SPAL Financial Statements

SPAL Annual Results

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Y/e 31 Mar Mar-2021 Mar-2020 Mar-2019 Mar-2018
Growth matrix (%)        
Revenue growth (19) (2.10) 24.80 4.21
Op profit growth 25.50 (38) 26.50 (1.40)
EBIT growth (4.60) (34) 15.90 (7.20)
Net profit growth (8) (36) 53.50 (23)
Profitability ratios (%)        
OPM 16 10.30 16.20 16
EBIT margin 11.30 9.51 14 15.10
Net profit margin 6.62 5.80 8.88 7.22
RoCE 9.50 10.30 16.80 16.30
RoNW 2 2.33 4.08 3.09
RoA 1.40 1.57 2.66 1.95
Per share ratios ()        
EPS 16.80 18.30 28.60 19
Dividend per share 2.25 -- -- 0.50
Cash EPS 4.23 6.61 20.20 10.10
Book value per share 217 204 188 165
Valuation ratios        
P/E 9.13 3.40 11.20 17.40
P/CEPS 36.20 9.38 15.90 32.80
P/B 0.71 0.30 1.70 2.10
EV/EBIDTA 5.17 3.17 7.10 8.12
Payout (%)        
Dividend payout -- -- -- 2.63
Tax payout (27) 4.64 (33) (33)
Liquidity ratios        
Debtor days 59 50.20 65 82.70
Inventory days 131 107 96.10 79.80
Creditor days (61) (51) (57) (57)
Leverage ratios        
Interest coverage (5.10) (3.40) (19) (3.50)
Net debt / equity 0.27 0.34 0.32 0.38
Net debt / op. profit 1.47 2.16 1.14 1.50
Cost breakup ()        
Material costs (41) (44) (40) (39)
Employee costs (23) (24) (23) (24)
Other costs (20) (21) (22) (21)
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Y/e 31 Mar( In .Cr) Mar-2021 Mar-2020 Mar-2019 Mar-2018
Revenue 652 809 826 662
yoy growth (%) (19) (2.10) 24.80 4.21
Raw materials (270) (357) (327) (255)
As % of sales 41.40 44.10 39.50 38.50
Employee costs (149) (196) (187) (159)
As % of sales 22.90 24.20 22.70 24
Other costs (129) (173) (179) (142)
As % of sales 19.80 21.40 21.60 21.50
Operating profit 104 83.10 134 106
OPM 16 10.30 16.20 16
Depreciation (32) (30) (22) (22)
Interest expense (14) (23) (6.20) (29)
Other income 1.38 23.70 3.44 16.40
Profit before tax 59.10 54.10 109 71.10
Taxes (16) 2.51 (36) (23)
Tax rate (27) 4.64 (33) (33)
Minorities and other -- -- -- --
Adj. profit 43.20 56.70 73.40 47.80
Exceptional items -- (9.70) -- --
Net profit 43.20 46.90 73.40 47.80
yoy growth (%) (8) (36) 53.50 (23)
NPM 6.62 5.80 8.88 7.22
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2019 Mar-2018
Profit before tax 59.10 54.10 109 71.10
Depreciation (32) (30) (22) (22)
Tax paid (16) 2.51 (36) (23)
Working capital 205 195 133 --
Other operating items -- -- -- --
Operating cashflow 216 222 185 25.40
Capital expenditure 311 256 55.30 --
Free cash flow 528 478 240 25.40
Equity raised 530 535 718 698
Investments (0.60) (0.40) (58) --
Debt financing/disposal 37.60 84.10 113 30.10
Dividends paid -- -- -- 1.26
Other items -- -- -- --
Net in cash 1,095 1,096 1,013 754
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2019 Mar-2018
Equity capital 25.70 25.70 25.70 25.20
Preference capital -- -- -- 19
Reserves 533 498 458 372
Net worth 558 523 484 416
Minority interest
Debt 194 226 211 204
Deferred tax liabilities (net) 33.20 23.30 38.40 37.50
Total liabilities 779 766 727 652
Fixed assets 454 444 371 313
Intangible assets
Investments 0.19 0.19 0.28 31.20
Deferred tax asset (net) 3.05 3.14 3.45 4.03
Net working capital 281 273 294 258
Inventories 241 228 248 187
Inventory Days 135 103 110 103
Sundry debtors 117 94 128 166
Debtor days 65.30 42.40 56.70 91.40
Other current assets 56.60 80.20 80.90 66.50
Sundry creditors (94) (90) (113) (102)
Creditor days 52.40 40.40 49.70 56.30
Other current liabilities (40) (40) (51) (60)
Cash 41.20 46.30 58.10 45.60
Total assets 779 766 727 652
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Particulars ( Rupees In Crores.) Mar-2022 Mar-2021 Mar-2020 Mar-2019 Mar-2018
Gross Sales 859 652 809 826 662
Excise Duty -- -- -- -- --
Net Sales 859 652 809 826 662
Other Operating Income -- -- -- -- --
Other Income 9.50 1.38 23.70 3.44 16.40
Total Income 869 654 833 830 679
Total Expenditure ** 708 548 736 693 557
PBIDT 161 106 97.10 137 122
Interest 11.90 14.30 22.80 6.24 28.70
PBDT 149 91.50 74.30 131 93.50
Depreciation 34.60 32.30 29.90 21.60 22.40
Minority Interest Before NP -- -- -- -- --
Tax 27.40 17.20 9.80 36.70 25.30
Deferred Tax 2.72 (1.20) (12) (0.60) (2)
Reported Profit After Tax 84.70 43.20 46.90 73.40 47.80
Minority Interest After NP (0.10) -- -- -- 0.86
Net Profit after Minority Interest 84.80 43.20 47 73.40 47
Extra-ordinary Items -- -- (7.60) -- --
Adjusted Profit After Extra-ordinary item 84.80 43.20 54.50 73.40 47
EPS (Unit Curr.) 33 16.80 18.30 28.70 19
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- 22.50 -- -- 5
Equity 25.70 25.70 25.70 25.70 25.20
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(%) 18.80 16.20 12 16.60 18.40
PBDTM(%) 17.40 14 9.19 15.90 14.10
PATM(%) 9.85 6.62 5.80 8.88 7.22
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