profit	0.26	1.32	2.68	8.65
Cost breakup ()
Material costs	(83)	(83)	(85)	(86)
Employee costs	(6.70)	(6.60)	(5.70)	(6.20)
Other costs	(6.20)	(7.20)	(7)	(6.70)

Y/e 31 Mar( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Revenue	6,213	6,648	6,486	4,924
yoy growth (%)	(6.50)	2.50	31.70	6.67
Raw materials	(5,185)	(5,549)	(5,538)	(4,249)
As % of sales	83.50	83.50	85.40	86.30
Employee costs	(414)	(436)	(368)	(306)
As % of sales	6.67	6.56	5.68	6.22
Other costs	(383)	(477)	(457)	(330)
As % of sales	6.17	7.17	7.04	6.71
Operating profit	230	186	123	37.80
OPM	3.70	2.80	1.89	0.77
Depreciation	(68)	(52)	(26)	(16)
Interest expense	(26)	(49)	(32)	(22)
Other income	37.40	26.50	16.10	24.40
Profit before tax	174	111	80.30	24
Taxes	(22)	(9.50)	(0.10)	(3.20)
Tax rate	(12)	(8.50)	(0.20)	(13)
Minorities and other	(64)	(35)	(27)	(29)
Adj. profit	88.20	66.50	52.80	(7.80)
Exceptional items	--	(14)	--	--
Net profit	84.30	46	52.80	(7.80)
yoy growth (%)	83.20	(13)	(774)	(155)
NPM	1.36	0.69	0.81	(0.20)

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Revenue	46.10	41.10	39.20	18.20
yoy growth (%)	12.10	4.89	116	35.90
Raw materials	(15)	--	(0.30)	--
As % of sales	33.50	--	0.76	--
Employee costs	(15)	(23)	(23)	(10)
As % of sales	33.20	54.90	59	57
Other costs	(7)	(11)	(12)	(5.60)
As % of sales	15.20	26.40	29.50	31
Operating profit	8.37	7.71	4.22	2.18
OPM	18.20	18.70	10.80	12
Depreciation	(2.70)	(2.50)	(2.50)	(2.30)
Interest expense	(1.60)	(1.70)	(2)	(2.40)
Other income	42.10	0.75	0.95	6.86
Profit before tax	46.20	4.17	0.66	4.34
Taxes	(1.50)	(1.50)	0.43	(0.60)
Tax rate	(3.20)	(36)	65.80	(14)
Minorities and other	--	--	--	--
Adj. profit	44.70	2.68	1.09	3.72
Exceptional items	--	--	--	--
Net profit	44.70	2.68	1.09	3.72
yoy growth (%)	1,572	145	(71)	593
NPM	97	6.50	2.78	20.50

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Profit before tax	174	111	80.30	24
Depreciation	(68)	(52)	(26)	(16)
Tax paid	(22)	(9.50)	(0.10)	(3.20)
Working capital	(67)	99.80	(14)	(16)
Other operating items	--	--	--	--
Operating cashflow	18	149	40.10	(11)
Capital expenditure	497	427	217	82.90
Free cash flow	515	576	257	71.70
Equity raised	962	907	844	883
Investments	131	69.50	36	30.60
Debt financing/disposal	46.30	315	319	941
Dividends paid	--	--	--	--
Other items	--	--	--	--
Net in cash	1,655	1,868	1,457	1,926

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Equity capital	26.10	26.10	26.10	26.10
Preference capital	--	--	--	--
Reserves	621	533	442	439
Net worth	647	559	468	465
Minority interest
Debt	490	747	700	552
Deferred tax liabilities (net)	4.34	0.77	1.75	1.03
Total liabilities	1,210	1,359	1,201	1,097
Fixed assets	469	500	369	304
Intangible assets
Investments	154	89	79.50	98.30
Deferred tax asset (net)	11.60	0.57	3.16	1.32
Net working capital	145	267	379	468
Inventories	197	183	136	64.70
Inventory Days	11.60	10	7.65	4.80
Sundry debtors	910	832	1,029	783
Debtor days	53.50	45.70	57.90	58
Other current assets	177	237	187	185
Sundry creditors	(892)	(729)	(748)	(482)
Creditor days	52.40	40	42.10	35.70
Other current liabilities	(247)	(256)	(225)	(83)
Cash	431	502	370	225
Total assets	1,210	1,359	1,201	1,097

Select Period

Particulars ( Rupees In Crores.)	Mar-2022	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Gross Sales	8,828	6,213	6,648	6,486	4,924
Excise Duty	--	--	--	--	--
Net Sales	8,828	6,213	6,648	6,486	4,924
Other Operating Income	--	--	--	--	--
Other Income	86	37.40	26.50	16.10	24.40
Total Income	8,914	6,250	6,675	6,502	4,948
Total Expenditure **	8,506	5,987	6,483	6,374	4,886
PBIDT	408	263	192	128	62.20
Interest	28	25.70	49.30	32.30	21.70
PBDT	380	238	143	95.40	40.40
Depreciation	69.90	67.70	52.20	26.30	16.40
Minority Interest Before NP	--	--	--	--	--
Tax	18	24.70	8.10	0.93	2.57
Deferred Tax	(0.80)	(3.20)	1.36	(0.80)	0.61
Reported Profit After Tax	293	148	81.10	68.90	20.80
Minority Interest After NP	44.40	64.10	35.10	25.10	27.40
Net Profit after Minority Interest	248	84.30	46	43.80	(7.80)
Extra-ordinary Items	--	--	(12)	--	--
Adjusted Profit After Extra-ordinary item	248	84.30	58.20	43.80	(7.80)
EPS (Unit Curr.)	95.40	32.40	17.70	16.80	(3)
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	239	158	--	--	--
Equity	26	26.10	26.10	26.10	26.10
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(%)	4.62	4.24	2.89	1.97	1.26
PBDTM(%)	4.30	3.82	2.15	1.47	0.82
PATM(%)	3.32	2.39	1.22	1.06	0.42