Excel Sheet Made by Amol N

PIDILITE INDUSTRIES LTD All figures in Rs crores

PROFIT & LOSS STATEMENT
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 TTM COMMON SIZE P&L STATEMENT
y-o-y Sales Growth % 18% 18% 16% 13% 11% 5% 8% 16% 3% -9% Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 TTM
Sales 2,657 3,127 3,678 4,283 4,844 5,361 5,617 6,078 7,078 7,294 6,602
Raw Material Cost 1,405 1,740 2,015 2,361 2,669 2,585 2,640 2,888 3,587 3,403 - 53% 56% 55% 55% 55% 48% 47% 48% 51% 47%
Power and Fuel 32 34 42 46 54 49 53 59 66 67 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Other Mfr. Exp 185 219 253 272 324 346 57 109 123 153 7% 7% 7% 6% 7% 6% 1% 2% 2% 2%
Employee Cost 287 327 375 449 502 572 646 713 837 928 11% 10% 10% 10% 10% 11% 11% 12% 12% 13%
Selling and admin 207 231 301 361 400 435 736 766 846 905 8% 7% 8% 8% 8% 8% 13% 13% 12% 12%
Other Expenses 73 92 108 129 129 201 223 202 249 265 3% 3% 3% 3% 3% 4% 4% 3% 4% 4%
Depreciation 59 64 69 81 118 100 115 120 133 170 194 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
Operating Profit (Op. EBIT) 409 420 516 584 648 1,073 1,147 1,221 1,237 1,403 1,327 Op. EBIT 15% 13% 14% 14% 13% 20% 20% 20% 17% 19% 20%

Other Income 30 43 81 45 45 81 115 153 131 100 46 1% 1% 2% 1% 1% 2% 2% 3% 2% 1%

Interest 36 31 16 16 16 13 14 16 26 34 40 1% 1% 0% 0% 0% 0% 0% 0% 0% 0%
Profit before tax 403 433 581 612 678 1,141 1,248 1,359 1,342 1,470 1,333
Tax 95 110 160 165 169 334 385 393 413 348 358
PROFIT AFTER TAX (PAT) 308 323 422 447 509 807 863 966 928 1,122 975 12% 10% 11% 10% 10% 15% 15% 16% 13% 15% 15%
Effective Tax Rate 23% 25% 27% 27% 25% 29% 31% 29% 31% 24%

Marginal Tax Rate 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% MANUALLY INPUT MARGINAL TAX RATE FOR THE COMPANY

GROWTH ANALYSIS
SALES Op. EBIT PAT
9 Year CAGR 12% 15% 15%
7 Year CAGR 10% 15% 15%
5 Year CAGR 9% 17% 17%
3 Year CAGR 9% 7% 9%
TTM CAGR -9% -5% -13%

DEBT & SOLVENCY RATIOS

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Debt 336 321 111 46 58 80 98 125 113 288
Equity 1,085 1,321 1,652 1,953 2,271 2,638 3,471 3,574 4,148 4,456
Debt/Equity Ratio 0.3 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1

Interest Coverage (Op. EBIT/Int) 11.3 13.7 33.2 35.8 41.4 80.9 82.3 78.6 47.5 41.8

NET DEBT (as at) Mar-20

Outstanding Debt 288
- Investments - Investments of 1186 NOT deducted from debt. Deduct it, only if it is liquid. Check from Annual Report
- Cash & Bank 703
Net Outstanding Debt -416 This is a GOOD thing. It means that the company has no net debt as its cash reserves exceeds debt

FREE CASH FLOW

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
CASH FROM OPERATIONS 367 472 394 552 907 794 796 845 1,280
- CAPEX 168 131 195 371 -44 243 267 253 546
- Tax Benefit from Interest (Int x Tax) 10 5 5 5 4 5 5 9 11
FREE CASH FLOW TO FIRM (FCFF) 189 336 194 176 947 547 524 584 722

- Interest 31 16 16 16 13 14 16 26 34
+ Tax Benefit from Interest (Int x Tax) 10 5 5 5 4 5 5 9 11
- Debt Repayment 15 210 65 - - - - 12 -
+ New Debt - - - 12 22 17 27 - 175
FREE CASH FLOW TO EQUITY (FCFE) 154 115 118 178 960 555 541 554 875

FREE CASH FLOW OVER 9 YEARS FROM Mar-12 UNTIL Mar-20

Total CFO - Int Tax Shield 6,347 (Cum CFO - Interest)/Cum PAT 97% (ideally, should be more than 75%. Higher the better)
- Total Capex 2,128
TOTAL FCFF 4,219 (Should be greater than 0. Higher the better) Cum FCFF/Cum EBIAT 71%
(Payout Ratio)
- Total Interest + Int Tax Benefit 121
Total FCFE through operations 4,098 (Should be greater than 0. Higher the better)

Repayment of Debt -48

TOTAL FCFE 4,050

Total Dividends in 9 yrs 1,964

CASH FLOW STATEMENT

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 TOTAL
Cash from Operating Activity 299 367 472 394 552 907 794 796 845 1,280 6,706
Cash from Investing Activity -32 -239 -144 -99 -436 -491 -879 39 -513 103 -2,690
Cash from Financing Activity -229 -135 -339 -242 -165 -371 41 -790 -361 -849 -3,440
Net Cash Flow 39 -7 -12 54 -49 45 -45 46 -29 533 576

VALUATION MULTIPLES
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 15.6.21
No. of shares (in crores) 51 51 51 51 51 51 51 51 51 51 51
EPS 6 6 8 9 10 16 17 19 18 22 19
Stock Price 150 177 264 307 600 589 699 918 1,246 1,356 1,764
P / ETTM 24.6 27.8 32.1 35.2 60.5 37.4 41.5 48.2 68.2 61.4 91.9

Debt - Cash 232 48 -39 -131 -18 -52 -2 -39 -78 -416
Enterprise Value (EV) 8,142 9,028 13,483 15,608 30,737 30,162 35,843 46,567 63,232 68,503 -
EBIT 439 463 597 629 694 1,154 1,262 1,374 1,368 1,503 1,373
EV / EBITTTM 18.5 19.5 22.6 24.8 44.3 26.1 28.4 33.9 46.2 45.6

Book Value / Share 21.4 26.0 32.2 38.1 44.3 51.5 67.7 70.4 81.7 87.7 87.7
P/B 7.0 6.8 8.2 8.1 13.5 11.5 10.3 13.0 15.3 15.5 20.1

DIVIDENDS
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 15.6.21
Dividends (Rs crores) 89 96 133 138 149 213 244 305 330 356

Dividends/Net Profit 29% 30% 32% 31% 29% 26% 28% 32% 36% 32%
Dividends/Share 1.8 1.9 2.6 2.7 2.9 4.1 4.7 6.0 6.5 7.0
Stock Dividend Yield 1% 1% 1% 1% 0% 1% 1% 1% 1% 1% 0%

% RETURN IF YOU PURCHASED THE STOCK IN THE PAST AND SOLD IT TODAY
INPUT Date of Purchase Mar/17

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 15.6.21
Stock Bought - - - - - - -699 - - -
Dividends - - - - - - 4.7 6.0 6.5 7.0
Stock Sold 1,764
Total - - - - - - -694 6 7 7 1,764

IRR 25.3%

NOTE: The IRR calculated above DOES NOT account for buybacks, if any, by a company
 Excel Sheet Made by Amol N
PIDILITE INDUSTRIES LTD
(all figures in Rs crores) BALANCE SHEET COMMON SIZE BALANCE SHEET
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Equity Share Capital 51 51 51 51 51 51 51 51 51 51 2% 2% 2% 2% 2% 1% 1% 1% 1% 1%
Reserves 1,034 1,270 1,600 1,901 2,219 2,587 3,420 3,523 4,097 4,405 51% 54% 61% 65% 67% 70% 72% 68% 69% 68%
Borrowings 336 321 111 46 58 80 98 125 113 288 16% 14% 4% 2% 2% 2% 2% 2% 2% 4%
Trade Payables (Manually copy from Screener.in) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Liabilities 622 722 853 930 986 996 1,202 1,500 1,643 1,779 30% 31% 33% 32% 30% 27% 25% 29% 28% 27%
TOTAL LIABILITIES 2,043 2,364 2,616 2,928 3,315 3,714 4,770 5,199 5,904 6,523 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Net Block 564 618 646 729 978 1,137 1,275 1,342 1,448 1,807 28% 26% 25% 25% 30% 31% 27% 26% 25% 28%
Capital Work in Progress 344 394 428 458 462 158 148 228 242 259 17% 17% 16% 16% 14% 4% 3% 4% 4% 4%
Cash & Bank 104 273 151 177 76 132 100 164 190 703 5% 12% 6% 6% 2% 4% 2% 3% 3% 11%
Investments 170 98 294 260 370 706 1,443 1,246 1,548 1,186 8% 4% 11% 9% 11% 19% 30% 24% 26% 18%
Inventory 409 454 524 600 641 627 721 804 934 929 20% 19% 20% 20% 19% 17% 15% 15% 16% 14%
Receivables 346 395 430 524 586 702 769 938 1,056 1,089 17% 17% 16% 18% 18% 19% 16% 18% 18% 17%
Loans & Advances (Manually copy from Screener.in) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Assets 106 132 143 180 201 252 315 477 485 549 5% 6% 5% 6% 6% 7% 7% 9% 8% 8%
TOTAL ASSETS 2,043 2,364 2,616 2,928 3,315 3,714 4,770 5,199 5,904 6,523 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

FUND FLOW ANALYSIS

5 YEAR 1 YEAR
Equity Share Capital -0 0
Reserves 2,185 308
Borrowings 229 175
Trade Payables - -
Other Liabilities 794 136
TOTAL CHANGE IN LIABILITIES 3,208 619

Net Block + WIP 626 376

Cash & Bank 627 513
Investments 816 -362
Inventory 288 -5
Receivables 502 32
Loans & Advances - -
Other Assets 348 64
TOTAL CHANGE IN ASSETS 3,208 619

ASSET TURNOVER RATIOS

Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Net Working Capital 755 849 954 1,124 1,227 1,329 1,489 1,742 1,990 2,018

Average Working Capital Turnover 3.9 4.1 4.1 4.1 4.2 4.0 3.8 3.8 3.6

Average Working Capital Cycle (in days)

Average Inventory Days 79 77 77 74 78 89 91 84 94
Average Receivable Days 43 41 41 42 44 48 51 51 54
Average Payable Days 0 0 0 0 0 0 0 0 0 Median Min Max
Average Working Capital Cycle Days 122 118 117 116 122 137 142 135 148 122 116 148

Average Fixed Asset Turnover 3.3 3.5 3.8 3.7 3.9 4.1 4.1 4.3 3.9 3.9 3.3 4.3

RETURN ON INVESTED CAPITAL (ROIC)

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Operating EBIT 409 420 516 584 648 1,073 1,147 1,221 1,237 1,403 Median Min Max
Effective Tax Rate 23% 25% 27% 27% 25% 29% 31% 29% 31% 24% 27% 23% 31%
Operating EBIAT 313 313 374 426 486 759 793 868 856 1,071

Invested Capital = (Book Value of Equity + Book Value of Debt - Cash)

Invested Capital 1,317 1,369 1,612 1,821 2,253 2,586 3,468 3,535 4,070 4,040
Average Invested Capital 1,343 1,490 1,717 2,037 2,420 3,027 3,502 3,803 4,055
Median Min Max
ROIC (EBIAT / Average Invested Capital) 23% 25% 25% 24% 31% 26% 25% 23% 26% 25% 23% 31%
with DuPont breakup
EBIAT/Sales 10% 10% 10% 10% 14% 14% 14% 12% 15% 12% 10% 15%
Sales/Av Invested Capital 2.3 2.5 2.5 2.4 2.2 1.9 1.7 1.9 1.8 2.2 1.7 2.5
PIDILITE INDUSTRIES LTD
QUARTER ANALYSIS

Latest Quarter Latest 6 Months Period Latest 9 Months Period

Dec-20 Dec-19 Growth Latest Year Ago Growth Latest Year Ago Growth
Sales 2,299 1,927 19% 4,179 3,733 12% 5,057 5,750 -12%
Expenses 1,658 1,463 3,026 2,902 3,837 4,475
Depreciation 49 42 97 82 143 120
Operating Profit 591 421 40% 1,056 749 41% 1,076 1,155 -7%

Other Income 22 41 44 76 65 116

Interest 12 8 21 16 30 24
Profit before tax 552 413 982 727 968 1,128
Tax 155 108 277 138 293 282
Net profit 397 304 30% 706 589 20% 675 846 -20%

EBIT Margin 26% 22% 25% 20% 21% 20%

EBITDA Margin 28% 24% 28% 22% 24% 22%
PAT Margin 17% 16% 17% 16% 13% 15%

Dec-20 Dec-19 Dec-18 Sep-20 Sep-19 Sep-18 Jun-20 Jun-19 Mar-20 Mar-19
Sales 2,299 1,927 1,848 1,880 1,807 1,757 878 2,017 1,545 1,639
19% 4% 4% 3% -56% -6%

Operating Profit 591 421 309 465 328 334 20 406 251 240
40% 36% 42% -2% -95% 5%
COMPANY NAME PIDILITE INDUSTRIES LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 50.82
Face Value 1.00
Current Price 1,764.40
Market Capitalization 89,658.58

PROFIT & LOSS

Report Date Mar-11 Mar-12 Mar-13 Mar-14
Sales 2,657.18 3,126.57 3,678.11 4,283.21
Raw Material Cost 1,467.80 1,774.06 2,059.93 2,419.91
Change in Inventory 63.06 33.74 44.75 58.60
Power and Fuel 31.86 34.13 42.32 46.42
Other Mfr. Exp 184.60 219.26 252.82 271.85
Employee Cost 287.22 326.55 374.93 448.84
Selling and admin 206.74 230.97 300.84 360.50
Other Expenses 73.36 91.69 107.76 129.33
Other Income 29.97 43.47 81.15 44.86
Depreciation 59.36 63.73 68.58 81.16
Interest 36.32 30.72 15.51 16.33
Profit before tax 402.95 432.67 581.32 612.33
Tax 94.56 110.03 159.52 165.28
Net profit 310.05 324.37 423.98 449.81
Dividend Amount 88.57 96.46 133.28 138.40

Quarters
Report Date Sep-18 Dec-18 Mar-19 Jun-19
Sales 1,757.19 1,847.80 1,639.28 2,016.62
Expenses 1,391.28 1,506.65 1,360.50 1,572.89
Other Income 25.91 27.74 46.73 40.15
Depreciation 31.58 32.09 38.96 37.73
Interest 6.02 6.21 6.57 7.34
Profit before tax 354.22 330.59 279.98 438.81
Tax 123.04 111.03 43.11 144.42
Net profit 231.63 219.47 235.14 292.89
Operating Profit 365.91 341.15 278.78 443.73

BALANCE SHEET
Report Date Mar-11 Mar-12 Mar-13 Mar-14
Equity Share Capital 50.61 50.77 51.26 51.26
Reserves 1,034.09 1,269.81 1,600.27 1,901.36
Borrowings 335.98 321.27 111.23 45.93
Other Liabilities 621.99 722.46 853.23 929.81
Total 2,042.67 2,364.31 2,615.99 2,928.36
Net Block 563.88 617.66 645.78 729.13
Capital Work in Progress 343.64 393.82 428.02 458.05
Investments 170.46 98.29 294.06 260.29
Other Assets 964.69 1,254.54 1,248.13 1,480.89
Total 2,042.67 2,364.31 2,615.99 2,928.36
Receivables 346.05 395.19 430.49 524.40
Inventory 409.20 454.13 523.57 599.68
Cash & Bank 103.78 273.19 150.62 177.17
No. of Equity Shares ### ### ### ###
New Bonus Shares
Face value 1.00 1.00 1.00 1.00

CASH FLOW:
Report Date Mar-11 Mar-12 Mar-13 Mar-14
Cash from Operating Activity 299.32 367.02 471.71 393.84
Cash from Investing Activity -31.52 -238.58 -144.47 -98.66
Cash from Financing Activity -228.77 -135.02 -339.45 -241.51
Net Cash Flow 39.03 -6.58 -12.21 53.67

PRICE: 149.65 176.90 263.80 307.05

DERIVED:
Adjusted Equity Shares in Cr 50.61 50.76 51.26 51.26
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

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

4,844.10 5,361.17 5,616.79 6,078.41 7,077.96 7,294.47
2,680.80 2,561.41 2,670.29 2,883.88 3,661.79 3,381.28
12.24 -23.27 30.73 -3.77 75.21 -21.22
54.38 48.97 53.21 59.16 66.43 67.19
323.75 345.80 56.83 109.42 122.97 153.27
502.47 572.46 645.62 712.88 837.13 927.66
399.78 434.86 736.40 766.29 845.90 905.14
129.32 200.92 223.28 201.79 249.03 265.36
45.49 81.03 115.45 153.00 130.51 99.94
117.76 100.47 115.14 119.88 132.74 169.92
15.64 13.27 13.93 15.54 26.07 33.60
677.93 1,140.77 1,248.27 1,358.80 1,341.62 1,469.77
169.41 333.54 385.05 392.71 413.23 347.72
512.57 802.83 859.99 962.35 924.91 1,116.42
148.68 212.77 243.53 304.68 330.20 355.67

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

1,806.58 1,926.59 1,544.68 877.84 1,880.33 2,299.02
1,438.34 1,463.42 1,243.80 811.47 1,367.69 1,658.20
34.60 41.41 -18.89 20.47 22.30 21.96
40.23 41.86 50.10 46.10 47.89 49.48
8.28 8.19 9.79 9.07 8.65 12.07
354.33 454.53 222.10 31.67 478.40 601.23
29.29 108.42 65.59 15.85 121.96 154.80
 324.22 341.78 157.53 26.78 356.42 441.83
368.24 463.17 300.88 66.37 512.64 640.82

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

51.27 51.27 51.27 50.78 50.80 50.81
2,219.31 2,586.72 3,419.64 3,523.26 4,097.29 4,404.80
58.42 80.02 97.51 124.57 112.74 287.69
985.76 995.87 1,202.01 1,499.99 1,642.96 1,779.40
3,314.76 3,713.88 4,770.43 5,198.60 5,903.79 6,522.70
978.49 1,137.46 1,275.25 1,342.19 1,447.61 1,806.71
461.82 158.07 147.71 227.73 242.13 259.33
369.90 705.54 1,443.10 1,245.94 1,547.70 1,186.19
1,504.55 1,712.81 1,904.37 2,382.74 2,666.35 3,270.47
3,314.76 3,713.88 4,770.43 5,198.60 5,903.79 6,522.70
586.11 701.59 768.54 938.13 1,056.01 1,088.50
641.04 627.43 720.86 804.33 934.45 929.47
76.00 131.76 99.94 163.58 190.43 703.25
### ### ### ### ### ###

1.00 1.00 1.00 1.00 1.00 1.00

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

552.00 907.47 793.75 796.43 844.78 1,279.55
-435.90 -491.14 -878.97 39.26 -513.14 102.94
-165.13 -371.06 40.66 -789.75 -360.56 -849.21
-49.02 45.27 -44.56 45.94 -28.92 533.28

599.85 589.30 699.15 917.80 1,246.25 1,356.40

51.27 51.27 51.27 50.78 50.80 50.81