PTL Results: Annual Results of PTL Enterprises

Y/e 31 Mar	Mar-2016	Mar-2015	Mar-2014	Mar-2013
Growth matrix (%)
Revenue growth	9.60	35.10	17.70	12.60
Op profit growth	13.40	15.90	10.60	(4)
EBIT growth	22.20	15	6.80	(2.30)
Net profit growth	35.70	38.20	41.80	(2)
Profitability ratios (%)
OPM	18.60	18	20.90	22.30
EBIT margin	17.50	15.70	18.40	20.30
Net profit margin	10.10	8.17	7.99	6.63
RoCE	14	23.10	19.30	17.60
RoNW	2.43	5.81	4.92	3.88
RoA	2.03	3.01	2.09	1.44
Per share ratios ()
EPS	6.67	4.86	3.50	2.42
Dividend per share	1	1	1	1
Cash EPS	4.88	3.02	2.21	1.06
Book value per share	118	23.70	19.90	17.40
Valuation ratios
P/E	3.99	1.36	1.44	1.70
P/CEPS	5.46	2.20	2.29	3.87
P/B	0.23	0.28	0.25	0.24
EV/EBIDTA	10.40	4	4.52	5
Payout (%)
Dividend payout	17.50	23.80	31.90	45.20
Tax payout	(30)	(24)	(28)	(32)
Liquidity ratios
Debtor days	38.20	30.70	31.80	33
Inventory days	5.36	5.45	5.77	6.85
Creditor days	(60)	(58)	(58)	(38)
Leverage ratios
Interest coverage	(5.70)	(3.20)	(2.50)	(1.90)
Net debt / equity	0.07	0.55	0.95	1.51
Net debt / op. profit	0.69	1.18	1.97	3.01
Cost breakup ()
Material costs	(24)	(24)	(24)	(24)
Employee costs	(17)	(16)	(17)	(18)
Other costs	(41)	(42)	(39)	(36)

Y/e 31 Mar( In .Cr)	Mar-2016	Mar-2015	Mar-2014	Mar-2013
Revenue	450	410	304	258
yoy growth (%)	9.60	35.10	17.70	12.60
Raw materials	(106)	(98)	(72)	(62)
As % of sales	23.70	23.90	23.60	24
Employee costs	(74)	(66)	(51)	(46)
As % of sales	16.50	16	16.70	17.90
Other costs	(186)	(173)	(118)	(93)
As % of sales	41.30	42.10	38.80	35.80
Operating profit	83.50	73.70	63.60	57.50
OPM	18.60	18	20.90	22.30
Depreciation	(13)	(14)	(9.70)	(10)
Interest expense	(14)	(20)	(22)	(27)
Other income	8.30	4.22	2.03	5
Profit before tax	64.80	44.30	33.60	25.30
Taxes	(19)	(11)	(9.30)	(8.20)
Tax rate	(30)	(24)	(28)	(32)
Minorities and other	--	--	--	--
Adj. profit	45.50	33.50	24.30	17.10
Exceptional items	--	--	--	--
Net profit	45.50	33.50	24.30	17.10
yoy growth (%)	35.70	38.20	41.80	(2)
NPM	10.10	8.17	7.99	6.63

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	63.20	63.20	60.30	53.50
yoy growth (%)	--	4.92	12.70	16.70
Raw materials	--	--	--	--
As % of sales	--	--	--	--
Employee costs	(2.20)	(2.10)	(0.90)	(2)
As % of sales	3.56	3.38	1.47	3.75
Other costs	(3.50)	(3.30)	(2.70)	(3)
As % of sales	5.58	5.19	4.46	5.65
Operating profit	57.40	57.80	56.70	48.40
OPM	90.90	91.40	94.10	90.60
Depreciation	(1.60)	(1.20)	(1.20)	(0.90)
Interest expense	(7)	(2.10)	(6.10)	(3)
Other income	7.37	3.56	11.20	2.14
Profit before tax	56.20	58	60.60	46.70
Taxes	(15)	(14)	(15)	(16)
Tax rate	(28)	(24)	(24)	(35)
Minorities and other	--	--	--	--
Adj. profit	40.70	43.90	45.80	30.30
Exceptional items	29.40	--	--	--
Net profit	70	43.90	45.80	30.30
yoy growth (%)	59.40	(4.10)	51.30	25
NPM	111	69.50	76.10	56.70

Y/e 31 Mar ( In .Cr)	Mar-2016	Mar-2015	Mar-2014	Mar-2013
Profit before tax	64.80	44.30	33.60	25.30
Depreciation	(13)	(14)	(9.70)	(10)
Tax paid	(19)	(11)	(9.30)	(8.20)
Working capital	5.85	(12)	(1.10)	1.11
Other operating items	--	--	--	--
Operating cashflow	38.10	7.70	13.50	8.13
Capital expenditure	639	28	(45)	45.20
Free cash flow	677	35.70	(32)	53.30
Equity raised	808	209	202	209
Investments	--	--	--	--
Debt financing/disposal	(78)	(77)	(13)	64.20
Dividends paid	6.62	6.62	6.62	6.62
Other items	--	--	--	--
Net in cash	1,415	175	164	334

Y/e 31 Mar ( In .Cr)	Mar-2016	Mar-2015	Mar-2014	Mar-2013
Equity capital	13.20	13.20	13.20	13.20
Preference capital	--	--	--	--
Reserves	765	144	118	102
Net worth	778	157	131	115
Minority interest
Debt	68	115	151	182
Deferred tax liabilities (net)	1.38	1.25	1.14	0.87
Total liabilities	847	274	283	298
Fixed assets	918	328	324	327
Intangible assets
Investments	--	--	--	--
Deferred tax asset (net)	7.33	7.01	5.23	4.72
Net working capital	(88)	(90)	(71)	(42)
Inventories	6.07	7.13	5.13	4.47
Inventory Days	4.93	6.34	6.16	6.32
Sundry debtors	54.50	39.70	29.30	23.60
Debtor days	44.20	35.30	35.20	33.40
Other current assets	41.70	34.40	36.30	24.50
Sundry creditors	(63)	(57)	(51)	(25)
Creditor days	51.50	50.20	61	35.40
Other current liabilities	(127)	(114)	(91)	(70)
Cash	10.10	28.50	25.20	8.62
Total assets	847	274	283	298

Select Period

Particulars ( Rupees In Crores.)	Mar-2016	Mar-2015	Mar-2014	Mar-2013	Mar-2012
Gross Sales	404	369	263	218	189
Excise Duty	--	--	--	--	--
Net Sales	404	369	263	218	189
Other Operating Income	45.80	41.10	40.60	40	40
Other Income	8.30	4.22	2.03	5.15	2.93
Total Income	458	415	306	263	232
Total Expenditure **	366	337	240	201	169
PBIDT	91.80	77.90	65.60	62.50	62.80
Interest	13.80	20.10	22.40	27.10	27
PBDT	78	57.80	43.20	35.40	35.70
Depreciation	13.20	13.50	9.65	10.10	9.17
Minority Interest Before NP	--	--	--	--	--
Tax	19.30	10.80	9.33	8.16	9.10
Deferred Tax	--	--	--	--	--
Reported Profit After Tax	45.50	33.50	24.30	17.10	17.50
Minority Interest After NP	--	--	--	--	--
Net Profit after Minority Interest	45.50	33.50	24.30	17.10	17.50
Extra-ordinary Items	--	--	--	--	--
Adjusted Profit After Extra-ordinary item	45.50	33.50	24.30	17.10	17.50
EPS (Unit Curr.)	6.88	5.07	3.67	2.59	2.64
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	50	50	50	--	--
Equity	13.20	13.20	13.20	13.20	13.20
Public Shareholding (Number)	19,973,101	16,598,301	16,598,301	16,598,301	16,598,301
Public Shareholding (%)	30.20	25.10	25.10	25.10	25.10
Pledged/Encumbered - No. of Shares	--	--	--	--	--
Pledged/Encumbered - % in Total Promoters Holding	--	--	--	--	--
Pledged/Encumbered - % in Total Equity	--	--	--	--	--
Non Encumbered - No. of Shares	46,215,399	49,590,199	49,590,200	49,590,200	49,590,200
Non Encumbered - % in Total Promoters Holding	100	100	100	100	100
Non Encumbered - % in Total Equity	69.80	74.90	74.90	74.90	74.90
PBIDTM(%)	22.70	21.10	24.90	28.70	33.20
PBDTM(%)	19.30	15.70	16.40	16.20	18.90
PATM(%)	11.30	9.08	9.22	7.86	9.24