Eros International (EROINT) - Myiris.com

Financial summary
Profit and loss statement
(| Crore)
(Year-end March) FY12 FY13 FY14E FY15E
Total operating Income 943.9 1,068.0 1,226.7 1,482.3
Growth (%) 33.5 13.1 14.9 20.8
Operating Expenses 662.5 763.2 879.2 1,057.8
Employee Expenses 22.6 27.3 28.2 29.6
Administrative Expenses 46.4 51.2 58.9 63.7
Total Operating Expenditure 731.5 841.7 966.3 1,151.2
EBITDA 212.4 226.2 260.3 331.1
Growth (%) 36.0 6.5 15.1 27.2
Depreciation 6.0 6.5 8.4 12.3
Interest 13.4 9.2 15.0 18.1
Other Income 19.3 6.4 10.0 10.0
PBT 212.3 217.0 247.0 310.7
Total Tax 63.1 61.2 92.5 113.0
Minority Interest 1.3 1.3 1.7 2.0
PAT 147.8 154.5 152.8 195.7
Growth (%) 26.1 4.5 -1.1 28.1
EPS (|) 16.1 16.8 16.6 21.3
Source: Company, ICICIdirect.com Research
Cash flow statement
(| Crore)
(Year-end March) FY12 FY13 FY14E FY15E
Profit after Tax 147.8 154.5 152.8 195.7
Add: Depreciation 249.5 354.1 478.4 507.6
(Inc)/dec in Current Assets 321.5 26.5 -25.3 -40.6
Inc/(dec) in CL and Provisions -137.5 -20.3 37.7 61.2
Others 13.4 9.2 15.0 18.1
CF from operating activities 594.7 524.0 658.5 742.0
(Inc)/dec in Fixed Asset -583.1 -280.6 -314.4 -373.8
Others -102.4 -307.3 -469.0 -494.0
CF from investing activities -685.6 -587.9 -783.4 -867.9
Issue/(Buy back) of Equity 0.3 0.2 0.0 0.0
Inc/(dec) in loan funds 237.6 -52.2 100.0 100.0
Dividend & dividend tax - (16.1) (16.1) (16.1)
Others 2.5 4.1 -15.0 -18.1
CF from financing activities 240.5 -64.0 68.9 65.8
Net Cash flow 149.6 -127.9 -56.0 -60.1
Opening Cash 150.8 300.4 172.5 116.5
Closing Cash 300.4 172.5 116.5 56.4
Source: Company, ICICIdirect.com Research
Balance sheet
(| Crore)
(Year-end March) FY12 FY13 FY14E FY15E
Liabilities
Equity Capital 91.7 91.9 91.9 91.9
ESOP's 1.9 - - -
Reserve and Surplus 741.0 894.6 1,031.2 1,210.8
Total Shareholders funds 834.6 986.5 1,123.1 1,302.8
Total Debt 436.2 384.1 484.1 584.1
Other Non Current Liabilities 118.4 169.8 171.5 173.5
Total Liabilities 1,389.2 1,540.4 1,778.7 2,060.3
Assets
Gross Block 1,903.9 2,654.5 3,464.2 4,436.4
Less: Acc Depreciation 1,375.1 1,851.6 2,355.3 2,965.9
Net Block 528.8 802.9 1,108.9 1,470.5
Capital WIP 428.0 428.0 428.0 428.0
Total Fixed Assets 956.8 1,230.9 1,536.9 1,898.5
Investments 51.5 8.2 8.2 8.2
Inventory 7.0 9.6 11.0 13.3
Debtors 245.0 215.0 235.3 264.0
Loans and Advances 40.0 49.2 50.8 55.3
Other Current Assets 65.1 56.9 58.8 64.0
Cash 300.4 172.5 116.5 56.4
Total Current Assets 657.5 503.1 472.4 452.9
Creditors 280.7 250.2 287.4 347.2
Provisions 4.3 14.4 14.9 16.2
Total Current Liabilities 285.0 264.6 302.3 363.5
Net Current Assets 372.5 238.5 170.1 89.4
Other Non Current Assets 6.9 60.6 60.6 60.6
Deffered tax assets 1.5 2.2 2.9 3.6
Application of Funds 1,389.2 1,540.4 1,778.7 2,060.3
Source: Company, ICICIdirect.com Research
Key ratios
(Year-end March) FY12 FY13 FY14E FY15E
Per share data (|)
EPS 16.1 16.8 16.6 21.3
Cash EPS 16.8 17.5 17.6 22.7
BV 90.9 107.3 122.4 142.0
DPS 0.0 1.5 1.5 1.5
Cash Per Share 32.7 18.8 12.7 6.1
Operating Ratios (%)
EBITDA Margin 22.5 21.2 21.2 22.3
PBT / Total Operating income 22.5 20.3 20.1 21.0
PAT Margin 15.7 14.5 12.5 13.2
Inventory days 2.7 3.3 3.3 3.3
Debtor days 94.7 73.5 70.0 65.0
Creditor days 108.5 85.5 85.5 85.5
Return Ratios (%)
RoE 17.7 15.7 13.6 15.0
RoCE 16.2 15.9 15.6 16.8
RoIC 19.1 16.8 15.8 16.4
Valuation Ratios (x)
P/E 10.2 9.7 9.8 7.7
EV / EBITDA 7.7 7.6 7.2 6.1
EV / Net Sales 1.7 1.6 1.5 1.4
Market Cap / Sales 1.6 1.4 1.2 1.0
Price to Book Value 1.8 1.5 1.3 1.2
Solvency Ratios
Debt/EBITDA 2.1 1.7 1.9 1.8
Debt / Equity 0.5 0.4 0.4 0.4
Current Ratio 2.3 1.9 1.6 1.2
Quick Ratio 2.3 1.9 1.5 1.2
Source: Company, ICICIdirect.com Research
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