Transformers & Rectifiers India Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth (2.10) (13) 37.90 7.45
Op profit growth (14) (27) 138 21.70
EBIT growth (3.70) (33) 205 34.80
Net profit growth (93) (77) (411) (6.50)
Profitability ratios (%)        
OPM 7.33 8.38 10 5.80
EBIT margin 6.79 6.91 8.99 4.07
Net profit margin 0.06 0.75 2.85 (1.30)
RoCE 6.62 7.47 13.70 4.72
RoNW 0.03 0.41 1.79 (0.60)
RoA 0.01 0.20 1.09 (0.40)
Per share ratios ()        
EPS 0.08 0.47 18.10 --
Dividend per share -- -- -- --
Cash EPS (1.40) (0.80) 6.51 (17)
Book value per share 25.30 24.90 245 246
Valuation ratios        
P/E 68.10 56.40 2.24 --
P/CEPS (3.80) (33) 6.23 (1.40)
P/B 0.22 1.06 0.17 0.10
EV/EBIDTA 5.11 10.80 8.17 11.30
Payout (%)        
Dividend payout -- -- -- --
Tax payout (44) (41) (34) (32)
Liquidity ratios        
Debtor days 239 223 152 168
Inventory days 125 119 88 112
Creditor days (146) (152) (126) (146)
Leverage ratios        
Interest coverage (1) (1.30) (2) (0.70)
Net debt / equity 0.81 1.08 0.57 0.39
Net debt / op. profit 5.28 5.98 2.26 3.73
Cost breakup ()        
Material costs (73) (74) (74) (77)
Employee costs (4.60) (4.60) (3.50) (4.20)
Other costs (15) (13) (12) (13)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 701 716 821 595
yoy growth (%) (2.10) (13) 37.90 7.45
Raw materials (509) (531) (609) (459)
As % of sales 72.70 74.20 74.30 77.20
Employee costs (32) (33) (29) (25)
As % of sales 4.62 4.61 3.55 4.23
Other costs (108) (92) (100) (76)
As % of sales 15.40 12.80 12.20 12.80
Operating profit 51.40 60 82.20 34.50
OPM 7.33 8.38 10 5.80
Depreciation (20) (16) (15) (15)
Interest expense (46) (39) (38) (34)
Other income 15.80 5.59 6.32 4.39
Profit before tax 1.85 10.60 36.30 (10)
Taxes (0.80) (4.30) (12) 3.20
Tax rate (44) (41) (34) (32)
Minorities and other (0.70) (0.80) (0.60) (0.60)
Adj. profit 0.38 5.40 23.40 (7.50)
Exceptional items -- -- -- --
Net profit 0.40 5.40 23.40 (7.50)
yoy growth (%) (93) (77) (411) (6.50)
NPM 0.06 0.75 2.85 (1.30)
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 1.85 10.60 36.30 (10)
Depreciation (20) (16) (15) (15)
Tax paid (0.80) (4.30) (12) 3.20
Working capital 167 276 34.60 (58)
Other operating items -- -- -- --
Operating cashflow 148 266 43.80 (80)
Capital expenditure 146 92.80 13.70 60.50
Free cash flow 294 359 57.60 (19)
Equity raised 636 635 616 651
Investments (1.20) (1.40) (0.80) (0.20)
Debt financing/disposal 241 356 102 6.79
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 1,170 1,350 775 638
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 13.30 13.30 13.30 13.30
Preference capital -- -- -- --
Reserves 323 322 317 312
Net worth 336 335 331 325
Minority interest
Debt 308 263 399 209
Deferred tax liabilities (net) 26 26.80 24.80 22.30
Total liabilities 677 633 762 563
Fixed assets 195 204 207 193
Intangible assets
Investments 0.27 0.32 0.21 0.21
Deferred tax asset (net) 23.60 24.60 24.70 27
Net working capital 422 378 489 319
Inventories 214 196 266 201
Inventory Days 112 -- 135 89.40
Sundry debtors 418 376 501 374
Debtor days 218 -- 256 166
Other current assets 68.10 77.10 73.40 79
Sundry creditors (225) (205) (296) (249)
Creditor days 117 -- 151 111
Other current liabilities (54) (67) (55) (86)
Cash 37 26.60 41.10 24.10
Total assets 677 633 762 563
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Particulars ( Rupees In Crores.) Jun-2020 Mar-2020 Dec-2019 Sep-2019 Jun-2019
Gross Sales 115 163 211 154 173
Excise Duty -- -- -- -- --
Net Sales 115 163 211 154 173
Other Operating Income -- -- -- -- --
Other Income 1.10 0.86 1.22 3.54 12.80
Total Income 116 164 212 157 186
Total Expenditure ** 106 147 194 142 169
PBIDT 9.98 16.60 17.60 15.90 17.20
Interest 10.60 14.80 10.50 9.69 10.80
PBDT (0.60) 1.77 7.16 6.17 6.35
Depreciation 4.85 4.78 4.87 4.99 4.95
Minority Interest Before NP -- -- -- -- --
Tax -- 0.25 0.04 0.10 0.29
Deferred Tax (1.90) (1.30) 0.69 0.26 0.43
Reported Profit After Tax (3.60) (2) 1.56 0.82 0.68
Minority Interest After NP (0.10) 0.11 0.23 0.06 0.25
Net Profit after Minority Interest (3.50) (2.10) 1.33 0.76 0.43
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item (3.50) (2.10) 1.33 0.76 0.43
EPS (Unit Curr.) (0.30) (0.20) 0.10 0.06 0.03
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 13.30 13.30 13.30 13.30 13.30
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(%) 8.70 10.20 8.36 10.30 9.91
PBDTM(%) (0.50) 1.09 3.40 4.01 3.67
PATM(%) (3.10) (1.20) 0.74 0.53 0.39