CEMENT PRODUCTS Everest Industries Ltd. - Myiris.com

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Everest Industries Ltd. QUARTERLY STATEMENT Rs.mn Y/E March Q4FY12 Q3FY13 Q4FY13 Net Sales 2,465.3 2,581.4 2,413.0 (%) Chg YoY 24.6 22.8 (2.1) Raw Materials 1,403.9 1,466.5 1,449.3 Personnel Cost 214.1 220.8 235.3 Other Costs 620.8 704.5 611.9 Total Expenditure 2,238.8 2,391.8 2,296.5 PBIDT 226.5 189.6 116.5 (%) Chg YoY 26.3 19.3 (48.6) % OPM 9.2 7.3 4.8 Depreciation 53.0 56.1 57.7 Interest 10.8 13.1 13.9 Other Income 29.8 21.9 31.8 PBT incl OI 192.5 142.3 76.7 Tax 60.4 46.2 36.0 RPAT 132.1 96.1 40.7 (%) Chg YoY 24.4 31.6 (69.2) % NPM 5.4 3.7 1.7 PROFIT & LOSS STATEMENT Rs.mn Y/E March FY12 FY13 FY14E FY15E Net Sales 8,868.6 10,141.3 11,566.1 13,542.0 COGS 5,917.4 6,819.8 7,918.2 9,060.6 Personnel Cost 797.5 921.0 1,052.5 1,239.1 Freight 712.7 757.3 896.4 1,049.5 Selling & Admin 633.4 665.4 742.5 877.5 EBITDA 807.6 977.8 956.5 1,315.3 Depreciation 200.8 220.5 243.1 270.4 Interest 44.4 55.8 125.0 131.8 Other Income 177.9 87.5 98.6 114.1 PBT incl OI 740.3 789.0 687.1 1,027.2 Tax 212.7 264.0 229.5 344.1 RPAT 527.6 525.0 457.6 683.1 APAT 444.3 525.0 457.6 683.1 BALANCE SHEET STATEMENT Rs.mn As on 31st March FY12 FY13E FY14E FY15E Share Capital 151.1 151.9 151.9 151.9 Reserves & Surplus 2,344.0 2,745.8 3,071.0 3,612.8 Net Worth 2,495.1 2,897.7 3,222.9 3,764.7 Total Loan funds 810.4 1,733.2 1,452.7 1,225.3 Deferred Tax 239.0 245.6 248.3 253.5 Capital Employed 3,544.5 4,876.5 4,923.9 5,243.6 Net Block 2,202.6 2,024.9 2,306.4 2,581.9 Cap. WIP 78.8 459.8 517.2 80.3 Investments 0.2 0.2 0.2 0.2 Inventories 1,579.8 2,541.7 2,661.9 2,988.4 Debtors 417.0 523.5 563.0 683.5 Cash & Bank Bal 351.3 528.4 266.5 695.7 Loans & Advances 512.5 921.8 1,034.8 1,083.3 Curr Liab & Prov 1,603.2 2,136.1 2,438.4 2,882.1 Net Current Assets 1,262.9 2,391.6 2,100.0 2,581.1 Capital Deployed 3,544.5 4,876.5 4,923.9 5,243.6 Source : Company, Sushil Finance Research Estimates June 5, 2013 FINANCIAL RATIO STATEMENT Y/E March FY12 FY13E FY14E FY15E Growth (%) Net Sales 22.6 14.4 14.0 17.1 EBITDA 19.1 21.1 (2.2) 37.5 Net Profit 26.2 18.2 (12.8) 49.3 Profitability (%) EBIDTA Margin (%) 9.1 9.6 8.3 9.7 Net Profit Margin (%) 5.0 5.2 4.0 5.0 ROCE (%) 18.7 19.1 15.3 21.6 ROE (%) 23.0 19.5 15.0 19.6 Per Share Data (Rs.) AEPS (Rs.) 29.4 34.6 30.1 45.0 CEPS (Rs.) 48.1 49.5 46.3 63.1 BVPS (Rs) 165.1 190.8 212.2 247.8 Valuation PER (x) 5.8 4.9 5.6 3.8 P/BV (x) 1.0 0.9 0.8 0.7 EV/EBITDA (x) 3.7 3.9 3.9 2.4 EV/Net Sales (x) 0.3 0.4 0.3 0.2 Turnover Inventory Days 96 110 120 114 Debtor Days 16 17 17 17 Creditor Days 43 46 49 48 Gearing Ratio D/E 0.3 0.6 0.5 0.3 2
Everest Industries Ltd. Rating Scale This is a guide to the rating system used by our Institutional Research Team. Our rating system comprises of six rating categories, with a corresponding risk rating. Risk Rating Risk Description Low Risk Medium Risk High Risk Predictability of Earnings / Dividends; Price Volatility High predictability / Low volatility Moderate predictability / volatility Low predictability / High volatility Total Expected Return Matrix Rating Low Risk Medium High Risk Buy Over 15 % Risk Over 20% Over 25% Accumulate 10 % to 15 15% to 20% to 25% Hold % 0% to 10 % 202020% 0% to Sell Neutral Not Rated Please Note Negative Returns Not Applicable Not Applicable 15% Negative Returns Not Applicable Not Applicable 0% to 20% Negative Returns Not Applicable Not Applicable •Recommendations with “Neutral” Rating imply reversal of our earlier opinion (i.e. Book Profits / Losses). •** Indicates that the stock is illiquid With a view to combat the higher acquisition cost for illiquid stocks, we have enhanced our return criteria for such stocks by five percentage points. •Stock Review Reports: These are Soft coverage’s on companies where Management access is difficult or Market capitalization is below Rs. 2000 mn. Views and recommendation on such companies may not necessarily be based on management meeting but may be based on the publicly available information and/or attending Company AGMs. Hence Stock Reviews may be just one-time coverage’s with an occasional Update, wherever possible. Additional information with respect to any securities referred to herein will be available upon request. This report is prepared for the exclusive use of Sushil Group clients only and should not be reproduced, re-circulated, published in any media, website or otherwise, in any form or manner, in part or as a whole, without the express consent in writing of Sushil Financial Services Private Limited. Any unauthorized use, disclosure or public dissemination of information contained herein is prohibited. This report is to be used only by the original recipient to whom it is sent. This is for private circulation only and the said document does not constitute an offer to buy or sell any securities mentioned herein. While utmost care has been taken in preparing the above, we claim no responsibility for its accuracy. We shall not be liable for any direct or indirect losses arising from the use thereof and the investors are requested to use the information contained herein at their own risk. This report has been prepared for information purposes only and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. The information, on which the report is based, has been obtained from sources, which we believe to be reliable, but we have not independently verified such information and we do not guarantee that it is accurate or complete. All expressions of opinion are subject to change without notice. Sushil Financial Services Private Limited and its connected companies, and their respective directors, officers and employees (to be collectively known as SFSPL), may, from time to time, have a long or short position in the securities mentioned and may sell or buy such securities. SFSPL may act upon or make use of information contained herein prior to the publication thereof. The Investment horizon of this report is approximately 1 year. Any calls which lapse the time duration of a year would be auto closed without any further notifications/updates. Clients are requested to keep track of the same June 5, 2013 3
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