SHILPAMED Results: Annual Results of Shilpa Medicare

Y/e 31 Mar	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Growth matrix (%)
Revenue growth	(0.70)	15.10	1.24	8.76
Op profit growth	(17)	35.50	(5.30)	7.06
EBIT growth	(18)	31.60	(8.50)	9.26
Net profit growth	(5.40)	48.40	(2.20)	(0.70)
Profitability ratios (%)
OPM	20.20	24.20	20.60	22
EBIT margin	17.50	21.30	18.60	20.60
Net profit margin	16.40	17.20	13.30	13.80
RoCE	7.45	12.10	10.90	14.10
RoNW	2.63	3.23	2.54	3.29
RoA	1.74	2.45	1.96	2.37
Per share ratios ()
EPS	17.90	19	12.60	13
Dividend per share	1.10	1.10	0.70	0.60
Cash EPS	11.50	13.80	8.34	9.60
Book value per share	181	163	133	123
Valuation ratios
P/E	18.60	12.90	36.80	48.80
P/CEPS	29	17.70	55.70	66.20
P/B	1.84	1.50	3.49	5.16
EV/EBIDTA	16.30	9.88	21.30	27.40
Payout (%)
Dividend payout	--	--	6.53	5.38
Tax payout	(36)	(18)	(24)	(27)
Liquidity ratios
Debtor days	95.10	93.90	90.50	59.80
Inventory days	110	83.40	87.60	82.60
Creditor days	(61)	(63)	(65)	(64)
Leverage ratios
Interest coverage	(7.20)	(42)	(55)	(51)
Net debt / equity	0.49	0.26	0.11	0.14
Net debt / op. profit	3.97	1.57	0.72	0.82
Cost breakup ()
Material costs	(30)	(31)	(45)	(48)
Employee costs	(26)	(22)	(19)	(16)
Other costs	(24)	(24)	(15)	(14)

Y/e 31 Mar( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	901	908	789	779
yoy growth (%)	(0.70)	15.10	1.24	8.76
Raw materials	(271)	(278)	(356)	(372)
As % of sales	30	30.60	45.10	47.70
Employee costs	(235)	(197)	(149)	(128)
As % of sales	26.10	21.70	18.90	16.40
Other costs	(213)	(214)	(122)	(108)
As % of sales	23.70	23.50	15.40	13.90
Operating profit	182	220	162	171
OPM	20.20	24.20	20.60	22
Depreciation	(54)	(44)	(37)	(31)
Interest expense	(22)	(4.60)	(2.70)	(3.10)
Other income	30.10	16.90	21.70	19.70
Profit before tax	136	188	144	157
Taxes	(49)	(33)	(34)	(42)
Tax rate	(36)	(18)	(24)	(27)
Minorities and other	1.58	1.59	2.38	3.12
Adj. profit	88.70	157	112	118
Exceptional items	60.80	--	--	(4.50)
Net profit	148	156	105	108
yoy growth (%)	(5.40)	48.40	(2.20)	(0.70)
NPM	16.40	17.20	13.30	13.80

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	830	806	741	734
yoy growth (%)	3.02	8.73	1.04	8.56
Raw materials	(257)	(266)	(352)	(369)
As % of sales	30.90	33	47.50	50.30
Employee costs	(176)	(149)	(113)	(92)
As % of sales	21.20	18.50	15.30	12.50
Other costs	(171)	(146)	(97)	(91)
As % of sales	20.60	18.10	13.10	12.40
Operating profit	227	245	179	183
OPM	27.30	30.40	24.20	24.90
Depreciation	(41)	(35)	(33)	(27)
Interest expense	(17)	(4.30)	(2.10)	(2.80)
Other income	33.90	11.30	23.30	19.90
Profit before tax	203	217	167	173
Taxes	(71)	(44)	(34)	(41)
Tax rate	(35)	(20)	(20)	(24)
Minorities and other	--	25.50	--	--
Adj. profit	131	198	133	132
Exceptional items	52.90	(4.50)	--	(4.50)
Net profit	184	194	133	127
yoy growth (%)	(4.80)	45.40	4.54	12.90
NPM	22.20	24	18	17.40

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Profit before tax	136	188	144	157
Depreciation	(54)	(44)	(37)	(31)
Tax paid	(49)	(33)	(34)	(42)
Working capital	572	278	245	--
Other operating items	--	--	--	--
Operating cashflow	605	390	318	84.50
Capital expenditure	973	510	18.30	--
Free cash flow	1,578	899	336	84.50
Equity raised	1,713	1,705	1,618	1,856
Investments	10.90	(55)	87.40	--
Debt financing/disposal	827	264	49.20	15.70
Dividends paid	--	--	6.87	5.79
Other items	--	--	--	--
Net in cash	4,129	2,813	2,098	1,962

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Equity capital	8.15	8.15	8.15	8.15
Preference capital	--	--	--	--
Reserves	1,471	1,321	1,189	1,077
Net worth	1,479	1,329	1,198	1,085
Minority interest
Debt	844	390	194	191
Deferred tax liabilities (net)	112	101	101	97
Total liabilities	2,424	1,813	1,485	1,368
Fixed assets	1,652	1,317	987	744
Intangible assets
Investments	21.20	10.50	2.26	140
Deferred tax asset (net)	64.80	59.20	53.50	37.70
Net working capital	563	382	348	372
Inventories	317	226	188	189
Inventory Days	128	91	--	87.30
Sundry debtors	223	247	204	220
Debtor days	90.20	99.20	--	102
Other current assets	302	144	135	132
Sundry creditors	(114)	(127)	(100)	(110)
Creditor days	46	50.90	--	50.90
Other current liabilities	(165)	(109)	(78)	(59)
Cash	123	44.60	94.50	73.80
Total assets	2,424	1,813	1,485	1,368

Select Period

Particulars ( Rupees In Crores.)	Mar-2022	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Gross Sales	1,146	901	908	733	792
Excise Duty	--	--	--	--	2.71
Net Sales	1,146	901	908	733	789
Other Operating Income	--	--	--	--	--
Other Income	23	91	16.90	33.60	21.70
Total Income	1,169	992	925	767	811
Total Expenditure **	945	721	688	586	634
PBIDT	223	271	236	181	177
Interest	41.20	21.90	4.56	3.68	2.66
PBDT	182	249	232	178	174
Depreciation	79.80	54	43.80	42.10	37.20
Minority Interest Before NP	--	--	--	--	--
Tax	34	45.20	39.90	37.90	35
Deferred Tax	7.64	3.62	(6.40)	(12)	(1.10)
Reported Profit After Tax	60.60	146	155	110	103
Minority Interest After NP	(0.10)	(1.60)	(1.60)	(2.80)	(2.40)
Net Profit after Minority Interest	60.70	148	156	112	105
Extra-ordinary Items	5.21	45.60	--	14.30	--
Adjusted Profit After Extra-ordinary item	55.50	102	156	97.90	105
EPS (Unit Curr.)	7.26	18.10	19.20	13.80	12.90
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	110	110	110	100	70
Equity	8.68	8.15	8.15	8.15	8.15
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(%)	19.50	30.10	26	24.70	22.40
PBDTM(%)	15.90	27.60	25.50	24.20	22.10
PATM(%)	5.29	16.20	17	14.90	13

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Equity capital	8.15	8.15	8.15	8.15
Preference capital	--	--	--	--
Reserves	1,630	1,445	1,273	1,149
Net worth	1,638	1,453	1,282	1,157
Minority interest
Debt	653	380	186	186
Deferred tax liabilities (net)	94.20	77.80	100	96.20
Total liabilities	2,385	1,911	1,568	1,439
Fixed assets	1,123	890	912	690
Intangible assets
Investments	219	93.50	89	231
Deferred tax asset (net)	37.30	47.40	44.30	35.10
Net working capital	890	853	432	410
Inventories	299	206	177	168
Inventory Days	131	93.40	--	82.60
Sundry debtors	218	227	182	218
Debtor days	95.90	103	--	107
Other current assets	542	577	218	168
Sundry creditors	(92)	(95)	(89)	(105)
Creditor days	40.40	43	--	51.70
Other current liabilities	(78)	(62)	(55)	(38)
Cash	115	28.20	90.90	73.10
Total assets	2,385	1,911	1,568	1,439

SHILPAMED Financial Statements