J K Lakshmi Cement

J K Lakshmi Cement
Financials and Valuations
Ratios
Y/E March 2011 2012 2013 2014 2015 2016 2017E 2018E
Basic (INR) *
EPS 4.8 11.3 16.0 9.2 12.7 0.4 8.7 30.3
Cash EPS 11.7 21.9 28.6 20.7 22.2 14.2 24.0 45.6
BV/Share 85.5 96.0 107.0 110.7 113.1 113.3 117.9 139.5
DPS 1.2 1.9 2.5 2.0 2.0 2.0 3.5 7.5
Payout (%) 30.1 25.3 19.5 29.6 28.8 437.9 47.1 28.9
Valuation (x) *
P/E 42.4 52.4 37.8 1,288.1 55.3 15.8
Cash P/E 21.9 23.3 21.6 33.8 20.0 10.5
P/BV 5.0 4.3 4.2 4.2 4.1 3.4
EV/Sales 3.4 2.9 3.0 2.7 2.2 1.7
EV/EBITDA 17.7 19.8 19.8 26.2 15.0 8.4
EV/Ton (USD) 192 155 128 117 115 99
Dividend Yield (%) 0.4 0.4 0.4 0.4 0.7 1.6
Return Ratios (%)
RoE 5.7 12.5 15.4 8.4 11.4 0.3 7.5 23.6
RoCE 5.4 9.8 10.3 6.2 7.4 -0.9 7.3 14.4
RoIC 6.0 10.4 10.6 5.7 7.6 -0.7 6.6 14.7
Working Capital Ratios
Asset Turnover (x) 0.6 0.7 0.8 0.7 0.7 0.8 0.9 1.1
Inventory (Days) 33.2 25.5 20.4 18.2 35.4 33.5 31.2 30.1
Debtor (Days) 7 7 8 9 10 12 10 10
Creditor (Days) 114 75 69 88 108 123 100 91
Growth (%)
Sales -11.7 30.4 19.6 0.1 12.2 13.6 18.3 22.2
EBITDA -56.3 80.8 27.8 -29.6 15.7 -22.7 71.3 68.9
PAT -75.5 134.5 35.5 -42.6 38.7 -97.1 2,230.2 249.2
Leverage Ratio (x)
Current Ratio 1.1 1.8 1.4 1.2 1.2 0.9 0.9 1.0
Interest Cover Ratio 2 2 3 2 3 1 1 4
Debt/Equity 0.8 0.9 1.1 1.2 1.4 1.4 1.4 1.0
* Adjusted for treasury stocks
Cash Flow Statement
(INR Million)
Y/E March 2011 2012 2013 2014 2015 2016 2017E 2018E
Oper. Profit/(Loss) before Tax 1,854 3,353 4,287 3,020 3,495 2,701 4,628 7,817
Interest/Dividends Recd. 385 638 555 443 282 603 530 375
Depreciation 0 0 0 0 0 0 0 0
Direct Taxes Paid -45 -179 -696 -132 -103 0 -418 -1,190
(Inc)/Dec in WC 1,253 -2,693 644 1,012 909 1,151 -667 99
CF from Operations 3,446 1,119 4,790 4,342 4,582 4,455 4,073 7,101
EO expense 123 127 -163 -185 -633 -107 0 0
CF from Operating incl EO 3,569 1,246 4,627 4,157 3,950 4,348 4,073 7,101
(inc)/dec in FA -2,739 -3,831 -6,236 -4,723 -4,560 -4,472 -1,750 -2,000
Free Cash Flow 830 -2,585 -1,610 -565 -610 -124 2,323 5,101
(Pur)/Sale of Investments -472 740 473 -413 249 223 0 0
CF from investments -3,212 -3,091 -5,763 -5,135 -4,311 -4,249 -1,750 -2,000
Issue of Shares -157 476 -569 -220 -406 240 0 0
(Inc)/Dec in Debt -734 2,521 2,366 2,673 2,950 209 0 -2,000
Interest Paid -605 -874 -835 -772 -907 -1,923 -1,920 -1,638
Dividend Paid -178 -275 -342 -275 -275 -275 -482 -1,033
CF from Fin. Activity -1,674 1,848 619 1,405 1,361 -1,749 -2,402 -4,671
Inc/Dec of Cash -1,317 3 -518 427 1,000 -1,650 -79 430
Add: Beginning Balance 2,204 888 890 127 356 1,768 118 39
Closing Balance 887 890 372 554 1,356 118 39 469
E: MOSL Estimates; * Adjusted for treasury stocks
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