Institutional Equities - Online Share Trading
Institutional Equities - Online Share Trading
Institutional Equities - Online Share Trading
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<strong>Institutional</strong> <strong>Equities</strong><br />
Financials<br />
Exhibit 34: Income statement<br />
Y/E March (Rsmn) FY09 FY10 FY11 FY12E FY13E<br />
Net sales 9,919 17,049 24,381 31,941 45,863<br />
% growth 35.4 71.9 43.0 31.0 43.6<br />
Raw material costs 4,682 7,851 11,812 15,884 24,884<br />
Staff costs 425 710 929 1,375 2,120<br />
Other expenses 438 497 700 1,140 1,611<br />
Total expenditure 5,545 9,058 13,442 18,398 28,615<br />
EBITDA 4,374 7,990 10,939 13,543 17,247<br />
Growth (%) 6.2 82.7 36.9 23.8 27.4<br />
EBITDA margin (%) 44.1 46.9 44.9 42.4 37.6<br />
Other income 296 490 645 761 837<br />
Interest 1,377 2,494 3,572 4,183 4,862<br />
Gross profit 3,293 5,986 8,012 10,121 13,222<br />
Growth (%) 22.8 81.8 33.9 26.3 30.6<br />
Depreciation 1,144 1,819 2,254 3,865 5,081<br />
Profit before tax 2,149 4,167 5,759 6,256 8,141<br />
Tax 378 133 1,118 1,587 2,115<br />
Effective tax rate (%) 17.6 3.2 19.4 25.4 26.0<br />
Net profit 1,772 4,034 4,641 4,669 6,025<br />
Growth (%) 40.0 127.7 15.0 0.6 29.1<br />
Minority interest 13 179 117 27 58<br />
Net profit after MI 1,759 3,855 4,524 4,642 5,967<br />
Growth (%) 54.4 119.2 17.4 2.6 28.5<br />
Source: Company, Nirmal Bang <strong>Institutional</strong> <strong>Equities</strong> Research<br />
Exhibit 36: Balance Sheet<br />
Y/E March (Rsmn) FY09 FY10 FY11 FY12E FY13E<br />
Equity 3,324 3,324 3,324 3,324 3,324<br />
Reserves 13,977 17,075 21,002 25,644 31,611<br />
Net worth 17,301 20,399 24,326 28,968 34,935<br />
Minority Interest 599 779 896 922 981<br />
Short-term loans 117 117 5,116 7,675 11,512<br />
Long-term loans 24,741 29,035 41,139 48,322 53,502<br />
Total loans 24,859 29,152 46,255 55,997 65,014<br />
Deff. tax liablity (net) 182 267 232 232 232<br />
Total liabilities 42,940 50,597 71,709 86,119 101,161<br />
Gross block 24,601 40,185 41,317 62,494 83,870<br />
Depreciation 4,440 5,511 7,695 11,560 16,641<br />
Net block 20,161 34,674 33,622 50,934 67,229<br />
Capital work-in-progress 14,545 8,802 25,085 25,085 25,085<br />
Long-term investments 1,108 451 551 633 728<br />
Inventories 2,054 1,698 1,638 2,625 3,770<br />
Debtors 130 297 397 525 754<br />
Cash 4,147 5,102 12,000 8,068 6,109<br />
Other current assets 3,995 4,380 6,349 8,751 12,565<br />
Total current assets 10,326 11,477 20,383 19,969 23,198<br />
Creditors 1,303 1,587 4,842 6,126 8,796<br />
Other current liabilities 1,908 3,229 3,099 4,375 6,283<br />
Total current liabilities 3,210 4,816 7,941 10,501 15,078<br />
Net current assets 7,116 6,661 12,443 9,468 8,120<br />
Misc. expenses. 10 9 9 - -<br />
Total assets 42,940 50,597 71,709 86,119 101,161<br />
Source: Company, Nirmal Bang <strong>Institutional</strong> <strong>Equities</strong> Research<br />
Exhibit 35:Cash flow<br />
Y/E March (Rsmn) FY09 FY10 FY11 FY12E FY13E<br />
EBIT 3,526 6,661 9,331 9,678 12,166<br />
Inc./(dec) in working capital (1,421) 1,849 1,314 (957) (610)<br />
Cash flow from operations 2,105 8,510 10,645 8,721 11,556<br />
Other income 1,148 2,009 2,918 761 837<br />
Depreciation 1,144 1,819 2,254 3,865 5,081<br />
Interest paid (-) (1,377) (2,494) (3,572) (4,183) (4,862)<br />
Tax paid (-) (405) (812) (1,463) (1,587) (2,115)<br />
Dividends paid (-) (223) (429) (753) - -<br />
Net cash from operations 2,393 8,604 10,027 7,577 10,497<br />
Capital expenditure (-) (8,114) (10,604) (17,510) (21,177) (21,377)<br />
Net cash after capex (5,721) (2,000) (7,483) (13,600) (10,880)<br />
Inc./(dec.) in long-term borrowing 2,676 2,574 20,685 9,742 9,017<br />
Inc./(dec.) in investments 2,047 381 (6,382) (83) (95)<br />
Equity issue/(buyback) (96) 0 (4) - -<br />
Cash from financial activities 4,626 2,955 14,380 9,668 8,922<br />
Change in cash (1,095) 955 6,898 (3,932) (1,958)<br />
Opening cash 5,221 4,147 5,102 12,000 8,068<br />
Closing cash 4,147 5,102 12,000 8,068 6,109<br />
Source: Company, Nirmal Bang <strong>Institutional</strong> <strong>Equities</strong> Research<br />
Exhibit 37:Key ratios<br />
Y/E March FY09 FY10 FY11 FY12E FY13E<br />
EPS (x) 5.3 11.6 13.6 14.0 18.0<br />
Valuations<br />
PE ratio (x) 31.0 14.1 12.0 11.7 9.1<br />
Price /CEPS (x) 18.8 9.6 8.0 6.4 4.9<br />
Price / BV (x) 3.2 2.7 2.2 1.9 1.6<br />
EV /sales (x) 7.5 4.6 3.6 3.2 2.5<br />
EV /EBITDA (x) 12.5 6.8 5.0 4.0 3.2<br />
Margins (%)<br />
EBIDTA margin 44.1 46.9 44.9 42.4 37.6<br />
EBIT margin 32.6 36.2 35.6 30.3 26.5<br />
PBT margin 21.7 24.4 23.6 19.6 17.8<br />
Net margin 17.7 22.6 18.6 14.5 13.0<br />
Returns (%)<br />
RoCE 6.2 11.8 9.8 8.4 8.9<br />
RoNW 10.2 18.9 18.6 16.0 17.1<br />
Working capital T/O days<br />
Inventory T/O 75.6 36.3 24.5 30.0 30.0<br />
Debtors T/O 4.8 6.4 5.9 6.0 6.0<br />
Loans and adv. T/O 147.0 93.8 95.0 100.0 100.0<br />
Creditors T/O 47.9 34.0 72.5 70.0 70.0<br />
DuPont method<br />
NPM (PAT/sales) 0.2 0.2 0.2 0.1 0.1<br />
Total asset T/O 0.2 0.3 0.3 0.4 0.5<br />
Equity multiplier 2.5 2.5 2.9 3.0 2.9<br />
Gearing ratio<br />
Net debt/equity (x) 1.1 1.2 1.4 1.6 1.7<br />
Total debt/equity (x) 1.4 1.4 1.9 1.9 1.9<br />
Source: Company, Nirmal Bang <strong>Institutional</strong> <strong>Equities</strong> Research<br />
39 IRB
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