PIDILITE INDS

For the year ended

Particulars 31st March 2019
INCOME
Revenue from Operations 7,078.74
Other Income 146.64
Total Income 7,225.38
EXPENSES
Cost of Materials Consumed 3,265.51
Purchases of Stock-in-Trade 396.28
Changes in inventories of Finished Goods Work-in-Progress and -75.21
Stock-in-Trade
Excise Duty on sale of goods
Employee Benefits Expense 836.66
Finance Costs 26.07
Depreciation, Amortisation and Impairment Expense 132.74
Other Expenses 1,287.29
Total Expenses 5,869.34
Profit before share of profit/ (loss) of Associate and Joint Venture,
Exceptional Items and Tax
Share of Profit in Associate (net of tax) 1,356.04
Share of Profit/ (Loss) in Joint Venture (net of tax) 3.6
Total share of profit/ (loss) of Associate and Joint Venture 3.6
Profit before Exceptional Items and Tax 1,359.64
Exceptional Items 18.02
Profit before Tax 1,341.62
Tax Expense
Current Tax 406.58
Deferred Tax 6.65
Net Tax Expense 413.23
Profit for the year 928.39

Shareholding 50.8
 Particulars 2019 2018
For the year ended Sales 7,078.74 6,218.76
31st March 2018
Sales Growth 14%
6,218.76
148.41 Other operating Income 0
6,367.17
Total Income 7,078.74 6,218.76
2,565.02
318.86 Total Expenses 5,869.34 5,012.96
3.77
Expenses as % of Sales 83% 81%
140.35
712.4 Ebidta 1,368.21 1,205.80
15.54
119.88 Ebidta Margins 19% 19%
1,137.14
5,012.96 Dep &Amo 132.74 119.88
1,354.21
Ebit 1,235.47 1,085.92
4.75
-0.16 Ebit Margins 17% 17%
4.59
1,358.80 other Income 146.64 148.41
-
1,358.80 Interest 26.07 15.54

374.08 EBT 1,356.04 1,218.79

18.63
392.71 Share of Profits 3.6 4.59
966.09
Exceptional 18.02 -

Tax 413.23 392.71

PAT 928.39 966.09

Pat Margins 13% 16%

EPS 18.28 19.02

Particulars 2022E 2021E 2020 2019 2018 2017
INCOME
Revenue from Operations 7,294.47 7,078.74 6,218.76 6,062.31
Growth% 3% 14% 3% 6%
Other Income 149.43 146.64 148.41 112.25
Total Income 7,443.90 7,225.38 6,367.17 6,174.56
EXPENSES
Cost of Materials Consumed 2,997.71 3,265.51 2,565.02 2,270.43
% of Sales 41% 46% 41% 37%
Purchases of Stock-in-Trade 383.57 396.28 318.86 399.86
Changes in inventories of Finished Goods Work-in-Progress and 21.22 -75.21 3.77 -30.73
Stock-in-Trade
Excise Duty on sale of goods 140.35 445.52
Employee Benefits Expense 927.22 836.66 712.4 645.27
Finance Costs 33.6 26.07 15.54 13.93
Depreciation, Amortisation and Impairment Expense 169.92 132.74 119.88 115.14
Other Expenses 1388.73 1,287.29 1,137.14 1,072.17
Total Expenses 5,921.97 5,869.34 5,012.96 4,931.59
% of Sales 81% 83% 81% 81%
EBIDTA 1,576.02 1,368.21 1,341.22 1,259.79
Ebidta Margins 22% 19% 22% 21%
EBIT 1,406.10 1,235.47 1,221.34 1,144.65
Ebit Margins 19% 17% 20% 19%
Interest 33.6 26.07 15.54 13.93
Other Income 149.43 146.64 148.41 112.25
Profit before share of profit/ (loss) of Associate and Joint Ventur 1521.93 1,356.04 1,354.21 1,242.97
Exceptional Items and Tax -55.19 -18.02
Share of Profit in Associate (net of tax) 4.75 3.53
Share of Profit/ (Loss) in Joint Venture (net of tax) 3.6 -0.16 1.77
Total share of profit/ (loss) of Associate and Joint Venture 3.03 3.6 4.59 5.3
Profit before Tax 1,524.96 1,359.64 1,358.80 1,248.27
Current Tax 383.99 406.58 374.08 375.28
Deferred Tax -36.27 6.65 18.63 9.77
Net Tax Expense 347.72 413.23 392.71 385.05
Exceptional 55.19 18.02
Tax Expense 347.72 413.23 392.71 385.05
Tax Rate 23% 30% 29% 31%
PAT 1,122.05 928.39 966.09 863.22

Profit for the year 1076.93 928.39 966.09 863.22

Profit Margins 16% 13% 16% 14%

Shareholding 50.98 50.79 50.78 51.26

Earnings Per share 21.12 18.28 19.03 16.84

Growth 16% -4% 13% 7%
 2016 2015 CAGR Avg CAGR Formula

5,701.60 5,132.86 6% FV=PV(1+r)^n

11% #DIV/0!
77.83 45.49 ((FV/PV)^(1/n)-1)
5,779.43 5,178.35

2,295.42 2,460.95
40% 48%
265.99 219.85
23.27 -12.24

340.43 288.76
572.15 497.25
13.27 15.64
100.47 117.76
1,030.86 907.54
4,641.86 4,206.75
81% 82%
1,173.48 1,059.51
21% 21%
1,073.01 941.75
19% 18%
13.27 15.64
77.83 45.49
1,137.57 971.60

3.25 -285.69
-0.05 0.98
3.2 -284.71
1,140.77 677.93
310.23 159.61
23.31 9.80
333.54 169.41
4.91
333.54 169.41
29% 25%
807.23 503.62

807.23 512.57 16%

14% 10%

51.26 51.26

15.75 10.00
57% #DIV/0!
 CASH INFLOW & OUTFLOW

Particulars
ASSETS As at 31st March 2019
1 Non-Current Assets Cash + Cash -
(a) Property, Plant and Equipment 913.32 110.73
(b) Capital Work-In-Progress 242.13 14.4
(c) Goodwill 184.99 7.57
(d) Other Intangible Assets 349.3 12.88
(e) Investments accounted for using equity method 24.43 0.6
(f) Financial Assets
(i) Investments 371.87 265.88
(ii) Loans 3.06 2.85
(iii) Other Financial Assets 41.74 2.93
(g) Income Tax Assets (net) 102.06 37.24
(h) Deferred Tax Assets (net) 10.72 4.86
(i) Other Non-Current Assets 88.89 9.55
Total Non-Current Assets 2,332.51 436.83
2 Current Assets
(a) Inventories 934.45 130.12
(b) Financial Assets
(i) Investments 1,151.40 36.48
(ii) Trade Receivables 1,056.01 117.88
(iii) Cash and Cash Equivalents 128.12 21.22
(iv) Bank balances other than (iii) above 62.31 48.07
(v) Loans 12.12 0.27
(vi) Other Financial Assets 71.61 6.12
(c) Current Tax Assets (net) 2.62 26.02
(d) Other Current Assets 163.36 12.13
(e) Assets held for Sale -
Total Current Assets 3,582.00 273.22
TOTAL ASSETS 5,914.51 710.05
EQUITY AND LIABILITIES
EQUITY
(a) Equity Share Capital 50.8
(b) Other Equity 4,097.29 574.03
Equity attributable to owners of the Company 4,148.09
Non-Controlling Interests 207.15
Total Equity 4,355.24 606.19
LIABILITIES
1 Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 8.51 1.4
(ii) Other Financial Liabilities 85.98 5.26
(b) Provisions 43.93 5.76
(c) Deferred Tax Liabilities (net) 120.14 9.48
Total Non-Current Liabilities 258.56 11.38
2 Current Liabilities
(a) Financial Liabilities
(i) Borrowings 102.54 12.9
(ii) Trade Payables
- Total Outstanding Dues of Micro Enterprise and 31.55 9.22
Small Enterprises
- Total Outstanding Dues of Creditors other than 549.09 27.61
Micro Enterprise and Small Enterprises
(iii) Other Financial Liabilities 497.22 54.1
(b) Other Current Liabilities 89.55 10.46
(c) Provisions 19.79 6.72
(d) Current Tax Liabilities (net) 10.97 2.73
Total Current Liabilities 1,300.71 92.48
TOTAL LIABILITIES 1,559.27 103.86
TOTAL EQUITY AND LIABILITIES 5,914.51 710.05
As at 31st March 2018

802.59
227.73
177.42
362.18
25.03

105.99
5.91
38.81
64.82
5.86
79.34
1,895.68

804.33

1,114.92
938.13
149.34
14.24
11.85
65.49
28.64
175.49
6.35
3,308.78
5,204.46

50.78
3,523.26
3,574.04
175.01
3,749.05

7.11
91.24
 38.17
110.66
247.18

115.44

22.33

521.48

443.12
79.09
13.07
13.7
1,208.23
1,455.41
5,204.46
Particulars
ASSETS 2020 2019 2018 2017 2016
1 Non-Current Assets
(a) Property, Plant and Equipment 1142 913.32 802.59 789.12 755.74
Right of Use of Assets 147
(b) Capital Work-In-Progress 259.33 242.13 227.73 147.71 158.07
(c) Goodwill 184.03 184.99 177.42 133.83 133.42
(d) Other Intangible Assets 333.73 349.3 362.18 352.3 248.3
(e) Investments accounted for using equity method 25.3 24.43 25.03
(f) Financial Assets
(i) Investments 441.16 371.87 105.99 53.29 136.66
(ii) Loans 4.09 3.06 5.91 8.43 9.55
(iii) Other Financial Assets 42.85 41.74 38.81 34.3 28.96
(g) Income Tax Assets (net) 109.53 102.06 64.82 42.1 40.32
(h) Deferred Tax Assets (net) 13 10.72 5.86 3.76 5.09
(i) Other Non-Current Assets 72.78 88.89 79.34 75.36 51.74
Total Non-Current Assets 2775 2,332.51 1,895.68 1,640.20 1,567.85
2 Current Assets
(a) Inventories 929.47 934.45 804.33 720.86 627.43
(b) Financial Assets
(i) Investments 719.73 1,151.40 1,114.92 1,389.81 568.88
(ii) Trade Receivables 1088.5 1,056.01 938.13 768.54 701.59
(iii) Cash and Cash Equivalents 692.23 128.12 149.34 90.37 122.79
(iv) Bank balances other than (iii) above 11.02 62.31 14.24 9.57 8.97
(v) Loans 17.38 12.12 11.85 13.03 11.77
(vi) Other Financial Assets 103.18 71.61 65.49 48.99 36.03
(c) Current Tax Assets (net) 1.93 2.62 28.64 0.28 0.47
(d) Other Current Assets 197.51 163.36 175.49 92.54 73.19
(e) Assets held for Sale - 6.35
Total Current Assets 3761 3,582.00 3,308.78 3,133.99 2,151.12
TOTAL ASSETS 6535.7 5,914.51 5,204.46 4,774.19 3,718.97
EQUITY AND LIABILITIES
EQUITY
(a) Equity Share Capital 50.81 50.8 50.78 51.27 51.27
(b) Other Equity 4404.8 4,097.29 3,523.26 3,419.64 2,586.72
Equity attributable to owners of the Company 4456 4,148.09 3,574.04 3,470.91 2,637.99
Non-Controlling Interests 215.65 207.15 175.01 127.32 43.38
Total Equity 4671 4,355.24 3,749.05 3,598.23 2,681.37
LIABILITIES
1 Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 25.13 8.51 7.11 4.85 5.53
Lease Liabilities 83.08
(ii) Other Financial Liabilities 7.26 85.98 91.24 24.45 7.38
(b) Provisions 51.95 43.93 38.17 32.78 29.27
(c) Deferred Tax Liabilities (net) 82.29 120.14 110.66 91.47 80.39
Total Non-Current Liabilities 249.71 258.56 247.18 153.55 122.57
2 Current Liabilities
(a) Financial Liabilities
(i) Borrowings 143.99 102.54 115.44 92.66 74.49
(ii) Trade Payables 390.32 373.99
- Total Outstanding Dues of Micro Enterprise and 23.13 31.55 22.33
Small Enterprises
- Total Outstanding Dues of Creditors other than 597.88 549.09 521.48
Micro Enterprise and Small Enterprises
Lease Liabilities 28.39
(iii) Other Financial Liabilities 668.74 497.22 443.12 418.29 353.9
(b) Other Current Liabilities 122.34 89.55 79.09 90.04 87.02
(c) Provisions 21.59 19.79 13.07 14.14 12.17
(d) Current Tax Liabilities (net) 8.67 10.97 13.7 16.96 13.46
Total Current Liabilities 1615 1,300.71 1,208.23 1,022.41 915.03
TOTAL LIABILITIES 1864 1,559.27 1,455.41 1,175.96 1,037.60
TOTAL EQUITY AND LIABILITIES 6535.7 5,914.51 5,204.46 4,774.19 3,718.97
 2015

619.38

219.79
124.42
211.8

98.84
7.59
14.05
34.38
0.93
75.86
1,407.04

641.04

297.06
576.27
69.43
7.44
18.7
5.11 3,087.91
2.41
63.41

1,680.87
3087.91

51.27
2,173.70
2,224.97
5.1
2,230.07

0.5
 2.85
23.92
54.53 3,087.91
81.8

57.92
331.2

306.75
52.25
14.62
13.3
776.04
857.84
3,087.91
 Q4FY20E Q3FY20 Q2FY20
Total Income
a) Revenue from Operations 1984.4 1926.59 1806.58
b) Other Income 39.83 55.78
TotalIncome 1956.42 1862.38
Expenses
a) Cost of materials consumed 822.01 733.53
b) Purchases of stocksn-trade 70.85 117.67
c) Changes in inventories of finished goods. work-in-progress -2.54 -9.02
and stock-in-trade
d) Employee benefits expense 238.05 234.48
e) Finance costs 8.19 8.28
0 Depreciation. amortisation and impairment expense 41.86 40.23
g) Other expenses 337.05 381.68
Total Expenses 1513.47 1488.85
EBITDA 1478 1463.42 1440.34
EBIT 1421.56 1400.11
Profit before Exceptional Immo. Share of profit of Associate and Joint ventur 452.95 375.61
Tax (1-2)
Share of profit of associate (reel of tax) 1.58 1.06
Share of profit ofLoin! venture (net of tax)
Profit before Exceptional Items and Tax (3#4+5) 454.53 375.67
Exceptional items 22.24
Interest
Other Income
Profit before tax (6-7) 454.53 354.33
Tax Rate% 24% 8%
Current tax 105.69 54.02
Deferred tax 2.73 -24.73
Tax Expense 108.42 29.29
Profit for the period (8-9) 373.8 346.11 325.04

Shareholding 50.8 50.8 50.8

EPS 7.36 6.81 6.40

Q1FY20 Q4FY19 Growth

2016.81 1638.93 3%
39.86 56.21 -7%
2056.67 1695.14 3%

791.51 794.88 1%
93.29 76.93 -2%
95.7 -56.97 -46%

243.62 217.12 2%
7.34 6.57 5%
37.73 38.96 1%
348.96 328.19 1%
1618.15 1405.68 1%
1573.08 1360.15 1%
1535.35 1321.19 1%
438.52 289.46 9%

0.29 1.47 1%

438.81 290.93 9%
10.95 -100%

438.81 279.98 10%

33% 15% 9%
141.08 40.74 21%
3.34 2.37 3%
144.42 43.11 20%
294.39 236.87 8%

50.78 50.78

5.80 4.66
 Ben Grahams Formula PEG RATIO

Price= TTMEPS(PE+g)*Rr/Y
PE/EPS
1770.53

11065.81 PE= Price of share /EPS

1856.54 64.7253787878788
3.064394