Punjab Chemicals & Crop Protection Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 11.40 (6) (2.50) (4.80)
Op profit growth 1.97 179 (63) (14)
EBIT growth 3.98 237 (71) (22)
Net profit growth (37) (186) (250) (6.50)
Profitability ratios (%)        
OPM 7.72 8.44 2.84 7.56
EBIT margin 7.32 7.84 2.19 7.43
Net profit margin 1.96 3.48 (3.80) 2.47
RoCE 20.20 19.30 4.97 14.80
RoNW 3.13 6.48 (8.30) 25
RoA 1.35 2.14 (2.20) 1.23
Per share ratios ()        
EPS 8.77 14 -- 10.80
Dividend per share 1.50 1.50 -- --
Cash EPS (3.80) 2.64 (29) (2.80)
Book value per share 79.70 60.50 47.60 49.90
Valuation ratios        
P/E 34.40 27.80 -- 12.80
P/CEPS (80) 147 (9.50) (49)
P/B 3.78 6.43 5.87 2.78
EV/EBIDTA 8.35 11.20 17.80 6.27
Payout (%)        
Dividend payout -- 10.70 -- --
Tax payout (51) (34) 3.80 5.57
Liquidity ratios        
Debtor days 29.90 39.10 48.50 50.80
Inventory days 51 48.60 42.30 45
Creditor days (73) (91) (62) (45)
Leverage ratios        
Interest coverage (2.20) (2.20) (0.40) (0.80)
Net debt / equity 0.97 1.50 2.54 3.03
Net debt / op. profit 2.22 2.67 9.95 4.55
Cost breakup ()        
Material costs (59) (60) (53) (50)
Employee costs (13) (11) (22) (22)
Other costs (21) (21) (23) (20)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 550 493 525 538
yoy growth (%) 11.40 (6) (2.50) (4.80)
Raw materials (325) (295) (276) (268)
As % of sales 59.20 59.70 52.60 49.80
Employee costs (69) (54) (115) (120)
As % of sales 12.50 11 21.90 22.20
Other costs (113) (103) (119) (110)
As % of sales 20.60 20.80 22.70 20.40
Operating profit 42.40 41.60 14.90 40.70
OPM 7.72 8.44 2.84 7.56
Depreciation (15) (14) (16) (17)
Interest expense (18) (18) (31) (50)
Other income 13.10 11 12.60 16
Profit before tax 22.10 21 (19) (9.70)
Taxes (11) (7.10) (0.70) (0.50)
Tax rate (51) (34) 3.80 5.57
Minorities and other -- -- -- --
Adj. profit 10.80 13.90 (20) (10)
Exceptional items -- 3.26 -- 23.50
Net profit 10.80 17.20 (20) 13.30
yoy growth (%) (37) (186) (250) (6.50)
NPM 1.96 3.48 (3.80) 2.47
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 22.10 21 (19) (9.70)
Depreciation (15) (14) (16) (17)
Tax paid (11) (7.10) (0.70) (0.50)
Working capital (40) (14) (131) (13)
Other operating items -- -- -- --
Operating cashflow (44) (14) (167) (40)
Capital expenditure (210) (235) (185) (6.80)
Free cash flow (254) (249) (352) (47)
Equity raised 35.80 (3.10) 20.10 (11)
Investments (5.60) (5) (2.90) --
Debt financing/disposal (219) (174) (171) (89)
Dividends paid -- 1.84 -- --
Other items -- -- -- --
Net in cash (443) (428) (506) (147)
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 12.30 12.30 12.30 12.30
Preference capital -- -- -- --
Reserves 85.50 78.60 61.90 46.10
Net worth 97.80 90.90 74.20 58.40
Minority interest
Debt 99.20 91.40 117 151
Deferred tax liabilities (net) 9.70 15.80 -- --
Total liabilities 207 198 191 210
Fixed assets 183 186 181 230
Intangible assets
Investments 1.18 1.27 1.43 1.28
Deferred tax asset (net) 11.20 16.20 6.15 10.70
Net working capital 6.80 (9.20) (3.10) (36)
Inventories 86.50 81.60 67 64.30
Inventory Days 57.40 -- 49.60 44.70
Sundry debtors 47.70 62.60 42.30 63.40
Debtor days 31.70 -- 31.30 44.10
Other current assets 69.70 35.40 52.40 66.10
Sundry creditors (93) (115) (110) (115)
Creditor days 61.60 -- 81.10 79.70
Other current liabilities (104) (74) (55) (115)
Cash 4.85 3.60 5.72 2.91
Total assets 207 198 191 210
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Particulars ( Rupees In Crores.) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Gross Sales 550 643 496 536 538
Excise Duty -- -- 2.67 11.20 --
Net Sales 550 643 493 525 538
Other Operating Income -- -- -- -- --
Other Income 13.10 6.56 14.30 12.60 39.50
Total Income 563 650 508 537 578
Total Expenditure ** 507 585 452 510 497
PBIDT 55.60 64.60 55.90 27.50 80.20
Interest 18.10 17.30 17.70 30.70 49.70
PBDT 37.40 47.40 38.20 (3.10) 30.60
Depreciation 15.40 18.60 13.90 16.10 16.80
Minority Interest Before NP -- -- -- -- --
Tax 12.40 12 7.08 0.73 0.54
Deferred Tax (1.10) -- -- -- --
Reported Profit After Tax 10.80 16.80 17.20 (20) 13.30
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 10.80 16.80 17.20 (20) 13.30
Extra-ordinary Items -- (4.90) 2.31 -- 23
Adjusted Profit After Extra-ordinary item 10.80 21.70 14.90 (20) (9.70)
EPS (Unit Curr.) 8.77 13.70 14 (16) 10.80
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 15 -- -- -- --
Equity 12.30 12.30 12.30 12.30 12.30
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(%) 10.10 10.10 11.30 5.25 14.90
PBDTM(%) 6.81 7.37 7.74 (0.60) 5.68
PATM(%) 1.96 2.61 3.48 (3.80) 2.47