Berger Paints Initiating Coverage - Myiris.com
Berger Paints Initiating Coverage - Myiris.com
Berger Paints Initiating Coverage - Myiris.com
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Consolidated Financials<br />
In<strong>com</strong>e Statement Balance Sheet<br />
<strong>Berger</strong> <strong>Paints</strong> <strong>Initiating</strong> <strong>Coverage</strong><br />
Y/E, Mar (Rs. m) FY10 FY11 FY12E FY13E Y/E, Mar (Rs. m) FY10 FY11 FY12E FY13E<br />
Net Sales 18,913 23,281 28,967 33,174 Equity Share Capital 692 692 692 692<br />
Growth (%) 16.5 23.1 24.4 14.5 Reserves 5,273 6,203 7,415 8,925<br />
Expenses 16,922 20,909 26,165 29,718 Networth 5,965 6,895 8,107 9,617<br />
Growth (%) 13.5 23.6 25.1 13.6 Secured Loans 2,673 3,022 3,022 3,022<br />
Raw Materials 11,931 14,686 18,936 21,531 Unsecured Loans 0 0 0 0<br />
% Of Sales 63.1 63.1 65.4 64.9 Loan Funds 2,674 3,022 3,022 3,022<br />
Employee Cost 1,246 1,448 1,641 1,867 Net Deferred Tax 264 263 263 263<br />
% Of Sales 6.6 6.2 5.7 5.6 Minority interest 0 0 0 0<br />
Other Expenditure 3,745 4,775 5,587 6,320 Capital Employed 8,903 10,180 11,393 12,902<br />
% Of Sales 19.8 20.5 19.3 19.1 Gross Block 6,757 7,196 8,046 8,446<br />
Ebidta 1,991 2,373 2,802 3,456 Less: Depreciation 2,462 2,863 3,314 3,812<br />
Growth (%) 49.8 19.1 18.1 23.3 Net Block 4,295 4,333 4,733 4,635<br />
Ebidta% 10.5 10.2 9.7 10.4 Capital Work In Progress 326 826 1,026 1,676<br />
Other In<strong>com</strong>e 238 428 437 448 Goodwill 0 0 0 0<br />
Interest 152 238 297 297 Investments 1,282 526 526 526<br />
Depreciation 358 401 450 498 Current Assets 6,567 9,015 9,994 11,551<br />
PBT 1,720 2,161 2,491 3,109 Inventories 3,299 4,437 4,818 5,519<br />
Tax 516 660 759 956 Debtors 2,423 2,753 3,204 3,664<br />
PAT (Before EO Item) 1,204 1,501 1,733 2,153 Cash & Bank 413 1,265 1,305 1,605<br />
Growth (%) 45.3 24.7 15.5 24.3 Loans & Advances 432 560 668 764<br />
Net Margin% 6.4 6.4 6.0 6.5 Other Current Assets 0 0 0 0<br />
E/O Item 0 0 0 0 Current Liabilities & Prov 3,566 4,520 4,886 5,486<br />
Reported PAT 1,204 1,501 1,733 2,153 Net Current Assets 3,001 4,495 5,108 6,066<br />
Cash Flow Key Ratios<br />
Miscellaneous Expenditure - - - -<br />
Capital Deployed 8,903 10,180 11,393 12,902<br />
Y/E, Mar (Rs. m) FY10 FY11 FY12E FY13E Y/E, Mar FY10 FY11 FY12E FY13E<br />
Pre-Tax Profit 1,720 2,161 2,491 3,109 Profitability %<br />
Depreciation 358 401 450 498 Ebidta Mgn 10.5 10.2 9.7 10.4<br />
Non Cash 236 0 0 0 PAT Mgn 6.4 6.4 6.0 6.5<br />
Chg in Working Cap 35 -642 -573 -657 ROCE 22.6 25.1 25.9 28.0<br />
Tax Paid -502 -660 -759 -956 ROE 24.7 23.3 23.1 24.3<br />
Operating Cash Flow 1,846 1,260 1,610 1,994 Per Share Data<br />
Capex -622 -940 -1,050 -1,050 EPS 3.5 4.3 5.0 6.2<br />
Free Cash Flow 1,224 320 560 944 BVPS 13.4 17.8 21.3 25.6<br />
Investments -1,237 756 0 0 DPS 1.1 1.3 1.5 1.9<br />
Equity Capital 1,255 -579 0 0 Valuations (X)<br />
Loans -1,002 348 0 0 PER 28.6 22.9 19.9 16.0<br />
Dividend -191 -450 -520 -644 P/BV 7.4 5.6 4.7 3.9<br />
Others 0 458 0 0 Ev/Sales 2.0 1.6 1.3 1.1<br />
Net Change in Cash 49 852 40 300 Ev/Ebidta 16.6 13.4 11.6 9.6<br />
Opening Cash Position 364 413 1,265 1,305 Dividend Yield (%) 1.1 1.3 1.5 1.9<br />
Closing Cash Position 413 1,265 1,305 1,605 Turnover (X Days)<br />
Debtor TO Days 44.6 40.6 37.5 37.8<br />
Inventory TO Days 60.2 60.6 58.3 56.9<br />
Gearing Ratio<br />
Net Debt/Equity (X) 0.4 0.3 0.2 0.1<br />
Total Debt/Equity (X) 0.4 0.4 0.4 0.3<br />
Emkay Research 27 June 2011 15
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