PIDILITIND Results: Annual Results of Pidilite Industries

Y/e 31 Mar	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Growth matrix (%)
Revenue growth	--	20	8.22	4.77
Op profit growth	6.64	17.50	6.46	7.36
EBIT growth	0.25	13.20	8.88	9.37
Net profit growth	1.32	16	11.90	7.12
Profitability ratios (%)
OPM	23	21.60	22.10	22.40
EBIT margin	21.40	21.30	22.60	22.50
Net profit margin	15.50	15.30	15.80	15.30
RoCE	26.90	34.50	35.40	38.10
RoNW	5.63	6.95	6.83	7.04
RoA	4.87	6.18	6.19	6.49
Per share ratios ()
EPS	22.20	22.10	19	16.80
Dividend per share	8.50	7	6	4.75
Cash EPS	18.30	18.60	16.60	14.50
Book value per share	110	87.70	70.40	67.70
Valuation ratios
P/E	81.70	61.40	48.30	41.50
P/CEPS	98.80	72.80	55.40	48.10
P/B	16.40	15.50	13.10	10.30
EV/EBIDTA	52.20	39.70	31.20	26
Payout (%)
Dividend payout	--	31.90	31.70	28.30
Tax payout	(26)	(23)	(29)	(31)
Liquidity ratios
Debtor days	60.30	50.70	51.20	47.80
Inventory days	54.10	43.40	45.80	43.80
Creditor days	(53)	(38)	(36)	(43)
Leverage ratios
Interest coverage	(42)	(46)	(88)	(91)
Net debt / equity	--	(0.10)	--	--
Net debt / op. profit	(0.10)	(0.30)	--	--
Cost breakup ()
Material costs	(46)	(47)	(48)	(47)
Employee costs	(13)	(13)	(12)	(11)
Other costs	(17)	(19)	(19)	(19)

Y/e 31 Mar( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	7,293	7,294	6,078	5,617
yoy growth (%)	--	20	8.22	4.77
Raw materials	(3,377)	(3,403)	(2,888)	(2,640)
As % of sales	46.30	46.60	47.50	47
Employee costs	(981)	(927)	(712)	(645)
As % of sales	13.40	12.70	11.70	11.50
Other costs	(1,255)	(1,389)	(1,137)	(1,072)
As % of sales	17.20	19	18.70	19.10
Operating profit	1,681	1,576	1,341	1,260
OPM	23	21.60	22.10	22.40
Depreciation	(201)	(170)	(120)	(115)
Interest expense	(37)	(34)	(16)	(14)
Other income	79.40	149	153	118
Profit before tax	1,522	1,522	1,359	1,248
Taxes	(396)	(348)	(393)	(385)
Tax rate	(26)	(23)	(29)	(31)
Minorities and other	5.08	(5.60)	(3.70)	(3.20)
Adj. profit	1,131	1,169	962	860
Exceptional items	(3.60)	(55)	--	--
Net profit	1,131	1,116	962	860
yoy growth (%)	1.32	16	11.90	7.12
NPM	15.50	15.30	15.80	15.30

Y/e 31 Mar ( In .Cr)	Mar-2020	Mar-2018	Mar-2017	Mar-2016
Revenue	6,333	5,354	4,865	4,731
yoy growth (%)	18.30	10.10	2.84	7.57
Raw materials	(2,936)	(2,538)	(2,262)	(2,282)
As % of sales	46.40	47.40	46.50	48.20
Employee costs	(737)	(571)	(507)	(457)
As % of sales	11.60	10.70	10.40	9.66
Other costs	(1,176)	(953)	(871)	(872)
As % of sales	18.60	17.80	17.90	18.40
Operating profit	1,484	1,292	1,225	1,120
OPM	23.40	24.10	25.20	23.70
Depreciation	(126)	(91)	(90)	(88)
Interest expense	(13)	(6.10)	(5.70)	(5.80)
Other income	152	136	110	70.60
Profit before tax	1,496	1,331	1,239	1,097
Taxes	(335)	(376)	(371)	(323)
Tax rate	(22)	(28)	(30)	(29)
Minorities and other	--	--	--	--
Adj. profit	1,161	955	868	774
Exceptional items	(59)	--	(94)	(27)
Net profit	1,102	955	774	747
yoy growth (%)	15.30	23.40	3.63	48.80
NPM	17.40	17.80	15.90	15.80

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Profit before tax	1,522	1,522	1,359	1,248
Depreciation	(201)	(170)	(120)	(115)
Tax paid	(396)	(348)	(393)	(385)
Working capital	767	1,042	722	247
Other operating items	--	--	--	--
Operating cashflow	1,693	2,047	1,568	995
Capital expenditure	4,774	1,878	1,057	723
Free cash flow	6,466	3,924	2,625	1,718
Equity raised	5,445	4,914	4,465	4,705
Investments	346	1,088	952	1,183
Debt financing/disposal	397	33.60	134	128
Dividends paid	--	356	305	244
Other items	--	--	--	--
Net in cash	12,654	10,315	8,481	7,977

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Equity capital	50.80	50.80	50.80	50.80
Preference capital	--	--	--	--
Reserves	5,542	4,405	4,097	3,523
Net worth	5,593	4,456	4,148	3,574
Minority interest
Debt	331	288	113	125
Deferred tax liabilities (net)	398	82.30	120	111
Total liabilities	6,562	5,041	4,588	3,984
Fixed assets	4,712	2,066	1,690	1,570
Intangible assets
Investments	516	1,186	1,548	1,246
Deferred tax asset (net)	16.60	13	10.70	5.86
Net working capital	866	1,073	1,150	999
Inventories	1,234	929	934	804
Inventory Days	61.80	46.50	--	48.30
Sundry debtors	1,321	1,089	1,056	938
Debtor days	66.10	54.50	--	56.30
Other current assets	579	549	485	477
Sundry creditors	(1,009)	(628)	(590)	(550)
Creditor days	50.50	31.40	--	33
Other current liabilities	(1,259)	(866)	(736)	(670)
Cash	451	703	190	164
Total assets	6,562	5,041	4,588	3,984

Select Period

Particulars ( Rupees In Crores.)	Mar-2022	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Gross Sales	9,921	7,293	7,294	7,078	6,219
Excise Duty	--	--	--	--	140
Net Sales	9,921	7,293	7,294	7,078	6,078
Other Operating Income	--	--	--	--	--
Other Income	48.20	83.40	152	150	153
Total Income	9,969	7,376	7,447	7,228	6,231
Total Expenditure **	8,074	5,616	5,774	5,728	4,737
PBIDT	1,895	1,760	1,673	1,500	1,494
Interest	42.10	37.20	33.60	26.10	15.50
PBDT	1,853	1,723	1,640	1,474	1,479
Depreciation	240	201	170	133	120
Minority Interest Before NP	--	--	--	--	--
Tax	408	400	384	407	374
Deferred Tax	(0.90)	(3.50)	(36)	6.65	18.60
Reported Profit After Tax	1,207	1,126	1,122	928	966
Minority Interest After NP	(0.80)	(5.10)	5.63	3.48	3.74
Net Profit after Minority Interest	1,208	1,131	1,116	925	962
Extra-ordinary Items	--	(2.70)	(41)	(12)	--
Adjusted Profit After Extra-ordinary item	1,208	1,134	1,157	937	962
EPS (Unit Curr.)	23.80	22.30	22	18.20	19
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	1,000	850	700	650	600
Equity	50.80	50.80	50.80	50.80	50.80
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(%)	19.10	24.10	22.90	21.20	24.60
PBDTM(%)	18.70	23.60	22.50	20.80	24.30
PATM(%)	12.20	15.40	15.40	13.10	15.90