Income Statement

Particulars FY14 FY15 FY16 FY17 FY18 FY19

Revenue 5,171.30 540.80 5,613.95 5,690.95 5,851.37 6,414.58
growth % -90% 938% 1% 3% 10%
Raw Materials Consumed 2,512.38 2,524.43 2,667.15 2,836.69 3,180.52 3,264.50
Employee 3201.6 11.47 4104.33 453.61 479.63 519.86
Other expenses 1250.33 494.88 1348.8 1314.56 1347.04 1446.89

EBITDA -1793 -2490 -2506 1086 844 1183

EBITDA margin % -34.7% -460.4% -44.6% 19.1% 14.4% 18.4%
Depreciation 0 4.76 363.09 329.49 228.55 241.48
EBIT -1793 -2495 -2869 757 616 942
Other income 64.58 42.72 2409.72 628.36 185.06 218.2
Finance cost 1518.2 0.3 86.7 125.13 114.32 117.84
Exceptional 0 0.2 -4.07 -0.22 1.7 0.19
PBT -3247 -2452 -550 1260 688 1042
Tax 0 0 0 281.57 147.58 242.91
Tax rate % 0% 0% 0% 22% 21% 23%
PAT -3247 -2452 -550 978 540 799
PAT margin % -24% -78% -278% -45% 48%

Number of Shares 63653637 93094986 62051147 61182257 56784566 57464707

Earning Per Share (EPS) 102.41 3.59 109 163.67 96.41 121.13

P&L ratios
employee to sales % 62% 2% 73% 8% 8% 8%
other expenses to sales % 24% 92% 24% 23% 23% 23%

24% 92% 24% 23% 23% 23%

 FY20 FY21
6,325.15 5,787.64
-1% -8%
3,332.63 2,999.62
550.98 549.86
1557.01 1,390.70

885 847
14.0% 14.6%
319.21 0
565 847
171.98 189.47
132.54 111.43
-3.26 4.55
602 930
129.66 102.54
22% 11%
472 828
-41% 75%

57161079 57562560.00
94.86 60.91

9% 10%
25% 24%

25% 24%
Particular FY14 FY15 FY16 FY17 FY18
Liabilities

Share capital 62.51 62.51 3.19 3.19 35.52

Minority Interest 0 0 0 0 0
Reserves 3069.5 3312.76 1243.89 1545.18 5079.39
Total equity 3132 3375 1247 1548 5115
Borrowings 2055.16 1218.32 0 0 0
Provisions 7.76 9.43 0.0021 0.0047 4.24
Deferred tax liabilities 292.4 223.24 0 0 0
Lease liabilities + other financial liabilities 0 0 0 0 0
Other non-current liabilities 12.54 14.64 0 0 0
Non-current liabilities 2368 1466 0 0 4
Borrowings 840.73 473.66 0 0 0
Payables 160.65 220.89 0 0 0
Other financial liabilities 0 0 0 0 0
Other current liabilities 870.41 1088.9 0.77 1.03 0.66
Provisions 96.72 113.01 1.17 3.71 0.53
Current tax liabilities 0 0 0 0 0
Current liabilities 1969 1896 2 5 1
Total Liability 7468 6737 1249 1553 5120

Assets

Gross block 3,114.86 2,840.24 0.97 0.82 5,472.39

Acc depreciation 335.47 532.21 0.0406 0.0395 0
Net block 2779.39 2308.03 0.9294 0.7819 5472.39
CWIP 94.39 83.23 0 0 8.58
Goodwill 13.25 12.59 0 3.63 0
Other intangible assets 25.71 22.49 0 0 0
Other financial assets 0 0 1053 1169 0
Other non current assets 30.29 124.03 0 0 12.52
Non-current investments 371.42 456.79 0 0 0
Non-current assets 3314 3007 1054 1174 5493
Inventories 2192.42 1915.75 0 0 52.46
Receivables 867.84 809.51 0 0 20.21
Cash + bank + investment 80.74 202.75 186.89 33.4 198.81
Other financial assets 0 0 0 0 11.9
Other current assets 22.2 21.02 4.8 42.11 46.76
Current tax assets 0 0 0 0 86
Current assets 3163 2949 192 76 416
Total Assets 6478 5956 1246 1249 5909
-991 -781 -3 -304 789

Difference
 FY19 FY20 FY21

57.48 56.52 56.56

0 121 133.2
5897 5991.35 6,417.31
5954 6169 6607
1071.35 1266.41 1,296.60
10.86 16.17 16.96
297.47 243.49 256.91
4 4 3
20.4 19.58 17.83
1405 1550 1591
868.68 736.92 551.63
240.36 357.21 299.26
536 461 454
71.45 77.27 84.11
2.79 2.62 2.7
7 1 37
1725 1636 1429
9085 9354 9627

4,176.74 4,096.56 3,886.73

0 503.32 362.38
4176.74 3593.24 3524.35
273.63 141.64 77.96
1.6 12.5 12.5
1.2 2.45 2.26
9 63 174
85 63.87 65.53
564 572.53 566.86
5111 4449 4423
2442.13 2681.05 2796.05
762.82 821 1038.62
378.42 852.27 719.17
58.39 13.36 54.76
415.93 469.56 592.12
100 42 0
4158 4880 5201
9269 9329 9624
184 -25 -3
Particulars FY14 FY15 FY16 FY17 FY18 FY19 FY20
PBT 879.38 489.26 899.38 1304.81 465.90 990.40 603.01
Adjustments 0 0 0 0 0 0 0
Receivable -154.8 -119.91 -10.1 -73 -14.8 -41.77 -41.28
Inventories -372 234 -172 -220 -269.7 -325.63 -64.03
Other asset -59.8 -98.56 -64.53 -37.89 -87.55 99.04 -29.61
Payable 15.71 -6.97 37.65 57.62 23.78 12.75 53.22
Other liability 0 0 0 0 -22 -40.9 11.4
Changes in WC -571 9 -209 -273 -370 -297 -70
CFO after WC 308 498 690 1032 96 694 533
Taxes -184.73 -174.97 -232 -304 -164.9 -236.69 -100.84
CFO 124 323 458 728 -69 457 432
Purchase Fixed Assets -606 -253 -371 -291 -169 -877.84 -640.96
Sale of Fixed assets 49.8 38.2 83.18 11.98 14.79 24.46 6.6
FCF -432 108 171 449 -223 -396 -202
Others 6 5 8 5 6 5 9
CFI -550 -210 -280 -274 -148 -848 -625
Interest -16.168 -14.87 -133.12 -111.13 -51.45 -9.35 0
Net borrowings -123 -354 -455.93 -436.44 44.51 173 357
Equity 12 16 0 71 12 5 3
Dividend -43 -80 -159 -105 -121 -86 -101
Others 0 0 0 0 0 0 0
CFF -170 -433 -748 -582 -115 83 260
Cash movement -596 -320 -569 -128 -333 -309 66
Cash to EBITDA % -7% -13% -18% 67% -8% 39% 49%
 FY21
467.16
0
-184.22
-118.04
-89.8
-38.39
3.27
-427
40
-27.08
13
-235.35
3.29
-219
-4
-236
0
325
9
0
0
334
111
2%
 Ratio
Ratio Analysis FY14 FY15 FY16 FY17

Category
Margin Ratio
EBDITA Margin EBITDA/Revenue -0.346723 -4.604253 -0.446447 0.190845
Net Profit Margin (Revenue-Cost)/Revenue 0% -24% -78% -278%
Profitability Ratios
ROE Net Income/ Shareholder's Equity 1.651112 0.160224 4.501676 3.675446
ROCE EBIT/Capital Employed -0.572479 -0.739123 -2.300911 0.488643
ROA Net Income/ Total Assets -0.501205 -0.411693 -0.441843 0.782932
DuPont Analysis
PAT / PBT 1 1 1 0.776463
PBT / EBIT 1.810715 0.982916 0.19184 1.66483
EBIT / Net Sales -0.346723 -4.613055 -0.511123 0.132948
Net Sales / TA 0.79833 0.090796 4.506122 4.555669
TA / Equity 2.068209 1.764656 0.999013 0.806785
ROE Net Income/ Shareholder's Equity 1.651112 0.160224 4.501676 3.675446
Valuation Ratios
EV (Consolidated FS) 5,419.93 5,509.66 6,605.84 9,114.25
EV/EBIDTA 3.53 4.31 5.13 5.2
EV/ Net Sales 1.048079 10.18798 1.176683 1.601534
Leverage Ratios
Net Gearing = Net
Net Debt-Equity Ratio Liabilities/Stockholder's Equity 1.384533 0.996095 0.001557 0.003064
Turnover Ratios
Fixed Assets Revenue/ Fixed Assets 1.660203 0.190406 5787.577 6928.354
Working Capital Current Assets/Current Liabilities 1.606901 1.555018 98.80928 15.93038
Liquidity Ratios
Current Ratio Current Assets/Current Liabilities 1.606901 1.555018 98.80928 15.93038
Interest Coverage EBITDA/ Interest Expense 110.8987 167.4499 18.8276 -9.773149
EPS 114.9 64.02 100.89 163.11
DPS 114.9 64.02 100.89 163.11
Book Value per share 564.38 610.43 673.51 798.66
Ratio
FY18 FY19 FY20 FY21 H1 FY22

0.14427 0.184475 0.139843 0.146426 0

-45% 48% -41% 75% 0

0.10567 0.134267 0.078018 0.127823 0

17.33193 16.3857 10.00212 14.98338 0
0.091462 0.086255 0.050579 0.085983 0

0.785516 0.76697 0.784439 0.889748 0

1.117668 1.106758 1.063999 1.097456 0
0.105211 0.14683 0.089377 0.146426 0
0.990175 0.692051 0.678022 0.601366 0
166.3691 161.255 165.0536 170.1584 0
0.10567 0.134267 0.078018 0.127823 0

8,954.67 8,137.49 5,379.98 9,123.30 0.00

8.14 5.74 4.84 8.98 0.00
1.530354 1.268593 0.85057 1.576342 0.00

0.001062 0.525658 0.516378 0.457072 0.00

1.069253 1.535786 1.760292 1.642187 0.00

349.5294 2.40967 2.983534 3.640329 0

349.5294 2.40967 2.983534 3.640329 0

-16.40777 -126.5594 0 0 0
106.56 129.45 102.22 72.52 0
105.48 128.19 101.45 72.07 0
897.03 1,009.81 1,091.39 1,167.16 0