SPAL Results: Annual Results of S P Apparels

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)

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

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	576	758	628	623
yoy growth (%)	(24)	20.70	0.84	16
Raw materials	(200)	(311)	(224)	(245)
As % of sales	34.70	41	35.70	39.40
Employee costs	(148)	(195)	(158)	(146)
As % of sales	25.70	25.70	25.20	23.50
Other costs	(127)	(172)	(142)	(126)
As % of sales	22.10	22.60	22.60	20.30
Operating profit	100	80.90	104	105
OPM	17.50	10.70	16.50	16.90
Depreciation	(34)	(32)	(24)	(22)
Interest expense	(14)	(22)	(29)	(13)
Other income	1.17	23.80	16.50	20.80
Profit before tax	53.90	50.60	67.60	90
Taxes	(15)	3.11	(26)	(33)
Tax rate	(28)	6.14	(38)	(37)
Minorities and other	--	--	--	--
Adj. profit	38.70	53.80	42	56.50
Exceptional items	--	(9.70)	--	--
Net profit	38.70	44	42	56.50
yoy growth (%)	(12)	4.80	(26)	176
NPM	6.72	5.81	6.69	9.07

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

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

Select Period

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