RUPA Results: Nine Monthly Results of Rupa & Company

Y/e 31 Mar	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Growth matrix (%)
Revenue growth	34.70	(16)	5.85	7.69
Op profit growth	126	(27)	11.90	5.17
EBIT growth	144	(28)	13.50	3.84
Net profit growth	183	(28)	19.30	9.64
Profitability ratios (%)
OPM	19.60	11.70	13.40	12.70
EBIT margin	19.10	10.50	12.30	11.50
Net profit margin	13.40	6.35	7.45	6.61
RoCE	30.30	14.70	24.30	23.40
RoNW	6.70	2.87	4.59	4.48
RoA	5.29	2.21	3.69	3.38
Per share ratios ()
EPS	22	7.77	10.80	9.08
Dividend per share	5	3	3	2.75
Cash EPS	20.30	5.44	8.83	7.03
Book value per share	91.50	72.50	62.60	55.10
Valuation ratios
P/E	14	15	34.40	36
P/CEPS	15.20	21.40	42.20	46.40
P/B	3.36	1.61	5.95	5.93
EV/EBIDTA	9.35	9.12	19.40	18.90
Payout (%)
Dividend payout	--	--	32.80	30.30
Tax payout	(26)	(26)	(36)	(37)
Liquidity ratios
Debtor days	85.60	113	88.70	64
Inventory days	119	150	98.90	99.70
Creditor days	(52)	(64)	(49)	(36)
Leverage ratios
Interest coverage	(19)	(5.50)	(18)	(12)
Net debt / equity	0.04	0.31	0.21	0.16
Net debt / op. profit	0.11	1.56	0.69	0.51
Cost breakup ()
Material costs	(47)	(41)	(45)	(46)
Employee costs	(4)	(6.70)	(4)	(3.50)
Other costs	(30)	(41)	(38)	(38)

Y/e 31 Mar( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	1,313	975	1,157	1,093
yoy growth (%)	34.70	(16)	5.85	7.69
Raw materials	(611)	(400)	(519)	(498)
As % of sales	46.60	41	44.80	45.50
Employee costs	(53)	(66)	(47)	(38)
As % of sales	4.01	6.74	4.03	3.50
Other costs	(391)	(395)	(436)	(418)
As % of sales	29.80	40.60	37.70	38.30
Operating profit	257	114	155	139
OPM	19.60	11.70	13.40	12.70
Depreciation	(14)	(19)	(16)	(16)
Interest expense	(13)	(19)	(8.10)	(11)
Other income	7.29	7.37	2.45	2.55
Profit before tax	237	84	134	115
Taxes	(62)	(22)	(48)	(42)
Tax rate	(26)	(26)	(36)	(37)
Minorities and other	--	--	--	--
Adj. profit	175	61.90	86.20	72.30
Exceptional items	--	--	--	--
Net profit	175	61.90	86.20	72.30
yoy growth (%)	183	(28)	19.30	9.64
NPM	13.40	6.35	7.45	6.61

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	1,261	941	1,126	1,084
yoy growth (%)	34	(16)	3.86	7.03
Raw materials	(570)	(377)	(499)	(494)
As % of sales	45.20	40	44.30	45.60
Employee costs	(48)	(55)	(39)	(35)
As % of sales	3.81	5.86	3.46	3.23
Other costs	(385)	(385)	(422)	(414)
As % of sales	30.60	40.90	37.50	38.20
Operating profit	258	125	166	141
OPM	20.40	13.20	14.70	13
Depreciation	(11)	(16)	(14)	(15)
Interest expense	(9.40)	(15)	(7.60)	(11)
Other income	6	7.91	3.42	3.40
Profit before tax	243	102	147	119
Taxes	(62)	(22)	(53)	(42)
Tax rate	(26)	(22)	(36)	(35)
Minorities and other	--	--	--	--
Adj. profit	181	80.10	94.60	77.20
Exceptional items	--	--	--	--
Net profit	181	80.10	94.60	77.20
yoy growth (%)	126	(15)	22.60	(1)
NPM	14.30	8.50	8.40	7.12

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Profit before tax	237	84	134	115
Depreciation	(14)	(19)	(16)	(16)
Tax paid	(62)	(22)	(48)	(42)
Working capital	406	284	111	(3.70)
Other operating items	--	--	--	--
Operating cashflow	568	328	181	52.40
Capital expenditure	134	105	21	(6)
Free cash flow	702	432	202	46.40
Equity raised	706	698	664	659
Investments	--	--	0.10	0.09
Debt financing/disposal	(39)	2.75	(102)	(114)
Dividends paid	--	--	23.90	21.90
Other items	--	--	--	--
Net in cash	1,369	1,133	789	614

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Equity capital	7.96	7.96	7.96	7.96
Preference capital	--	--	--	--
Reserves	722	570	537	491
Net worth	730	578	545	499
Minority interest
Debt	145	179	210	116
Deferred tax liabilities (net)	12.60	11.40	15.90	15.20
Total liabilities	888	768	771	630
Fixed assets	212	192	185	175
Intangible assets
Investments	--	--	--	0.11
Deferred tax asset (net)	13.60	13.30	13.40	6.29
Net working capital	543	562	565	440
Inventories	391	467	382	332
Inventory Days	109	175	--	105
Sundry debtors	364	251	397	351
Debtor days	101	94.10	--	111
Other current assets	69.10	77	45.40	32.10
Sundry creditors	(164)	(135)	(150)	(165)
Creditor days	45.50	50.70	--	52.20
Other current liabilities	(117)	(99)	(109)	(110)
Cash	118	1.71	7.59	8.31
Total assets	888	768	771	630

Select Period

Particulars ( Rupees In Crores.)	Dec-2021	Dec-2020	Dec-2019	Dec-2018	Dec-2013
Gross Sales	1,014	856	792	743	613
Excise Duty	--	--	--	--	--
Net Sales	1,014	856	792	743	613
Other Operating Income	4.44	2.32	3.49	2.98	2.89
Other Income	7.22	4.04	5.61	1.40	2.61
Total Income	1,026	863	801	747	619
Total Expenditure **	824	692	689	648	526
PBIDT	202	171	111	98.90	92.50
Interest	12.50	10.60	14.40	12.90	17.40
PBDT	189	160	97.10	86	75.10
Depreciation	10.50	11.10	14.50	11	5.54
Minority Interest Before NP	--	--	--	--	--
Tax	23.60	39.10	24.70	33.40	24.50
Deferred Tax	12.40	0.58	(8.20)	(5.20)	--
Reported Profit After Tax	143	109	66.20	46.70	45.10
Minority Interest After NP	--	--	--	--	--
Net Profit after Minority Interest	143	109	66.20	46.70	45.10
Extra-ordinary Items	--	--	--	--	1.12
Adjusted Profit After Extra-ordinary item	143	109	66.20	46.70	44
EPS (Unit Curr.)	17.90	13.80	8.32	5.88	5.67
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	--	--	--	--	--
Equity	7.95	7.95	7.95	7.95	7.95
Public Shareholding (Number)	--	--	--	--	19,938,170
Public Shareholding (%)	--	--	--	--	25.10
Pledged/Encumbered - No. of Shares	--	--	--	--	--
Pledged/Encumbered - % in Total Promoters Holding	--	--	--	--	--
Pledged/Encumbered - % in Total Equity	--	--	--	--	--
Non Encumbered - No. of Shares	--	--	--	--	59,586,392
Non Encumbered - % in Total Promoters Holding	--	--	--	--	100
Non Encumbered - % in Total Equity	--	--	--	--	74.90
PBIDTM(%)	19.90	19.90	14.10	13.30	15.10
PBDTM(%)	18.60	18.70	12.30	11.60	12.20
PATM(%)	14.10	12.80	8.36	6.29	7.35