Description
Hawkins Cookers Ltd. (Hawkins) is one of the leading manufacturers
of cookers in India with a share of ~25% of total market and ~40% of
organized market, with over 57 different models of pressure cookers in
10 different types. The product range consists of pressure cookers,
cooker accessories, non-stick cookware, cuisinettes and satilon
cookware. In FY12, Hawkins reported net sales of Rs. 367.5 crores and
adjusted PAT of Rs. 30.1 crores. Geographically, the company
predominantly sells its products in the Indian market; exports
contributed only around 4% of net sales in FY12.
1 Initiative of the BSE Investors’ Protection Fund
=
Hawkins Cookers Ltd| BSE Scrip Code: 508486
Houseware
September 05, 2012
Business summary
Hawkins Cookers Ltd. (Hawkins) is one of the leading manufacturers
of cookers in India with a share of ~25% of total market and ~40% of
organized market, with over 57 different models of pressure cookers in
10 different types. The product range consists of pressure cookers,
cooker accessories, non-stick cookware, cuisinettes and satilon
cookware. In FY12, Hawkins reported net sales of Rs. 367.5 crores and
adjusted PAT of Rs. 30.1 crores. Geographically, the company
predominantly sells its products in the Indian market; exports
contributed only around 4% of net sales in FY12.
Core strength for Hawkins is a strong presence in the kitchenware
space, with well known brands especially, in the northern and western
regions of India and a wide network of authorized service centers. The
company however faces risks at operational levels on account of labor
unrest at its Jaunpur, Uttar Pradesh plant where employees have
resorted to go-slow production campaign and on account of charges by
the Punjab Pollution Control Board (PPCB) against its Hoshiarpur
facility, which has lead to reduction in production volumes.
Hawkins is currently trading at 33.1 times FY12 EPS and 17.1 times
FY12 adjusted book value.
Board of directors
Person Role Background
Brahm Vasudeva
NED,
Chairman
NA
S. Dutta Choudhury ED, VC
B.Tech. (IIT-K),
PGDB (IIM-C)
M. A. Teckchandani ED B. E., PGDB (IIM-A)
K. K. Kaul ED B. E. (Hons)., PG (Industrial
Engineering).
J. M. Mukhi
NED,
Independent
Advocate (Supreme Court)
Shishir K. Diwanji
NED,
,Independent
Advocate, Solicitor
Gerson da Cunha
NED,
Independent
Media person
General V. N. Sharma
NED,
Independent
Retired, Chief of Army Staff
(Retd.)
B. K. Khare
NED,
Independent
C.A., Law Graduate.
Source: AR and CARE Research
Note: NED: Non Executive Director, VC: Vice Chairman, ED:
Executive Director
Current Market Price Rs.
52 Week High / Low Rs.
Market Capitalisation Rs. crores
Free Float Rs. crores
Dividend Yield %
One Year Regression Beta Times
Returns (%) 1M 3M 6M 1Yr
Absolute 0% -3% 15% 22%
Relative to Sensex -1% 5% 1% 3%
Source: BSE, Capitaline and CARE Research
1,667.5
1759.9/1215
881.7
396.6
Equity Statistics
Relative Returns
Shareholding Pattern
BSE Volumes Trend - Average = 2.26 Thousand
2.4
0.5
0
10
20
30
40
50
in '000s
0
25
50
75
100
125
150
Sensex Hawkins
0%
50%
100%
Sep '12 Dec '11 Mar '12 Jun '12
Promoter DII FII Others
2 Initiative of the BSE Investors’ Protection Fund
Background
The company was incorporated in 1959 as a private limited company and was known as Pressure Cookers and Appliances
Pvt. Ltd. The company had an agreement with L.G. Hawkins & Co. to manufacture and market Hawkins pressure cookers.
In 1975, the company was converted into a public limited company and subsequently, in 1986 the company acquired its
present name. Currently, Hawkins is one of the leading manufacturers of cookers in India with a share of ~25% of total
market and ~40% of organized market, with over 57 different models of pressure cookers in 10 different types, and sold
under three different brands i.e. Hawkins, Futura and Miss Mary. The product range consists of pressure cookers, cooker
accessories, non-stick cookware, cuisinettes and satilon cookware.
Hawkin’s has three plants located Thane (Maharashtra), Hoshiarpur (Punjab) and Jaunpur (Uttar Pradesh). The company had
employee strength of 854 employees as on March 31, 2012. The company has a network of 700 authorised service centers.
Business overview
The company operates in a single business segment i.e. manufacture, trading and sale of kitchenware. Within kitchenware,
pressure cookers continued to dominate the product mix. Geographically, the company predominantly sells its products in
the Indian market; exports contributed only around 4% of net sales in FY12. In FY12, sales from the Indian market grew by
around 10.5% y-o-y, while the sales from overseas market exhibited a higher growth of around 19% y-o-y.
Aluminum is the key raw material (formed around 62% of the total cost of raw materials consumed in FY12) for Hawkins.
Strengths and growth drivers
? Hawkins is one of the leading brands in Indian pressure cooker market with an extensive range of models. The company
has strong presence in the kitchenware space, especially in the northern and western regions of India.
? With growth urbanization and increase in disposable income to continue, the demand for kitchenware & kitchen appliances
such as cookers, non-stick cookware and small appliances is set to witness an increase. The demand is also expected to shift
from unorganized to organized sector.
Risk and concerns
? Hawkins faces significant risk from labor unrest at its Jaunpur plant where employees have resorted to go-slow production
campaign since, April 2011. The matter is currently under the conciliation before the Deputy Labour Commissioner,
Varanasi.
? In May 2012, PPCB ordered closure of Hoshiarpur plant due to higher than permitted discharge of effluents. Hawkins
obtained a temporary stay on this order, and as per the directive of the Honorable High Court, applied for a fresh No
Objection Certificate and Consent from PPCB. Final decision on the same is awaited and currently the plant is working on
restrictive basis, which is impacting the volume for Hawkins.
Future strategy and expansion plans
? The company does not plan to negotiate any wage settlement under the pressure of a go-slow and currently it is pursuing
the matter under conciliation before the Deputy Labour Commissioner, Varanasi.
Industry outlook
The Indian consumer durables and kitchenware market is extremely competitive and fragmented. The markets in India are
extremely heterogeneous companies with wide product mix tend to gain higher consumer acceptance. Brand equity tends to
influence purchase decision to a great extent in the Indian consumer durables and kitchenware market. Wide distribution
network is one of the key parameters for the companies to be successful in reaching the market.
The Indian pressure cooker market is estimated to be around Rs. 1,300 – 1,400 crores and is growing at CAGR of around 9-
10% over the last few years with a shift from the unorganized to organized sector. CARE Research estimates the industry at a
CAGR of 13-14 per cent during FY11 to FY16. Rising income levels, double-income families, shorter replacement cycle and
increasing consumer awareness are expected to be the key growth drivers for the industry volume growth. Value growth is
expected to be boosted largely by a shift in segmental mix in favor of high-end products and introduction of energy saving
models at higher price points that would help in increasing average realizations across segments.
3 Initiative of the BSE Investors’ Protection Fund
Peer comparison Year ended March 31, 2012
Income statement (Rs. crore) Hawkins TTK Gandhimathi Bajaj
Total income 378.5 1,162.0 604.2 3,161.1
Net sales 367.5 1,103.4 590.2 3,099.0
EBITDA 45.9 176.8 57.1 237.1
Ordinary PAT 30.1 113.4 30.4 117.9
Adjusted PAT 30.1 113.2 30.4 117.9
Per share data (Rs.)
Adjusted BVPS 97.6 249.9 42.3 70.2
Diluted EPS* 50.4 97.6 18.2 11.4
Growth (Y-o-Y) (%)
Growth in total income 10.6 45.3 175.9 11.5
Growth in net sales 10.1 44.5 190.5 13.0
Growth in EBITDA (5.2) 41.6 182.9 (5.1)
Growth in adjusted PAT (5.3) 34.6 100.3 (20.0)
Growth in EPS* (5.9) 35.8 (12.3) (19.2)
Profitability ratio (%)
EBITDA margin 12.5 16.0 9.7 7.7
Adjusted PAT margin 7.9 9.7 5.0 3.7
Valuation ratios (Times)
Price/EPS (P/E) 33.1 34.1 19.5 15.2
Price/Book value (P/BV) 17.1 13.3 8.4 2.5
Enterprise value (EV)/EBITDA 18.4 21.3 11.4 7.3
Source: BSE, Capitaline and CARE Research
Note: TTK: TTK Prestige Ltd., Gandhimathi: Gandhimathi Appliances Ltd., Bajaj: Bajaj Electricals Ltd.
Quarterly financials Quarter ended June 30, 2012
Income statement (Rs. crore) Q1FY13 Q4FY12 Q3FY12 Q2FY12 Q1FY12
Total income 83.9 107.0 89.1 99.4 75.9
Net sales 82.5 106.0 88.0 98.5 75.0
EBITDA 27.3 38.2 28.9 34.0 24.1
Ordinary PAT 5.2 9.9 3.6 9.3 7.3
Adjusted PAT 5.2 9.9 3.6 9.3 7.3
Growth (Q-o-Q) (%)
Growth in net sales (22.1) 20.4 (10.7) 31.4
Profitability ratio (%)
EBITDA margin 33.1 36.0 32.8 34.5 32.1
Adjusted PAT margin 6.2 9.2 4.0 9.4 9.6
Source: BSE, Capitaline and CARE Research
4 Initiative of the BSE Investors’ Protection Fund
Financial analysis
? In FY12, Hawkins reported net sales of Rs. 367.5 crores – up 10.1% y-o-y. Total income witnessed a growth of 10.6%
during the same period.
? Raw materials (especially aluminum) form the largest portion of cost for Hawkins. In FY12, raw materials cost as a
percentage of net sales was at around 35%.
? The company reported EBITDA margins and adjusted PAT margins of 12.5% and 7.9%, respectively in FY12.
? The total debt as on March 31, 2012 was at Rs. 12.2 crores compared to an adjusted networth of Rs. 51.6 crores.
? Hawkins exhibited a cash conversion cycle of around 9.7 days in FY12.
? Operating cash flows for the company has been positive in each of the last four years (i.e. period considered for analysis).
? The company has paid a dividend of Rs.40 per share for FY12, resulting in a dividend yield of 2.4% at the current market
price of Rs. 1667.5 per share.
Annual financial statistics FY08 FY09 FY10 FY11 FY12
Income statement (Rs. crore)
Total income 208.2 242.7 290.8 342.1 378.5
Net sales 204.1 241.5 285.6 333.8 367.5
EBITDA 18.4 26.9 54.3 48.4 45.9
Depreciation and amortisation 1.6 1.7 1.7 1.9 2.2
EBIT 16.8 25.2 52.6 46.4 43.7
Interest 1.5 1.4 1.7 2.2 2.9
PBT 17.8 29.4 55.9 47.6 44.6
Ordinary PAT 11.3 19.1 36.8 31.8 30.1
Adjusted PAT 11.2 17.6 36.8 31.8 30.1
Balance sheet (Rs. crore)
Adjusted networth 20.0 26.7 38.9 46.1 51.6
Total debt 8.0 8.8 12.3 9.1 12.2
Cash and bank 3.8 14.4 40.7 46.8 51.2
Investments 0.1 0.1 0.1 0.1 0.1
Net fixed assets (incl. CWIP) 14.8 15.2 16.9 18.3 20.9
Net current assets (excl. cash, cash equivalents) 10.1 6.7 (5.6) (9.2) (8.1)
Per share data (Rs.)
Adjusted BVPS 37.8 50.6 73.6 87.2 97.6
Diluted EPS* 19.6 32.7 63.0 53.6 50.4
DPS 10.0 20.0 40.0 40.0 40.0
Growth (Y-o-Y) (%)
Growth in total income 16.6 19.8 17.7 10.6
Growth in net sales
18.3 18.3 16.9 10.1
Growth in EBITDA
46.2 101.7 (10.9) (5.2)
Growth in adjusted PAT
57.9 108.8 (13.8) (5.3)
Growth in EPS* 67.2 92.4 (15.0) (5.9)
Key financial ratio
EBITDA margin (%) 9.0 11.1 19.0 14.5 12.5
Adjusted PAT margin (%) 5.4 7.3 12.7 9.3 7.9
RoCE (%)
46.1 75.9 55.7 46.8
RoE (%)
81.8 112.2 74.7 61.6
Gross debt - equity (times) 0.4 0.3 0.3 0.2 0.2
Net debt - equity (times) 0.2 NM NM NM NM
Interest coverage (times) 11.5 18.4 30.7 21.6 15.2
Current ratio (times) 1.3 1.4 1.5 1.4 1.5
Inventory days 60.5 63.6 62.3 65.9
Receivable days 36.1 34.9 36.7 34.9
Source: BSE, Capitaline and CARE Research
www.careratings.com
DISCLOSURES
? Each member of the team involved in the preparation of this grading report, hereby affirms that there exists no
conflict of interest that can bias the grading recommendation of the company.
? This report has been sponsored by the BSE Investors’ Protection Fund.
DISCLAIMER
? CARE Research, a division of Credit Analysis & REsearch Limited [CARE] has taken utmost care to ensure accuracy
and objectivity while developing this report based on information available in public domain or from sources
considered reliable. However, neither the accuracy nor completeness of information contained in this report is
guaranteed. Opinions expressed herein are our current opinions as on the date of this report. Nothing in this report
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assumes the entire risk of any use made of this report or data herein. CARE specifically states that it or any of its
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doc_185210383.pdf
Hawkins Cookers Ltd. (Hawkins) is one of the leading manufacturers
of cookers in India with a share of ~25% of total market and ~40% of
organized market, with over 57 different models of pressure cookers in
10 different types. The product range consists of pressure cookers,
cooker accessories, non-stick cookware, cuisinettes and satilon
cookware. In FY12, Hawkins reported net sales of Rs. 367.5 crores and
adjusted PAT of Rs. 30.1 crores. Geographically, the company
predominantly sells its products in the Indian market; exports
contributed only around 4% of net sales in FY12.
1 Initiative of the BSE Investors’ Protection Fund
=
Hawkins Cookers Ltd| BSE Scrip Code: 508486
Houseware
September 05, 2012
Business summary
Hawkins Cookers Ltd. (Hawkins) is one of the leading manufacturers
of cookers in India with a share of ~25% of total market and ~40% of
organized market, with over 57 different models of pressure cookers in
10 different types. The product range consists of pressure cookers,
cooker accessories, non-stick cookware, cuisinettes and satilon
cookware. In FY12, Hawkins reported net sales of Rs. 367.5 crores and
adjusted PAT of Rs. 30.1 crores. Geographically, the company
predominantly sells its products in the Indian market; exports
contributed only around 4% of net sales in FY12.
Core strength for Hawkins is a strong presence in the kitchenware
space, with well known brands especially, in the northern and western
regions of India and a wide network of authorized service centers. The
company however faces risks at operational levels on account of labor
unrest at its Jaunpur, Uttar Pradesh plant where employees have
resorted to go-slow production campaign and on account of charges by
the Punjab Pollution Control Board (PPCB) against its Hoshiarpur
facility, which has lead to reduction in production volumes.
Hawkins is currently trading at 33.1 times FY12 EPS and 17.1 times
FY12 adjusted book value.
Board of directors
Person Role Background
Brahm Vasudeva
NED,
Chairman
NA
S. Dutta Choudhury ED, VC
B.Tech. (IIT-K),
PGDB (IIM-C)
M. A. Teckchandani ED B. E., PGDB (IIM-A)
K. K. Kaul ED B. E. (Hons)., PG (Industrial
Engineering).
J. M. Mukhi
NED,
Independent
Advocate (Supreme Court)
Shishir K. Diwanji
NED,
,Independent
Advocate, Solicitor
Gerson da Cunha
NED,
Independent
Media person
General V. N. Sharma
NED,
Independent
Retired, Chief of Army Staff
(Retd.)
B. K. Khare
NED,
Independent
C.A., Law Graduate.
Source: AR and CARE Research
Note: NED: Non Executive Director, VC: Vice Chairman, ED:
Executive Director
Current Market Price Rs.
52 Week High / Low Rs.
Market Capitalisation Rs. crores
Free Float Rs. crores
Dividend Yield %
One Year Regression Beta Times
Returns (%) 1M 3M 6M 1Yr
Absolute 0% -3% 15% 22%
Relative to Sensex -1% 5% 1% 3%
Source: BSE, Capitaline and CARE Research
1,667.5
1759.9/1215
881.7
396.6
Equity Statistics
Relative Returns
Shareholding Pattern
BSE Volumes Trend - Average = 2.26 Thousand
2.4
0.5
0
10
20
30
40
50
in '000s
0
25
50
75
100
125
150
Sensex Hawkins
0%
50%
100%
Sep '12 Dec '11 Mar '12 Jun '12
Promoter DII FII Others
2 Initiative of the BSE Investors’ Protection Fund
Background
The company was incorporated in 1959 as a private limited company and was known as Pressure Cookers and Appliances
Pvt. Ltd. The company had an agreement with L.G. Hawkins & Co. to manufacture and market Hawkins pressure cookers.
In 1975, the company was converted into a public limited company and subsequently, in 1986 the company acquired its
present name. Currently, Hawkins is one of the leading manufacturers of cookers in India with a share of ~25% of total
market and ~40% of organized market, with over 57 different models of pressure cookers in 10 different types, and sold
under three different brands i.e. Hawkins, Futura and Miss Mary. The product range consists of pressure cookers, cooker
accessories, non-stick cookware, cuisinettes and satilon cookware.
Hawkin’s has three plants located Thane (Maharashtra), Hoshiarpur (Punjab) and Jaunpur (Uttar Pradesh). The company had
employee strength of 854 employees as on March 31, 2012. The company has a network of 700 authorised service centers.
Business overview
The company operates in a single business segment i.e. manufacture, trading and sale of kitchenware. Within kitchenware,
pressure cookers continued to dominate the product mix. Geographically, the company predominantly sells its products in
the Indian market; exports contributed only around 4% of net sales in FY12. In FY12, sales from the Indian market grew by
around 10.5% y-o-y, while the sales from overseas market exhibited a higher growth of around 19% y-o-y.
Aluminum is the key raw material (formed around 62% of the total cost of raw materials consumed in FY12) for Hawkins.
Strengths and growth drivers
? Hawkins is one of the leading brands in Indian pressure cooker market with an extensive range of models. The company
has strong presence in the kitchenware space, especially in the northern and western regions of India.
? With growth urbanization and increase in disposable income to continue, the demand for kitchenware & kitchen appliances
such as cookers, non-stick cookware and small appliances is set to witness an increase. The demand is also expected to shift
from unorganized to organized sector.
Risk and concerns
? Hawkins faces significant risk from labor unrest at its Jaunpur plant where employees have resorted to go-slow production
campaign since, April 2011. The matter is currently under the conciliation before the Deputy Labour Commissioner,
Varanasi.
? In May 2012, PPCB ordered closure of Hoshiarpur plant due to higher than permitted discharge of effluents. Hawkins
obtained a temporary stay on this order, and as per the directive of the Honorable High Court, applied for a fresh No
Objection Certificate and Consent from PPCB. Final decision on the same is awaited and currently the plant is working on
restrictive basis, which is impacting the volume for Hawkins.
Future strategy and expansion plans
? The company does not plan to negotiate any wage settlement under the pressure of a go-slow and currently it is pursuing
the matter under conciliation before the Deputy Labour Commissioner, Varanasi.
Industry outlook
The Indian consumer durables and kitchenware market is extremely competitive and fragmented. The markets in India are
extremely heterogeneous companies with wide product mix tend to gain higher consumer acceptance. Brand equity tends to
influence purchase decision to a great extent in the Indian consumer durables and kitchenware market. Wide distribution
network is one of the key parameters for the companies to be successful in reaching the market.
The Indian pressure cooker market is estimated to be around Rs. 1,300 – 1,400 crores and is growing at CAGR of around 9-
10% over the last few years with a shift from the unorganized to organized sector. CARE Research estimates the industry at a
CAGR of 13-14 per cent during FY11 to FY16. Rising income levels, double-income families, shorter replacement cycle and
increasing consumer awareness are expected to be the key growth drivers for the industry volume growth. Value growth is
expected to be boosted largely by a shift in segmental mix in favor of high-end products and introduction of energy saving
models at higher price points that would help in increasing average realizations across segments.
3 Initiative of the BSE Investors’ Protection Fund
Peer comparison Year ended March 31, 2012
Income statement (Rs. crore) Hawkins TTK Gandhimathi Bajaj
Total income 378.5 1,162.0 604.2 3,161.1
Net sales 367.5 1,103.4 590.2 3,099.0
EBITDA 45.9 176.8 57.1 237.1
Ordinary PAT 30.1 113.4 30.4 117.9
Adjusted PAT 30.1 113.2 30.4 117.9
Per share data (Rs.)
Adjusted BVPS 97.6 249.9 42.3 70.2
Diluted EPS* 50.4 97.6 18.2 11.4
Growth (Y-o-Y) (%)
Growth in total income 10.6 45.3 175.9 11.5
Growth in net sales 10.1 44.5 190.5 13.0
Growth in EBITDA (5.2) 41.6 182.9 (5.1)
Growth in adjusted PAT (5.3) 34.6 100.3 (20.0)
Growth in EPS* (5.9) 35.8 (12.3) (19.2)
Profitability ratio (%)
EBITDA margin 12.5 16.0 9.7 7.7
Adjusted PAT margin 7.9 9.7 5.0 3.7
Valuation ratios (Times)
Price/EPS (P/E) 33.1 34.1 19.5 15.2
Price/Book value (P/BV) 17.1 13.3 8.4 2.5
Enterprise value (EV)/EBITDA 18.4 21.3 11.4 7.3
Source: BSE, Capitaline and CARE Research
Note: TTK: TTK Prestige Ltd., Gandhimathi: Gandhimathi Appliances Ltd., Bajaj: Bajaj Electricals Ltd.
Quarterly financials Quarter ended June 30, 2012
Income statement (Rs. crore) Q1FY13 Q4FY12 Q3FY12 Q2FY12 Q1FY12
Total income 83.9 107.0 89.1 99.4 75.9
Net sales 82.5 106.0 88.0 98.5 75.0
EBITDA 27.3 38.2 28.9 34.0 24.1
Ordinary PAT 5.2 9.9 3.6 9.3 7.3
Adjusted PAT 5.2 9.9 3.6 9.3 7.3
Growth (Q-o-Q) (%)
Growth in net sales (22.1) 20.4 (10.7) 31.4
Profitability ratio (%)
EBITDA margin 33.1 36.0 32.8 34.5 32.1
Adjusted PAT margin 6.2 9.2 4.0 9.4 9.6
Source: BSE, Capitaline and CARE Research
4 Initiative of the BSE Investors’ Protection Fund
Financial analysis
? In FY12, Hawkins reported net sales of Rs. 367.5 crores – up 10.1% y-o-y. Total income witnessed a growth of 10.6%
during the same period.
? Raw materials (especially aluminum) form the largest portion of cost for Hawkins. In FY12, raw materials cost as a
percentage of net sales was at around 35%.
? The company reported EBITDA margins and adjusted PAT margins of 12.5% and 7.9%, respectively in FY12.
? The total debt as on March 31, 2012 was at Rs. 12.2 crores compared to an adjusted networth of Rs. 51.6 crores.
? Hawkins exhibited a cash conversion cycle of around 9.7 days in FY12.
? Operating cash flows for the company has been positive in each of the last four years (i.e. period considered for analysis).
? The company has paid a dividend of Rs.40 per share for FY12, resulting in a dividend yield of 2.4% at the current market
price of Rs. 1667.5 per share.
Annual financial statistics FY08 FY09 FY10 FY11 FY12
Income statement (Rs. crore)
Total income 208.2 242.7 290.8 342.1 378.5
Net sales 204.1 241.5 285.6 333.8 367.5
EBITDA 18.4 26.9 54.3 48.4 45.9
Depreciation and amortisation 1.6 1.7 1.7 1.9 2.2
EBIT 16.8 25.2 52.6 46.4 43.7
Interest 1.5 1.4 1.7 2.2 2.9
PBT 17.8 29.4 55.9 47.6 44.6
Ordinary PAT 11.3 19.1 36.8 31.8 30.1
Adjusted PAT 11.2 17.6 36.8 31.8 30.1
Balance sheet (Rs. crore)
Adjusted networth 20.0 26.7 38.9 46.1 51.6
Total debt 8.0 8.8 12.3 9.1 12.2
Cash and bank 3.8 14.4 40.7 46.8 51.2
Investments 0.1 0.1 0.1 0.1 0.1
Net fixed assets (incl. CWIP) 14.8 15.2 16.9 18.3 20.9
Net current assets (excl. cash, cash equivalents) 10.1 6.7 (5.6) (9.2) (8.1)
Per share data (Rs.)
Adjusted BVPS 37.8 50.6 73.6 87.2 97.6
Diluted EPS* 19.6 32.7 63.0 53.6 50.4
DPS 10.0 20.0 40.0 40.0 40.0
Growth (Y-o-Y) (%)
Growth in total income 16.6 19.8 17.7 10.6
Growth in net sales
18.3 18.3 16.9 10.1
Growth in EBITDA
46.2 101.7 (10.9) (5.2)
Growth in adjusted PAT
57.9 108.8 (13.8) (5.3)
Growth in EPS* 67.2 92.4 (15.0) (5.9)
Key financial ratio
EBITDA margin (%) 9.0 11.1 19.0 14.5 12.5
Adjusted PAT margin (%) 5.4 7.3 12.7 9.3 7.9
RoCE (%)
46.1 75.9 55.7 46.8
RoE (%)
81.8 112.2 74.7 61.6
Gross debt - equity (times) 0.4 0.3 0.3 0.2 0.2
Net debt - equity (times) 0.2 NM NM NM NM
Interest coverage (times) 11.5 18.4 30.7 21.6 15.2
Current ratio (times) 1.3 1.4 1.5 1.4 1.5
Inventory days 60.5 63.6 62.3 65.9
Receivable days 36.1 34.9 36.7 34.9
Source: BSE, Capitaline and CARE Research
www.careratings.com
DISCLOSURES
? Each member of the team involved in the preparation of this grading report, hereby affirms that there exists no
conflict of interest that can bias the grading recommendation of the company.
? This report has been sponsored by the BSE Investors’ Protection Fund.
DISCLAIMER
? CARE Research, a division of Credit Analysis & REsearch Limited [CARE] has taken utmost care to ensure accuracy
and objectivity while developing this report based on information available in public domain or from sources
considered reliable. However, neither the accuracy nor completeness of information contained in this report is
guaranteed. Opinions expressed herein are our current opinions as on the date of this report. Nothing in this report
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PUBLISHED BY
CARE Research is an independent research division of CARE Ratings, a full-service rating company. CARE Research is
involved in preparing detailed industry research reports with 5-year demand and 2-year profitability outlook on the
industry besides providing comprehensive trend analysis and the current state of the industry. CARE Research also offers
research that is customized to client requirements.
Credit Analysis & REsearch Ltd. (CARE) is a full service rating company that offers a wide range of rating and
grading services across sectors. CARE has an unparallel depth of expertise. CARE Ratings’ methodologies are in line with
the best international practices.
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