Polyspin Exports Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2012
Growth matrix (%)        
Revenue growth (16) 15.40 199 29.80
Op profit growth (38) 28.90 105 22.10
EBIT growth (4.20) 31.90 111 7.82
Net profit growth 5.63 49.90 111 7
Profitability ratios (%)        
OPM 5.68 7.65 6.85 10
EBIT margin 7.22 6.30 5.51 7.79
Net profit margin 3.22 2.54 1.96 2.78
RoCE 12.80 15.90 16.70 13.40
RoNW 4.12 5.24 5.40 4.54
RoA 1.43 1.61 1.48 1.19
Per share ratios ()        
EPS 13.20 12.60 8.45 3.85
Dividend per share 0.60 1.20 1.20 1
Cash EPS 4.58 4.72 0.76 0.12
Book value per share 96.30 66 54.80 23.50
Valuation ratios        
P/E 5.05 9.12 9.59 4.68
P/CEPS 14.50 24.30 107 144
P/B 0.69 1.73 1.48 0.77
EV/EBIDTA 4.80 5.97 6.11 5.76
Payout (%)        
Dividend payout -- 9.48 14.20 28.70
Tax payout (29) (35) (36) (33)
Liquidity ratios        
Debtor days 54 39.30 26.30 39.30
Inventory days 53.70 41.10 31.10 55.70
Creditor days (30) (30) (19) (18)
Leverage ratios        
Interest coverage (2.60) (2.60) (2.20) (2.10)
Net debt / equity 1.24 1.82 2.03 2.94
Net debt / op. profit 5.07 3.15 3.76 4.78
Cost breakup ()        
Material costs (57) (60) (59) (61)
Employee costs (18) (14) (13) (7.40)
Other costs (19) (18) (21) (21)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2012
Revenue 166 199 172 57.70
yoy growth (%) (16) 15.40 199 29.80
Raw materials (95) (119) (101) (35)
As % of sales 57.40 59.70 58.70 61.40
Employee costs (30) (29) (22) (4.30)
As % of sales 18.30 14.40 13 7.44
Other costs (31) (36) (37) (12)
As % of sales 18.60 18.30 21.40 21.10
Operating profit 9.44 15.20 11.80 5.78
OPM 5.68 7.65 6.85 10
Depreciation (3.50) (3.20) (3.10) (1.60)
Interest expense (4.60) (4.80) (4.30) (2.10)
Other income 6.08 0.48 0.76 0.28
Profit before tax 7.38 7.77 5.25 2.39
Taxes (2.10) (2.70) (1.90) (0.80)
Tax rate (29) (35) (36) (33)
Minorities and other 0.08 -- -- --
Adj. profit 5.35 5.07 3.38 1.60
Exceptional items -- -- -- --
Net profit 5.35 5.07 3.38 1.60
yoy growth (%) 5.63 49.90 111 7
NPM 3.22 2.54 1.96 2.78
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2012
Profit before tax 7.38 7.77 5.25 2.39
Depreciation (3.50) (3.20) (3.10) (1.60)
Tax paid (2.10) (2.70) (1.90) (0.80)
Working capital 40.80 25.70 -- (26)
Other operating items -- -- -- --
Operating cashflow 42.50 27.60 0.30 (26)
Capital expenditure 51.40 30.50 -- (31)
Free cash flow 93.90 58.10 0.30 (56)
Equity raised 33.40 23.20 32.90 26.60
Investments 0.73 0.47 -- (0.50)
Debt financing/disposal 45 27.50 8.36 (17)
Dividends paid -- 0.48 0.48 0.40
Other items -- -- -- --
Net in cash 173 110 42 (47)
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 4 4 4 4
Preference capital -- -- -- --
Reserves 34.50 29.50 22.40 17.90
Net worth 38.50 33.50 26.40 21.90
Minority interest
Debt 61.30 61.20 53.20 49
Deferred tax liabilities (net) 4.41 3.86 3.52 3.16
Total liabilities 104 98.60 83.10 74
Fixed assets 47.80 44.90 38.50 39.80
Intangible assets
Investments 1.33 1.24 1.10 1.10
Deferred tax asset (net) -- -- -- --
Net working capital 41.70 40.80 38.30 28.60
Inventories 24.60 26.70 24.30 20.50
Inventory Days 53.90 -- 44.60 43.30
Sundry debtors 24.40 21.20 24.80 18.10
Debtor days 53.50 -- 45.50 38.30
Other current assets 7.63 15.20 10.70 11.10
Sundry creditors (10) (16) (16) (14)
Creditor days 22 -- 29 30.50
Other current liabilities (4.80) (6.50) (5.70) (6.60)
Cash 13.40 11.60 5.24 4.55
Total assets 104 98.60 83.10 74
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Particulars ( Rupees In Crores.) Mar-2020 Dec-2019 Sep-2019 Jun-2019 Mar-2019
Gross Sales 37.20 43.10 42.90 42.90 47.50
Excise Duty -- -- -- -- --
Net Sales 37.20 43.10 42.90 42.90 47.50
Other Operating Income -- -- -- -- --
Other Income 1.76 3.55 0.67 0.10 0.57
Total Income 39 46.70 43.60 43 48.10
Total Expenditure ** 36.30 40.50 39.80 40.10 44.50
PBIDT 2.64 6.15 3.79 2.94 3.61
Interest 1.22 1.06 1.25 1.08 1.19
PBDT 1.42 5.09 2.54 1.85 2.42
Depreciation 0.86 0.93 0.91 0.82 0.78
Minority Interest Before NP -- -- -- -- --
Tax 0.02 0.96 0.29 0.30 0.62
Deferred Tax 0.20 0.28 -- 0.07 0.09
Reported Profit After Tax 0.34 2.93 1.34 0.66 0.94
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 0.26 2.94 1.45 0.70 0.91
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 0.26 2.94 1.45 0.70 0.91
EPS (Unit Curr.) 0.94 7.36 3.05 2.53 2.56
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 4 4 4 4 4
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(%) 7.09 14.30 8.83 6.85 7.60
PBDTM(%) 3.82 11.80 5.92 4.31 5.10
PATM(%) 0.91 6.80 3.12 1.54 1.98