Shah Alloys Financial Statements

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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 55.10 19.30 (0.10) --
Op profit growth 20.40 (97) (54) --
EBIT growth 0.28 (43) (53) --
Net profit growth (2.40) (70) (186) --
Profitability ratios (%)        
OPM (0.10) (0.20) (6.90) (15)
EBIT margin (4.20) (6.40) (13) (29)
Net profit margin 7.38 11.70 46.30 (54)
RoCE (20) (26) (211) --
RoNW (4) (2.80) (5.50) --
RoA 8.77 11.80 183 --
Per share ratios ()        
EPS 18 18.40 62.80 --
Dividend per share -- -- -- --
Cash EPS 11.10 11.50 51.90 (91)
Book value per share (88) (139) (192) (361)
Valuation ratios        
P/E 2.32 0.90 0.15 --
P/CEPS 3.76 1.44 0.18 (0.10)
P/B (0.50) (0.10) -- --
EV/EBIDTA (53) (59) (26) (19)
Payout (%)        
Dividend payout -- -- -- --
Tax payout 421 29.50 112 (34)
Liquidity ratios        
Debtor days 4.02 9.92 17.60 --
Inventory days 76 117 115 --
Creditor days (49) (89) (87) --
Leverage ratios        
Interest coverage 153 1.40 1.51 1.07
Net debt / equity (1.50) (1.20) (1.10) (0.90)
Net debt / op. profit (367) (567) (23) (16)
Cost breakup ()        
Material costs (72) (57) (73) (71)
Employee costs (3.70) (3.90) (4.60) (5.90)
Other costs (25) (39) (29) (38)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 483 311 261 261
yoy growth (%) 55.10 19.30 (0.10) --
Raw materials (346) (177) (190) (186)
As % of sales 71.60 56.80 73 71.30
Employee costs (18) (12) (12) (15)
As % of sales 3.74 3.91 4.64 5.89
Other costs (120) (123) (76) (99)
As % of sales 24.80 39.50 29.30 37.90
Operating profit (0.70) (0.60) (18) (40)
OPM (0.10) (0.20) (6.90) (15)
Depreciation (14) (14) (18) (39)
Interest expense (0.10) (14) (23) (69)
Other income (5.70) (5.70) 1.36 4.45
Profit before tax (20) (34) (58) (144)
Taxes (85) (10) (65) 49.20
Tax rate 421 29.50 112 (34)
Minorities and other -- -- (3.40) (5.30)
Adj. profit (105) (45) (126) (100)
Exceptional items 141 81 247 (40)
Net profit 35.60 36.50 121 (140)
yoy growth (%) (2.40) (70) (186) --
NPM 7.38 11.70 46.30 (54)
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax (20) (34) (58) (144)
Depreciation (14) (14) (18) (39)
Tax paid (85) (10) (65) 49.20
Working capital 405 65.50 (65) --
Other operating items -- -- -- --
Operating cashflow 286 7.23 (206) --
Capital expenditure 0.34 (0.70) 0.71 --
Free cash flow 286 6.52 (206) --
Equity raised (963) (731) (816) --
Investments -- -- -- --
Debt financing/disposal (360) (70) 176 --
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash (1,037) (795) (846) --
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 19.80 19.80 19.80 19.80
Preference capital -- -- -- --
Reserves (186) (193) (295) (400)
Net worth (166) (173) (275) (380)
Minority interest
Debt 238 263 338 419
Deferred tax liabilities (net) 23.10 25 26.40 27
Total liabilities 95.50 114 88.80 66.20
Fixed assets 128 140 152 166
Intangible assets
Investments -- -- -- --
Deferred tax asset (net) 248 237 364 375
Net working capital (281) (263) (430) (478)
Inventories 125 84.40 117 82.40
Inventory Days -- 63.80 137 115
Sundry debtors 28.60 3.65 6.99 9.94
Debtor days -- 2.76 8.19 13.90
Other current assets 13.10 16.60 12.40 16.90
Sundry creditors (116) (50) (80) (73)
Creditor days -- 38 93.20 102
Other current liabilities (332) (318) (486) (514)
Cash 0.35 1.02 1.93 3.05
Total assets 95.50 114 88.80 66.20
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Particulars ( Rupees In Crores.) Dec-2019 Dec-2018 Dec-2017 Dec-2016 Dec-2015
Gross Sales 372 386 426 262 187
Excise Duty -- -- 12.30 28.20 --
Net Sales 372 386 414 234 187
Other Operating Income 0.70 3.07 7.08 0.60 0.26
Other Income 92 -- 28.70 -- 248
Total Income 464 389 450 234 435
Total Expenditure ** 431 386 417 237 203
PBIDT 33.10 2.62 32.90 (2.70) 233
Interest 0.34 0.01 0.07 11.10 17.40
PBDT 32.80 2.61 32.80 (14) 215
Depreciation 9.73 9.76 10.20 10.40 13.60
Minority Interest Before NP -- -- -- -- --
Tax 3.32 -- -- -- --
Deferred Tax 19.90 (22) 38.80 (7.60) 68.20
Reported Profit After Tax (0.20) 15 (16) (17) 133
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 7.41 16.70 (21) (17) 130
Extra-ordinary Items 68.70 -- (10) -- 248
Adjusted Profit After Extra-ordinary item (61) 16.70 (11) (17) (119)
EPS (Unit Curr.) (0.10) 7.55 (8.20) (8.30) 65.60
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(%) 8.91 0.68 7.94 (1.20) 124
PBDTM(%) 8.81 0.68 7.93 (5.90) 115
PATM(%) (0.10) 3.88 (3.90) (7.10) 71.30