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 22: Income statement<br />
Y/E March (Rsmn) FY09 FY10 FY11 FY12E FY13E<br />
Net sales 48,819 54,929 56,515 63,748 74,998<br />
Growth (%) 33.4 12.5 2.9 12.8 17.6<br />
Consumption of materials 16,578 20,211 19,897 23,002 26,343<br />
Construction expenses 25,194 26,070 27,299 31,119 37,155<br />
Employee costs 1,953 2,026 2,623 2,546 3,040<br />
Other expenditure 876 1,303 1,471 1,594 1,875<br />
Total expenditure 44,601 49,610 51,369 58,261 68,413<br />
EBITDA 4,218 5,319 5,146 5,487 6,585<br />
Growth (%) 16.6 26.1 (3.2) 6.6 20.0<br />
EBITDA margin (%) 8.6 9.6 9.1 8.6 8.7<br />
Interest costs 1,233 1,637 2,182 2,782 3,135<br />
Depreciation 473 543 758 886 1,026<br />
Other income 299 149 120 196 228<br />
Profit before tax 2,811 3,288 2,326 2,015 2,652<br />
PBTM (%) 5.8 6.0 4.1 3.2 3.5<br />
Tax 478 1,177 747 665 875<br />
RPAT (before E.O. item) 2,333 2,111 1,579 1,350 1,777<br />
E/O items (73) - - - -<br />
Adj. PAT 2,260 2,111 1,579 1,350 1,777<br />
Growth (%) 7.3 (6.6) (25.2) (14.5) 31.6<br />
Source: Company, Nirmal Bang <strong>Institutional</strong> <strong>Equities</strong> Research<br />
Exhibit 24: Balance Sheet<br />
Y/E March (Rsmn) FY09 FY10 FY11 FY12E FY13E<br />
Equity share capital 267 534 534 534 534<br />
Reserves & surplus 17,839 17,999 19,340 20,563 22,174<br />
Net worth 18,106 18,533 19,874 21,097 22,708<br />
Long-term debt 10,185 12,688 16,295 22,813 25,550<br />
Short- term debt 3,410 3,445 4,663 241 962<br />
FCCBs 385 - - - -<br />
Total debt 13,980 16,133 20,958 23,054 26,512<br />
Deferred tax (liability) / assets 117 125 87 87 87<br />
Sources of funds 32,203 34,791 40,918 44,237 49,306<br />
Gross block 6,624 7,502 9,242 11,242 13,242<br />
Less: Depreciation 1,417 1,838 2,324 3,210 4,237<br />
Net block 5,207 5,664 6,918 8,032 9,006<br />
Investments 3,892 6,138 6,347 6,982 7,680<br />
Inventories 8,892 2,447 2,732 10,479 11,918<br />
Debtors 11,430 19,464 19,298 16,769 19,556<br />
Cash & bank balance 1,009 1,643 1,432 1,601 3,260<br />
Loans & advances 16,804 23,451 31,062 21,517 21,262<br />
Current assets 38,135 47,005 54,523 50,367 55,994<br />
Current liabilities 14,787 23,924 26,727 21,059 23,249<br />
Provisions 440 445 403 344 384<br />
Current liabilities 15,226 24,369 27,130 21,403 23,633<br />
Net current assets 22,909 22,635 27,393 28,964 32,361<br />
Application of funds 32,203 34,791 40,918 44,237 49,306<br />
Source: Company, Nirmal Bang <strong>Institutional</strong> <strong>Equities</strong> Research<br />
Exhibit 23:Cash flow<br />
Y/E March (Rsmn) FY09 FY10 FY11 FY12E FY13E<br />
EBIT 3,971 4,925 4,508 4,601 5,559<br />
Inc./(dec.) in working capital (2,878) (2,481) (1,659) (1,401) (1,739)<br />
Cash flow from operations 1,093 2,443 2,848 3,200 3,820<br />
Other income (745) (165) (97) 196 228<br />
Depreciation 473 543 758 886 1,026<br />
Interest paid (-) (1,233) (1,637) (2,182) (2,782) (3,135)<br />
Tax paid (-) (1,018) (1,293) (1,651) (665) (875)<br />
Dividends paid (-) (189) (215) (246) (126) (166)<br />
Net cash from operations (1,620) (323) (569) 709 898<br />
Capital expenditure (-) (1,306) (720) (1,571) (2,000) (2,000)<br />
Net cash after capex (2,926) (1,043) (2,139) (1,291) (1,102)<br />
Inc./(dec.) in borrowings 3,221 1,150 4,791 2,096 3,458<br />
Inc./(dec.) in investments (1,058) (522) (2,714) (635) (698)<br />
Equity issue/(buyback) 0 1,050 (150) - -<br />
Others - - - - -<br />
Cash from financial activities 2,163 1,677 1,927 1,461 2,760<br />
Change in cash (763) 635 (212) 170 1,658<br />
Opening cash 1,771 1,009 1,643 1,432 1,601<br />
Closing cash 1,009 1,643 1,432 1,601 3,260<br />
Source: Company, Nirmal Bang <strong>Institutional</strong> <strong>Equities</strong> Research<br />
Exhibit 25:Key Ratios<br />
Y/E March FY09 FY10 FY11 FY12E FY13E<br />
EPS (x) 8.7 7.9 5.9 5.1 6.7<br />
Valuation<br />
PE ratio (x) 4.2 4.7 6.3 7.3 5.6<br />
Price /CEPS (x) 1.8 3.7 4.2 4.4 3.5<br />
Price /BV (x) 0.5 0.5 0.5 0.5 0.4<br />
EV /sales (x) 0.5 0.4 0.5 0.5 0.4<br />
EV /EBITDA (x) 5.4 4.6 5.7 5.7 5.0<br />
Margins (%)<br />
Operating margin 8.6 9.7 9.1 8.6 8.8<br />
EBIT margin 8.3 9.0 8.0 7.5 7.7<br />
PBT margin 5.8 6.0 4.1 3.2 3.5<br />
Net margin 4.8 3.8 2.8 2.1 2.4<br />
Returns (%)<br />
RoCE 10.5 11.8 9.6 9.0 9.9<br />
RoNW 13.7 11.5 8.2 6.6 8.1<br />
Efficiency ratio<br />
Asset T/O 1.5 1.6 1.4 1.4 1.5<br />
Turnover ratio<br />
Debtors T/O 85.5 129.3 99.4 96.0 95.2<br />
Creditors T/O 30.3 43.6 34.0 33.0 31.0<br />
Inventory T/O 66.5 16.3 17.6 60.0 58.0<br />
DuPont<br />
NPM (PAT/sales) 4.78 3.84 2.79 2.12 2.37<br />
Total asset T/O 1.52 1.58 1.38 1.44 1.52<br />
Equity multiplier 1.78 1.88 2.06 2.10 2.17<br />
Gearing ratios<br />
Net debt/ equity (x) 0.5 0.5 0.7 0.7 0.7<br />
Total debt/equity (x) 0.8 0.9 1.1 1.1 1.2<br />
Source: Company, Nirmal Bang <strong>Institutional</strong> <strong>Equities</strong> Research<br />
89 IVRCL