Redington India Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 18.40 5.70 16 12.30
Op profit growth 25.30 (1) 5.26 13.10
EBIT growth 14.70 (1.60) 5.29 7.95
Net profit growth 6.97 3.75 9.61 9.57
Profitability ratios (%)        
OPM 1.99 1.88 2.01 2.21
EBIT margin 1.78 1.84 1.97 2.17
Net profit margin 1 1.11 1.13 1.19
RoCE 14.30 15.40 15.20 15.20
RoNW 3.29 3.61 3.81 3.98
RoA 2.01 2.32 2.17 2.09
Per share ratios ()        
EPS 13.70 12.10 11.90 11.10
Dividend per share 4.30 2.40 4.30 2.10
Cash EPS 9.25 10.60 10.20 9.42
Book value per share 111 88.20 78.70 73.80
Valuation ratios        
P/E 4.96 12.10 9.26 10.30
P/CEPS 7.36 13.80 10.80 12.10
P/B 0.61 1.66 1.40 1.55
EV/EBIDTA 2.84 7.93 6.01 7.77
Payout (%)        
Dividend payout 68.50 19.90 17.20 19.80
Tax payout (23) (23) (27) (25)
Liquidity ratios        
Debtor days 46.40 46.70 46.30 50.30
Inventory days 24 27.20 31.70 34.10
Creditor days (40) (39) (39) (39)
Leverage ratios        
Interest coverage (4.20) (4.80) (5.20) (4.30)
Net debt / equity 0.09 0.26 0.25 0.61
Net debt / op. profit 0.39 1.12 0.96 2.30
Cost breakup ()        
Material costs (95) (94) (94) (94)
Employee costs (1.50) (1.50) (1.50) (1.50)
Other costs (2) (2.10) (2.10) (2.10)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 51,465 43,459 41,115 35,442
yoy growth (%) 18.40 5.70 16 12.30
Raw materials (48,648) (41,057) (38,798) (33,372)
As % of sales 94.50 94.50 94.40 94.20
Employee costs (784) (653) (627) (540)
As % of sales 1.52 1.50 1.53 1.52
Other costs (1,010) (933) (865) (747)
As % of sales 1.96 2.15 2.10 2.11
Operating profit 1,023 816 825 784
OPM 1.99 1.88 2.01 2.21
Depreciation (155) (57) (55) (47)
Interest expense (219) (168) (157) (180)
Other income 48.60 39.10 41.40 34
Profit before tax 697 631 655 590
Taxes (158) (146) (178) (146)
Tax rate (23) (23) (27) (25)
Minorities and other (19) (2.80) (13) (21)
Adj. profit 520 482 464 424
Exceptional items (4.70) -- -- --
Net profit 515 482 464 424
yoy growth (%) 6.97 3.75 9.61 9.57
NPM 1 1.11 1.13 1.19
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 697 631 655 590
Depreciation (155) (57) (55) (47)
Tax paid (158) (146) (178) (146)
Working capital 3,653 1,601 968 1,466
Other operating items -- -- -- --
Operating cashflow 4,037 2,029 1,390 1,863
Capital expenditure 723 230 36.40 77.50
Free cash flow 4,760 2,259 1,427 1,941
Equity raised 5,243 4,308 4,245 4,471
Investments -- 3.49 4.77 --
Debt financing/disposal 1,500 (241) 85.20 948
Dividends paid 353 96 80 84
Other items -- -- -- --
Net in cash 11,856 6,426 5,841 7,444
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 77.80 77.80 80 80
Preference capital -- -- -- --
Reserves 4,231 3,828 3,451 3,068
Net worth 4,309 3,906 3,531 3,148
Minority interest
Debt 2,775 1,307 1,458 1,516
Deferred tax liabilities (net) 5.91 1.53 1.49 --
Total liabilities 7,471 5,560 5,349 5,025
Fixed assets 726 492 490 477
Intangible assets
Investments -- 7.03 3.52 4.77
Deferred tax asset (net) 31 40.10 25.10 13.80
Net working capital 4,337 4,143 4,288 3,809
Inventories 3,673 3,859 3,107 3,375
Inventory Days 26 -- 26.10 30
Sundry debtors 7,032 6,279 6,042 5,087
Debtor days 49.90 -- 50.70 45.20
Other current assets 819 866 656 472
Sundry creditors (6,275) (5,905) (4,765) (4,433)
Creditor days 44.50 -- 40 39.40
Other current liabilities (911) (956) (751) (692)
Cash 2,377 877 541 721
Total assets 7,471 5,560 5,349 5,025
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Particulars ( Rupees In Crores.) Sep-2020 Jun-2020 Mar-2020 Dec-2019 Sep-2019
Gross Sales 13,764 10,697 12,667 14,784 12,339
Excise Duty -- -- -- -- --
Net Sales 13,764 10,697 12,667 14,784 12,339
Other Operating Income -- -- -- -- --
Other Income 22.20 24.80 10.60 11.10 15
Total Income 13,786 10,722 12,677 14,796 12,354
Total Expenditure ** 13,475 10,492 12,426 14,486 12,093
PBIDT 311 230 251 309 262
Interest 34.80 60 47 43.90 62.90
PBDT 276 170 204 265 199
Depreciation 35 39.60 37.80 37.30 47.50
Minority Interest Before NP -- -- -- -- --
Tax 53.70 37.20 31.80 51.50 20.90
Deferred Tax 5.24 (5.70) 7.52 12.20 (2.30)
Reported Profit After Tax 182 99 127 164 133
Minority Interest After NP 6.50 10.20 7.50 8.49 2.53
Net Profit after Minority Interest 176 88.80 119 156 130
Extra-ordinary Items -- -- (2.80) -- (0.90)
Adjusted Profit After Extra-ordinary item 176 88.80 122 156 131
EPS (Unit Curr.) 4.52 2.28 3.06 4.01 3.34
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- 140 75 --
Equity 77.80 77.80 77.80 77.80 77.80
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(%) 2.26 2.15 1.98 2.09 2.12
PBDTM(%) 2.01 1.59 1.61 1.80 1.61
PATM(%) 1.32 0.93 1 1.11 1.07