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.) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Gross Sales 51,465 46,536 41,603 41,115 35,442
Excise Duty -- -- -- -- --
Net Sales 51,465 46,536 41,603 41,115 35,442
Other Operating Income -- -- -- -- --
Other Income 48.60 63.20 39.10 41.40 34
Total Income 51,514 46,599 41,642 41,156 35,476
Total Expenditure ** 50,447 45,709 40,786 40,290 34,659
PBIDT 1,067 891 856 866 818
Interest 219 204 168 157 180
PBDT 848 687 688 709 637
Depreciation 155 63.40 56.90 54.70 46.80
Minority Interest Before NP -- -- -- -- --
Tax 142 158 150 171 160
Deferred Tax 16.40 (19) (4.10) 6.43 (14)
Reported Profit After Tax 534 484 484 477 444
Minority Interest After NP 18.70 (23) 2.78 12.50 --
Net Profit after Minority Interest 515 508 482 464 444
Extra-ordinary Items (3.60) (53) -- -- --
Adjusted Profit After Extra-ordinary item 519 561 482 464 444
EPS (Unit Curr.) 13.20 12.80 12 11.60 10.60
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 215 165 120 215 105
Equity 77.80 77.80 80 80 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(%) 2.07 1.91 2.06 2.11 2.31
PBDTM(%) 1.65 1.48 1.65 1.72 1.80
PATM(%) 1.04 1.04 1.16 1.16 1.25