PVR

PVR Ltd
Financials and Valuations
Ratios
Y/E March FY14 FY15 FY16 FY17E FY18E
Basic (INR)
EPS 15.0 3.3 25.5 26.5 42.9
Cash EPS 35.8 31.7 53.6 58.4 81.4
BV/Share 97.1 98.5 186.2 210.2 250.2
DPS 4.0 1.6 3.1 4.0 4.5
Payout (%) 21.5 39.5 7.7 9.6 6.8
Valuation (x)
P/E 81.0 363.5 47.6 45.8 28.3
Cash P/E 33.9 38.3 22.7 20.8 14.9
P/BV 12.5 12.3 6.5 5.8 4.9
EV/Sales 4.7 4.4 3.4 2.9 2.3
EV/EBITDA 29.9 32.2 19.3 17.4 12.5
Dividend Yield (%) 0.3 0.1 0.3 0.3 0.4
Return Ratios (%)
RoE 11.8 3.4 18.7 13.4 18.6
RoCE 10.7 8.0 14.5 11.2 14.8
RoIC 10.7 7.6 14.2 11.0 14.1
Working Capital Ratios
Asset Turnover (x) 1.2 1.2 1.2 1.3 1.5
Inventory (Days) 3 3 4 2 2
Debtor (Days) 14 19 18 14 14
Creditor (Days) 65 53 60 58 58
Working Capital Turnover (Days) 38 61 48 36 25
Leverage Ratio (x)
Current Ratio 1.6 2.2 1.8 1.7 1.5
Debt/Equity 1.5 1.8 0.8 0.8 0.5
Consolidated - Cash Flow Statement
Y/E March FY14 FY15 FY16 FY17E FY18E
Net Profit / (Loss) Before Tax / EO 523 125 1,425 1,652 2,671
Depreciation 944 1,168 1,252 1,486 1,796
Interest & Finance Charges 743 783 839 770 701
Direct Taxes Paid -154 -69 -232 -413 -668
(Inc)/Dec in WC 91 -863 -12 252 354
CF from Operations 2,147 1,144 3,272 3,746 4,854
EO Expense -15 163 81 0 0
CF from Operating incl EO 2,132 1,307 3,353 3,746 4,854
(inc)/dec in FA -1,273 -1,691 -2,672 -6,052 -1,748
(Pur)/Sale of Investments 193 -131 -2,427 2,446 0
Others 14 14 0 0 0
CF from Investments -1,065 -1,808 -5,099 -3,606 -1,748
Issue of Shares 121 100 3,502 0 0
(Inc)/Dec in Debt -434 1,337 -847 750 -2,000
Interest Paid -812 -827 -839 -770 -701
Dividend Paid -46 -122 -92 -119 -135
Others 9 8 0 0 0
CF from Fin. Activity -1,162 496 1,724 -139 -2,836
Inc/Dec of Cash -95 -6 -23 2 270
Add: Beginning Balance 368 272 267 243 245
Closing Balance 272 267 243 245 515
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