Tribhovandas Bhimji Zaveri Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2019 Mar-2018 Mar-2017
Growth matrix (%)        
Revenue growth 2.62 0.71 3.63 2.13
Op profit growth 48.90 1.30 9.76 83.40
EBIT growth 21.10 (3) 15.80 105
Net profit growth 37.60 (27) 64.40 (147)
Profitability ratios (%)        
OPM 6.21 4.28 4.25 4.02
EBIT margin 4.65 3.94 4.09 3.66
Net profit margin 1.18 0.88 1.21 0.77
RoCE 7.60 6.48 6.95 5.90
RoNW 1.11 0.81 1.14 0.72
RoA 0.48 0.36 0.52 0.31
Per share ratios ()        
EPS 3.21 2.33 3.19 1.94
Dividend per share 1 0.75 0.75 --
Cash EPS (1.60) 0.80 1.86 0.58
Book value per share 72 72.50 71.40 68.30
Valuation ratios        
P/E 6.31 25.40 26.70 40.10
P/CEPS (12) 73.50 45.70 133
P/B 0.28 0.82 1.19 1.14
EV/EBIDTA 6.28 12 13.60 14.60
Payout (%)        
Dividend payout 37.50 -- 23.50 --
Tax payout (24) (33) (33) 10.30
Liquidity ratios        
Debtor days 2.91 5.05 2.62 0.31
Inventory days 238 228 213 232
Creditor days (42) (31) (19) (19)
Leverage ratios        
Interest coverage (1.50) (1.50) (1.80) (1.20)
Net debt / equity 1.24 1.17 1.11 1.14
Net debt / op. profit 5.30 7.49 7.13 7.62
Cost breakup ()        
Material costs (81) (80) (80) (85)
Employee costs (4.50) (4.40) (4.50) (4.70)
Other costs (8.20) (12) (11) (6.20)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Revenue 1,810 1,764 1,751 1,690
yoy growth (%) 2.62 0.71 3.63 2.13
Raw materials (1,469) (1,404) (1,409) (1,438)
As % of sales 81.20 79.60 80.40 85.10
Employee costs (81) (78) (78) (80)
As % of sales 4.46 4.43 4.48 4.72
Other costs (148) (206) (190) (104)
As % of sales 8.17 11.70 10.80 6.18
Operating profit 112 75.50 74.50 67.90
OPM 6.21 4.28 4.25 4.02
Depreciation (32) (10) (8.80) (9)
Interest expense (56) (46) (40) (50)
Other income 4.05 4.22 5.99 3.05
Profit before tax 28.10 23.10 32 11.70
Taxes (6.60) (7.60) (11) 1.20
Tax rate (24) (33) (33) 10.30
Minorities and other -- -- -- --
Adj. profit 21.40 15.60 21.30 12.90
Exceptional items -- -- -- --
Net profit 21.40 15.60 21.30 12.90
yoy growth (%) 37.60 (27) 64.40 (147)
NPM 1.18 0.88 1.21 0.77
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Profit before tax 28.10 23.10 32 11.70
Depreciation (32) (10) (8.80) (9)
Tax paid (6.60) (7.60) (11) 1.20
Working capital 673 659 198 (20)
Other operating items -- -- -- --
Operating cashflow 663 664 211 (16)
Capital expenditure 169 69.70 5.33 (20)
Free cash flow 831 734 216 (36)
Equity raised 473 528 737 757
Investments -- -- -- 0.09
Debt financing/disposal 449 422 157 106
Dividends paid 6.67 -- 5 --
Other items -- -- -- --
Net in cash 1,760 1,684 1,115 828
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 66.70 66.70 66.70 66.70
Preference capital -- -- -- --
Reserves 414 417 410 389
Net worth 481 484 477 456
Minority interest
Debt 637 606 569 549
Deferred tax liabilities (net) 3.38 5.63 6.01 5.73
Total liabilities 1,121 1,095 1,051 1,011
Fixed assets 174 111 103 104
Intangible assets
Investments 0.01 0.03 0.03 0.14
Deferred tax asset (net) 10.10 5.63 4.31 6.55
Net working capital 896 939 906 868
Inventories 1,181 1,179 1,021 1,027
Inventory Days 238 244 213 222
Sundry debtors 3 25.90 23 2.21
Debtor days 0.60 5.35 4.78 0.48
Other current assets 62.20 67.60 33.80 25.90
Sundry creditors (195) (198) (92) (79)
Creditor days 39.30 40.90 19.30 17.10
Other current liabilities (155) (136) (79) (108)
Cash 41.20 39.80 37.60 31.60
Total assets 1,121 1,095 1,051 1,011
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Particulars ( Rupees In Crores.) Jun-2020 Mar-2020 Dec-2019 Sep-2019 Jun-2019
Gross Sales 79.50 342 644 393 430
Excise Duty -- -- -- -- --
Net Sales 79.50 342 644 393 430
Other Operating Income -- 0.03 0.08 0.02 0.05
Other Income 4.40 1.06 0.84 1.07 1.07
Total Income 83.90 344 645 394 431
Total Expenditure ** 89.10 319 604 371 403
PBIDT (5.30) 24.20 41.90 22.90 27.50
Interest 15 14.20 13.40 14.50 14.10
PBDT (20) 9.95 28.60 8.41 13.40
Depreciation 7.03 8.64 7.96 7.52 8.13
Minority Interest Before NP -- -- -- -- --
Tax -- 0.91 4.95 0.92 1.65
Deferred Tax (6.60) (2.40) 1.09 (0.60) 0.12
Reported Profit After Tax (21) 2.84 14.60 0.52 3.50
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest (21) 2.84 14.60 0.52 3.50
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item (21) 2.84 14.60 0.52 3.50
EPS (Unit Curr.) (3.10) 0.42 2.18 0.08 0.52
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- 10 -- -- --
Equity 66.70 66.70 66.70 66.70 66.70
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(%) (6.60) 7.05 6.50 5.82 6.40
PBDTM(%) (25) 2.91 4.43 2.14 3.12
PATM(%) (26) 0.83 2.26 0.13 0.81