Shah Alloys Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 1.35 55.10 19.30 (0.10)
Op profit growth 7,715 20.40 (97) (54)
EBIT growth 237 0.28 (43) (53)
Net profit growth (113) (2.40) (70) (186)
Profitability ratios (%)        
OPM (11) (0.10) (0.20) (6.90)
EBIT margin (14) (4.20) (6.40) (13)
Net profit margin (1) 7.38 11.70 46.30
RoCE (42) (20) (26) (211)
RoNW 1.22 (4) (2.80) (5.50)
RoA (0.70) 8.77 11.80 183
Per share ratios ()        
EPS (2.40) 18 18.40 62.80
Dividend per share -- -- -- --
Cash EPS (8.90) 11.10 11.50 51.90
Book value per share (9.10) (88) (139) (192)
Valuation ratios        
P/E (2.90) 2.32 0.90 0.15
P/CEPS (0.80) 3.76 1.44 0.18
P/B (0.70) (0.50) (0.10) --
EV/EBIDTA (4.10) (53) (59) (26)
Payout (%)        
Dividend payout -- -- -- --
Tax payout 41.80 421 29.50 112
Liquidity ratios        
Debtor days 10.40 4.02 9.92 17.60
Inventory days 63.30 76 117 115
Creditor days (66) (49) (89) (87)
Leverage ratios        
Interest coverage 149 153 1.40 1.51
Net debt / equity (12) (1.50) (1.20) (1.10)
Net debt / op. profit (3.70) (367) (567) (23)
Cost breakup ()        
Material costs (73) (72) (57) (73)
Employee costs (4.30) (3.70) (3.90) (4.60)
Other costs (34) (25) (39) (29)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 489 483 311 261
yoy growth (%) 1.35 55.10 19.30 (0.10)
Raw materials (358) (346) (177) (190)
As % of sales 73.20 71.60 56.80 73
Employee costs (21) (18) (12) (12)
As % of sales 4.32 3.74 3.91 4.64
Other costs (166) (120) (123) (76)
As % of sales 33.90 24.80 39.50 29.30
Operating profit (56) (0.70) (0.60) (18)
OPM (11) (0.10) (0.20) (6.90)
Depreciation (13) (14) (14) (18)
Interest expense (0.50) (0.10) (14) (23)
Other income 0.97 (5.70) (5.70) 1.36
Profit before tax (68) (20) (34) (58)
Taxes (28) (85) (10) (65)
Tax rate 41.80 421 29.50 112
Minorities and other -- -- -- (3.40)
Adj. profit (97) (105) (45) (126)
Exceptional items 82.10 141 81 247
Net profit (4.70) 35.60 36.50 121
yoy growth (%) (113) (2.40) (70) (186)
NPM (1) 7.38 11.70 46.30
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax (68) (20) (34) (58)
Depreciation (13) (14) (14) (18)
Tax paid (28) (85) (10) (65)
Working capital 543 226 -- (226)
Other operating items -- -- -- --
Operating cashflow 433 107 (58) (367)
Capital expenditure 1.82 0.34 -- (0.30)
Free cash flow 435 108 (58) (367)
Equity raised (768) (628) (627) (714)
Investments -- -- -- --
Debt financing/disposal (414) (145) 94.40 213
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash (747) (666) (590) (869)
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 19.80 19.80 19.80 19.80
Preference capital -- -- -- --
Reserves (38) (186) (193) (295)
Net worth (18) (166) (173) (275)
Minority interest
Debt 209 238 263 338
Deferred tax liabilities (net) 20.80 23.10 25 26.40
Total liabilities 211 95.50 114 88.80
Fixed assets 115 128 140 152
Intangible assets
Investments -- -- -- --
Deferred tax asset (net) 217 248 237 364
Net working capital (121) (281) (263) (430)
Inventories 85.30 125 84.40 117
Inventory Days 63.60 -- 63.80 137
Sundry debtors 24.10 28.60 3.65 6.99
Debtor days 18 -- 2.76 8.19
Other current assets 9.93 13.10 16.60 12.40
Sundry creditors (145) (116) (50) (80)
Creditor days 108 -- 38 93.20
Other current liabilities (95) (332) (318) (486)
Cash 0.24 0.35 1.02 1.93
Total assets 211 95.50 114 88.80
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Particulars ( Rupees In Crores.) Sep-2020 Mar-2020 Sep-2019 Mar-2019 Sep-2018
Gross Sales 143 228 261 310 260
Excise Duty -- -- -- -- --
Net Sales 143 228 261 310 260
Other Operating Income 0.91 0.44 0.53 6.05 0.59
Other Income 3.27 92 -- -- --
Total Income 148 320 262 316 261
Total Expenditure ** 142 274 281 317 252
PBIDT 5.54 46.10 (19) (1.10) 8.48
Interest 0.96 0.16 0.29 0.09 0.01
PBDT 4.58 45.90 (19) (1.20) 8.47
Depreciation 6.48 6.49 6.49 6.51 6.50
Minority Interest Before NP -- -- -- -- --
Tax -- -- -- -- --
Deferred Tax (1.80) 45 (17) 5.68 (19)
Reported Profit After Tax (0.10) (5.60) (8.90) (13) 20.90
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest (3.40) (1.80) (2.90) (11) 25.10
Extra-ordinary Items 3.27 98 (6) -- --
Adjusted Profit After Extra-ordinary item (6.60) (100) 3.12 (11) 25.10
EPS (Unit Curr.) (0.10) -- (4.50) -- 10.60
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 19.80 19.80 19.80 19.80 19.80
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(%) 3.86 20.20 (7.10) (0.40) 3.26
PBDTM(%) -- -- -- -- --
PATM(%) (0.10) (2.40) (3.40) (4.30) 8.03
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