SFL Results: Annual Results of Sheela Foam

Y/e 31 Mar	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Growth matrix (%)
Revenue growth	12	10.60	13.40	11.80
Op profit growth	20.60	38.90	10.30	11.20
EBIT growth	21.40	39.20	7.04	15.40
Net profit growth	22.90	44.70	6.49	19.90
Profitability ratios (%)
OPM	14.90	13.80	11	11.30
EBIT margin	14	12.90	10.30	10.90
Net profit margin	9.76	8.90	6.80	7.25
RoCE	24.30	29.60	34.20	38.10
RoNW	5.65	6.38	6.30	7.83
RoA	4.23	5.08	5.66	6.33
Per share ratios ()
EPS	49.20	39.80	27.40	25.70
Dividend per share	--	--	--	--
Cash EPS	33.80	27.50	20.20	19.50
Book value per share	243	189	122	95
Valuation ratios
P/E	40.10	32.60	54.50	43.70
P/CEPS	58.50	47.10	74	57.70
P/B	8.14	6.89	12.20	11.80
EV/EBIDTA	24	19.40	30.20	24.40
Payout (%)
Dividend payout	--	--	--	--
Tax payout	(26)	(23)	(31)	(29)
Liquidity ratios
Debtor days	38.80	30.50	26.60	26.90
Inventory days	40.60	33.50	29.60	26.40
Creditor days	(34)	(30)	(33)	(33)
Leverage ratios
Interest coverage	(19)	(22)	(23)	(17)
Net debt / equity	0.25	0.29	(0.20)	(0.30)
Net debt / op. profit	0.80	0.88	(0.50)	(0.80)
Cost breakup ()
Material costs	(57)	(51)	(56)	(55)
Employee costs	(9.50)	(10)	(8.30)	(8.80)
Other costs	(19)	(25)	(25)	(25)

Y/e 31 Mar( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	2,435	2,174	1,965	1,733
yoy growth (%)	12	10.60	13.40	11.80
Raw materials	(1,379)	(1,105)	(1,094)	(955)
As % of sales	56.60	50.80	55.70	55.10
Employee costs	(232)	(220)	(163)	(153)
As % of sales	9.51	10.10	8.28	8.84
Other costs	(462)	(548)	(492)	(429)
As % of sales	19	25.20	25	24.80
Operating profit	362	300	216	196
OPM	14.90	13.80	11	11.30
Depreciation	(73)	(59)	(35)	(30)
Interest expense	(18)	(13)	(8.70)	(11)
Other income	52.10	40	21.10	23.10
Profit before tax	324	268	193	178
Taxes	(84)	(62)	(60)	(52)
Tax rate	(26)	(23)	(31)	(29)
Minorities and other	(2.40)	(0.90)	--	--
Adj. profit	238	205	134	126
Exceptional items	--	(12)	--	--
Net profit	238	193	134	126
yoy growth (%)	22.90	44.70	6.49	19.90
NPM	9.76	8.90	6.80	7.25

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	1,689	1,755	1,657	1,429
yoy growth (%)	(3.70)	5.93	15.90	12.90
Raw materials	(959)	(907)	(949)	(820)
As % of sales	56.80	51.70	57.30	57.40
Employee costs	(120)	(141)	(101)	(91)
As % of sales	7.09	8.04	6.09	6.34
Other costs	(377)	(483)	(416)	(356)
As % of sales	22.30	27.50	25.10	24.90
Operating profit	233	224	191	162
OPM	13.80	12.80	11.50	11.30
Depreciation	(33)	(33)	(28)	(24)
Interest expense	(8.70)	(8.10)	(5.80)	(7.40)
Other income	51.80	44	25	26.20
Profit before tax	243	227	183	157
Taxes	(62)	(50)	(57)	(46)
Tax rate	(26)	(22)	(31)	(29)
Minorities and other	--	--	--	--
Adj. profit	181	178	126	111
Exceptional items	--	(12)	--	--
Net profit	181	166	126	111
yoy growth (%)	9.45	31.40	13.30	23.40
NPM	10.70	9.43	7.60	7.78

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Profit before tax	324	268	193	178
Depreciation	(73)	(59)	(35)	(30)
Tax paid	(84)	(62)	(60)	(52)
Working capital	173	46.40	2.42	(2.40)
Other operating items	--	--	--	--
Operating cashflow	341	194	101	92.70
Capital expenditure	929	587	65.40	(65)
Free cash flow	1,270	781	166	27.30
Equity raised	1,159	1,032	878	887
Investments	411	221	98.10	(98)
Debt financing/disposal	218	206	(1.40)	16.40
Dividends paid	--	--	--	--
Other items	--	--	--	--
Net in cash	3,057	2,240	1,141	832

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Equity capital	24.40	24.40	24.40	24.40
Preference capital	--	--	--	--
Reserves	1,160	895	706	573
Net worth	1,184	920	730	597
Minority interest
Debt	349	310	30.60	47.90
Deferred tax liabilities (net)	18.20	14.60	8	7.49
Total liabilities	1,561	1,251	769	653
Fixed assets	926	869	412	401
Intangible assets
Investments	411	231	318	98.10
Deferred tax asset (net)	9.33	3.65	1.50	5.45
Net working capital	156	103	16.90	(9.70)
Inventories	315	227	187	173
Inventory Days	47.30	38.10	--	32.10
Sundry debtors	302	216	152	147
Debtor days	45.30	36.20	--	27.40
Other current assets	63.20	56.50	72.20	65.90
Sundry creditors	(232)	(156)	(147)	(152)
Creditor days	34.80	26.10	--	28.20
Other current liabilities	(292)	(241)	(247)	(244)
Cash	58.10	44.60	20.30	158
Total assets	1,561	1,251	769	653

Select Period

Particulars ( Rupees In Crores.)	Mar-2022	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Gross Sales	2,982	2,437	2,174	2,141	2,004
Excise Duty	--	--	--	--	39.10
Net Sales	2,982	2,437	2,174	2,141	1,965
Other Operating Income	--	--	--	--	--
Other Income	79.20	50.20	40	27.60	21.10
Total Income	3,061	2,487	2,214	2,169	1,986
Total Expenditure **	2,667	2,073	1,885	1,930	1,749
PBIDT	394	414	328	239	237
Interest	17	17.70	13	9.62	8.67
PBDT	377	397	315	229	229
Depreciation	80.80	72.90	59	39.50	35.20
Minority Interest Before NP	--	--	--	--	--
Tax	83.50	84.20	66.80	51.20	58.90
Deferred Tax	(5.90)	(0.50)	(4.70)	4.46	0.85
Reported Profit After Tax	219	240	194	134	134
Minority Interest After NP	1.40	2.43	0.86	--	--
Net Profit after Minority Interest	217	238	193	134	134
Extra-ordinary Items	--	--	(8.90)	--	--
Adjusted Profit After Extra-ordinary item	217	238	202	134	134
EPS (Unit Curr.)	44.80	49.20	39.80	27.40	27.40
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	--	--	--	--	--
Equity	24.40	24.40	24.40	24.40	24.40
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(%)	13.20	17	15.10	11.10	12.10
PBDTM(%)	12.60	16.30	14.50	10.70	11.60
PATM(%)	7.33	9.85	8.94	6.25	6.80