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 NAVIGATION MENU

GO TO
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INSTRUCTIONS TAB
TAB RAT
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INCOME STATEMENT
INCOME STATEMENT DUPO
DUPO

BALANCE SHEET
BALANCE SHEET INVEST
INVEST

CASH FLOW
CASH FLOW STATEMENT
STATEMENT
ON MENU

RATIO ANALYSIS
RATIO ANALYSIS

DUPONT ANALYSIS
DUPONT ANALYSIS

INVESTING RESOURCES
INVESTING RESOURCES
Key Items Details
Company Name VINATI ORGANICS LTD
Current Price (INR) 1,154
No. of Shares (crores) 10.3
Market Cap (crores) 11,876
TTM Net Profit (crores) 276
TTM P/E ratio 43.1x
TTM Operating Profit Margin 39.1%
Latest FY ROAE 28.6%
Latest FY ROACE 36.6%
 Inco
COMPANY NAME >>
INR (in crores) Mar-11 Mar-12 Mar-13 Mar-14
Sales 323 447 554 696
Operating Profit 70 95 120 153
Other Income 6 3 4 9
EBITDA 76 98 124 162
Interest (7) (9) (12) (18)
Depreciation (6) (7) (10) (15)
Profit before tax (PBT) 63 82 103 129
Tax (11) (27) (34) (42)
Profit after tax (PAT) / Net Profit 52 55 69 86

Adjusted Equity Shares (in crores) 9.9 9.9 9.9 9.9

Price 36 42 52 141

Operating Profit Margin (OPM) % 21.6% 21.2% 21.7% 22.0%

Net Profit Margin (NPM) % 16.1% 12.2% 12.4% 12.4%
Tax Payout % 16.8% 32.8% 33.1% 33.0%
Interest Coverage Ratio (x) 9.8x 9.9x 9.9x 8.1x
Earnings Per Share (EPS) 5.3 5.6 7.0 8.7
PE Ratio (x) 6.7x 7.5x 7.4x 16.1x

NEVIGATION MENU
NEVIGATION MENU
Income Statement Analysis
VINATI ORGANICS LTD
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
772 631 641 730 1,128 1,029
192 207 218 198 425 415
9 6 12 31 30 45
201 213 230 229 455 460
(10) (8) (3) (2) (2) (2)
(18) (19) (22) (23) (27) (33)
174 187 206 203 425 425
(58) (55) (66) (60) (143) (91)
116 132 140 144 282 334

10.3 10.3 10.3 10.3 10.3 10.3

262 195 379 451 822 775

24.9% 32.8% 34.0% 27.2% 37.7% 40.3%

15.0% 20.9% 21.9% 19.7% 25.0% 32.4%
33.3% 29.5% 31.9% 29.3% 33.6% 21.4%
18.8x 24.7x 75.9x 94.7x 196.1x 209.2x
11.2 12.7 13.6 14.0 27.5 32.5
23.3x 15.3x 27.9x 32.2x 29.9x 23.9x
 GROWTH TREND ANALYSIS
TTM 9 YEARS 5 YEARS 3 YEARS
935 14% 6% 17%
366 22% 17% 24%
24% 38% 53%
22% 18% 26%

367 24% 20% 27%

276 23% 24% 34%

41% 24% 27%

###
###

22% 24% 34%

 Ba
COMPANY NAME >>
INR (in crores) Mar-11 Mar-12 Mar-13 Mar-14
Equity Share Capital 10 10 10 10
Reserves 134 177 231 300
Borrowings 77 173 237 162
Other Liabilities 37 45 67 80
Total Liabilities 258 405 546 552

Fixed Assets (Net Block) 111 144 290 304

Capital Work in Progress (CWIP) 36 57 14 10
Investments 3 8 13 3
Other Assets 107 196 229 235
Total Assets 258 405 546 552

Receivables 52 86 113 115

Inventory 35 43 55 47
Cash & Bank 2 32 34 43
Working Capital 70 151 162 155
Capital Employed 221 360 479 472
Total Equity 144 187 241 310

Net Fixed Asset Turnover 3.5x 2.6x 2.3x

Receivables Days 56 65 60
Inventory Turnover 11.5x 11.4x 13.7x
Debt To Equity 0.5x 0.9x 1.0x 0.5x
Return on average Equity (RoAE) 33.1% 32.1% 31.3%
Return on average Capital Employed 31.3% 27.2% 30.9%

NEVIGATION MENU
NEVIGATION MENU
 Balance Sheet Analysis
VINATI ORGANICS LTD
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
10 10 10 10 10 10
424 530 670 786 1,041 1,269
65 42 2 15 4 0
100 104 139 168 173 163
599 687 821 980 1,228 1,443

327 382 468 457 475 751

20 25 7 35 191 31
3 3 62 132 96 227
249 278 284 356 465 434
599 687 821 980 1,228 1,443

129 115 141 177 244 202

54 45 65 82 92 93
27 72 5 5 4 54
149 173 146 188 293 271
499 583 682 812 1,055 1,280
434 541 680 797 1,051 1,279

2.4x 1.8x 1.5x 1.6x 2.4x 1.7x

58 71 73 79 68 79
15.3x 12.7x 11.7x 9.9x 12.9x 11.1x
0.2x 0.1x 0.0x 0.0x 0.0x 0.0x
31.1% 27.0% 23.0% 19.5% 30.6% 28.6%
37.7% 35.9% 33.0% 27.5% 45.8% 36.6%
 AVERAGE TREND
9 YEARS 5 YEARS 3 YEARS

2.2x 1.8x 1.9x

68 74 76
12.2x 11.7x 11.3x
0.3x 0.0x 0.0x
### ### ###
### ### ###
 C
COMPANY NAME >> VIN
INR (in crores) Mar-11 Mar-12 Mar-13 Mar-14
Cash from Operating Activity (CFO) 31 20 92 131
Cash from Investing Activity (CFI) (39) (61) (113) (9)
Cash from Financing Activity (CFF) 7 72 22 (113)
Net Cash Flow (CFO + CFI + CFF) 0 30 2 9

Cash & Equivalent at the end of year 2 32 34 43

Profit After Tax (PAT) 52 55 69 86

Cash from Operating Activity (CFO) 31 20 92 131

CFO/PAT (atleast 80%) ### ### ### ###

CAPEX 61 113 25
Free Cash Flows (FCF) (41) (21) 106

Re-investment (Capex/CFO) ### ### ###

FCF/CFO

NEVIGATION MENU
NEVIGATION MENU
 Cashflow Analysis
VINATI ORGANICS LTD
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
113 167 130 138 200 416
(53) (72) (27) (39) (243) (197)
(75) (50) (45) (30) (40) (109)
(16) 45 59 70 (83) 109

27 72 5 5 4 54

116 132 140 144 282 334

113 167 130 138 200 416

### ### ### ### ### ###

51 78 90 40 201 149
62 90 41 98 (1) 267

### ### ### ### ### ###

 GROWTH TREND ANALYSIS
TOTAL 9 YEARS 5 YEARS 3 YEARS

1,409 23% 24% 34%

1,440 33% 30% 47%

102%

43%
 Ratio Analysi
COMPANY NAME >> VIN
INR (in crores) Mar-11 Mar-12 Mar-13 Mar-14
Operating Profit Margin (OPM) % 21.6% 21.2% 21.7% 22.0%
Net Profit Margin (NPM) % 16.1% 12.2% 12.4% 12.4%
Tax Payout % 16.8% 32.8% 33.1% 33.0%
Interest Coverage Ratio (x) 9.8x 9.9x 9.9x 8.1x
Earnings Per Share (EPS) 5.28 5.56 6.97 8.75
PE Ratio (x) 6.7x 7.5x 7.4x 16.1x

Net Fixed Asset Turnover 3.5x 2.6x 2.3x

Receivables Days 56 65 60
Inventory Turnover 11.5x 11.4x 13.7x
Debt To Equity 0.5x 0.9x 1.0x 0.5x
Return on average Equity (RoAE) 33.1% 32.1% 31.3%
Return on average Capital Employed 31.3% 27.2% 30.9%

CFO/PAT (atleast 80%) 60% 36% 134% 153%

FIVE STAGE MODEL - DUPONT ANALYSIS

Tax Burden (Net Income ÷ PBT) 0.83 0.67 0.67 0.67
Interest Burden (PBT ÷ EBIT) 0.82 0.83 0.83 0.79
EBIT Margin (EBIT ÷ Sales) 23.6% 21.9% 22.4% 23.3%
Asset Turnover (Sales ÷ Total Assets) 1.3x 1.1x 1.0x 1.3x
Equity Multiplier (Total Assets ÷ Sharehol 1.8x 2.2x 2.3x 1.8x
Return on Equity 36.2% 29.3% 28.5% 27.8%

NEVIGATION MENU
NEVIGATION MENU
Ratio Analysis
VINATI ORGANICS LTD
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
24.9% 32.8% 34.0% 27.2% 37.7% 40.3%
15.0% 20.9% 21.9% 19.7% 25.0% 32.4%
33.3% 29.5% 31.9% 29.3% 33.6% 21.4%
18.8x 24.7x 75.9x 94.7x 196.1x 209.2x
11.22 12.75 13.59 14.00 27.48 32.47
23.3x 15.3x 27.9x 32.2x 29.9x 23.9x

2.4x 1.8x 1.5x 1.6x 2.4x 1.7x

58 71 73 79 68 79
15.3x 12.7x 11.7x 9.9x 12.9x 11.1x
0.2x 0.1x 0.0x 0.0x 0.0x 0.0x
31.1% 27.0% 23.0% 19.5% 30.6% 28.6%
37.7% 35.9% 33.0% 27.5% 45.8% 36.6%

97% 127% 93% 96% 71% 125%

0.67 0.71 0.68 0.71 0.66 0.79

0.86 0.88 0.89 0.89 0.93 0.92
26.0% 33.7% 35.9% 31.4% 40.3% 44.7%
1.3x 0.9x 0.8x 0.7x 0.9x 0.7x
1.4x 1.3x 1.2x 1.2x 1.2x 1.1x
26.7% 24.3% 20.6% 18.1% 26.9% 26.1%
 TTM
39.1%
29.5%
 DuPont Ana
COMPANY NAME >>
INR (in crores) Mar-11 Mar-12
Sales 323 447
Profit before tax (PBT) 63 82
EBIT (Operating Profit + Other Income) 76 98
Interest Expense (7) (9)
Income Tax (11) (27)
Net Income 52 55
Total Assets 258 405
Shareholders Equity 144 187

THREE STAGE MODEL

Net Profit Margin (Net Income ÷ Sales) 16.1% 12.2%
Asset Turnover (Sales ÷ Total Assets) 1.3x 1.1x
Equity Multiplier (Total Assets ÷ Shareholders Equity) 1.8x 2.2x
Return on Equity 36.2% 29.3%

FIVE STAGE MODEL

Tax Burden (Net Income ÷ PBT) 0.83 0.67
Interest Burden (PBT ÷ EBIT) 0.82 0.83
EBIT Margin (EBIT ÷ Sales) 23.6% 21.9%
Asset Turnover (Sales ÷ Total Assets) 1.3x 1.1x
Equity Multiplier (Total Assets ÷ Shareholders Equity) 1.8x 2.2x
Return on Equity 36.2% 29.3%

CHECK 1 1

NEVIGATION MENU
NEVIGATION MENU
DuPont Analysis
VINATI ORGANICS LTD
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
554 696 772 631 641 730
103 129 174 187 206 203
124 162 201 213 230 229
(12) (18) (10) (8) (3) (2)
(34) (42) (58) (55) (66) (60)
69 86 116 132 140 144
546 552 599 687 821 980
241 310 434 541 680 797

12.4% 12.4% 15.0% 20.9% 21.9% 19.7%

1.0x 1.3x 1.3x 0.9x 0.8x 0.7x
2.3x 1.8x 1.4x 1.3x 1.2x 1.2x
28.5% 27.8% 26.7% 24.3% 20.6% 18.1%

0.67 0.67 0.67 0.71 0.68 0.71

0.83 0.79 0.86 0.88 0.89 0.89
22.4% 23.3% 26.0% 33.7% 35.9% 31.4%
1.0x 1.3x 1.3x 0.9x 0.8x 0.7x
2.3x 1.8x 1.4x 1.3x 1.2x 1.2x
28.5% 27.8% 26.7% 24.3% 20.6% 18.1%

1 1 1 1 1 1
Mar-19 Mar-20
1,128 1,029
425 425
455 460
(2) (2)
(143) (91)
282 334
1,228 1,443
1,051 1,279

25.0% 32.4%
0.9x 0.7x
1.2x 1.1x
26.9% 26.1%

0.66 0.79
0.93 0.92
40.3% 44.7%
0.9x 0.7x
1.2x 1.1x
26.9% 26.1%

1 1
COMPANY NAME VINATI ORGANICS LTD
LATEST VERSION 2.10 PLEASE DO
CURRENT VERSION 2.10

META
Number of shares 10.29
Face Value 1
Current Price 1154.3
Market Capitalization 11876.16

PROFIT & LOSS

Report Date Mar-11 Mar-12 Mar-13 Mar-14
Sales 322.65 447.46 554.27 696.13
Raw Material Cost 187.83 273.81 339.85 417.96
Change in Inventory 4.42 6.14 4.73 -0.85
Power and Fuel 19.97 25.06 30.88 36.08
Other Mfr. Exp 14.83 17.89 16.15 22.45
Employee Cost 14.9 18.35 22.62 27.47
Selling and admin 15.5 17.33 22.88 26.15
Other Expenses 4.31 6.14 6.28 12.28
Other Income 6.34 2.8 3.76 9.17
Depreciation 6.45 7.03 9.95 15.32
Interest 7.12 9.19 11.54 18.15
Profit before tax 62.5 81.6 102.61 128.59
Tax 10.53 26.79 33.94 42.43
Net profit 51.97 54.81 68.66 86.15
Dividend Amount 6.42 9.87 12.34 14.8

Quarters
Report Date Jun-18 Sep-18 Dec-18 Mar-19
Sales 259.74 248.74 303.05 301.92
Expenses 173.01 157.58 196.61 176.83
Other Income 17.11 14.8 7.28 4.96
Depreciation 6.75 6.9 6.92 6.81
Interest 0.18 0.25 0.28 0.23
Profit before tax 96.91 98.81 106.52 123.01
Tax 32.66 33.78 35.83 40.47
Net profit 64.25 65.03 70.68 82.53
Operating Profit 86.73 91.16 106.44 125.09
BALANCE SHEET
Report Date Mar-11 Mar-12 Mar-13 Mar-14
Equity Share Capital 9.87 9.87 9.87 9.87
Reserves 133.82 177.15 231.37 300.2
Borrowings 76.96 172.69 237.26 161.58
Other Liabilities 37.16 44.85 67.13 80.46
Total 257.81 404.56 545.63 552.11
Net Block 111.17 144.31 290.13 304.19
Capital Work in Progress 36.04 56.75 14.05 10.09
Investments 3.16 7.9 12.77 2.74
Other Assets 107.44 195.6 228.68 235.09
Total 257.81 404.56 545.63 552.11
Receivables 51.92 85.68 113.19 115.05
Inventory 35.01 43.02 54.64 46.63
Cash & Bank 1.94 31.95 33.77 42.7
No. of Equity Shares 49372500 49372500 49372500 49372500
New Bonus Shares
Face value 2 2 2 2

CASH FLOW:
Report Date Mar-11 Mar-12 Mar-13 Mar-14
Cash from Operating Activity 31.31 19.75 92.1 131.46
Cash from Investing Activity -38.51 -61.25 -112.58 -9.04
Cash from Financing Activity 7.35 71.51 22.3 -113.49
Net Cash Flow 0.15 30.01 1.82 8.93

PRICE: 35.5 41.73 51.88 140.53

DERIVED:
Adjusted Equity Shares in Cr 9.85 9.85 9.85 9.85
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

771.73 630.95 640.79 729.68 1127.92 1028.87
455.89 295.56 306.13 370.51 528.59 431.5
-0.65 -0.75 5.58 -7.05 3.49 2.79
31.33 31.32 36.95 47.91 56.36 52.59
27.11 33.24 30.87 43.11 50.19 50.42
31.94 35.99 41.97 49.08 54.31 64.39
23.41 16.65 6.78 8.21 9.56 10.52
9.32 10.66 5.83 5.52 7.39 7.36
8.84 6.16 12.48 30.62 29.8 44.99
17.66 18.52 21.61 23.36 27.39 33.16
9.76 7.86 2.75 2.17 2.18 2.04
173.5 186.56 205.96 203.38 425.24 424.67
57.7 54.99 65.69 59.5 142.75 90.84
115.79 131.57 140.28 143.88 282.49 333.82
18.06 20.64 2.58 23.13 35.98 56.54

Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20

290.74 249.14 238.47 245.34 231.57 219.44
170.57 145.2 155.48 143.68 134.39 135.31
11.42 7.12 15.4 16.22 8.6 1.4
6.98 7.19 9.28 9.7 10.65 10.76
0.3 0.28 0.25 0.26 0.04 0.05
124.31 103.59 88.86 107.92 95.09 74.72
41.95 -6.42 22.03 33.29 22.79 12.68
82.36 110.01 66.82 74.63 72.3 62.04
120.17 103.94 82.99 101.66 97.18 84.13
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
10.32 10.32 10.32 10.28 10.28 10.28
423.73 530.46 669.69 786.39 1041 1269.13
65.3 42.07 2.32 15.2 3.68 0.35
99.84 104.11 138.8 168.08 172.62 163.22
599.19 686.96 821.13 979.95 1227.58 1442.98
327.25 381.89 467.6 456.84 474.51 750.76
20.02 24.83 7.38 34.88 191.18 30.97
2.74 2.74 61.83 131.74 96.47 227.39
249.18 277.5 284.32 356.49 465.42 433.86
599.19 686.96 821.13 979.95 1227.58 1442.98
129.1 114.82 140.54 177.11 243.98 201.78
54.49 44.7 65.07 82.23 92.39 93.17
27.14 72.23 4.75 5.24 3.8 53.7
51591025 51591025 51591025 51391000 51391000 102782050
16,457,500.00
2 2 2 2 2 1

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

112.56 167.49 130.43 138.33 200.36 415.93
-53.49 -72.19 -26.79 -38.78 -242.71 -197.46
-74.63 -50.22 -45.08 -29.86 -40.26 -109.05
-15.56 45.09 58.57 69.69 -82.62 109.42

261.95 194.53 379 451.28 822.18 774.55

10.32 10.32 10.32 10.28 10.28 10.28

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