Subros Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 4.18 24.60 17.10 9.05
Op profit growth (9.90) 25.20 10.20 11.30
EBIT growth (5) 44.10 27.70 15.80
Net profit growth 40.10 359 (45) 19.60
Profitability ratios (%)        
OPM 9.49 11 10.90 11.60
EBIT margin 5.98 6.55 5.67 5.20
Net profit margin 4.26 3.17 0.86 1.83
RoCE 12.90 15.20 11.20 8.95
RoNW 3.67 4.03 0.97 1.84
RoA 2.29 1.83 0.42 0.79
Per share ratios ()        
EPS 13 10.10 2.20 3.83
Dividend per share 0.80 1.10 0.50 0.80
Cash EPS (0.80) (5.20) (12) (10)
Book value per share 115 67.40 57.90 55.90
Valuation ratios        
P/E 9.94 28.80 96.40 23
P/CEPS (154) (55) (17) (8.50)
P/B 1.12 4.31 3.66 1.58
EV/EBIDTA 4.33 9.70 9.56 5.89
Payout (%)        
Dividend payout -- 10.90 22.80 24.10
Tax payout (47) (26) 13 (9.20)
Liquidity ratios        
Debtor days 32.10 27.80 27.30 24.80
Inventory days 43.40 42.40 45.40 48.70
Creditor days (85) (79) (58) (40)
Leverage ratios        
Interest coverage (3.30) (3) (1.80) (1.60)
Net debt / equity 0.08 0.90 1.15 1.14
Net debt / op. profit 0.34 1.74 2.39 2.51
Cost breakup ()        
Material costs (71) (70) (70) (67)
Employee costs (10) (9.80) (10) (10)
Other costs (9.50) (9.40) (9.50) (11)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 1,993 1,913 1,535 1,311
yoy growth (%) 4.18 24.60 17.10 9.05
Raw materials (1,408) (1,335) (1,067) (883)
As % of sales 70.60 69.80 69.50 67.40
Employee costs (207) (188) (154) (134)
As % of sales 10.40 9.84 10 10.20
Other costs (189) (180) (146) (142)
As % of sales 9.46 9.40 9.54 10.80
Operating profit 189 210 168 152
OPM 9.49 11 10.90 11.60
Depreciation (90) (92) (88) (87)
Interest expense (36) (41) (48) (42)
Other income 20.30 7.49 7.27 2.51
Profit before tax 82.70 84.10 39.10 26.40
Taxes (39) (22) 5.10 (2.40)
Tax rate (47) (26) 13 (9.20)
Minorities and other -- -- -- --
Adj. profit 43.60 62.40 44.20 23.90
Exceptional items 41.30 (1.80) (31) --
Net profit 84.80 60.60 13.20 23.90
yoy growth (%) 40.10 359 (45) 19.60
NPM 4.26 3.17 0.86 1.83
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 82.70 84.10 39.10 26.40
Depreciation (90) (92) (88) (87)
Tax paid (39) (22) 5.10 (2.40)
Working capital 17.90 (141) (18) (15)
Other operating items -- -- -- --
Operating cashflow (29) (171) (61) (77)
Capital expenditure 547 126 (264) 245
Free cash flow 518 (45) (325) 167
Equity raised 874 597 599 594
Investments 1.46 1.58 1.47 --
Debt financing/disposal 114 327 295 42.80
Dividends paid -- 6.60 3 4.80
Other items -- -- -- --
Net in cash 1,508 888 574 809
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 13.10 13.10 12 12
Preference capital -- -- -- --
Reserves 739 667 392 335
Net worth 752 680 404 347
Minority interest
Debt 155 244 385 404
Deferred tax liabilities (net) 92 73.10 60.80 49.70
Total liabilities 999 997 850 802
Fixed assets 831 776 760 646
Intangible assets
Investments 1.46 1.57 1.58 1.47
Deferred tax asset (net) 75.60 71.80 72.20 65
Net working capital (0.70) 57.20 (2.90) 84.80
Inventories 234 249 240 205
Inventory Days 42.90 -- 45.70 48.80
Sundry debtors 189 167 161 130
Debtor days 34.70 -- 30.80 31
Other current assets 40.90 95.80 104 122
Sundry creditors (400) (399) (441) (294)
Creditor days 73.20 -- 84.20 69.90
Other current liabilities (66) (56) (66) (79)
Cash 90.90 90.40 20 4.08
Total assets 999 997 850 802
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Particulars ( Rupees In Crores.) Sep-2020 Mar-2020 Sep-2019 Mar-2019 Sep-2018
Gross Sales 532 924 1,069 1,029 1,096
Excise Duty -- -- -- -- --
Net Sales 532 924 1,069 1,029 1,096
Other Operating Income -- -- -- -- --
Other Income 4.82 10.90 50.70 0.20 10.10
Total Income 537 935 1,119 1,029 1,106
Total Expenditure ** 508 834 970 917 983
PBIDT 28.40 101 149 112 123
Interest 10.40 12.70 23.70 14.80 27.40
PBDT 18.10 88.50 126 97.20 95.70
Depreciation 43.10 46.20 44.10 40.20 38.70
Minority Interest Before NP -- -- -- -- --
Tax -- 8.62 14.20 11.70 12.40
Deferred Tax (19) 3.71 12.60 12.10 1.71
Reported Profit After Tax (6.30) 30 54.90 33.30 43
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest (6.30) 30 54.90 33.30 43
Extra-ordinary Items -- -- 27.70 -- (2.50)
Adjusted Profit After Extra-ordinary item (6.30) 30 27.10 33.30 45.50
EPS (Unit Curr.) (1) 4.60 8.41 5.10 7.17
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 13.10 13.10 13.10 13.10 12
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(%) 5.35 11 14 10.90 11.20
PBDTM(%) -- -- -- -- --
PATM(%) (1.20) 3.25 5.13 3.23 3.92