S P Apparels Financial Statements

S P Apparels Nine Monthly Results

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Y/e 31 Mar Mar-2020 Mar-2019 Mar-2018 Mar-2017
Growth matrix (%)        
Revenue growth (2.10) 24.80 4.21 19.30
Op profit growth (38) 26.50 (1.40) 25.80
EBIT growth (34) 15.90 (7.20) 53.40
Net profit growth (36) 53.50 (23) 229
Profitability ratios (%)        
OPM 10.30 16.20 16 16.90
EBIT margin 9.51 14 15.10 16.90
Net profit margin 5.80 8.88 7.22 9.74
RoCE 10.30 16.80 16.30 21.60
RoNW 2.33 4.08 3.09 6.32
RoA 1.57 2.66 1.95 3.10
Per share ratios ()        
EPS 18.30 28.60 19 21.30
Dividend per share -- -- 0.50 --
Cash EPS 6.61 20.20 10.10 16.40
Book value per share 204 188 165 142
Valuation ratios        
P/E 3.40 11.20 17.40 20.30
P/CEPS 9.38 15.90 32.80 26.40
P/B 0.30 1.70 2.10 3.04
EV/EBIDTA 3.17 7.10 8.12 9.62
Payout (%)        
Dividend payout -- -- 2.63 2.03
Tax payout 4.64 (33) (33) (36)
Liquidity ratios        
Debtor days 50.20 65 82.70 62
Inventory days 107 96.10 79.80 66
Creditor days (51) (57) (57) (66)
Leverage ratios        
Interest coverage (3.40) (19) (3.50) (8)
Net debt / equity 0.34 0.32 0.38 0.42
Net debt / op. profit 2.16 1.14 1.50 1.39
Cost breakup ()        
Material costs (44) (40) (39) (40)
Employee costs (24) (23) (24) (23)
Other costs (21) (22) (21) (20)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Revenue 809 826 662 636
yoy growth (%) (2.10) 24.80 4.21 19.30
Raw materials (357) (327) (255) (254)
As % of sales 44.10 39.50 38.50 40
Employee costs (196) (187) (159) (147)
As % of sales 24.20 22.70 24 23.20
Other costs (173) (179) (142) (127)
As % of sales 21.40 21.60 21.50 19.90
Operating profit 83.10 134 106 107
OPM 10.30 16.20 16 16.90
Depreciation (30) (22) (22) (21)
Interest expense (23) (6.20) (29) (13)
Other income 23.70 3.44 16.40 21
Profit before tax 54.10 109 71.10 94.10
Taxes 2.51 (36) (23) (33)
Tax rate 4.64 (33) (33) (36)
Minorities and other -- -- -- 1.26
Adj. profit 56.70 73.40 47.80 61.90
Exceptional items (9.70) -- -- --
Net profit 46.90 73.40 47.80 61.90
yoy growth (%) (36) 53.50 (23) 229
NPM 5.80 8.88 7.22 9.74
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Profit before tax 54.10 109 71.10 94.10
Depreciation (30) (22) (22) (21)
Tax paid 2.51 (36) (23) (33)
Working capital 204 220 102 (102)
Other operating items -- -- -- --
Operating cashflow 231 272 128 (63)
Capital expenditure 280 97.60 24.50 (25)
Free cash flow 512 369 152 (87)
Equity raised 492 469 677 625
Investments (0.60) (0.30) (27) 27.30
Debt financing/disposal 69.80 68.70 107 10.70
Dividends paid -- -- 1.26 1.26
Other items -- -- -- --
Net in cash 1,072 907 910 577
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 25.70 25.70 25.20 25.20
Preference capital -- -- 19 --
Reserves 498 458 372 332
Net worth 523 484 416 358
Minority interest
Debt 226 211 204 185
Deferred tax liabilities (net) 23.30 38.40 37.50 39.80
Total liabilities 766 727 652 575
Fixed assets 444 371 313 299
Intangible assets
Investments 0.19 0.28 31.20 58.40
Deferred tax asset (net) 3.14 3.45 4.03 14.30
Net working capital 273 294 258 168
Inventories 228 248 187 102
Inventory Days 103 110 103 58.80
Sundry debtors 94 128 166 134
Debtor days 42.40 56.70 91.40 77.10
Other current assets 80.20 80.90 66.50 47
Sundry creditors (90) (113) (102) (73)
Creditor days 40.40 49.70 56.30 41.70
Other current liabilities (40) (51) (60) (43)
Cash 46.30 58.10 45.60 35.20
Total assets 766 727 652 575
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Particulars ( Rupees In Crores.) Dec-2020 Dec-2019 Dec-2018 Dec-2017 Dec-2016
Gross Sales 461 641 604 480 476
Excise Duty -- -- -- -- --
Net Sales 461 641 604 480 476
Other Operating Income -- -- -- -- --
Other Income 0.95 22.60 2.65 15 15.50
Total Income 462 663 607 495 491
Total Expenditure ** 381 585 503 407 396
PBIDT 80.60 78.20 103 87.40 95.10
Interest 11.90 17.40 7.82 18.70 15.50
PBDT 68.70 60.80 95.70 68.70 79.70
Depreciation 24.70 21.60 16.10 16.50 14.30
Minority Interest Before NP -- -- -- -- --
Tax 11 8.38 21 17.80 21.30
Deferred Tax 0.32 (13) 4.24 (0.20) 1.22
Reported Profit After Tax 32.60 44.10 54.30 34.60 42.90
Minority Interest After NP 0.01 (0.20) 0.09 (0.20) (1.10)
Net Profit after Minority Interest 32.60 44.30 54.20 34.70 44
Extra-ordinary Items -- (7.70) -- -- --
Adjusted Profit After Extra-ordinary item 32.60 51.90 54.20 34.70 44
EPS (Unit Curr.) 12.70 17.20 21.20 13.70 17.10
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 25.70 25.70 25.70 25.20 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(%) 17.50 12.20 17.10 18.20 20
PBDTM(%) 14.90 9.50 15.80 14.30 16.70
PATM(%) 7.08 6.89 8.98 7.21 9.02
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