Shree Ajit Pulp and Paper Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth (3.60) 19.50 (12) 17
Op profit growth 40.40 31.80 (34) 40.70
EBIT growth 56.90 32.50 (42) 53.50
Net profit growth 160 19.20 (45) 65.80
Profitability ratios (%)        
OPM 14.30 9.81 8.89 11.80
EBIT margin 11.50 7.04 6.35 9.58
Net profit margin 8.29 3.08 3.09 4.97
RoCE 15.30 10.90 9.14 17
RoNW 4.10 1.99 1.79 3.64
RoA 2.78 1.19 1.11 2.20
Per share ratios ()        
EPS 37.20 14.30 12 21.90
Dividend per share 0.75 0.75 0.75 0.75
Cash EPS 23.10 2.26 1.92 11.80
Book value per share 267 187 174 162
Valuation ratios        
P/E 4.03 12 16.60 4.37
P/CEPS 6.50 76.20 104 8.06
P/B 0.56 0.92 1.15 0.59
EV/EBIDTA 2.87 5.90 8.03 2.94
Payout (%)        
Dividend payout -- 5.24 6.24 4.07
Tax payout (15) (31) (29) (34)
Liquidity ratios        
Debtor days 56.50 52.90 62.50 50.40
Inventory days 30.60 31.80 33.80 28.90
Creditor days (29) (29) (36) (30)
Leverage ratios        
Interest coverage (6.30) (3.10) (3.20) (4.70)
Net debt / equity 0.14 0.49 0.46 0.37
Net debt / op. profit 0.59 2.02 2.32 1.13
Cost breakup ()        
Material costs (52) (65) (65) (63)
Employee costs (7) (5.50) (5.80) (5.30)
Other costs (26) (20) (20) (19)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 240 249 209 237
yoy growth (%) (3.60) 19.50 (12) 17
Raw materials (125) (162) (135) (151)
As % of sales 52.20 64.90 64.90 63.50
Employee costs (17) (14) (12) (12)
As % of sales 7.04 5.53 5.80 5.26
Other costs (64) (49) (43) (46)
As % of sales 26.50 19.70 20.40 19.40
Operating profit 34.30 24.50 18.60 28
OPM 14.30 9.81 8.89 11.80
Depreciation (7.60) (6.50) (5.40) (5.40)
Interest expense (4.40) (5.70) (4.20) (4.80)
Other income 0.77 (0.40) 0.11 0.11
Profit before tax 23.10 11.90 9.09 17.90
Taxes (3.50) (3.60) (2.70) (6.10)
Tax rate (15) (31) (29) (34)
Minorities and other -- -- -- --
Adj. profit 19.70 8.26 6.44 11.80
Exceptional items -- (0.60) -- --
Net profit 19.90 7.67 6.44 11.80
yoy growth (%) 160 19.20 (45) 65.80
NPM 8.29 3.08 3.09 4.97
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 23.10 11.90 9.09 17.90
Depreciation (7.60) (6.50) (5.40) (5.40)
Tax paid (3.50) (3.60) (2.70) (6.10)
Working capital 24.30 24.60 13.70 10.10
Other operating items -- -- -- --
Operating cashflow 36.40 26.40 14.70 16.40
Capital expenditure 94 46.60 14.80 13.10
Free cash flow 130 73 29.50 29.50
Equity raised 148 126 133 133
Investments 7.70 3.73 2.73 --
Debt financing/disposal (5.90) 13.60 9.56 (9.40)
Dividends paid -- 0.40 0.40 0.40
Other items -- -- -- --
Net in cash 280 216 176 154
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 5.36 5.36 5.36 5.36
Preference capital -- -- -- --
Reserves 138 118 94.80 87.60
Net worth 143 124 100 93
Minority interest
Debt 30.30 35.70 50.90 44.20
Deferred tax liabilities (net) 16.80 18.40 17.80 16.80
Total liabilities 190 178 169 154
Fixed assets 137 130 113 94.60
Intangible assets
Investments 7.82 7.58 4.53 4.75
Deferred tax asset (net) -- -- 1.72 1.72
Net working capital 35.40 38.40 47.90 51.80
Inventories 18.20 23.20 22.20 21.20
Inventory Days 27.60 -- 32.40 37.10
Sundry debtors 33.70 31.50 40.70 31.60
Debtor days 51.20 -- 59.50 55.20
Other current assets 3.63 5.25 4.69 19.60
Sundry creditors (16) (19) (16) (19)
Creditor days 24.60 -- 23.80 33.20
Other current liabilities (3.90) (3) (3.40) (1.60)
Cash 9.91 1.75 1.50 1.14
Total assets 190 178 169 154
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Particulars ( Rupees In Crores.) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Gross Sales 240 270 253 222 237
Excise Duty -- -- 3.44 13.10 --
Net Sales 240 270 249 209 237
Other Operating Income -- -- -- -- --
Other Income 1.03 1.14 0.29 0.11 0.11
Total Income 241 271 250 209 237
Total Expenditure ** 206 225 226 190 209
PBIDT 35.40 45.60 23.40 18.70 28.20
Interest 4.40 5.15 5.65 4.16 4.82
PBDT 31 40.50 17.80 14.50 23.30
Depreciation 7.56 7 6.46 5.41 5.44
Minority Interest Before NP -- -- -- -- --
Tax 5.06 8.50 2.58 1.86 5.28
Deferred Tax (1.60) 1 1.06 0.79 0.83
Reported Profit After Tax 19.90 24 7.67 6.44 11.80
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 19.90 24 7.67 6.44 11.80
Extra-ordinary Items -- -- (0.40) -- --
Adjusted Profit After Extra-ordinary item 19.90 24 8.08 6.44 11.80
EPS (Unit Curr.) 37.20 44.70 14.30 12 22
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 7.50 7.50 7.50 -- 7.50
Equity 5.36 5.36 5.36 5.36 5.36
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(%) 14.70 16.90 9.40 8.94 11.90
PBDTM(%) 12.90 15 7.13 6.95 9.84
PATM(%) 8.29 8.88 3.08 3.09 4.97