DIMENSION 1 - EFFICIENCY

A
EFFICIENCY OF OVERALL ASSET MANAGAMENT

2017-2018
1 TURN OVER RATIO revenue of operation/total
asset
Revenue of operation 56083.04
Total asset 59064.64
RATIO

2 INTENSITY RATIO total asset/revenue of

operation
Total asset 59064.64
Revenue of operation 56083.04
RATIO

B
EFFICIENCY OF FIXED ASSET
1 TURN OVER RATIO Revenue/fixed asset(property
plant and equiment)

Revenue of operation 56083.04

Fixed asset(property plant
and equiment) 17013.84
RATIO

2 INTENSITY RATIO Fixed asset(property plant and

equipment)/revenue
Fixed asset(property plant
and equiment) 17013.84
Revenue of operation 56083.04
RATIO
C
EFFICIENCY OF NET WORKING CAPITAL MANAGEMENT
1 TURN OVER RATIO revenue/(current asset-current
liability)
Revenue of operation 56083.04
current asset 23079.62
current liability 32221.14
RATIO

2 INTENSITY RATIO (current asset-current

liablity)/revenue
Revenue of operation 56083.04
current asset 23079.62
current liability 32221.14
RATIO

DIMENSION 2 - PROFITABILITY
A NET PROFIT MARGIN Net profit/Revenue

Net profit after tax 2611.52

Revenue of operation 56083.04
RATIO

B INCOME TAX
EXPENSES RATIO Taxed/revenue
Tax 0
Revenue of operation 56083.04
RATIO

C PROFITABILITY OF (operating revenue-operating

OPERATION cost)/revenue
operating revenue 56083.04
Total Expenses 53825.53
Finance cost 429.46
Operating profit 2686.97
Revenue of operation 56083.04
RATIO
D PROFITABILITY OF
MANUFACTURING (Manufacturing
PRODUCT AND revenue-
SERVICES manufactuting
Manufacturing profit/Revenue cost/revenue
Sale of Manufactured
Goods 38790.32
Cost of Materials
Consumed 22052.65
Purchases of Stock-in-
Trade 12417.71
Change in inventories -1444.1
Manufacturing profit 5764.06
Revenue of operation 56083.04
RATIO

E
PROFITABILITY FOR Since there is no seggregation of ac
CORE ACTIVITIES noncore activities,Profitability f
Core profit/revenue ext

DIMENSION 3 - WORKING CAPITAL MANAG

A
INVENTORY TURN
OVER RATIO
Revenue/inventory
Revenue of operation 56083.04
Inventory 7688.69
RATIO

B DEBTORS TURN OVER

RATIO Revenue/trade recievables
Revenue of operation 56083.04
trade recievables 12185.05
RATIO

C CREDITORS TURN
OVER RATIO revenue/trade payables
Revenue of operation 56083.04
trade payables 17488.44
RATIO
 DIMENSION 4 - FUNDING PATTERN
A DEBT EQUITY RATIO
Debt/Equity
Debt 2019.76
Equity 22594.16
RATIO

B ABILITY TO SERVICE operating profit(EBIT)/interest

FUNDING expense

operating profit (EBIT) =

Operating profit profit before tax+interest
expense 2611.52
Interest expenses
386.98
RATIO
FFICIENCY

2017-2018 2018-2019 2019-2020

71724.29 79198.74
61938.89 66198.59
0.949519713 1.157985 1.196381

61938.89 66198.59
71724.29 79198.74
1.053164022 0.863569 0.835854

71724.29 79198.74

14542.65 13243.52
3.296318762 4.931996 5.980188

14542.65 13243.52
71724.29 79198.74
0.303368719 0.202758 0.167219
T

71724.29 79198.74
28332.77 34825.98
32082.21 32938.24
-6.134979741 -19.1293 41.95426

71724.29 79198.74
28332.77 34825.98
32082.21 32938.24
-0.162999723 -0.05228 0.023835

OFITABILITY

2861.36 3357.89
71724.29 79198.74
0.046565236 0.039894 0.042398

33.63 551.9 (-514.87-3

71724.29 79198.74
0 0.000469 0.006969

71724.29 79198.74
69230.11 76392.28
207.08 196.75
2701.26 3003.21
71724.29 79198.74
0.047910563 0.037662 0.03792
 53019.61 64974.3

34308.09 41321.87

14274.29 11545.31
-1946.01 -758.4
6383.24 12865.52
71724.29 79198.74
0.102777239 0.088997 0.162446

here is no seggregation of activities of the company into Core and

core activities,Profitability for core activities data could not be
extracted

PITAL MANAGEMENT

71724.29 79198.74
9084.16 13847.57
7.294225674 7.895534 5.719324

71724.29 79198.74
12196.49 13768.05
4.602610576 5.880732 5.752357

71724.29 79198.74
15707.84 15838.01
3.206863505 4.566146 5.000549
ING PATTERN

2337.78 2842.26
25309.28 28406.11
0.089393011 0.092368 0.100058

2861.36 3748.18

157.45 147.83
6.748462453 19.17313 26.35466
 Interpretation

The asset turnover ratio measures the value of a company's sales or revenues relative to the value of its assets. The asset turnover ratio can be used as an
the efficiency with which a company is using its assets to generate revenue.
The higher the asset turnover ratio, the more efficient a company is at generating revenue from its assets. For Dr. Morepen, though the value was below
is gone over 1 in subsequent years and increasing indicating higher efficiency in asset utilisation to generate revenue.

Capital Intensity Ratio is a financial ratio that conveys how effectively and efficiently a firm is utilizing its capital or assets to generate revenue. Specifical
tells us the amount of capital or assets a firm needs to generate a single unit of revenue. It is the reciprocal of asset turnover ratio and has reduced to b
Dr.Morepen indicating less than one unit of asset is needed to generate a unit of revenue.

The fixed asset turnover ratio reveals how efficient a company is at generating sales from its existing fixed assets.
A higher ratio implies that management is using its fixed assets more effectively.
A high FAT ratio does not tell anything about a company's ability to generate solid profits or cash flows.

The ratio is commonly used as a metric in manufacturing industries that make substantial purchases of PP&E in order to increase output. When a compan
significant purchases, wise investors closely monitor this ratio in subsequent years to see if the company's new fixed assets reward it with increased

Overall, investments in fixed assets tend to represent the largest component of the company’s total assets.
Here for Dr. Morepen, it is 3.29, 4.93, and 5.98 (for '17-'18, '18-'19, and '19-'20 successively) . Thus the FAT ratio is in an increasing trend year on
Thus we can tell that the company's asset acquisition is properly rewarding the company with required returns

This ratio conveys how effectively and efficiently a firm is utilizing its fixed assets to generate revenue. Specifically, this ratio tells us the amount of fixed
needs to generate a single unit of revenue. It is well below 1 for Dr.Morepen indicating a good financial health for the company and less reliability on fix
generate a unit of revenue.
 Working capital turnover measures how effective a business is at generating sales for every dollar of working capital put to use.
A higher working capital turnover ratio is better, and indicates that a company is able to generate a larger amount of sales. However, if working capital tu
too high, it could suggest that a company needs to raise additional capital to support future growth.
For the first year and second year, Working Capital Turnover Ratio is negative, which means that Company does not have sufficient short-term funds for
sales done for that period. This will cause a shortage of funds and can cause a business to run out of money.It is a negative driver but in the third year the
a substantial rise in sales resulting in good working capital ratio.

Intensity Ratio conveys how effectively and efficiently a firm is utilizing its working capital to generate revenue. Specifically, this ratio tells us the amoun
capital a firm needs to generate a single unit of revenue. It is the reciprocal of working capital turnover ratio and has become positive in '19-'20 resulting in
of working capital in generating revenue.

Net profit margin measures how much net income is generated as a percentage of revenues received.
It helps investors assess if a company's management is generating enough profit from its sales and whether operating costs and overhead costs are bein
Thus, the Net profit margin is one of the most important indicators of a company's overall financial health. For Dr. Morepen, we see that the net profit ma
3.98% and 4.24% (for '17-'18, '18-'19, and '19-'20 successively). Thus we see that the NPM had dipped slightly from '17-'18 to '18-'19, post which there
course correction and the NPM increased to 4.24%. Thus on an average, each year Dr. Morepen has generated about 4% net income from revenue ge

The ratio measures how much a fund's annualized return is reduced by the taxes investors pay on distributions. The tax cost ratio is a measure of how on
negatively impact performance. Also like an expense ratio, it is usually concentrated in the range of 0-5%. 0% indicates that the fund had no taxable distr
5% indicates that the fund was less tax efficient
In the first year, tax expense ratio is nil because tax is set off by way of tax entitlement. There is no tax outflow. In the next year, there is a meagre tax exp
in 0.0004% and 0.006% which shows credit of tax entitlement is getting availed and deteriorating resulting in small amounts of tax. High sales in the third
resulting in taxes.

The ratio indicates the overall profitability of the business operations carried out by the company. After a minor decline in '18-19, it has remained stable
significantly below 1, indicating a high operating profit for Dr. Morepen
The ratio indicates the overall profitability of the manufacturing operations carried out by the company. The ratio has remained well below 1 for Dr. More
a high profit from the goods manufactured by the company. Both manufacturing profit and overall revenue for the company has increased over time in
continuous contribution of manufacturing profits to the overall revenue.

Inventory turnover is the rate at which a company replaces inventory in a given period due to sales. Calculating inventory turnover helps businesses m
pricing, manufacturing, marketing, and purchasing decisions. The inventory turnover ratio is a measure of how well a company generates sales from its in
higher the inventory turnover, the better, since high inventory turnover typically means a company is selling goods quickly, and there is considerable dem
products. For Dr. Morepen, the ratio had increased to 7.9 from 7.3 in '18-'19 but declined to 5.7 in '19-'20 indicating relatively weaker sales in '19

The receivables turnover ratio is an accounting measure used to quantify a company's effectiveness in collecting its accounts receivable, or the money
customers or clients. This ratio measures how well a company uses and manages the credit it extends to customers and how quickly that short-term debt
is paid. A high receivables turnover ratio can indicate that a company’s collection of accounts receivable is efficient and the company has a high proportio
customers that pay their debts quickly. A high receivables turnover ratio might also indicate that a company operates on a cash basis. For Dr. Morepen, t
increased to 5.75 in '19-'20 from 4.6 in '17-'18 indicating a higher effectiveness in collecting its accounts receivable.

The ratio is a short-term liquidity measure used to quantify the rate at which a company pays off its suppliers. It shows how many times a company pays o
payable during a period. A consistent improvement in the ratio is seen for Dr. Morepen indicating that the company is taking lesser time to pay off its sup
previous periods which shows a healthy financial condition of the company.
The debt-to-equity (D/E) ratio is used to evaluate a company's financial leverage and is calculated by dividing a company’s total liabilities by its shareholde
a measure of the degree to which a company is financing its operations through debt versus wholly owned funds or the ability of shareholder equity to
outstanding debts in the event of a business downturn. For Dr. Morepen, the ratio is 0.08, 0.09 and 0.1 (for '17-'18, '18-'19, and '19-'20 successively) whic
company is relatively good in terms of good equity while a marginal increasing trend in value over the years shows the company has been aggressive in fi
growth with debt.

The interest coverage ratio is a debt and profitability ratio used to determine how easily a company can pay interest on its outstanding debt. The "cover
interest coverage ratio stands for the length of time—typically the number of quarters or fiscal years—for which interest payments can be made with the
currently available earnings. The lower the ratio, the more the company is burdened by debt expenses and the less capital it has to use in other ways. We
increasing from 6.7 to 26.3 in subsequent years for Dr. Morepen which is substantially good and indicates a strong ability to meet its interest obliga
56083.04 53825.53
64974.3 41321.87 11545.31
company
can pay
interest on
its
outstanding
debt. The
interest
coverage
ratio is
calculated
by dividing
a company's
earnings
before
The interest
interest and
coverage
taxesis used
ratio
(EBIT) by
to measure
its
how interest
well a
a higher
expense
firm
coveragepay
can
duringis a
the interest
ratio
given
due onperio
better,
outstanding
although the
debt ratio
ideal
may vary by
industry.
429.46 2686.97 51568.02 0.919494
 AY 17-18 AY 18-19
Cost of Materials Consumed 22052.65

Purchases of Stock-in-Trade 12417.71

Manufacturing profit #REF!

AY 19-20
(Nrofit after tax is same as profit after tax - Same
whether finance cost is same as interest expenses?
which tax Tax entitlement exit hence zero
Consolidated Balance Sheet
As at 31 March, 2020
(in INR Lakhs)

Note No. 31.03.2020 31.03.2019 31.03.2018

A. ASSETS
1. NON-CURRENT ASSETS
Property Plant and Equipment 2 13,408.94 14,736.71 17,239.67
Goodwill 2 7,447.42 7,447.98 7,448.54
Other Intangible Assets 2 780.72 1,436.25 1,741.07
Financial Assets
Investments 3 108.50 -
Loans 4 6.80 4.14 2.05
Other Non-Current Assets 5 7,376.36 7,945.82 7,805.31
29,128.74 31,570.90 34,236.64
2. CURRENT ASSETS
Inventories 6 13,847.57 9,420.16 7,688.69
Financial Assets
Investments 7 - 2.25 21.78
Trade Receivables 8 13,768.05 13,374.69 12,185.05
Cash and Cash Equivalents 9 1,363.91 959.51 571.61
Bank Balances other than Cash and C 10 2,524.13 2,261.71 23.38
Loans 4 35.02 39.11 46.31
Other Financial Assets 11 56.37 26.31 10.10
Other current assets 12 5,622.60 3,863.10 3,797.08
37,217.65 29,946.84 24,344.00
TOTAL 66,346.39 61,517.74 58,580.64

B. EQUITY AND LIABILITIES

1. EQUITY
Equity Share Capital 13 8,995.86 8,995.86 8,995.86
Other Equity 19,410.25 16,313.42 13,598.30
28,406.11 25,309.28 22,594.16
2. MINORITY INTEREST 14 -46.34 -46.31 -45.42
3. NON - CURRENT LIABILITIES
Financial Liabilties
Borrowings 15 92.46 182.92 294.73
Other Financial liabilities 16 367.45 253.65 282.66
Provisions 17 2,382.35 1,901.21 1,442.37
2,842.26 2,337.78 2,019.76
4. CURRENT LIABILITIES
Financial Liabilties
Borrowings 15 1,135.95 898.97 -
Trade Payables 18 17,230.43 16,815.02 17,488.44
Other Financial liabilities 19 15,302.68 14,875.81 15,576.77
 Other Current Liabilties 20 1,203.33 1,188.59 813.60
Provisions 17 271.97 138.60 133.33
35,144.36 33,916.99 34,012.14
TOTAL 66,346.39 61,517.74 58,580.64

Calculated Items:

Operating Current Assets 33,238.22 26,657.95 23,670.82

Operating Current Liabilities 18,705.73 18,142.21 18,435.37
Financial Current Assets 3,979.43 3,288.89 673.18
Financial Current Liabilities 16,438.63 15,774.78 15,576.77
Net working capital Current asse 2,073.29 -3,970.15 -9,668.14
Net operating working capital (NOWC) Operating c 14,532.49 8,515.74 5,235.45
Net financial working capital (NOWC) Financial cu -12,459.20 -12,485.89 -14,903.59
Market Price 9.55 17.50 30.80
Book Value Total Assets 28,359.77 25,262.97 22,548.74
Total Outstanding Shares 449,826,203 449,826,203 449,826,203
Core Fixed
Core Fixed
Core Fixed
Core

Non Core

Operating

Financial
Operating
Financial
Financial
Financial
Financial
Operating - mainly includes deposits to suppliers

Financial
Operating
Financial
Operating - mainly includes advances
Operating
Consolidated Statement of Profit and Loss
As at 31 March, 2020
(in INR Lakhs)
Note No. 31.03.2020 31.03.2019 31.03.2018
REVENUE
Revenue from operations (Net) 22 85,306.69 76,853.84 60,650.91
Other Income 23 948.35 367.18 372.27
Total Income (I) 86,255.04 77,221.02 61,023.18

EXPENSES
Cost of Materials Consumed 24 41,321.87 34,308.09 22,052.65
Purchases of Stock-in-Trade 15,442.69 17,329.47 14,457.40
Changes in inventories of Finished goods, Work-in-progress a -1,022.71 -1,987.78 347.06
Employee Benefits Expense 25 10,990.60 9,536.47 7,653.37
Finance Cost 26 198.45 211.00 435.73
Depreciation and Amortization Expense 2 3,690.60 3,990.29 3,432.20
Other Expenses 27 11,722.78 10,915.81 9,667.68
Total Expenses (II) 82,344.28 74,303.35 58,046.09
Profit before Tax 3,910.76 2,917.67 2,977.09
Tax Expense
Current Year Tax -37.40 -246.33 -
Tax Credit Entitlement - 212.70 -
Tax (Earlier year) -515.47 - -
Profit for the Year (III) 3,357.89 2,884.04 2,977.09
Share of minority interest in Profit/ (loss) -0.03 -0.89 17.95
Other Comprehensive Income 3,357.92 2,884.93 2,959.14
Items that will not be reclassified to Profit & Loss -226.35 -169.11 8.87
Tax 2.29 36.33 -
Tax Credit Entitlement - -37.03 -
Tax (Earlier year) -37.03 - -
Other Comprehensive Income for the Year (Net of Tax) (IV) -261.09 -169.81 8.87
Total Comprehensive Income for the Year (III+IV) 3,096.83 2,715.12 2,968.01
Earning per equity share (Face Value of INR 2/- each)
Basic 0.75 0.64 0.66
Diluted 0.75 0.64 0.66

Other Expenses
Consumption of Stores and spare parts 453.32 236.29 112.65
Power and Fuel 1,255.79 1,318.15 1,108.29
Rent 435.26 417.03 414.07
Repairs to buildings 93.18 179.37 120.62
Repairs to machinery 313.10 437.95 305.57
General Repairs 195.27 93.71 101.16
Insurance 72.20 58.88 56.31
Research & Development 254.69 95.86 50.42
Quality Control & Testing Charges 455.15 440.96 303.22
Rates and taxes excluding taxes on income 172.37 141.34 138.21
Legal and Professional Expenses 1,383.05 1,470.20 898.06
Travelling Expenses 1,389.27 1,432.73 1,244.29
Miscellaneous Expenses 1,239.12 1,320.12 1,811.13
Selling and Distribution Expenses 4,011.01 3,273.22 3,003.68

Calculated Items:

Cost of Goods Sold 65,745.93 58,590.78 43,962.76

Gross Profit Revenue from 19,560.76 18,263.06 16,688.15
Product Gross Value Added 29,564.84 27,204.06 23,793.80
Operating Profit Revenue from O 3,160.86 2,761.49 3,040.55
Core Profit 2,962.41 2,550.49 2,604.82
Profit After Tax 3,096.83 2,715.12 2,968.01
Delta

40.65%
154.75%
41.35% Healthy reveneue growth

87.38% Cost of Materials consumed is growing at a much higher pace

6.82%
-394.68%
43.60%
-54.46%
7.53%
21.26% Details below
41.86% Expenses are growing at a similar pace or higher

12.79%

13.48% Profit increasing at a lower pace than revenue-chasing revenue growth over profitability

4.34%

13.64%
13.64%

302.41% COGS
13.31% COGS
5.12%
-22.75% COGS
2.46% COGS
93.03% COGS
28.22%
405.14% Good thing - Higher R&D costs may lead to better products in future
 50.11%
24.72%
54.00%
11.65%
-31.58%
33.54% Distribution costs are growing slower than revenue growth - good thing

49.55% Assumed 70% of employee expenses as COGS; growing higher than the revenue
17.21%
24.25% Value addition increasing lower than revenue
3.96% Excludes Finance Cost
13.73%
4.34%
Cash Flow Statement
As at 31 March, 2020
(in INR Lakhs)
Note No. 31.03.2020 31.03.2019
A. CASH FLOWS FROM OPERATING ACTIVITIES :
Profit before Tax 3,910.76 2,917.67
Adjustments for :
Depreciation & Amortisation 2 3,690.60 3,990.29
(Profit)/Loss on Sale of Fixed Assets 0.06
Provision for Employee benefit (OCI) -226.35 -169.11
Finance Cost (Net) 26 198.45 211.00
Minority Interest 0.03 0.89
Operating Profit before changes in Current Assets and Liabilities 7,573.49 6,950.80
Changes in Current Assets and Liabilities -
Trade Receivables 8 -393.36 -1,189.64
Loans, Bank balance other than cash & Cash equivalent and4,10,11,12 -2,047.89 -2,313.36
Inventories 6 -4,427.41 -1,731.47
Current Liabilities 17,18,19,2 984.49 55.08
Cash generated from operations 1,689.32 1,771.41
Income Tax (Net) -587.60 -34.36
NET CASH GENERATED FROM OPERATING ACTIVITIES 1,101.72 1,737.05
B. CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Property, Plant & Equipments -1,666.31 -850.60
Purchase/Addition of Intangibles/Goodwill (Net) -40.39 -333.18
Proceeds from Sale of Property, Plant & Equipments 1.80
Sales/(Purchase) of Investments (Net) 7 -106.25 19.53
Investment in Other Non-Current Assets 4,5 566.80 -142.60
NET CASH USED IN INVESTING ACTIVITIES -1,246.15 -1,305.05
C. CASH FLOWS FROM FINANCING ACTIVITIES:
Finance Cost 26 -198.45 -211.00
Proceeds/(Repayments) of Long Term Borrowings (Net) 15 -84.56 -1,161.01
Proceeds/(Repayments) of Short Term Borrowings (Net) 15 236.98 898.97
Change in Other Non- Current Liabilities & Provisions (Net) 594.86 428.94
NET CASH USED IN FINANCING ACTIVITIES 548.83 -44.10
Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) 404.40 387.90
Cash and Cash Equivalents as at Beginning of the Year 959.51 571.61
Cash and Cash Equivalents as at End of the Year 1,363.91 959.51
Bank Balances other than Cash and Cash Equivalents 2,524.13 2,261.71
31.03.2018

2,977.08

3,432.20
5.50
8.87
435.73
-17.95
6,841.43

-2,889.93
-1,513.26
-1,222.20
5,125.36
6,341.40
-
6,341.40

-1,032.80
-1,655.44
1.58
-21.78
15.56
-2,692.88

-435.73
-3,442.93
-
101.29
-3,777.37
-128.85
700.47
571.62
23.38
Ratios
First Time Analysis

Definition/Formula 31.03.2020 31.03.2019 31.03.2018 Delta Remarks

A. Cost & Profitability Analysis Ratios

Gross Profit Margin Gross Profit/Revenue from Operations 22.93% 23.76% 27.52% -16.66%
Product Gross Value Added Margin Product Gross Value Added/Revenue from Operations 34.66% 35.40% 39.23% -11.66% All profit ratios are consistenly declining while
revenue from operations/sales are increasing; This is
Operating Profit Margin Operating Profit/Revenue from Operations 3.71% 3.59% 5.01% -26.09% implying that the firm is chasing revenue growth
Core Profit Margin Core Profit/Revenue from Operations 3.47% 3.32% 4.29% -19.14% over profitability
Net Profit Margin Profit after Tax/Revenue from Operations 3.63% 3.53% 4.89% -25.82%

Gross Cash Profit Margin Operating Cash Profit/Revenue from Operations 8.88% 9.04% 11.28% -21.29%
Net Cash Profit Margin Net Operating Cash Profit/Revenue from Operations 1.29% 2.26% 10.46% -87.65% ROE and ROI are declining implying that the firm is
Return on Equity Consolidated PAT/Shareholder's Equity 10.90% 10.73% 13.14% -17.01% unable to find growth projects which can give high
Return on Investment Operating Profit/(SE+Non Controlling Interest+Non-Current Liab 10.13% 10.01% 12.38% -18.14% margin
Comprehensive Return on Equity Comprehensive Income after Tax/SE 10.90% 10.73% 13.14% -17.01%

Additional Analysis
Borrowing Per Rupee of Sales (S.T. Borrowings + L.T. Borrowings)/Revenue from Ops 1.44% 1.41% 0.49% 196.33%
Very Low borrowing; can increase the return on
Short-Term Borrowings per Rupee of Sales (S.T. Borrowings)/Revenue from Ops 1.33% 1.17% 0.00% 13.84% equity by adding some amount of leverage
Long-Term Borrowings per Rupee of Sales (L.T. Borrowings)/Revenue from Ops 0.11% 0.24% 0.49% -77.70%

Average Interest Cost Ratio (Int Cost/Total Borrowings) 16.16% 19.50% 147.84% -89.07% This should be not considered since hardly any borrowiCompare with amount of Repo Rate changes
Average Interest Cost per Rupee of Sales (Int Cost/Revenue from Ops) 0.23% 0.27% 0.72% -67.62%

Net Non-Core Income/Sales (Non-Core Income - Expenses)/Revenue from Ops 1.11% 0.48% 0.61% 81.12%
Income Tax/Sales Income Tax/Revenue from Ops 0.65% 0.04% 0.00% 1381.08%

B. Efficiency Analysis Ratios

Total Asset Intensity Ratio Assets/Revenue from Ops 77.77% 80.05% 96.59% -19.48% Overall reduction in asset utilization
Non Current Asset Intensity Ratio Non-Current Assets/Revenue from Ops 34.15% 41.08% 56.45% -39.51%
Core Assets Core Non-Current Assets/Revenue from Ops 25.50% 30.74% 43.58% -41.49%
Fixed Assets Fixed Assets/Revenue from Ops 25.36% 30.73% 43.58% -41.79% Reduced utilization of Fixed Assets
Other Core Assets (Core Non-Current Assets - Fixed Assets)/Revenue from Ops 0.14% 0.01% 0.00% 3898.80%
Non-Core Assets Non Core Non-Current Assets/Revenue from Ops 8.65% 10.34% 12.87% -32.81%

C. Working Capital Analysis Ratios

Net Working Capital Intensity Ratio Net Working Capital/Revenue from Ops 2.43% -5.17% -15.94% -115.25%
Operating Net Working Capital Intensity Ratio Net Operating Working Capital/Revenue from Ops 17.04% 11.08% 8.63% 97.35%
Financial Net Working Capital Intensity Ratio Net Financial Working Capital/Revenue from Ops -14.61% -16.25% -24.57% -40.56%
Total Operating Current Asset Turnover Ratio Revenue from Ops/Operating Current Assets 2.57 2.88 2.56 0.17%
Total Operating Current Liability Turnover Ratio Revenue from Ops/Financial Current Assets 4.56 4.24 3.29 38.62%

Inventory Turnover Ratio (Revenue/Inventory) Revenue from Ops/Inventory 6.16 8.16 7.89 -21.90% This should be between 5-10, however has been decreasing
Debtors Turnover Ratio (Revenue/Receivables) Revenue from Ops/Receivables 6.20 5.75 4.98 24.48% This is above industry average
Creditors Turnover Ratio (Revenue/Creditors) Revenue from Ops/Trade Creditors 4.95 4.57 3.47 42.76% This is again a healthy ratio
Inventory Holding Period Days in an Year*(Inventory/Revenue from Ops) 59.25 44.74 46.27 28.05% Healthy inventory holding period as a percentage of sales.
Debtors Holding/Collection Period Days in an Year*(Receivables/Revenue from Ops) 58.91 63.52 73.33 -19.67% This is a positive indicator - healthy working capital management
Creditors Holding/Payment Period Days in an Year*(Trade Creditors/Revenue from Ops) 73.72 79.86 105.25 -29.95% We collect faster than we pay - so good thing. Though both decreasing
Other Operating Current Asset Intensity Ratio (Operating CA - Inventories - Receivables)/Revenue from Ops 6.59% 5.03% 6.26% 5.28%
Other Operating Current Liability Intensity Ratio (Operating CL - Trade Creditors)/Revenue from Ops 1.73% 1.73% 1.56% 10.77%
Total Financial Current Asset Intensity Ratio Finncial CA/Revenue from Ops 4.66% 4.28% 1.11% 320.29%
Total Financial Current Liability Intensity Ratio Finncial CL/Revenue from Ops 19.27% 20.53% 25.68% -24.97%

D. Liquidity Analysis Ratios

Liquidity Ratio (Financial Current Assets)/Current Liabilities 11.32% 9.70% 1.98% 472.09%
Net Operating Cash Flow Yield (Net Cash Flow from Operations/Operating Profit) 34.86% 62.90% 208.56% -83.29%
Free Cash Flow Yield (Free Cash Flow/Net Cash Flow from Operations) 36.71% 22.33% -2.03% -1906.51%
Current Ratio Current Assets/Current Liabilities 1.06 0.88 0.72 47.96% Increasing CR is a positive indicator of healthy balance sheet
Quick Ratio (Current Assets-Inventories)/Current Liabilities 0.66 0.61 0.49 35.80% Increasing QR is a positive indicator of healthy balance sheet

E. Financing/Capital Structure Analysis Ratios

Debt-Equity Ratio Non Current Liabilities/SE 0.10 0.09 0.09 11.93% Extremely low debt; negligible
Debt-Asset Ratio Non Current Liabilities/Total Assets 0.04 0.04 0.03 24.25% Extremely low debt; negligible
Total Leverage Ratio Total Assets/SE 2.34 2.43 2.59 -9.92%
Total Debt Ratio (Non Current Liabilities + Financial Current Liabilities)/Total As 0.29 0.29 0.30 -3.25%
Interest Coverage Ratio (Operating Profit/Finance Cost) 15.93 13.09 6.98 128.25% The higher the interest coverage the better; however also due to the fact the debt is very low

F. Market Price Based Ratios

Price to Earnings Ratio Market Price/Basic Earnings 12.73 27.34 46.67 -72.71%
Price to Book Ratio (Market Price*No of Outstanding shares)/Book Value 1.51 3.12 6.14 -75.35%
Dividend Yield Dividend per Share/Market Price per Share - - -

Ratios