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Aarti Indus

Statement of Profit &


Particulars 2014
REVENUE
Revenue from Operations 2633
Other Income 10
Total Revenue 2643
EXPENSES
Cost of Materials Consumed 1631
Purchases of Stock-in-Trade 117
Changes in Inventories -62
Employee Benefits Expense 76
Other Expenses 476
Total Expenses 2237
EBITDA 406
Depreciation and Ammortization 87
EBIT 319
Interest 118
Profit before Prior Period Items & Tax 201
Exceptional Tax
PROFIT BEFORE TAX 201
TAX EXPENSES
Current Year Tax 39
Earlier Year Tax NIL
MAT Credit Entitlement NIL
Deferred Tax 14
Total Tax Expenses 52
PROFIT AFTER TAX 149
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to Statement of Profit and Loss
Fair Value of Investments
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
Earnings Per Equity Share (EPS)
Basic/Diluted 17
Balanceshee
Particulars 2014
EQUITY AND LIABILITIES
Equity
Equity Share Capital 44
Reserves 734
Total Equity 779

Non-Current Liabilities
Financial Liabilities 263
Borrowings 255
Deferred Tax Liabilities 84
Total Non-Current Liabilities 602

Current Liabilities
Borrowings 686
Trade Payables 368
Other Current Liabilities 101
Provisions 29
Total Current Liabilities 1184
Total Equity and Liabilities 2565
ASSETS
Non-Current Assets
Tangible Assets 739
Intangible Assets 9
Capital work in Progress 113
Investments 32
Other Non-Current Assets 386
Total Non-Current Assets 1324
Current Assets
Inventories 603
Trade Receivables 466
Cash and Cash Equivalent 12
Other Current Financial Assets 130
Other Current Assets 29
Total Current Assets 1241
Total Assets 2565
Aarti Industries Annual Report

of Profit & Loss A/C


2015 2016 2017 2018 2019E

2871 2717 3050 3699 4024


2 10 3 2 2
2873 2727 3053 3701 4027

1646 1351 1626 2116 2247


132 114 104 103 156
17 54 -30 -70 -21
90 110 140 177 219
529 557 601 717 772
2414 2187 2442 3043 3373
458 540 611 659 654
79 93 115 136 244
380 447 496 523 410
137 116 117 131 243
242 331 379 392 167
3
246 331 379 392 167

45 63 75 79 81
NIL 19 0 NIL
-5 -20 -25 -21
18 17 23 17
58 79 72 76
188 252 307 316 87

6 -3
312 313

21 30 37 39
alancesheet
2015 2016 2017 2018 2019E

44 42 41 41 41
864 1028 1269 1475 1561
908 1070 1310 1515 1602

300 283 0 0 0
419 525 596 897 897
102 119 142 159
822 927 738 1057 897

647 692 822 987 987


253 299 295 347 408
156 89 152 185 199
33 18 24 27 40
1089 1098 1293 1546 3252
2819 3095 3341 4118 5751

936 1170 1565 1843 3049


4 0 2 1 38
188 307 267 431 431
63 32 62 56 56
430 444 167 217 217
1089 1098 2062 2548 3791

544 474 547 687 908


467 523 547 639 752
26 24 22 24 71
137 103 142 195 204
27 18 21 24 25
1202 1143 1279 1569 1960
2819 3095 3341 4118 5751
2020E 2021E 2022E

4378 4762 5180


2 2 2
4380 4765 5183

2444 2658 2892


170 185 201
-23 -25 -27
270 334 413
840 914 994
3701 4067 4473
679 698 709
258 265 272
421 433 438
243 243 243
178 190 195

178 190 195

83 84 86

96 106 109
2020E 2021E 2022E

41 41 41
1657 1763 1871
1698 1804 1912

0 0 0
897 897 897

897 897 897.00

987 987 987


481 567 668
214 230 248
40 40 40
3849 4455 5161
6443 7155 7970

3249 3349 3449


38 38 38
431 431 431
56 56 56
217 217 217
3991 4091 4191

1202 1590 2103


885 1041 1225
128 185 193
213 223 234
25 25 25
2453 3064 3779
6444 7155 7970
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31st MAR
(` in crores)

Particulars 2014 2015


Revenues
Revenue from Operation 2633 2871
Other Income 10 2
Total Revenues 2643 2873
Expenses
Cost of Materials Consumed 1631 1646
% Sales 62% 57%
Purchases of Stock-in-Trade 117 132
% Sales 4% 5%
Changes in Inventories -62 17
% Sales -2% 1%
Employee Benefits Expense 76 90
% Increase 18%
Other Expenses 476 529
% Sales 18% 18%
Total Expenses 2237 2414
EBITDA 406 458
Depreciation and Ammortization 87 79
EBIT 319 380
Interest 118 137
% Borrowing 46% 33%
Profit before Prior Period Items & Tax 201 242
Prior Period Items 3
Profit before Tax 201 246
Tax Expense
% Sales 2% 2%
Current Year Tax 39 45
Earlier Year Tax 0 0
MAT Credit Entitlement 0 -5
Deferred Tax 14 18
Total Tax Expense 52 58
Profit after tax (PAT) 149 188
OTHER COMPREHENSIVE INCOME
Fair Value of Investments 0 0
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 149 181
Earnings per Equity Share (in ` for an equity share of ` 10 each)
Basic/Diluted 17 21
Balancesheet as on 31st March

Particulars 2014 2015


EQUITY AND LIABILITIES
Shareholder's Funds
Share Capital 44 44
Reserves and Surplus 734 864
779 908
Non-Current Liabilities
Long-Term Borrowings 255 419
Deferred Tax Liabilities (Net) 84 102
% Sales/Revenue 3% 4%
Non-Financial Liabilities 263 300
% Sales/Revenue 10% 10%
602 822
Current Liabilities
Short-Term Borrowings 686 647
Trade Payables 368 253
% COGS 22% 14%
Other Current Liabilities 101 156
% COGS 6% 9%
Other Financial Liabilities 0 0
Short-Term Provisions 29 33
1184 1089
TOTAL 2565 2819
ASSETS
Non-Current Assets
Fixed Assets
Tangible Assets 793 936
Intangible Assets 9 4
Capital Work-in-Progess 113 188
Non-Current Investments 32 63
Other Non-Current Assets 386 430
1324 1089
Current Assets
Inventories 603 544
% of COGS 36% 30%
Trade Receivables 466 467
% of Sales 18% 16%
Cash and Bank Balances 12 26
% of Sales 0% 1%
Other Current Financial Assets 130 137
% of Sales 5% 5%
Other Current Assets 29 27
% of Sales 1% 1%
1241 1202
TOTAL 2565 2819

Particulars 2014 2015


gross block 1507 1789
depreciation 87 79
% of TANGIABLE, INTANGIBLE AND CWIP 10% 7%

CAPEX 282
% of capex based on GB 16%

COGS 1686 1795


AR ENDED 31st MARCH

2016 2017 2018 2019E 2020E 2021E 2022E

2717 3050 3699 4024 4378 4762 5180


10 3 2 2 2 2 2 CAGR
2727 3053 3701 4027 4380 4765 5183 9%

1351 1626 2116 2247 2444 2658 2892 expense based


50% 53% 57% 0.56
114 104 103 156 170 185 201
4% 3% 3% 0.04
54 -30 -70 -21 -23 -25 -27
2% -1% -2% -0.01
110 140 177 219 270 334 413
23% 27% 26% 0.24
557 601 717 772 840 914 994
20% 20% 19% 0.19
2187 2442 3043 3373 3701 4067 4473
540 611 659 654 679 698 709
93 115 136 244 258 265 272
447 496 523 410 421 433 438
116 117 131 243 243 243 243 Average
22% 20% 15% 0.27
331 379 392 167 178 190 195

331 379 392 167 178 190 195

3% 2% 2% 2% 2% 2% 2% 0.02
63 75 79 81 83 84 86
19 0 0
-20 -25 -21
17 23 17
79 72 76
252 307 316 87 96 106 109

0 6 -3
252 312 313

30 37 39
2016 2017 2018 2019E 2020E 2021E 2022E

42 41 41 41 41 41 41
1028 1269 1475 1561 1657 1763 1871
1070 1310 1515 1602 1698 1804 1912

525 596 897 897 897 897 897


119 142 159
4% 5% 4%
283 0 0 0 0 0 0
10% 0% 0%
927 738 1057 897 897 897 897

692 822 987 987 987 987 987


299 295 347 408 481 567 668
20% 17% 16%
89 152 185 199 214 230 248
6% 9% 9%
0 0 0 1618 2127 2631 3219
18 24 27 40 40 40 40
1098 1293 1546 3252 3849 4455 5161
3095 3341 4118 5751 6443 7155 7970

1170 1565 1843 3049 3249 3349 3449


0 2 1 38 38 38 38
307 267 431 431 431 431 431
32 62 56 56 56 56 56
444 167 217 217 217 217 217
1098 2062 2548 3791 3991 4091 4191

474 547 687 908 1202 1590 2103


31% 32% 32%
523 547 639 752 885 1041 1225
19% 18% 17%
24 22 24 71 128 185 193
1% 1% 1%
103 142 195 204 213 223 234
4% 5% 5%
18 21 24 25 25 25 25
1% 1% 1%
1143 1279 1569 1960 2453 3064 3779
3095 3341 4118 5751 6444 7155 7970

0 0 0 0
2016 2017 2018 2019E 2020E 2021E 2022E
2234 2703 3280 3480 3680 3780 3880
93 115 136 244 258 265 272
6% 6% 6%

445 469 577


20% 17% 18%

1520 1700 2149


CAGR
23%

expense based on net sales,except depreciation, finance cost


Average
Average

0.06

1463 1971 2473 3059

0.18

0.08

Average

0.32

0.18

0.01
0.05

0.01

Average

0.07
Depreciation Schedule (in crores)

Particulars 2014 2015 2016 2017 2018 2019E


Tangible Assets 1394 1601 1927 2436 2849 3049
Capital Work in Progress 113 188 307 267 431 431
Gross Block 1507 1789 2234 2703 3280 3480
Capex 282 445 469 577 200
Current year Depreciation 87 79 93 115 136 244
less: Acc Depreciation 601 665 757 871 1006 1250

Net Block 793 936 1170 1565 1843 1799

Intangible Assets
Gross Assets 36 36 36 38 38 38
Change 0 0 2 0 0
Acc. Ammortization 0 0 0 0 0 0
Change
Net Assets 36 36 36 38 38 38
2020E 2021E 2022E
3249 3349 3449
431 431 431
3680 3780 3880
200 100 100
258 265 272
1508 1773 2045

1741 1576 1404

38 38 38
0 0 0
0 0 0

38 38 38
Working Capital in crores

Particulars 2014 2015 2016 2017 2018 2019E


Current Assets 1228 1175 1118 1257 1545 1889
Current Liabilities 498 442 406 471 559 2265
Net Working Capital 730 733 712 786 986 -376
Changes in Working Capital 3 -21 74 200 -1362
2020E 2021E 2022E
2325 2879 3586
2862 3468 4174
-537 -589 -588
-161 -52 1
0 0 0 0
DCF Approach in crores

Particulars 2014 2015 2016 2017


EBITDA 406 458 540 611
less: Tax 122 138 162 183
Add: depn*Tax 2 2 3 3
Less: Capex 282 445 469
Less: Changes in Working Capital 3 -21 74
Free Cash Flow 37 -43 -112
PV of FCFF (Explicit Period) 37 -43 -112

Total PV of FCF (Explicit Period) 2578


Total of FCF (TERMINAL Period) 3509

discounted FCF ( TERMINAL Period) 2191

Total Value 4769

Target Price Per Share 581


0 0 1 2 3

2018 2019E 2020E 2021E 2022E


659 654 679 698 709
198 196 204 209 213
3 5 5 5 5
577 200 200 100 100
200 -1362 -161 -52 1
-314 1625 441 446 401
-314 1625 377 326 250

Assumption:
Tax Rate 30%
WACC 0.17
Ke
Kdt
Rf 0.07
Beta 0.9
Rm 0.12
No of O/S Shares 8.212 (in crores)
Growth 0.05
Particulars 2014 2015 2016 2017
Valuation Ratios
EPS 18 23 31 37
Book Value 95 111 130 160
P/E 88 70 52 43
P/B 17 14 12 10

Profitability ratios
ROE 19% 21% 24% 23%
ROCE 19% 19% 20% 18%
EBITDA Margin 15% 16% 20% 20%
PAT margin 6% 7% 9% 10%

Leverage ratios
Debt/Equity 1.21 1.17 1.14 1.08
Net Debt to equity 1.19 1.15 1.11 1.07

Growth ratios
Sales growth 9% -5% 12% 21%
EPS growth 26% 43% 23% 4%

Price per share 1598.7 as on 11th Sep

No of Outstanding Shares (in crores) 8.212


2018 2019E 2020E 2021E 2022E

39 11 12 13 13
185 195 207 220 233
41 152 137 124 121
9 8 8 7 7

21% 5% 6% 6% 6%
15% 12% 12% 12% 12%
18% 16% 15% 15% 14%
9% 2% 2% 2% 2%

1.24 1.18 1.11 1.04 0.99


1.23 1.13 1.03 0.94 0.88

9% 9% 9% 9%