SAVERA Results: Annual Results of Savera Industries

Y/e 31 Mar	Mar-2015	Mar-2014	Mar-2013	Mar-2012
Growth matrix (%)
Revenue growth	10.40	(2.60)	13.20	8.75
Op profit growth	1.72	(1.30)	(3.70)	(10)
EBIT growth	(13)	(6.80)	(29)	8.29
Net profit growth	(267)	(145)	(45)	17.60
Profitability ratios (%)
OPM	18.20	19.80	19.50	23
EBIT margin	11.20	14.30	14.90	23.90
Net profit margin	4.48	(3)	6.45	13.30
RoCE	9.23	10.20	11.10	16.80
RoNW	1.45	(0.80)	1.85	3.63
RoA	0.92	(0.50)	1.19	2.35
Per share ratios ()
EPS	2.10	--	2.94	5.53
Dividend per share	1.20	1.20	1.20	1.20
Cash EPS	(1.90)	(4.40)	0.53	3.58
Book value per share	40.60	40.30	43.20	41.50
Valuation ratios
P/E	18.20	--	13.60	6.79
P/CEPS	(20)	(7.90)	75.30	10.50
P/B	0.94	0.86	0.92	0.90
EV/EBIDTA	5.12	5.39	5.87	4.31
Payout (%)
Dividend payout	61.50	(99)	44.40	24.30
Tax payout	(28)	(137)	(22)	(24)
Liquidity ratios
Debtor days	7.96	11.20	11	10.30
Inventory days	1.67	4.01	5.38	6.55
Creditor days	(11)	(14)	(14)	(16)
Leverage ratios
Interest coverage	(2.20)	(2.20)	(2.20)	(3.80)
Net debt / equity	0.33	0.45	0.42	0.38
Net debt / op. profit	1.42	1.92	1.90	1.61
Cost breakup ()
Material costs	(16)	(15)	(16)	(15)
Employee costs	(27)	(26)	(24)	(24)
Other costs	(39)	(39)	(40)	(38)

Y/e 31 Mar( In .Cr)	Mar-2015	Mar-2014	Mar-2013	Mar-2012
Revenue	62.40	56.50	58	51.20
yoy growth (%)	10.40	(2.60)	13.20	8.75
Raw materials	(9.70)	(8.60)	(9.30)	(7.50)
As % of sales	15.50	15.30	16.10	14.70
Employee costs	(17)	(15)	(14)	(12)
As % of sales	26.80	26.20	24.10	23.90
Other costs	(25)	(22)	(23)	(20)
As % of sales	39.50	38.70	40.30	38.50
Operating profit	11.40	11.20	11.30	11.80
OPM	18.20	19.80	19.50	23
Depreciation	(5.10)	(3.60)	(3.10)	(2.60)
Interest expense	(3.20)	(3.60)	(3.90)	(3.20)
Other income	0.71	0.47	0.44	3.03
Profit before tax	3.86	4.46	4.80	8.99
Taxes	(1.10)	(6.10)	(1.10)	(2.20)
Tax rate	(28)	(137)	(22)	(24)
Minorities and other	--	--	--	--
Adj. profit	2.79	(1.70)	3.74	6.83
Exceptional items	--	--	--	--
Net profit	2.79	(1.70)	3.74	6.83
yoy growth (%)	(267)	(145)	(45)	17.60
NPM	4.48	(3)	6.45	13.30

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	19.60	67.30	72.40	68.10
yoy growth (%)	(71)	(7.10)	6.31	2.62
Raw materials	(3.10)	(12)	(13)	(12)
As % of sales	16	17.10	18.20	17.80
Employee costs	(8.20)	(20)	(21)	(18)
As % of sales	41.50	30.40	28.90	26.10
Other costs	(9.40)	(25)	(27)	(26)
As % of sales	48	36.60	36.70	37.90
Operating profit	(1.10)	10.60	11.80	12.50
OPM	(5.50)	15.80	16.30	18.30
Depreciation	(3.70)	(4.60)	(3.60)	(4.50)
Interest expense	(0.40)	(0.60)	(1.10)	(1.70)
Other income	1.14	0.62	0.68	1.02
Profit before tax	(4.10)	6.13	7.77	7.29
Taxes	0.44	(1.60)	(1.70)	(2.20)
Tax rate	(11)	(27)	(21)	(30)
Minorities and other	--	--	--	--
Adj. profit	(3.70)	4.50	6.11	5.10
Exceptional items	(0.40)	(0.20)	(1)	(2)
Net profit	(4.10)	4.28	5.13	3.14
yoy growth (%)	(196)	(17)	63.60	29.10
NPM	(21)	6.36	7.09	4.60

Y/e 31 Mar ( In .Cr)	Mar-2015	Mar-2014	Mar-2013	Mar-2012
Profit before tax	3.86	4.46	4.80	8.99
Depreciation	(5.10)	(3.60)	(3.10)	(2.60)
Tax paid	(1.10)	(6.10)	(1.10)	(2.20)
Working capital	(4)	(7.80)	--	7.77
Other operating items	--	--	--	--
Operating cashflow	(6.20)	(13)	0.63	12
Capital expenditure	22.10	19.80	--	(20)
Free cash flow	15.90	6.79	0.63	(7.80)
Equity raised	67.70	76.80	76.80	68.30
Investments	(0.10)	(0.10)	--	0.10
Debt financing/disposal	(0.30)	(1.20)	0.78	1.17
Dividends paid	1.43	1.43	1.43	1.43
Other items	--	--	--	--
Net in cash	84.60	83.70	79.60	63.20

Y/e 31 Mar ( In .Cr)	Mar-2015	Mar-2014	Mar-2013	Mar-2012
Equity capital	11.90	11.90	11.90	11.90
Preference capital	--	--	--	--
Reserves	36.50	36.10	39.50	37.60
Net worth	48.50	48	51.50	49.50
Minority interest
Debt	22.80	26.30	28.10	27.50
Deferred tax liabilities (net)	2.64	3.85	0.36	(0.10)
Total liabilities	73.90	78.20	79.90	76.90
Fixed assets	68.70	74.90	71.80	61.70
Intangible assets
Investments	0.32	0.31	0.41	0.41
Deferred tax asset (net)	0.29	--	0.51	(1)
Net working capital	(2.10)	(1.90)	0.61	7.26
Inventories	0.13	0.44	0.80	0.91
Inventory Days	0.76	2.84	5.03	6.48
Sundry debtors	1.23	1.49	1.98	1.52
Debtor days	7.20	9.63	12.50	10.80
Other current assets	6.53	4.75	6.73	13.20
Sundry creditors	(1.60)	(1.60)	(1.80)	(1.90)
Creditor days	9.18	10.50	11.30	13.50
Other current liabilities	(8.40)	(6.90)	(7.10)	(6.50)
Cash	6.59	4.82	6.62	8.46
Total assets	73.90	78.20	79.90	76.90

Select Period

Particulars ( Rupees In Crores.)	Mar-2015	Mar-2014	Mar-2013	Mar-2012	Mar-2011
Gross Sales	62.40	56.60	58	51.20	47.10
Excise Duty	--	--	--	--	--
Net Sales	62.40	56.60	58	51.20	47.10
Other Operating Income	0.71	--	0.41	3.03	--
Other Income	--	--	--	--	0.91
Total Income	63.10	56.60	58.50	54.30	48
Total Expenditure **	51	45.30	46.70	39.50	34.40
PBIDT	12.10	11.30	11.80	14.80	13.60
Interest	3.15	3.61	3.86	3.24	2.36
PBDT	8.93	7.67	7.92	11.60	11.30
Depreciation	5.06	3.58	3.11	2.56	2.33
Minority Interest Before NP	--	--	--	--	--
Tax	1.07	6.13	1.07	2.16	3.12
Deferred Tax	--	--	--	--	--
Reported Profit After Tax	2.79	(2)	3.74	6.83	5.81
Minority Interest After NP	--	--	--	--	--
Net Profit after Minority Interest	2.79	(2)	3.74	6.83	5.81
Extra-ordinary Items	--	--	--	--	(0.30)
Adjusted Profit After Extra-ordinary item	2.79	(2)	3.74	6.83	6.06
EPS (Unit Curr.)	2.34	(1.70)	3.11	5.73	4.69
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	12	12	--	12	--
Equity	11.90	11.90	11.90	11.90	11.90
Public Shareholding (Number)	4,659,235	4,659,235	--	--	4,944,045
Public Shareholding (%)	39.10	39.10	--	--	41.50
Pledged/Encumbered - No. of Shares	--	--	--	--	--
Pledged/Encumbered - % in Total Promoters Holding	--	--	--	--	--
Pledged/Encumbered - % in Total Equity	--	--	--	--	--
Non Encumbered - No. of Shares	7,268,765	7,268,765	--	--	6,983,955
Non Encumbered - % in Total Promoters Holding	100	100	--	--	100
Non Encumbered - % in Total Equity	60.90	60.90	--	--	58.50
PBIDTM(%)	19.40	20	20.30	28.90	28.90
PBDTM(%)	14.30	13.60	13.60	22.50	23.90
PATM(%)	4.47	(3.60)	6.44	13.30	12.30