Titan Company Financial Statements

Titan Company Nine Monthly Results

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 30.60 21.60 17.60 (5.40)
Op profit growth 50 42.30 23.60 (19)
EBIT growth 42 43.60 22.30 (19)
Net profit growth 32.90 58.80 5.48 (17)
Profitability ratios (%)        
OPM 11.70 10.20 8.71 8.29
EBIT margin 10.80 9.92 8.40 8.07
Net profit margin 7.13 7.01 5.37 5.98
RoCE 26.60 24.70 22.80 26.60
RoNW 6.38 6.06 4.60 5.12
RoA 4.39 4.36 3.64 4.92
Per share ratios ()        
EPS 16.80 12.40 7.85 7.17
Dividend per share 4 3.75 2.60 2.20
Cash EPS 13 11.20 6.77 6.49
Book value per share 75.10 57.30 47.70 39.50
Valuation ratios        
P/E 55.50 75.80 58.80 47.30
P/CEPS 71.90 83.70 68.10 52.20
P/B 12.40 16.40 9.68 8.58
EV/EBIDTA 32.80 48.90 34.40 29.80
Payout (%)        
Dividend payout 6.08 29.50 32.40 34.80
Tax payout (29) (28) (26) (22)
Liquidity ratios        
Debtor days 5.26 5.70 5.51 6.19
Inventory days 122 123 129 138
Creditor days (15) (22) (37) (64)
Leverage ratios        
Interest coverage (14) (30) (30) (21)
Net debt / equity 0.48 0.21 0.26 --
Net debt / op. profit 1.29 0.65 0.96 --
Cost breakup ()        
Material costs (72) (72) (72) (73)
Employee costs (5.70) (5.50) (5.90) (6.20)
Other costs (11) (12) (14) (13)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 21,052 16,120 13,261 11,276
yoy growth (%) 30.60 21.60 17.60 (5.40)
Raw materials (15,155) (11,686) (9,507) (8,181)
As % of sales 72 72.50 71.70 72.60
Employee costs (1,199) (885) (787) (696)
As % of sales 5.70 5.49 5.94 6.17
Other costs (2,230) (1,904) (1,810) (1,464)
As % of sales 10.60 11.80 13.70 13
Operating profit 2,467 1,645 1,155 935
OPM 11.70 10.20 8.71 8.29
Depreciation (348) (131) (111) (98)
Interest expense (166) (53) (38) (42)
Other income 153 86.10 68.70 73.90
Profit before tax 2,106 1,546 1,076 868
Taxes (609) (428) (276) (192)
Tax rate (29) (28) (26) (22)
Minorities and other 8.73 28.20 14.20 (2)
Adj. profit 1,505 1,147 814 675
Exceptional items -- (17) (103) --
Net profit 1,501 1,130 711 675
yoy growth (%) 32.90 58.80 5.48 (17)
NPM 7.13 7.01 5.37 5.98
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 2,106 1,546 1,076 868
Depreciation (348) (131) (111) (98)
Tax paid (609) (428) (276) (192)
Working capital 5,885 3,630 1,671 269
Other operating items -- -- -- --
Operating cashflow 7,033 4,617 2,360 847
Capital expenditure 2,490 767 186 (446)
Free cash flow 9,524 5,385 2,546 401
Equity raised 6,451 6,085 6,097 5,933
Investments 155 33.10 428 27.30
Debt financing/disposal 3,555 1,691 1,476 13.30
Dividends paid -- 333 231 195
Other items -- -- -- --
Net in cash 19,685 13,527 10,777 6,570
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 88.80 88.80 88.80 88.80
Preference capital -- -- -- --
Reserves 6,580 5,981 5,001 4,144
Net worth 6,669 6,070 5,090 4,232
Minority interest
Debt 3,561 2,393 1,691 1,882
Deferred tax liabilities (net) 39 59 41.90 0.33
Total liabilities 10,273 8,536 6,821 6,142
Fixed assets 2,652 1,598 1,517 1,341
Intangible assets
Investments 158 108 36 431
Deferred tax asset (net) 192 128 74.80 3.59
Net working capital 6,891 5,635 4,575 3,587
Inventories 8,103 7,039 5,925 4,926
Inventory Days 140 -- 134 136
Sundry debtors 312 420 296 208
Debtor days 5.40 -- 6.70 5.71
Other current assets 1,786 1,409 1,097 721
Sundry creditors (604) (932) (908) (803)
Creditor days 10.50 -- 20.60 22.10
Other current liabilities (2,705) (2,300) (1,834) (1,464)
Cash 381 1,066 618 779
Total assets 10,273 8,536 6,821 6,142
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Particulars ( Rupees In Crores.) Dec-2020 Dec-2019 Dec-2018 Dec-2017 Dec-2016
Gross Sales 12,738 16,150 14,769 11,667 9,467
Excise Duty -- -- -- 36.20 84.10
Net Sales 12,738 16,150 14,769 11,631 9,383
Other Operating Income 1,413 190 121 126 47.60
Other Income 129 112 127 70.40 40.70
Total Income 14,280 16,452 15,016 11,827 9,472
Total Expenditure ** 13,248 14,491 13,349 10,559 8,632
PBIDT 1,032 1,961 1,667 1,268 840
Interest 152 123 40.10 36.20 28.80
PBDT 880 1,838 1,627 1,232 811
Depreciation 283 246 122 95.50 83
Minority Interest Before NP -- -- -- -- --
Tax 180 411 458 335 222
Deferred Tax 11 31 6.66 3.66 (14)
Reported Profit After Tax 406 1,150 1,040 798 520
Minority Interest After NP (3) (6) (10) (18) (8)
Net Profit after Minority Interest 409 1,156 1,051 815 527
Extra-ordinary Items -- -- -- (7.70) 30.70
Adjusted Profit After Extra-ordinary item 409 1,156 1,051 823 496
EPS (Unit Curr.) 4.61 13 11.80 9.18 5.85
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 89 89 88.80 88.80 88.80
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(%) 8.10 12.10 11.30 10.90 8.95
PBDTM(%) 6.91 11.40 11 10.60 8.65
PATM(%) 3.19 7.12 7.04 6.86 5.54
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