Vipul Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (24) 25.50 (21) (10)
Op profit growth (238) 42.50 27.20 18.70
EBIT growth (131) (20) 84.30 (9.20)
Net profit growth 190 19.80 (12) 41.70
Profitability ratios (%)        
OPM (15) 8.15 7.18 4.46
EBIT margin (3.30) 7.90 12.30 5.29
Net profit margin (19) (5.10) (5.40) (4.80)
RoCE (0.60) 2.34 3.18 2.03
RoNW (2.50) (0.80) (0.70) (0.70)
RoA (1) (0.40) (0.30) (0.50)
Per share ratios ()        
EPS -- -- -- --
Dividend per share -- 0.05 -- --
Cash EPS (3.20) (1.50) (1) (1)
Book value per share 27.20 29.80 30.90 31.70
Valuation ratios        
P/E -- -- -- --
P/CEPS (4.50) (41) (43) (43)
P/B 0.53 2.10 1.38 1.42
EV/EBIDTA (514) 48.10 34.70 58.20
Payout (%)        
Dividend payout -- (5.10) -- --
Tax payout (9.60) (22) (7) (16)
Liquidity ratios        
Debtor days 587 301 330 195
Inventory days 1,892 1,218 1,448 1,074
Creditor days (86) (55) (78) (66)
Leverage ratios        
Interest coverage 0.18 (0.50) (0.70) (0.50)
Net debt / equity 1.90 1.23 0.93 0.68
Net debt / op. profit (24) 23.30 26 24.70
Cost breakup ()        
Material costs 28.70 15 25.70 17.70
Employee costs (9.40) (8.70) (10) (9.20)
Other costs (134) (98) (108) (104)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2017 Mar-2016 Mar-2015
Revenue 176 232 185 234
yoy growth (%) (24) 25.50 (21) (10)
Raw materials 50.70 34.90 47.40 41.50
As % of sales 28.70 15 25.70 17.70
Employee costs (17) (20) (19) (21)
As % of sales 9.44 8.69 10.40 9.16
Other costs (237) (228) (200) (244)
As % of sales 134 98.20 108 104
Operating profit (26) 18.90 13.30 10.40
OPM (15) 8.15 7.18 4.46
Depreciation (4.20) (6.50) (1.90) (1.30)
Interest expense (32) (33) (33) (26)
Other income 24.60 5.89 11.40 3.24
Profit before tax (38) (15) (11) (13)
Taxes 3.64 3.30 0.75 2.10
Tax rate (9.60) (22) (7) (16)
Minorities and other -- -- -- --
Adj. profit (34) (12) (9.90) (11)
Exceptional items -- -- -- --
Net profit (34) (12) (9.90) (11)
yoy growth (%) 190 19.80 (12) 41.70
NPM (19) (5.10) (5.40) (4.80)
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2017 Mar-2016 Mar-2015
Profit before tax (38) (15) (11) (13)
Depreciation (4.20) (6.50) (1.90) (1.30)
Tax paid 3.64 3.30 0.75 2.10
Working capital 452 138 202 116
Other operating items -- -- -- --
Operating cashflow 413 120 191 103
Capital expenditure 72.90 81 48.50 0.48
Free cash flow 486 201 239 104
Equity raised 713 739 756 759
Investments 1.06 (3.20) 3.16 0.29
Debt financing/disposal 418 317 288 236
Dividends paid -- 0.60 -- --
Other items -- -- -- --
Net in cash 1,618 1,254 1,287 1,099
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 12 12 12 12
Preference capital -- -- -- --
Reserves 315 354 354 346
Net worth 327 366 366 358
Minority interest
Debt 641 652 665 457
Deferred tax liabilities (net) -- -- -- --
Total liabilities 971 1,021 1,034 819
Fixed assets 82.20 92.90 111 107
Intangible assets
Investments 6.89 6.84 6.79 2.61
Deferred tax asset (net) 30.90 27.10 22.20 16.70
Net working capital 833 888 878 675
Inventories 1,037 987 921 792
Inventory Days 2,145 -- -- 1,245
Sundry debtors 383 330 217 184
Debtor days 792 -- -- 290
Other current assets 344 420 423 383
Sundry creditors (65) (54) (39) (30)
Creditor days 135 -- -- 47.90
Other current liabilities (866) (794) (644) (654)
Cash 18.60 6.26 15.90 17.60
Total assets 971 1,021 1,034 819
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Particulars ( Rupees In Crores.) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Gross Sales 176 226 284 232 185
Excise Duty -- -- -- -- --
Net Sales 176 226 284 232 185
Other Operating Income -- -- -- -- --
Other Income 24.60 7.18 7.51 5.89 11.40
Total Income 201 233 291 238 196
Total Expenditure ** 203 197 253 213 172
PBIDT (1.50) 36.50 38.10 24.80 24.70
Interest 32.30 33.30 35.80 33.50 33.40
PBDT (34) 3.26 2.34 (8.70) (8.80)
Depreciation 4.23 4.98 5.69 6.46 1.87
Minority Interest Before NP -- -- -- -- --
Tax -- 1.76 6.98 1.18 0.52
Deferred Tax (3.60) (4.70) (5.50) (4.50) (1.30)
Reported Profit After Tax (34) 1.21 (4.80) (12) (9.90)
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest (34) 1.22 (4.80) (12) (9.90)
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item (34) 1.22 (4.80) (12) (9.90)
EPS (Unit Curr.) (2.90) 0.10 (0.40) (1) (0.80)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- 5 -- -- --
Equity 12 12 12 12 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(%) (0.90) 16.20 13.40 10.70 13.30
PBDTM(%) (19) 1.44 0.82 (3.70) (4.70)
PATM(%) (19) 0.54 (1.70) (5.10) (5.30)