FINANCIAL ANALYSIS OF PCBL 2018-19

` Lakhs,
TOP LINE GROWTH
2019 2018
Revenue from operations 352,855.68 261,127.12
Other income 1,941.06 1,973.03
TOTAL REVENUE 354,796.74 263,100.15

PROFIT & PROFITABILITY

2019 2018
PBT 53,880.14 30,382.71
FINANCE COSTS 3,677.40 4,143.53
DEPRECIATION & AMRTZN 6,638.36 6,052.39
EBDITA 64,195.90 40,578.63
Less: DEPRECIATION & AMRTZN 6,638.36 6,052.39
EBIT 57,557.54 34,526.24
Less: Interest/finance costs 3,677.40 4,143.53
PBT 53,880.14 30,382.71
Less: Tax 15,026.79 7,404.09
PAT 38,853.35 22,978.62

PROFITABILITY RATIOS (DU PONT ANALYSIS)

2019 2018
ROE % 23.58 16.74
SE 164,807.11 137,234.87
ROA % 11.51 8.04
TA 337,463.34 285,942.22
Asset Leverage (Times) 2.05 2.08
Net profit margin% 10.95 8.73
Asset TO(Times) 1.05 0.92
Tax Factor 0.721 0.756
Interest factor 0.936 0.880
EBIT Margin 0.162 0.131

Asset growth
2019 2018
Non current assets 199,974.54 187,035.53
Current assets 137,488.80 98,906.69
Inventory 46,029.23 30,990.16
Trade receivables 65,265.78 52,197.46
Cash and cash equivalents 7,393.56 13,285.17

ASSET UTILIZation
2019 2018
Sales revenue 352,855.68 261,127.12
Inventory 46,029.23 30,990.16
Inventory Turnover ratio (times) 7.67 8.43
Inventory holding period (days) 48 43
Trade receivables 65,265.78 52,197.46
Receivables TO ratio (times) 5.41 5.00
Debt collection period (days) 68 73

LIQUIDITY ANALYSIS
2019 2018
CAS 137,488.80 98,906.69
CLS 119,787.06 109,484.54
CURRENT RATIO 1.15 0.90
Quick assets 91,459.57 67,916.53
Acid Test ratio / quick ratio 0.764 0.620
NWC 17,701.74 -10,577.85
WC Turnover tatio 19.93 -24.69

CAPITAL STRUCTURE ANAYSIS

2019 2018
D/E RATIO 0.44 0.50
ICR 15.65 8.33
Long term borrowings 27,066.03 16,425.49
Short term borrowings 45,499.13 52,263.30
Total Borrowings 72,565.16 68,688.79
MARKET MATRIX
2019 2018
EPS 22.54 13.33
P/E ? ?
018-19

% Change
35.13
-1.62
34.85

% Change
 6.9
39.0
48.5
25.0
-44.3
FINANCIAL ANALYSIS OF PCBL 208-19
` Lakhs,
TOP LINE GROWTH
2019
Revenue from operations 352,855.68
Other income 1,941.06
Total Income 354,796.74

PROFITABILITY STATEMENT
2019
PBT 53,880.14
Finance costs/interests 3,677.40
Depn & Amrtn 6,638.36
EBDITA 64,195.90
Less: Depn & amrtn 6,638.36
EBIT 57,557.54
Less: finance costs/ interest 3,677.40
. 53,880.14
Less: Tax 15,026.79
PAT 38,853.35

DUPONT ANALYSIS
2019
ROE % 23.58
SE 164,807.11
1 ROA % 11.51
TA 337,463.34
2 ASSET LEVERAGE (TIMES) 2.05
3 NET PROFIT MARGIN % 10.95
4 ASSET TO (TIMES) 1.05
5 TAX FACTOR 0.72
6 INTEREST FACTOR 0.94
7 OPERATING PROFIT MARGIN 0.16

ASSETS GROWTH
2019
Non current assets 199,974.54
Current assets 137,488.80
Inventory 46,029.23
Trade Receivables 65,265.78
cash & cash equivalents 7,393.56

CAPITAL STRUCTUE
2019
D/E RATIO 0.44
ICR (times) 15.65
Long term borrowings 27,066.03
Short term borrowings 45,499.13
Total borrowings 72,565.16
Debt to assets 0.215

ASSETS UTILIZATION
2019
INVENTORY T.O. RATIO (TIMES) 7.67
SALES REVENUE 352,855.68
INVENTORY 46,029.23
INVENTORY HOLDING PERIOD (DAYS) 48
Trade receivables 65,265.78
RECEIVABLES TO RATO(TIMES) 5.41
DEBT COLLECTION PERIOD (DAYS) 68

LIQUIDITY ANALYSIS
2019
Current ratio 1.15
Acid test ratio / Quick ratio 0.76
Current assets 137,488.80
Cuurent liabilities 119,787.06
Quick Assets 91,459.57

MARKET MATRIX
 2019
EPS 22.54
P/E
NE GROWTH
2018 % change
261,127.12 35.13
1,973.03 -1.62
263,100.15 34.85

2018 % change
30,382.71
4,143.53
6,052.39
40,578.63
6,052.39
34,526.24
4,143.53
30,382.71
7,404.09
22,978.62

2018
16.74
137,234.87
8.04
285,942.22
2.08
8.73
0.92
0.76
0.88
0.13

2018 % change
187,035.53 6.92
98,906.69 39.01
30,990.16 48.53
52,197.46 25.04
13,285.17 -44.35

2018
0.50
8.33
16,425.49
52,263.30
68,688.79
0.240

2018
8.43
261,127.12
30,990.16
43
52,197.46
5.00
73

2018
0.90
0.62
98,906.69
109,484.54
67,916.53
2018
13.33
The 10 companies are drawn from the following 10 different
industries:

§  Commercial airline
Commercial banking
§  Computer software
§  Integrated oil and gas
§  IT service provider
§  Liquor producer and distributor
§  Mobile phone service provider
§  Pharmaceutical preparations
§  Retail grocery stores
Semiconductor manufacturer

Financial industry
Commercial banking
#2
Retail High Technology Inds Service Inds Capital intensive
Retail grocery s Computer software #8 IT Services #5 Liquor #3
#1 Pharma #7 Mobile service provide #10 Commercial Airlines #9
semiconductor #6 Oil & Gas #4

#1 ROYAL AHOLD NV
#2 BANK OF AMERICA
#3 BROWN FORMAN CORP
#4 EXXON MOBIL CORP
#5 INFOSYS
#6 INTEL CORP
#7 ELI LILLY & CO
#8 MICROSOFT
#9 SOUTHWEST AIRLINES
#10 VAODAFONE
 FORECASTED FREE CASH FLOW (RS IN ML)
YEAR 1 2 3 4 5 6 7 8 9
ASSETS 10 11.20 12.54 14.05 15.31 16.69 18.19 19.29 20.44
EARNINGS 1.2 1.344 1.5053 1.6859 1.8376 2.003 2.1833 2.3143 2.4532
NET INVESTMENTS 1.2 1.34 1.51 1.26 1.38 1.5 1.09 1.16 1.23
CASH FLOW 0 0.004 -0.005 0.4259 0.4576 0.503 1.0933 1.1543 1.2232
Earnings as a % of Assets 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12
Asset Growth Rate 0.12 0.12 0.12 0.09 0.09 0.09 0.06 0.06

PV of Near term cash Flow ₹ 0.86

PV of horizon value 15.43
TOTAL ₹ 16.29 mn
N 2 mn
value per equity ₹ 8.14
 10
21.67
2.6004
1.3 PROJECTED
1.3004
0.12
0.06
r 0.1
g 0.06
r-g 0.04
(1+r) 1.1 6
(1+r)^6 1.771561
1/(1+r)^6 0.564474
 FORECASTED FREE CASH FLOW (RS IN ML)
1 2 3 4 5 6
ASSETS 10 11.20 12.54 14.05 15.31 16.69
EARNINGS 1.20 1.34 1.51 1.69 1.84 2.00
NET INVESTMENTS 1.2 1.34 1.51 1.26 1.38 1.5
FREE CASH FLOW 0.00 0.00 0.00 0.43 0.46 0.50
Earnings as a % of Assets 0.12 0.12 0.12 0.12 0.12 0.12
Asset Growth Rate 0.12 0.12 0.12 0.09 0.09

PV of near term cash flows ₹ 0.86 ml

PV of HORIZON VALUE 15.43 ml
TOTAL VALUE ₹ 16.29 ml
N 2 ml
Value per share ₹ 8.14
 7 8 9 10
18.19 19.29 20.44 21.67
2.18 2.31 2.45 2.60
1.09 1.16 1.23 1.3 PROJECTED & GIVEN
1.09 1.15 1.22 1.30
0.12 0.12 0.12 0.12
0.09 0.06 0.06 0.06

r 0.1
g 0.06
r-g 0.04
(1+r) 1.1 6
(1+r)^6 1.772
1/(1+r)^6 0.564