Quarterly Results of UCALFUEL

Y/e 31 Mar	Mar-2022	Mar-2021	Mar-2020	Mar-2017
Growth matrix (%)
Revenue growth	13.90	(6.10)	(7.50)	9.32
Op profit growth	9.40	(25)	(13)	34
EBIT growth	59.60	(37)	(22)	57.30
Net profit growth	20.90	36.40	(41)	130
Profitability ratios (%)
OPM	9.30	9.69	12.20	12.90
EBIT margin	7.94	5.67	8.44	10
Net profit margin	4.46	4.20	2.89	4.53
RoCE	9.68	6.33	11.80	19.80
RoNW	2.33	2.09	1.95	7.41
RoA	1.36	1.17	1.01	2.23
Per share ratios ()
EPS	15.80	13.10	9.56	16.20
Dividend per share	2	2	--	5
Cash EPS	(2.90)	(5.20)	(8.30)	0.98
Book value per share	177	162	150	95.20
Valuation ratios
P/E	7.09	10.80	7.58	13.40
P/CEPS	(39)	(27)	(8.70)	221
P/B	0.63	0.87	0.48	2.28
EV/EBIDTA	4.48	6.95	3.72	6.45
Payout (%)
Dividend payout	--	--	--	30.80
Tax payout	(11)	162	(40)	(30)
Liquidity ratios
Debtor days	53.70	56.90	49.10	50.20
Inventory days	47.50	50.10	41.50	35.40
Creditor days	(54)	(81)	(77)	(60)
Leverage ratios
Interest coverage	(2.70)	(1.40)	(2.30)	(2.80)
Net debt / equity	0.55	0.67	0.65	1.19
Net debt / op. profit	2.97	3.63	2.43	2.44
Cost breakup ()
Material costs	(51)	(51)	(43)	(41)
Employee costs	(21)	(22)	(25)	(21)
Other costs	(19)	(18)	(21)	(24)

Y/e 31 Mar( In .Cr)	Mar-2022	Mar-2021	Mar-2020	Mar-2017
Revenue	782	687	732	791
yoy growth (%)	13.90	(6.10)	(7.50)	9.32
Raw materials	(397)	(349)	(312)	(328)
As % of sales	50.80	50.80	42.70	41.50
Employee costs	(166)	(150)	(179)	(169)
As % of sales	21.20	21.90	24.50	21.40
Other costs	(146)	(121)	(151)	(192)
As % of sales	18.70	17.60	20.70	24.20
Operating profit	72.80	66.50	88.90	102
OPM	9.30	9.69	12.20	12.90
Depreciation	(41)	(40)	(40)	(34)
Interest expense	(23)	(28)	(27)	(28)
Other income	30.70	12.90	12.30	11
Profit before tax	39	11	35	51.30
Taxes	(4.10)	17.90	(14)	(15)
Tax rate	(11)	162	(40)	(30)
Minorities and other	--	--	--	--
Adj. profit	34.90	28.90	21.20	35.90
Exceptional items	--	--	--	--
Net profit	34.90	28.90	21.20	35.90
yoy growth (%)	20.90	36.40	(41)	130
NPM	4.46	4.20	2.89	4.53

Y/e 31 Mar ( In .Cr)	Mar-2022	Mar-2021	Mar-2020	Mar-2018
Revenue	544	493	510	578
yoy growth (%)	10.40	(3.30)	(12)	1.85
Raw materials	(336)	(301)	(270)	(298)
As % of sales	61.90	61.10	53	51.60
Employee costs	(80)	(71)	(78)	(83)
As % of sales	14.60	14.50	15.40	14.40
Other costs	(82)	(66)	(91)	(98)
As % of sales	15.10	13.50	17.90	16.90
Operating profit	46	53.90	70	98.30
OPM	8.46	10.90	13.70	17
Depreciation	(22)	(21)	(21)	(18)
Interest expense	(19)	(24)	(22)	(22)
Other income	3.85	4.66	7.66	4.56
Profit before tax	8.45	13.90	35.30	62.20
Taxes	(0.50)	21.40	(16)	30.40
Tax rate	(6.10)	154	(45)	48.80
Minorities and other	--	--	--	--
Adj. profit	7.94	35.30	19.30	92.60
Exceptional items	--	--	(105)	(152)
Net profit	7.94	35.30	(86)	(59)
yoy growth (%)	(78)	(141)	44.50	(331)
NPM	1.46	7.17	(17)	(10)

Y/e 31 Mar ( In .Cr)	Mar-2022	Mar-2021	Mar-2020	Mar-2017
Profit before tax	39	11	35	51.30
Depreciation	(41)	(40)	(40)	(34)
Tax paid	(4.10)	17.90	(14)	(15)
Working capital	(3)	18.80	(77)	(41)
Other operating items	--	--	--	--
Operating cashflow	(9.40)	7.17	(96)	(39)
Capital expenditure	95.10	15.60	(10)	(223)
Free cash flow	85.70	22.80	(106)	(263)
Equity raised	365	347	325	197
Investments	2.84	2.88	1.64	1.49
Debt financing/disposal	30.60	67.10	23.60	12.60
Dividends paid	--	--	--	11.10
Other items	--	--	--	--
Net in cash	484	440	244	(40)

Y/e 31 Mar ( In .Cr)	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Equity capital	22.10	22.10	22.10	22.10
Preference capital	--	--	--	--
Reserves	369	336	309	300
Net worth	392	358	331	322
Minority interest
Debt	218	274	220	230
Deferred tax liabilities (net)	17.80	24.20	23	14.70
Total liabilities	627	656	574	567
Fixed assets	476	486	511	434
Intangible assets
Investments	2.89	2.93	1.69	2.33
Deferred tax asset (net)	55	59.90	31	29
Net working capital	91	74.70	26.40	99.30
Inventories	106	97.50	91.10	88.60
Inventory Days	49.60	51.80	45.50	--
Sundry debtors	97	133	81.20	136
Debtor days	45.20	70.70	40.50	--
Other current assets	56.30	70.10	72.50	65
Sundry creditors	(82)	(130)	(147)	(142)
Creditor days	38.20	69	73.30	--
Other current liabilities	(87)	(96)	(72)	(48)
Cash	1.90	32.30	4.23	2.78
Total assets	627	656	574	567

Select Period

Particulars ( Rupees In Crores.)	Jun-2022	Mar-2022	Dec-2021	Sep-2021	Jun-2021
Gross Sales	193	171	209	221	181
Excise Duty	--	--	--	--	--
Net Sales	193	171	209	221	181
Other Operating Income	--	--	--	--	--
Other Income	1.33	27.40	0.96	1.53	0.81
Total Income	195	198	210	222	182
Total Expenditure **	177	169	191	193	157
PBIDT	17.10	28.90	19.40	29.90	25.30
Interest	5.22	4.21	5.82	7	6.07
PBDT	11.90	24.70	13.60	22.90	19.20
Depreciation	9.47	12.30	9.85	10.20	9.02
Minority Interest Before NP	--	--	--	--	--
Tax	1.47	2.75	0.38	1.71	0.63
Deferred Tax	1.17	(3)	0.51	0.96	0.24
Reported Profit After Tax	(0.20)	12.70	2.81	10	9.35
Minority Interest After NP	--	--	--	--	--
Net Profit after Minority Interest	(0.20)	12.70	2.81	10	9.35
Extra-ordinary Items	--	--	--	--	--
Adjusted Profit After Extra-ordinary item	(0.20)	12.70	2.81	10	9.35
EPS (Unit Curr.)	(0.10)	5.75	1.27	4.53	4.23
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	--	--	--	--	--
Equity	22.10	22.10	22.10	22.10	22.10
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(%)	8.85	16.90	9.26	13.50	14
PBDTM(%)	6.15	14.40	6.48	10.30	10.60
PATM(%)	(0.10)	7.44	1.34	4.53	5.15