Jay Bharat Maruti Ltd.

Market Capital

₹1,191 Cr.

P/E

33.85

Share Price

₹ 271.7 -3.3 (-1.2%)

Jay Bharat Maruti Ltd.
Overview
Financials
Benchmarking
Shareholding

Jay Bharat Maruti Ltd.

Jay Bharat Maruti Ltd.
Overview
Financials
Benchmarking
Shareholding

Price
Growth Table
Balance Sheet
Profit & Loss
Cash Flow
Cash Flow Analysis
Ratios
Quarterly Results
Reverse DCF

Price

₹ 271.7 -3.3 (-1.2%)

CHART MODE

Price

CHART MODE

EV/EBITDA

Price to Sales

Price to Book

CHART MODE

Capex

CHART MODE

Debt

Growth Table

Jay Bharat Maruti Ltd.

(in %)	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	44.89	16.16	35.39	34.62	9.9	-1.94	14.25	18.92	19.3	31.34
TTM EPS CAGR	4.93	-14.94	—	14.1	6.03	1.55	1.12	5.34	8.81	14.44
Sales CAGR	4.52	12.34	21.81	4.72	4.55	4.02	7.92	7.47	7.23	7.23
PAT Margin (Abs Growth)	0.26	-0.13	-0.07	-1.0	-1.68	-1.49	-1.07	-1.09	0.41	0.01
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PE CAGR	50.18	36.57	—	16.56	2.45	-3.44	12.84	12.65	9.64	14.77
CFO CAGR	46.25	-2.81	0.07	4.87	-5.88	17.87	7.16	7.22	4.15	8.87

* Share price and PE growth are updated everyday. All other fields are as of latest financial year end. EPS adjusted for bonus and splits.

BALANCE SHEET

| View Detailed

(in Rs. Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	584	623	629	827	1,035	1,206	1,207	1,233	1,326	1,298
Non Current Assets	394	381	380	507	708	874	947	927	920	838
Net Block	374	399	398	452	632	832	817	860	856	881
Capital Work in Progress	22.92	0.54	8.21	63.65	92.74	51.22	143	83.41	62.40	23.17
Intangible Assets Under Development	—	—	—	—	—	—	—	—	—	—
Long Term Investments	2.33	2.33	8.24	11.62	15.12	17.16	20.73	24.00	25.50	25.64
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Current Assets	158	201	204	277	272	265	186	223	317	360
Inventory	98.90	125	134	114	202	169	123	153	211	203
Accounts Receivable	30.41	43.01	36.93	133	28.12	74.15	51.92	61.52	90.29	82.19
Short Term Investments	—	—	—	—	—	—	—	—	—	—
Cash & Bank Balances	0.83	1.28	1.89	2.31	2.72	1.32	1.93	2.60	3.74	6.35
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Liabilities	584	623	629	827	1,035	1,206	1,207	1,233	1,326	1,298
Shareholders Funds	172	207	253	304	360	404	423	450	473	507
Share Capital	10.83	10.83	10.83	10.83	10.83	10.83	10.83	10.83	21.65	21.65
Reserves	161	196	242	294	349	393	412	439	452	485
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Non Current Liabilities	127	108	98.93	166	279	377	397	341	317	256
Secured Loans	93.61	67.01	54.42	116	212	269	275	231	202	140
Unsecured Loans	—	—	—	—	—	—	4.58	3.72	—	—
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Current Liabilities	285	308	277	356	396	424	387	442	536	536
Accounts Payable	128	160	143	184	180	205	165	206	270	257
Short Term Loans	37.16	35.80	40.62	117	51.81	79.40	113	46	82	88
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(in Rs. Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	1,205	1,207	1,233	1,327	1,299
Non Current Assets	874	947	928	921	839
Net Block	832	817	860	856	881
Capital Work in Progress	51.22	143	83.41	62.40	23.17
Intangible Assets Under Development	—	—	—	—	—
Long Term Investments	17.04	20.82	24.26	26.42	27.09
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Current Assets	265	186	223	317	360
Inventory	169	123	153	211	203
Accounts Receivable	74.15	51.92	61.52	90.29	82.19
Short Term Investments	—	—	—	—	—
Cash & Bank Balances	1.32	1.93	2.60	3.74	6.35
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Liabilities	1,205	1,207	1,233	1,327	1,299
Shareholders Funds	404	423	450	474	508
Share Capital	10.83	10.83	10.83	21.65	21.65
Reserves	393	412	439	453	486
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Non Current Liabilities	377	397	341	317	256
Secured Loans	269	275	231	202	140
Unsecured Loans	—	4.58	3.72	—	—
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Current Liabilities	424	387	442	536	536
Accounts Payable	205	165	206	270	257
Short Term Loans	79.40	113	46	82	88
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(in Rs. Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	584	623	629	827	1,035	1,206	1,207	1,233	1,326	1,298
Non Current Assets	394	381	380	507	708	874	947	927	920	838
Gross Block	750	806	437	531	760	1,021	1,068	1,175	1,246	1,347
Less: Accumulated Depreciation	377	407	38.64	79.90	128	189	250	315	390	465
Less: Impairment of Assets	—	—	—	—	—	—	—	—	—	—
Net Block	374	399	398	452	632	832	817	860	856	881
Lease Adjustment A/c	—	—	—	—	—	—	—	—	—	—
Capital Work in Progress	22.92	0.54	8.21	63.65	92.74	51.22	143	83.41	62.40	23.17
Long Term Investments	2.33	2.33	8.24	11.62	15.12	17.16	20.73	24.00	25.50	25.64
Long Term Loans & Advances	10.48	10.63	9.78	22.91	23.24	39.04	39.54	42.46	65.13	8.17
Other Non Current Assets	16.75	8.94	0.12	0.25	0	1.83	0	0	0	0.12
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Current Assets	158	201	204	277	272	265	186	223	317	360
Inventory	98.90	125	134	114	202	169	123	153	211	203
Accounts Receivable	30.41	43.01	36.93	133	28.12	74.15	51.92	61.52	90.29	82.19
Short Term Investments	—	—	—	—	—	—	—	—	—	—
Cash & Bank Balances	0.83	1.28	1.89	2.31	2.72	1.32	1.93	2.60	3.74	6.35
Other Current Assets	—	—	4.87	4.98	2.40	3.25	4.43	3.43	3.45	2.91
Short Term Loans and Advances	27.96	31.79	26.65	21.94	36.39	16.59	5.13	2.83	8.31	64.82
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Liabilities	584	623	629	827	1,035	1,206	1,207	1,233	1,326	1,298
Shareholders Funds	172	207	253	304	360	404	423	450	473	507
Share Capital	10.83	10.83	10.83	10.83	10.83	10.83	10.83	10.83	21.65	21.65
Share Warrants	—	—	—	—	—	—	—	—	—	—
Reserves	161	196	242	294	349	393	412	439	452	485
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Non Current Liabilities	127	108	98.93	166	279	377	397	341	317	256
Secured Loans	93.61	67.01	54.42	116	212	269	275	231	202	140
Unsecured Loans	—	—	—	—	—	—	4.58	3.72	—	—
Deferred Tax Assets/Liabilities	32.73	40.08	44.23	43.02	55.05	67.07	74.05	82.29	89.63	100
Other Long Term Liabilities	0.58	0.50	0.28	0.38	2.65	29.70	31.46	19.24	16.83	5.99
Long Term Provisions	—	—	—	6.69	9.54	11.39	11.98	9.04	8.85	8.65
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Current Liabilities	285	308	277	356	396	424	387	442	536	536
Accounts Payable	128	160	143	184	180	205	165	206	270	257
Short Term Loans	37.16	35.80	40.62	117	51.81	79.40	113	46	82	88
Other Current Liabilities	97.29	98.30	85.69	54.31	162	138	108	188	183	189
Share Application Money	—	—	—	—	—	—	—	—	—	—
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Short Term Provisions	22.91	13.70	8.37	1.52	1.63	2.09	1.99	1.68	1.37	1.71
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(in Rs. Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	1,205	1,207	1,233	1,327	1,299
Non Current Assets	874	947	928	921	839
Gross Block	1,021	1,068	1,175	1,246	1,347
Less: Accumulated Depreciation	189	250	315	390	465
Less: Impairment of Assets	—	—	—	—	—
Net Block	832	817	860	856	881
Lease Adjustment A/c	—	—	—	—	—
Capital Work in Progress	51.22	143	83.41	62.40	23.17
Long Term Investments	17.04	20.82	24.26	26.42	27.09
Long Term Loans & Advances	39.04	39.54	42.46	65.13	8.17
Other Non Current Assets	1.83	0	0	0	0.12
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Current Assets	265	186	223	317	360
Inventory	169	123	153	211	203
Accounts Receivable	74.15	51.92	61.52	90.29	82.19
Short Term Investments	—	—	—	—	—
Cash & Bank Balances	1.32	1.93	2.60	3.74	6.35
Other Current Assets	3.25	4.43	3.43	3.45	2.91
Short Term Loans and Advances	16.59	5.13	2.83	8.31	64.82
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Liabilities	1,205	1,207	1,233	1,327	1,299
Shareholders Funds	404	423	450	474	508
Share Capital	10.83	10.83	10.83	21.65	21.65
Share Warrants	—	—	—	—	—
Reserves	393	412	439	453	486
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Non Current Liabilities	377	397	341	317	256
Secured Loans	269	275	231	202	140
Unsecured Loans	—	4.58	3.72	—	—
Deferred Tax Assets/Liabilities	67.07	74.05	82.29	89.63	100
Other Long Term Liabilities	29.70	31.46	19.24	16.83	5.99
Long Term Provisions	11.39	11.98	9.04	8.85	8.65
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Current Liabilities	424	387	442	536	536
Accounts Payable	205	165	206	270	257
Short Term Loans	79.40	113	46	82	88
Other Current Liabilities	138	108	188	183	189
Share Application Money	—	—	—	—	—
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Short Term Provisions	2.09	1.99	1.68	1.37	1.71
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Balance Sheet Snapshot

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Fund Flow Analysis

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Increase
Decrease
Total

*Data is as of latest FY end

Profit & Loss

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(in Rs. Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	1,294	1,302	1,527	1,730	1,994	1,659	1,499	2,078	2,344	2,323
Operating Expenses	1,189	1,185	1,394	1,575	1,819	1,517	1,363	1,928	2,171	2,151
Raw Material	1,019	1,010	1,201	1,340	1,542	1,252	1,147	1,648	1,850	1,820
Sheet Metal Components	98.22	79.26	0	0	0	0	0	0	0
Metals	328	318	0	0	0	0	0	0	0
Pipes	4.67	1.60	0	0	0	0	0	0	0
Others	588	611	1,201	1,340	1,542	1,252	1,147	1,648	1,850
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Employee Cost	73.20	82.64	96.53	123	155	142	136	162	184	186
Power & Fuel Cost	32.52	30.75	29.34	36.62	39.95	32.70	29.99	38.12	41.51	—
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Operating Profit	105	117	133	156	175	141	136	150	173	172
Other Income	7.40	3.78	1.42	3.61	2.97	1.70	4.53	0.44	1.28	1.64
Depreciation and Amortisation Expenses	38.20	39.02	41.43	49.10	61.49	62.52	65.94	75.49	80.07	81.53
Interest	21.33	22.14	18.30	20.12	34.33	38.08	32.96	32.73	36.83	38.03
Profit Before Tax	53.25	59.71	74.79	90.04	81.68	42.14	41.54	42.15	57.67	53.72
Tax	13.27	19.90	21.02	31.15	29.51	14.12	15.48	14.68	20.31	19.02
Net Profit	39.98	39.81	53.77	58.89	52.17	28.02	26.06	27.47	37.36	34.70
Number of shares(Crs)	2.17	2.17	2.17	2.17	2.17	2.17	2.17	4.33	4.33	—
Dividend Payout Ratio	10.83	10.88	10.07	9.19	10.37	9.66	10.38	19.70	20.28	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	1,994	1,659	1,499	2,078	2,344	2,323
Operating Expenses	1,819	1,517	1,363	1,928	2,171	2,151
Raw Material	1,542	1,252	1,147	1,648	1,850	1,820
Employee Cost	155	142	136	162	184	186
Power & Fuel Cost	39.95	32.70	29.99	38.12	41.51	—
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Operating Profit	175	141	136	150	173	172
Other Income	2.97	1.70	4.53	0.44	1.28	1.64
Depreciation and Amortisation Expenses	61.49	62.52	65.94	75.49	80.07	81.53
Interest	34.33	38.08	32.96	32.73	36.83	38.03
Profit Before Tax	81.68	42.14	41.81	43.04	58.49	53.72
Tax	29.51	14.17	15.58	14.90	20.59	19.27
Net Profit	52.05	28.23	26.23	28.14	37.90	34.45
Number of shares(Crs)	2.17	2.17	2.17	4.33	4.33	—
Dividend Payout Ratio	10.40	9.59	10.32	19.23	19.99	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Gross Sales	1,294	1,302	1,527	1,730	1,994	1,659	1,499	2,078	2,344	—
Less: Excise Duty	181	179	205	57.38	—	—	—	—	—	—
Net Sales	1,294	1,302	1,527	1,730	1,994	1,659	1,499	2,078	2,344	2,323
Operating Expenses	1,189	1,185	1,394	1,575	1,819	1,517	1,363	1,928	2,171	2,151
Raw Material	1,019	1,010	1,201	1,340	1,542	1,252	1,147	1,648	1,850	1,820
Sheet Metal Components	98.22	79.26	0	0	0	0	0	0	0
Metals	328	318	0	0	0	0	0	0	0
Pipes	4.67	1.60	0	0	0	0	0	0	0
Others	588	611	1,201	1,340	1,542	1,252	1,147	1,648	1,850
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Increase/Decrease in Stock	2.85	-10.68	-2.20	-12.14	-7.53	16.51	-14.44	-2.15	3.90	8.98
Other Manufacturing Expenses	43.74	49.98	44.85	49.79	54.04	46.60	44.24	53.52	62.73	—
Employee Cost	73.20	82.64	96.53	123	155	142	136	162	184	186
Selling and Distribution Expenses	—	—	6.72	16.49	13.23	11.69	8.25	12.68	12.91	—
Power & Fuel Cost	32.52	30.75	29.34	36.62	39.95	32.70	29.99	38.12	41.51	—
General and Administration Expenses	1.96	3.29	3.87	4.50	4.81	3.11	3.15	3.74	3.63	—
Miscellaneous Expenses	15.55	18.63	13.73	16.76	17.80	12.46	8.47	11.70	12.14	—
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Operating Profit	105	117	133	156	175	141	136	150	173	172
Other Income	7.40	3.78	1.42	3.61	2.97	1.70	4.53	0.44	1.28	1.64
Interest	21.33	22.14	18.30	20.12	34.33	38.08	32.96	32.73	36.83	38.03
PBDT	91.45	98.73	116	139	143	105	107	118	138	135
Depreciation and Amortization	38.20	39.02	41.43	49.10	61.49	62.52	65.94	75.49	80.07	81.53
Profit Before Taxation & Exceptional Items	53.25	59.71	74.79	90.04	81.68	42.14	41.54	42.15	57.67	—
Exceptional Income / Expenses	—	—	—	—	—	—	—	—	—	—
Profit Before Tax	53.25	59.71	74.79	90.04	81.68	42.14	41.54	42.15	57.67	53.72
Provision for Taxs	13.27	19.90	21.02	31.15	29.51	14.12	15.48	14.68	20.31	19.02
Current Income Tax	11.28	12.93	15.16	19.11	17.59	14.94	7.21	7.40	13.68	—
Deferred Tax	7.66	4.04	10.06	12.47	11.92	7.11	9.89	10.71	6.46	—
Other taxes	0	0	0	0	0	0	0	0	0	—
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Profit After Tax	39.98	39.81	53.77	58.89	52.17	28.02	26.06	27.47	37.36	34.70
Extra items	—	—	—	—	—	—	0	0	0	0
Minority Interest	—	—	—	—	—	—	—	—	—	—
Share of Associate	—	—	—	—	—	—	—	—	—	—
Net Profit	39.98	39.81	53.77	58.89	52.17	28.02	26.06	27.47	37.36	34.70
Number of shares(Crs)	2.17	2.17	2.17	2.17	2.17	2.17	2.17	4.33	4.33	—
Dividend Payout Ratio	10.83	10.88	10.07	9.19	10.37	9.66	10.38	19.70	20.28	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Gross Sales	1,994	1,659	1,499	2,078	2,344	—
Less: Excise Duty	—	—	—	—	—	—
Net Sales	1,994	1,659	1,499	2,078	2,344	2,323
Operating Expenses	1,819	1,517	1,363	1,928	2,171	2,151
Increase/Decrease in Stock	-7.53	16.51	-14.44	-2.15	3.90	8.98
Raw Material	1,542	1,252	1,147	1,648	1,850	1,820
Other Manufacturing Expenses	54.04	46.60	44.24	53.52	62.73	—
Employee Cost	155	142	136	162	184	186
Selling and Distribution Expenses	13.23	11.69	8.25	12.68	12.91	—
Power & Fuel Cost	39.95	32.70	29.99	38.12	41.51	—
General and Administration Expenses	4.81	3.11	3.15	3.74	3.63	—
Miscellaneous Expenses	17.80	12.46	8.47	11.70	12.14	—
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Operating Profit	175	141	136	150	173	172
Other Income	2.97	1.70	4.53	0.44	1.28	1.64
Interest	34.33	38.08	32.96	32.73	36.83	38.03
PBDT	143	105	107	118	138	135
Depreciation and Amortization	61.49	62.52	65.94	75.49	80.07	81.53
Profit Before Taxation & Exceptional Items	81.68	42.14	41.54	42.15	57.67	—
Exceptional Income / Expenses	—	—	—	—	—	—
Profit Before Tax	81.68	42.14	41.81	43.04	58.49	53.72
Provision for Taxs	29.51	14.17	15.58	14.90	20.59	19.27
Current Income Tax	17.59	14.94	7.21	7.40	13.68	—
Deferred Tax	11.92	7.16	9.98	10.93	6.74	—
Other taxes	0	0	0	0	0	—
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Profit After Tax	52.17	27.96	26.23	28.14	37.90	34.45
Extra items	—	—	0	0	0	0
Minority Interest	—	—	—	—	—	—
Share of Associate	-0.12	0.26	0.27	—	—	—
Net Profit	52.05	28.23	26.23	28.14	37.90	34.45
Number of shares(Crs)	2.17	2.17	2.17	4.33	4.33	—
Dividend Payout Ratio	10.40	9.59	10.32	19.23	19.99	—

*TTM Values as of Jun 2023

CASH FLOW

Standalone
Consolidated

(in Rs. Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	107	88.37	95.11	57.55	209	128	154	163	106	154
Profit Before Tax	27.30	53.25	59.71	74.79	90.04	81.68	42.14	41.54	42.15	57.67
Adjustments	79.27	53.66	58.71	58.44	66.56	93.48	101	96.50	108	116
OCF Before Working Capital	107	107	118	133	157	175	143	138	150	174
Working Capital Changes	9.00	-8.41	-7.26	-60.11	79.54	-19.09	29.92	32.89	-13.79	-4.04
Taxes Paid	-8.55	-10.13	-16.04	-15.56	-27.20	-28.46	-19.21	-7.53	-30.92	-15.29
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Cash from Investing Activity	-76.44	-20.86	-52.86	-160.28	-225.51	-195.03	-143.84	-49.90	-75.84	-64.98
Net Fixed Assets Purchased	-76.96	-21.15	-53.09	-160.86	-226.09	-191.56	-137.90	-50.99	-76.15	-66.45
Fixed Assets Purchased	-86.83	-38.84	-57.21	-163.10	-228.98	-191.86	-138.93	-51.67	-77.74	-67.22
Fixed Assets Sold	9.87	17.69	4.12	2.24	2.89	0.30	1.03	0.68	1.59	0.77
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Investment Purchased	—	—	—	0.06	—	-4.06	-6.67	—	—	—
Investment Sold	0.11	—	—	—	—	—	—	—	—	1.12
Interest Recieved	0.34	0.20	0.10	0.13	0.13	0.15	0.29	0.70	0.10	0.20
Dividends Recieved	—	—	—	-0.11	-0.16	-0.15	-0.15	-0.10	-0.14	-0.15
Subsidiary Investments	—	—	—	—	—	—	—	—	—	—
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Cash from Financing Activity	-32.23	-67.07	-41.66	103	16.97	65.99	-9.61	-112.82	-28.61	-86.75
Proceeds From Shares	—	—	—	—	—	—	—	—	—	—
Net Long Term Borrowings	-3.44	-40.45	-19.65	50.49	108	77.78	1.34	-9.07	-25.18	-49.60
Proceeds From Borrowings	32.08	27.24	13.75	75.35	137	113	97.76	53.79	102	42.08
Repayment From Borrowings	-35.52	-67.69	-33.40	-24.86	-29.21	-34.85	-96.42	-62.86	-126.97	-91.68
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Interest Paid	-21.59	-22.09	-22.50	-18.54	-19.54	-32.85	-37.72	-33.21	-33.12	-36.87
Dividend Paid	-3.23	-2.69	-4.33	-4.36	-5.41	-5.41	-5.41	-2.71	-5.41	-5.41
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Net Cash Flow	-1.65	0.45	0.59	0.39	0.39	-1.43	0.60	0.68	1.09	2.63
Opening Cash & Cash Equivalents	2.49	0.83	0.97	1.56	1.95	2.34	0.91	1.52	2.20	3.29
Effect of FX	—	—	—	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	0.83	1.28	1.56	1.95	2.34	0.91	1.52	2.20	3.29	5.92
Net Capex (est)	76.96	21.15	53.09	161	226	192	138	50.99	76.15	66.45
Free Cash Flow (est)	30.06	67.23	42.02	-103.31	-17.16	-63.94	16.14	112	29.39	87.91

(in Rs. Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	128	154	163	106	154
Profit Before Tax	81.56	42.40	41.81	43.04	58.49
Adjustments	93.60	101	96.23	107	115
OCF Before Working Capital	175	143	138	150	174
Working Capital Changes	-19.09	29.92	32.89	-13.79	-4.04
Taxes Paid	-28.46	-19.21	-7.53	-30.92	-15.29
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Cash from Investing Activity	-195.03	-143.84	-49.90	-75.84	-64.98
Net Fixed Assets Purchased	-191.56	-137.90	-50.99	-76.15	-66.45
Fixed Assets Purchased	-191.86	-138.93	-51.67	-77.74	-67.22
Fixed Assets Sold	0.30	1.03	0.68	1.59	0.77
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Investment Purchased	-4.06	-6.67	—	—	—
Investment Sold	—	—	—	—	1.12
Interest Recieved	0.15	0.29	0.70	0.10	0.20
Dividends Recieved	-0.15	-0.15	-0.10	-0.14	-0.15
Subsidiary Investments	—	—	—	—	—
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Cash from Financing Activity	65.99	-9.61	-112.82	-28.61	-86.75
Proceeds From Shares	—	—	—	—	—
Net Long Term Borrowings	77.78	1.34	-9.07	-25.18	-49.60
Proceeds From Borrowings	113	97.76	53.79	102	42.08
Repayment From Borrowings	-34.85	-96.42	-62.86	-126.97	-91.68
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Interest Paid	-32.85	-37.72	-33.21	-33.12	-36.87
Dividend Paid	-5.41	-5.41	-2.71	-5.41	-5.41
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Net Cash Flow	-1.43	0.60	0.68	1.09	2.63
Opening Cash & Cash Equivalents	2.34	0.91	1.52	2.20	3.29
Effect of FX	—	—	—	—	—
Closing Cash & Cash Equivalents	0.91	1.52	2.20	3.29	5.92
Net Capex (est)	192	138	50.99	76.15	66.45
Free Cash Flow (est)	-63.94	16.14	112	29.39	87.91

Cash Flow Analysis

+ Add a Comparison

Increase
Decrease
Total

Ratios

Standalone
Consolidated

= Dominant Factor

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Operational Ratios
Quick Ratio	0.21	0.25	0.25	0.46	0.18	0.22	0.16	0.16	0.20	0.29
Liquid Assets (Crs)	59.20	76.08	70.34	162	69.64	95.31	63.41	70.37	106	156
Current Liabilities (Crs)	285	308	277	356	396	424	387	442	536	536
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Current Ratio	0.55	0.65	0.74	0.78	0.69	0.62	0.48	0.50	0.59	0.67
Current Assets (Crs)	158	201	204	277	272	265	186	223	317	360
Current Liabilities (Crs)	285	308	277	356	396	424	387	442	536	536
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Interest Coverage Ratio	2.27	3.50	3.70	5.09	5.48	3.38	2.11	2.26	2.29	2.57
EBIT (Crs)	63.29	74.58	81.85	93.09	110	116	80.22	74.50	74.87	94.51
Interest Expenses (Crs)	21.58	21.33	22.14	18.30	20.12	34.33	38.08	32.96	32.73	36.83
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Fixed Asset Turnover	1.61	1.61	2.98	2.87	2.28	1.95	1.55	1.28	1.67	1.74
Net Sales (Crs)	1,211	1,294	1,302	1,527	1,730	1,994	1,659	1,499	2,078	2,344
Fixed Assets (Crs)	750	806	437	531	760	1,021	1,068	1,175	1,246	1,347
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Cash Conversion Cycle	-15.15	-14.63	-13.48	-5.58	-1.21	-2.43	2.83	-12.39	-7.46	-6.17
Inventory Days	24.40	27.74	31.95	26.17	32.35	34.02	32.11	33.54	31.94	32.25
Days Receivable	11.80	9.08	9.85	17.92	16.46	9.36	13.87	13.81	13.33	13.43
Days Payable	51.35	51.44	55.29	49.67	50.03	45.81	43.15	59.74	52.73	51.84
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Debt to Equity Ratio	1.23	0.77	0.53	0.84	0.83	1.00	1.05	0.81	0.79	0.65
Total Debt (Crs)	212	159	134	255	298	404	445	364	375	331
Shareholders Equity (Crs)	172	207	253	304	360	404	423	450	473	507
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Free Cash Flow/Sales (%)	2.48	5.19	3.23	-6.77	-0.99	-3.21	0.97	7.50	1.41	3.75
Free Cash Flow(est) (Crs)	30.06	67.23	42.02	-103.31	-17.16	-63.94	16.14	112	29.39	87.91
Net Sales (Crs)	1,211	1,294	1,302	1,527	1,730	1,994	1,659	1,499	2,078	2,344
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Profitability Ratios
Op Profit Margin (%)	8.99	8.71	9.28	8.81	9.20	8.90	8.61	9.37	7.23	7.45
Operating Profit (Crs)	109	113	121	135	159	178	143	140	150	175
Net Sales (Crs)	1,211	1,294	1,302	1,527	1,730	1,994	1,659	1,499	2,078	2,344
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Net Profit Margin (%)	1.36	3.09	3.06	3.52	3.40	2.62	1.69	1.74	1.32	1.59
Net Profit (Crs)	16.52	39.98	39.81	53.77	58.89	52.17	28.02	26.06	27.47	37.36
Net Sales (Crs)	1,211	1,294	1,302	1,527	1,730	1,994	1,659	1,499	2,078	2,344
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ROCE (%)	21.15	23.70	23.28	19.79	17.23	14.85	9.79	9.42	9.47	12.40
EBIT (Crs)	63.29	74.58	81.85	93.09	110	116	80.22	74.50	74.87	94.51
Capital Employed (Crs)	299	315	352	470	639	781	820	791	791	762
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Return on Assets (%)	2.83	6.42	6.33	6.50	5.69	4.33	2.32	2.11	2.07	2.88
Net Profit (Crs)	16.52	39.98	39.81	53.77	58.89	52.17	28.02	26.06	27.47	37.36
Total Assets (Crs)	584	623	629	827	1,035	1,206	1,207	1,233	1,326	1,298
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ROIC (%)	12.85	16.79	15.69	15.20	11.65	9.97	6.89	6.08	6.97	8.36
Op Profit after Taxes (Crs)	36.69	50.44	52.05	65.91	69.69	72.20	52.21	43.90	48.52	60.40
Invested Capital (Crs)	286	300	332	433	598	724	757	722	696	722
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ROE (%)	9.59	19.31	15.75	17.66	16.35	12.91	6.62	5.80	5.80	7.37
Net Profit Margin (%)	1.36	3.09	3.06	3.52	3.40	2.62	1.69	1.74	1.32	1.59
Asset Turnover ratio	2.07	2.08	2.07	1.85	1.67	1.65	1.37	1.22	1.57	1.81
Equity Multiplier	3.39	3.01	2.49	2.72	2.87	2.98	2.85	2.74	2.80	2.56
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Adjusted EPS	3.81	9.23	9.19	12.42	13.60	12.05	6.47	6.02	6.34	8.63
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Valuation Ratios
P/E	8.23	7.20	6.90	16.87	13.71	10.83	7.73	18.92	22.37	15.20
Price to Book	0.79	1.39	1.09	2.98	2.24	1.40	0.51	1.10	1.30	1.12
EV/EBITDA	3.19	3.95	3.37	8.62	6.93	5.45	4.62	6.08	6.55	5.11
Dividend Yield (%)	1.99	1.50	1.58	0.60	0.67	0.96	1.25	0.55	0.88	1.33
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	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Operational Ratios
Quick Ratio	0.22	0.16	0.16	0.20	0.29
Liquid Assets (Crs)	95.31	63.41	70.37	106	156
Current Liabilities (Crs)	424	387	442	536	536
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Current Ratio	0.62	0.48	0.50	0.59	0.67
Current Assets (Crs)	265	186	223	317	360
Current Liabilities (Crs)	424	387	442	536	536
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Interest Coverage Ratio	3.38	2.11	2.27	2.32	2.59
EBIT (Crs)	116	80.22	74.50	74.87	94.51
Interest Expenses (Crs)	34.33	38.08	32.96	32.73	36.83
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Fixed Asset Turnover	1.95	1.55	1.28	1.67	1.74
Net Sales (Crs)	1,994	1,659	1,499	2,078	2,344
Fixed Assets (Crs)	1,021	1,068	1,175	1,246	1,347
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Cash Conversion Cycle	-4.17	2.83	-12.39	-7.46	-6.17
Inventory Days	30.97	32.11	33.54	31.94	32.25
Days Receivable	13.57	13.87	13.81	13.33	13.43
Days Payable	48.72	43.15	59.74	52.73	51.84
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Debt to Equity Ratio	1.00	1.05	0.81	0.79	0.65
Total Debt (Crs)	404	445	364	375	331
Shareholders Equity (Crs)	404	423	450	474	508
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Free Cash Flow/Sales (%)	-3.21	0.97	7.50	1.41	3.75
Free Cash Flow(est) (Crs)	-63.94	16.14	112	29.39	87.91
Net Sales (Crs)	1,994	1,659	1,499	2,078	2,344
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Profitability Ratios
Op Profit Margin (%)	8.90	8.61	9.37	7.23	7.45
Operating Profit (Crs)	178	143	140	150	175
Net Sales (Crs)	1,994	1,659	1,499	2,078	2,344
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Net Profit Margin (%)	2.61	1.70	1.75	1.35	1.62
Net Profit (Crs)	52.05	28.23	26.23	28.14	37.90
Net Sales (Crs)	1,994	1,659	1,499	2,078	2,344
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ROCE (%)	14.85	9.79	9.42	9.46	12.38
EBIT (Crs)	116	80.22	74.50	74.87	94.51
Capital Employed (Crs)	781	820	791	791	764
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Return on Assets (%)	4.32	2.34	2.13	2.12	2.92
Net Profit (Crs)	52.05	28.23	26.23	28.14	37.90
Total Assets (Crs)	1,205	1,207	1,233	1,327	1,299
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ROIC (%)	9.97	6.88	6.08	6.99	8.37
Op Profit after Taxes (Crs)	72.20	52.11	43.90	48.67	60.41
Invested Capital (Crs)	724	757	722	696	722
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ROE (%)	12.89	6.67	5.83	5.93	7.46
Net Profit Margin (%)	2.61	1.70	1.75	1.35	1.62
Asset Turnover ratio	1.65	1.37	1.22	1.57	1.80
Equity Multiplier	2.98	2.85	2.74	2.80	2.56
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Adjusted EPS	12.02	6.52	6.06	6.50	8.75
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Valuation Ratios
P/E	10.85	7.67	18.80	21.83	14.99
Price to Book	1.40	0.51	1.10	1.30	1.12
EV/EBITDA	5.45	4.62	6.08	6.55	5.11
Dividend Yield (%)	0.96	1.25	0.55	0.88	1.33
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Quarterly Results

Standalone
Consolidated

(in Rs. Cr.)	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Net Sales	541	412	468	506	695	554	581	535	673	533
Operating Expenses	483	381	436	466	647	515	538	495	622	496
Increase/Decrease in Stock	-3.25	-7.46	-1.27	4.18	3.40	-12.20	-10.26	-3.43	29.22	-6.55
Raw Material	412	324	370	392	563	451	468	422	509	421
Employee Cost	43.35	38.02	38.96	40.85	44.56	44.61	46.48	44.79	48.15	46.44
Selling and Distribution Expenses	0	0	0	0	0	0	0	0	0	0
Electricity, Power & Fuel Cost	0	0	0	0	0	0	0	0	0	0
Gen_AdminExpenses	0	0	0	0	0	0	0	0	0	0
Miscellaneous Expenses	0	0	0	0	0	0	0	0	0	0
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Operating Profit	58.18	30.75	31.89	39.61	47.68	39.10	43.20	39.65	51.35	37.44
Other Income	0.58	0.10	0.16	0.04	0.13	0.15	0.62	0.10	0.41	0.51
Interest	7.79	8.09	8.49	8.11	8.05	8.21	9.53	9.28	9.82	9.40
PBDT	50.97	22.76	23.57	31.54	39.77	31.04	34.29	30.47	41.94	28.55
Depreciation and Amortization	19.64	18.38	17.97	19.48	19.66	19.61	20.28	19.86	20.31	21.08
Profit Before Tax	31.33	4.37	5.60	12.06	20.11	11.43	14.01	10.61	21.63	7.47
Tax	11.37	1.41	2.13	4.83	6.31	3.71	5.11	3.98	7.52	2.42
Profit After Tax	19.96	2.96	3.48	7.23	13.81	7.72	8.91	6.63	14.11	5.05
Extra items	0	0	0	0	0	0	0	0	0	0
Net Profit	19.96	2.96	3.48	7.23	13.81	7.72	8.91	6.63	14.11	5.05
Quarterly Ratios
EPS	4.61	0.68	0.80	1.67	3.19	1.78	2.06	1.53	3.26	1.17
Operating Profit Margin	10.75	7.47	6.82	7.83	6.86	7.05	7.43	7.41	7.63	7.02
Net Profit Margin	3.69	0.72	0.74	1.43	1.99	1.39	1.53	1.24	2.10	0.95
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(in Rs. Cr.)	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Net Sales	541	412	468	506	695	554	581	535	673	533
Operating Expenses	483	381	436	466	647	515	538	495	622	496
Increase/Decrease in Stock	-3.25	-7.46	-1.27	4.18	3.40	-12.20	-10.26	-3.43	29.22	-6.55
Raw Material	412	324	370	392	563	451	468	422	509	421
Employee Cost	43.35	38.02	38.96	40.85	44.56	44.61	46.48	44.79	48.15	46.44
Selling and Distribution Expenses	0	0	0	0	0	0	0	0	0	0
Electricity, Power & Fuel Cost	0	0	0	0	0	0	0	0	0	0
Gen_AdminExpenses	0	0	0	0	0	0	0	0	0	0
Miscellaneous Expenses	0	0	0	0	0	0	0	0	0	0
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Operating Profit	58.18	30.75	31.89	39.61	47.68	39.10	43.20	39.65	51.35	37.44
Other Income	0.58	0.10	0.16	0.04	0.13	0.15	0.62	0.10	0.41	0.51
Interest	7.79	8.09	8.49	8.11	8.05	8.21	9.53	9.28	9.82	9.40
PBDT	50.97	22.76	23.57	31.54	39.77	31.04	34.29	30.47	41.94	28.55
Depreciation and Amortization	19.64	18.38	17.97	19.48	19.66	19.61	20.28	19.86	20.31	21.08
Profit Before Tax	31.33	4.37	5.60	12.06	20.11	11.43	14.01	10.61	21.63	7.47
Tax	11.49	1.44	2.20	4.89	6.37	3.78	5.13	4.01	7.67	2.46
Profit After Tax	19.84	2.93	3.41	7.17	13.75	7.65	8.88	6.59	13.96	5.01
Extra items	0	0	0	0	0	0	0	0	0	0
Net Profit	19.84	2.93	3.41	7.17	13.75	7.65	8.88	6.59	13.96	5.01
Quarterly Ratios
EPS	4.66	0.70	0.85	1.71	3.23	1.82	2.07	1.55	3.31	1.19
Operating Profit Margin	10.75	7.47	6.82	7.83	6.86	7.05	7.43	7.41	7.63	7.02
Net Profit Margin	3.67	0.71	0.73	1.42	1.98	1.38	1.53	1.23	2.07	0.94
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Reverse DCF

Earnings

(Cr)

Discount Rate (%)

5 YEAR

Terminal Multiple

Implied Growth Rate over a 5 year period*

10 YEAR

Terminal Multiple

Implied Growth Rate over a 10 year period*

20 YEAR

Terminal Multiple

Implied Growth Rate over a 20 year period*

*Implied Growth calculated using Newton-Rhapson method.

Learn how to use Reverse DCF

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