crisil report - Diamines And Chemicals Limited

Diamines and Chemicals Ltd
Annexure 3: Financials
Income statement
Balance Sheet
(Rs mn) FY09 FY10 FY11 FY12E FY13E (Rs mn) FY09 FY10 FY11 FY12E FY13E
Operating income 303 456 828 909 1,099 Liabilities
EBITDA 75 89 247 241 271 Equity share capital 65 65 65 97 97
EBITDA margin 24.8% 19.5% 29.9% 26.5% 24.7% Reserves 67 145 245 233 334
Depreciation 14 16 19 21 23 Minorities - - - - -
EBIT 61 73 228 220 249 Net worth 132 210 311 330 431
Interest 45 14 29 32 33 Convertible debt - - - - -
Operating PBT 16 59 199 188 216 Other debt 175 187 272 282 282
Other income 1 1 3 4 5 Total debt 175 187 272 282 282
Exceptional inc/(exp) 4 85 2 - - Deferred tax liability (net) 32 38 33 28 23
PBT 21 145 204 192 221 Total liabilities 339 435 616 641 736
Tax provision 7 51 57 66 77 Assets
Minority interest - - - - - Net fixed assets 232 300 312 382 374
PAT (Reported) 14 94 147 127 144 Capital WIP 35 4 21 21 21
Less: Exceptionals 4 85 2 - - Total fixed assets 267 304 333 402 395
Adjusted PAT 9 9 146 127 144 Investments 1 1 1 1 1
Current assets
Ratios Inventory 102 133 138 174 271
FY09 FY10 FY11 FY12E FY13E Sundry debtors 83 93 171 188 227
Growth Loans and advances 31 102 108 118 143
Operating income (%) 58.1 50.8 81.4 9.7 21.0 Cash & bank balance 29 35 90 24 74
EBITDA (%) 42.2 18.6 177.3 (2.4) 12.5 Marketable securities - - - - -
Adj PAT (%) (46.8) (5.0) 1,567.3 (12.9) 13.7 Total current assets 245 363 507 504 715
Adj EPS (%) (46.8) (5.0) 1,567.3 (12.9) 13.7 Total current liabilities 174 233 225 266 374
Net current assets 71 130 282 237 341
Profitability Intangibles/Misc. expenditure - - - - -
EBITDA margin (%) 24.8 19.5 29.9 26.5 24.7 Total assets 339 435 616 641 736
Adj PAT Margin (%) 3.0 1.9 17.6 13.9 13.1
RoE (%) 7.1 5.1 55.9 39.6 37.9 Cash flow
RoCE (%) 20.6 20.7 46.6 36.9 37.5 (Rs mn) FY09 FY10 FY11 FY12E FY13E
RoIC (%) 20.1 7.5 41.7 30.1 29.6 Pre-tax profit 17 60 202 192 221
Total tax paid (9) (45) (62) (71) (82)
Valuations Depreciation 14 16 19 21 23
Price-earnings (x) 76.0 80.0 4.8 5.5 4.8 Working capital changes 30 (53) (98) (21) (53)
Price-book (x) 5.3 3.3 2.2 2.1 1.6 Net cash from operations 52 (21) 61 121 108
EV/EBITDA (x) 11.2 9.5 3.6 4.0 3.3 Cash from investments
EV/Sales (x) 3.0 2.0 1.1 1.1 0.8 C apital expenditure (43) (54) (48) (90) (15)
Dividend payout ratio (%) 47.8 13.9 26.6 24.9 24.9 Investments and others - - - - -
Dividend yield (%) 0.9 1.9 5.6 4.5 5.1 Net cash from investments (43) (54) (48) (90) (15)
Cash from financing
B/S ratios Equity raised/(repaid) - - - - -
Inventory days 170 138 90 99 124 Debt raised/(repaid) 16 12 86 10 -
C reditors days 249 123 57 61 81 Dividend (incl. tax) (8) (15) (46) (38) (43)
Debtor days 95 72 70 70 70 Others (incl extraordinaries) 4 85 0 (69) (0)
Working capital days 68 55 63 82 80 Net cash from financing 13 81 41 (97) (43)
Gross asset turnover (x) 0.7 0.9 1.5 1.5 1.6 Change in cash position 21 6 54 (66) 50
Net asset turnover (x) 1.3 1.7 2.7 2.6 2.9 Closing cash 29 35 90 24 74
Sales/operating assets (x) 1.2 1.6 2.6 2.5 2.8
Current ratio (x) 1.4 1.6 2.3 1.9 1.9
Debt-equity (x) 1.3 0.9 0.9 0.9 0.7 Quarterly financials
Net debt/equity (x) 1.1 0.7 0.6 0.8 0.5 (Rs mn) Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12
Interest coverage 1.3 5.2 7.8 6.9 7.6 Net Sales 158 215 219 238 241
C hange (q-o-q) 36% 2% 9% 1%
EBITDA 46 93 55 54 71
Per share C hange (q-o-q) 104% -41% -2% 33%
FY09 FY10 FY11 FY12E FY13E EBITDA margin 29% 43% 25% 22% 30%
Adj EPS (Rs) 0.9 0.9 15.0 13.0 14.8 PAT 23 58 27 38 42
CEPS 2.4 2.6 16.9 15.2 17.1 Adj PAT 23 58 27 38 42
Book value 13.6 21.6 32.0 33.9 44.3 C hange (q-o-q) 150% -54% 41% 10%
Dividend (Rs) 0.7 1.3 4.0 3.2 3.7 Adj PAT margin 15% 27% 12% 16% 17%
Actual o/s shares (mn) 9.7 9.7 9.7 9.7 9.7 Adj EPS 2.4 6.0 2.8 3.9 4.3
Source: CRISIL Research
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