6 July 2015
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orner
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ffice
the
Interaction with the CEO
PMKSY sets stage for multi-year growth
Higher growth along with financial de-leveraging to drive EPS growth
Jain Irrigation
Our meeting with Mr. Anil Jain, MD of Jain Irrigation (JI) reaffirms our view on Jain
Irrigation’s growth—especially in the light of government’s announcement to spend
INR500b under Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) over next five years.
Mr. Jain opined that directionally the government is focused on improving farm
Mr Anil Jain
productivity; while exact contours of the program are still unknown (exact allocation
Managing Director
toward building water sheds, transporting water from the sheds to villages, drip
irrigation), he believes PMKSY would strongly benefit JI’s MIS and piping businesses.
For FY16, the management is confident of 10-15% growth and INR3b debt reduction.
Mr. Anil Jain has been the
Food processing stake sale will be concluded over the next two quarters. We maintain
Managing Director of Jain
Irrigation since 1993. He has a
‘Buy’ with a price target of INR100, valuing the stock at 12x FY17 EPS.
commerce degree from Pune
University and Law Degree
from Mumbai University. Mr.
Anil Jain has an extensive
background and experience in
Finance, Banking, Mergers &
Acquisitions, Strategic
Planning, Restructuring
Operations, Export Marketing,
Pradhan Mantri Krishi Sinchai Yojana to drive growth for MIS and Piping businesses
The Cabinet Committee on Economic Affairs (CCEA) has approved the Pradhan
Mantri Krishi Sinchayee Yojana which entails INR500b spend over next five years.
The allocation for the current financial year is INR53b, which would increase
substantially (~100b annually) over the next four years to meet the planned outlay.
Mr. Jain believes the government’s emphasis will help grow MIS and Piping
businesses and can double the drip irrigation business over the next five years.
International Business
Domestic MIS to post 10-15% growth; targeting 130 gross receivable days in FY16
Mr. Jain expects domestic MIS business to post ~10-15% growth with current
Relations, Collaborations and
Joint Ventures.
expectations of monsoons, and 15-20% growth if monsoons are above normal.
Management expects 2HFY16 to post higher growth than 1HFY16.
Gross receivable days in the MIS segment currently stand at ~188, and the management is confident of
reducing it to 130 by FY16-end with the implementation of new business model across states. The management
suggests the incremental business is being conducted with 90 receivable days.
Food processing business stake sale likely in next the two quarters
With subsidiarization of food processing business likely to be concluded in 1HFY16, the management believes
25% stake sale will be concluded over the next two quarters.
JI is looking forward to raise USD100m through a minority stake sale, and will be most likely closing the deal
with a financial investor as against the earlier plans of inducting a strategic partner.
Consolidated debt to reduce by INR3b annually
Consolidated net debt for 4QFY15 stood at INR39.3b.
The management maintains its target to reduce debt by INR3.0b, majority of which is expected in 2HFY16.
Valuation and view
We expect strong free cash generation over FY15-17E (led by domestic MIS business), which should reduce
debt/equity from 1.6x in FY15 to 1.1x in FY17E.
We expect 15% revenue CAGR and 18% EBITDA CAGR over FY15-17, with financial de-leveraging ensuring EPS
expansion from INR1.9 in FY15 to INR8.3 in FY17. We maintain
Buy
with a TP of INR100 (12x FY17E EPS).
Atul Mehra
(Atul.Mehra@MotilalOswal.com)+91 22 3982 5417
Niket Shah
(Niket.Shah@MotilalOswal.com); +91 22 3982 542
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

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orner
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Pradhan Mantri Krishi Sinchai Yojana sets stage for multi-year growth
the
The Cabinet Committee on Economic Affairs (CCEA) has approved the Pradhan
Mantri Krishi Sinchayee Yojana (PMKSY).
PMKSY will have an outlay of INR500b over the next five years (FY16 to FY20).
The allocation for the current financial year is INR53b, which would increase
substantially (~100b annually) over the next four years to meet the planned
outlay.
The three areas that PMKSY will address:
Building water sheds
Transporting water from the sheds to villages
Drip and sprinkler Irrigation
Mr. Jain believes execution of PMKSY will be effective as its implementation will
be monitored at multiple levels through:
An Inter-Ministerial National Steering Committee (NSC) under the
Chairmanship of the Prime Minister.
A National Executive Committee (NEC) to be constituted under the
Chairmanship of the Vice Chairman, NITI Aayog.
A State Level Sanctioning Committee (SLSC) to be chaired by the Chief
Secretary of the respective states.
Center will bear 75% of the project expenses, and states share will be 25%.
PMKSY to drive growth in Jain Irrigation’s piping and MIS business
Mr. Anil Jain opined that directionally the new government is focused on
improving farm productivity. While the exact contours of the program are still
unknown (exact allocation toward building water sheds, transporting water
from the sheds to villages, drip and sprinkler irrigation), Mr. Jain believes
PMKSY would benefit Jain Irrigation in the following two areas:
Piping segment (transporting water from the sheds to villages)
Drip irrigation segment (implementation of drip irrigation at farm level)
The management believes the government’s emphasis can double the drip
irrigation business over the next five years.
Exhibit 1: Consolidated revenue trend (INR m)
22.3
11.5
12,171
13,746
Consolidated Revenue (INR m)
26.6
9.0
18,333
10.2
Growth (YoY) %
11.4
4.4
20,425
15,534
12,702
12,919
-6.0
14,094
Source: Company, MOSL
6 July 2015
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Exhibit 2: EBITDA trend (INR m)
EBITDA
14.8
12.5
12.4
14.0
2,562
1,523
1,710
2,006
1,572
1,492
Margins (%)
13.7
12.9
12.4
11.5
2,806
-603
-807
-93.7
0.0
259
1.5
the
Exhibit 3: PAT trend (INR m)
PAT
-1.5
753
203
Growth (%)
NM
NM
-235
-396
0.0
985
38.6
2,086
Source: Company, MOSL
Source: Company, MOSL
Domestic MIS to post 10-15% growth in FY16
The management expects domestic MIS business to post ~10-15% growth with
current expectations of monsoons, and 15-20% growth if monsoons are above
normal.
Growth is expected to be back-ended, with 2HFY16 expected to post higher
growth than 1HFY16.
The management believes growth will be led by projects business (current order
book of ~INR2b, with orders from Karnataka, HP, MP and Rajasthan), with new
orders inflows expected shortly.
With project business margins similar to retail EBITDA margins of ~20%, the
management believes a shift in favor of project business will not impact
margins.
With ~55% capacity utilization currently, there should be no capex in the MIS
business over the next two years.
MIS business contribution by segment
Segment
Retail
Project
Export
Total
4QFY14
59%
31%
10%
100%
4QFY15
53%
39%
8%
YoY
-6%
9%
-2%
Exhibit 4: MIS business growth by segment
Segment
Retail
Project
Export
Total
4QFY14
3,684
1,903
638
6,225
4QFY15
3,427
2529
507
6,463
YoY
-7%
33%
-21%
4%
100%
0%
Source: Company, MOSL
Targeting 130 days of gross receivable days in MIS business in FY16
Gross receivable days in the MIS segment currently stand at ~188, and the
management is confident of reducing it to 130 by FY16-end with the
implementation of new business model across states. The management
suggests the incremental business is being conducted with 90 receivable days.
The management is confident of further reduction in receivable days for the
project business (stood at 201 days in FY15) on the back of milestone-based
payment mechanism.
The management believes net reduction in receivable days will flow down to net
improvement in working capital going forward (unlike past), thus leading to 50-
60 days improvement in MIS net working capital.
6 July 2015
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the
Government subsidy receivables have been reduced from INR9.7b in FY12 to
INR2.6b in 4QFY15. The management believes that of the total subsidy
receivables, ~INR1.5b are legacy receivables and the balance from states like
Gujarat and Andhra Pradesh (which are part of the ongoing business).
The management is of the view that NBFC model is an enabler for farmers, but
most of the new business is being conducted irrespective of NBFC financing.
Thus, even as NBFC loan book size currently stands at INR1.5b, most of the new
business in MIS is conducted on credit period of 90 days.
Exhibit 6: MIS networking capital reducing
Growth (YoY %)
29.6
296
3.8
-10.5
6,462
317
306
Net Working Capital
255
255
245
Exhibit 5: MIS revenue trend
MIS revenue (INR M)
24.8
25.7
17.2
16.5
10.2
235
217
3,855 2,933
4,074 6,225 4,248 3,801
3,647
Source: Company, MOSL
Source: Company, MOSL
Exhibit 7: MIS debtors decreased by 69 days YoY
Debtor days (Gross)
308
279
265
257
243
Exhibit 8: MIS inventory days reduced by 13 days YoY
Inventory days
116
113
113
211
197
188
98
103
102
101
85
Source: Company, MOSL
Source: Company, MOSL
Exhibit 9: Break-up of MIS receivables (INR b)
MIS -Receivables
Dealer
Institutional
Project
Govt. Subsidy
Export
Total
FY12
2.5
1.8
3.1
9.7
0.6
17.7
FY13
1.7
1.1
2.4
7.1
0.4
12.7
FY14
2.2
1.3
3.4
3.9
1.0
11.9
1QFY15
2.1
1.2
4.0
3.4
0.8
11.5
2QFY15
1.7
1.2
4.4
2.6
0.6
10.5
3QFY15
1.5
1.3
3.4
2.7
0.7
9.6
4QFY15
1.6
1.2
2.9
2.6
0.8
9.1
Source: Company, MOSL
6 July 2015
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Piping business growth to recover in FY16
the
Piping business de-grew 7% in FY15 on the back of raw material supply issues.
However, the management is confident that growth will recover going forward
and expects 10-15% growth for the division.
Margins in this division can improve from 5% to 6-7% going forward.
Exhibit 11: Piping net working capital days negative
Growth (YoY %)
21.5
Exhibit 10: PVC Piping revenue trend
36.5
PVC Pipes Revenue (INR m)
-20.6
2,578
1.6
3,247
1,089
3.0
-8.3
2,440
12.2
-11.1
2,738
1,757
-11
-16
-20
Net Working Capital
-31
-7
1,323
1,976
-8
-11
-1
Source: Company, MOSL
Source: Company, MOSL
Exhibit 12: Piping inventory days up nine days YoY
58
60
Inventory days
54
35
37
37
40
44
Exhibit 13: Piping receivable days up 39 days YoY
Debtor days (Gross)
67
58
39
51
49
61
90
44
Source: Company, MOSL
Source: Company, MOSL
Exhibit 14: PE piping revenues trend (INR m)
PE Piping Revenue
197.7
95.9
-3.3
752
22.8
1,688 1,479 1,259
-7.5
696
-55.4
753
-29.4
1,044 2,126
68.9
Growth (YoY %)
Exhibit 15: PVC Sheets revenues trend (INR m)
PVC Sheets revenue
117
65
22
-17
342
539
604
676
407
19.1
-30.0
377
-39.2
367
-41.1
398
Rev. YoY
Source: Company, MOSL
Source: Company, MOSL
6 July 2015
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Food processing business stake sale likely in the next two quarters
the
With subsidiarization of food processing business likely to be concluded in
1HFY16, the management believes 25% stake sale will be concluded over the
next two quarters.
JI is looking forward to raise USD100m through a minority stake sale, and will be
most likely closing the deal with a financial investor as against the earlier plans
of inducting a strategic partner.
Food processing to post 15-20% growth in FY16
The mango business is expected to post ~20% growth (with unseasonal rains
impacting volume growth). Pricing growth is expected to be higher in FY16,
which will drive ~20% overall growth.
Onion dehydration business growth is expected to moderate to ~10-15% in
FY16; (growth in FY15 at 37% was supernormal due to expanded capacities).
The management expects the inventory levels to decline towards the end of the
year for food processing, resulting in better working capital in FY16.
Exhibit 17: Fruit processing growth trend
Rev. YoY
58.3
33.8
1,231
-16.3
881
913
963
1,946 1300
Fruit Processing revenue (INR m)
50.7
49.1
39.6
47.6
24.6
-12.2
802 1,200
19.4
2,324
Rev. YoY
Exhibit 16: Dehydrated Onions growth trend
Onion Dehydration revenue (INR m)
74.9
19.3
-29.5
172
920
31.7
40.4
8.9
495
439
652
616
272
Source: Company, MOSL
Source: Company, MOSL
Exhibit 18: FP inventory days down 33 days YoY
345
Inventory days
315
286
190
264
276
246
157
Exhibit 19: FP receivable days up 45 days YoY
Debtor days (Gross)
88
66
66
48
87
102
98
133
Source: Company, MOSL
Source: Company, MOSL
6 July 2015
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Exhibit 20: FP net working capital days up 119 days YoY
Net Working Capital
195
226
197
the
162
155
176
135
78
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15
Source: Company, MOSL
Consolidated working capital to improve by 56 days over FY15-17
Exhibit 21: Net working capital to improve by 56 days
Inventory Days
211
232
168
108
-121
142
125
-117
Debtor Days
206
113
115
-109
Creditor Days
205
116
110
-96
Cash Conversion Cycle
173
103
108
-104
149
92
108
-105
FY12
FY13
FY14
FY15
FY16E
FY17E
Source: Company, MOSL
Exhibit 22: C/L inventory days up three days YoY
137
Inventory days
135
126
104
119
121
124
107
Exhibit 23: C/L receivable days declined 14 days YoY
Debtor days (Gross)
137
141
123
129
122
115
106
115
Source: Company, MOSL
Source: Company, MOSL
Exhibit 24: C/L net working capital days increased two days YoY
Net Working Capital
162
174
161
145
158
154
144
142
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15
Source: Company, MOSL
6 July 2015
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Consolidated debt to reduce by INR3b annually
the
Consolidated net debt for 4QFY15 stood at INR39.3b.
The management maintains its target to reduce debt by INR3.0b, majority of
which is expected in 2HFY16.
Exhibit 26: Consolidated net debt
Consolidated Net Debt (INR b)
31.7
41.9
42
38.9
39.8
28.6
40.1
42.4
42.9
39.3
31.6
Exhibit 25: Standalone net debt
Standalone Net Debt (INR b)
29.9
30.8
31.1
29.4
28.2
Source: Company, MOSL
Source: Company, MOSL
Exhibit 27: Debt/Equity to decline from 1.6x in FY15 to 1.1x in FY17
Net Debt (INR m)
2.0
1.6
1.8
1.6
38,649
35,590
32,336
FY12
FY13
FY14
FY15
FY16E
FY17E
Source: Company, MOSL
Net DER (x)
1.4
1.1
38,601
34,442
35,654
6 July 2015
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the
Valuation and view
We value JI at a multiple of 12x FY17E EPS (discount to long-term average multiple
of 20x), which we believe is justified considering:
India’s largest MIS player with a dominant market share of 55%
JI is the largest player in India's organized micro irrigation sector, with a dominant
market share of 55% (much higher than the second largest player Netafim’s 20%
share). The potential for micro irrigation in India is immense as out of the total
irrigation potential of ~140 Mha and MIS potential of ~69.5 Mha, only 5 Mha (~3.5%
of the total irrigation potential) is covered under MIS currently. JI, with its dominant
market leadership, is best placed to capture this growth potential.
Change in business model to drive de-leveraging
JI has changed its business model to ensure that the company is not exposed to
payment delays associated with subsidy receivables. The management is targeting
to reduce gross receivable days to 130 in FY16, which should ensure annual debt
reduction of INR3b (purely due to better working capital management). The
company is also looking to raise INR5b in FY16 from 25% stake sale in its food
processing business, proceeds of which would go toward further debt retirement.
Our forecasts do not factor this scenario, which can potentially reduce debt by
another INR5b in FY16. We expect strong free cash generation, which should reduce
debt/equity from 1.6x to 1.1x over FY15-17E.
Strong leadership in the high-growth food processing business
JI is India’s largest player in the food processing sector (~30% market share) and the
third largest globally. Only 2% of India’s total produce is processed compared with
~60-80% in some developed countries (80% in the US and Malaysia). India's share in
the global food trade is also miniscule (1.5%). Given the growing demand for
processed food due to lifestyle changes and storage advantages, the segment is
expected to be a strong growth driver for the company.
Exhibit 28: 15-year P/E band
Exhibit 29: 15-year P/B band
Source: Company, MOSL
Source: Company, MOSL
We value the stock at 12x FY17E EPS and arrive at a target price of INR100—39%
upside. Maintain
Buy
rating.
6 July 2015
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the
Story in charts
Exhibit 30: JI is the market leader in MIS business in India
Market share of key players in micro irrigation systems in India
55%
Exhibit 31: MIS penetration in India is lowest in the world
90%
MIS penetration across countries (%)
78%
65%
55%
52%
20%
25%
10%
3%
India
Jain Irrigation
Netafim
Others
Source: Company, MOSL
Israel
Russia
Spain
US
Brazil
China
Source: Company, MOSL
Exhibit 32: Gross debtors set to decline
Gross Sundry Debtors
369
343
334
257
188
150
130
Exhibit 33: Hence, debt/equity to decline from 1.6x to 1.1x
Net Debt (INR m)
2.0
1.6
1.8
Net DER (x)
1.6
1.4
1.1
34,442
35,654
38,601
38,649
35,304
31,423
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY12
FY13
FY14
FY15
FY16E
FY17E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 34: Food processing is another key opportunity for JI
% of food processing
80%
80%
70%
Exhibit 35: RoE to improve
13.5
RoE (%)
14.2
8.4
30%
2.4
2%
USA
Malaysia
France
Thailand
India
FY12
FY13
FY14
FY15
FY16E
FY17E
3.1
3.8
Source: Company, MOSL
Source: Company, MOSL
6 July 2015
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the
Key assumptions
Exhibit 36:
Key
assumptions
Assumptions
1. Micro Irrigation Systems
% growth (YoY)
% of net sales
2. Plastic Piping Systems
% growth (YoY)
% of net sales
3. Agro Processing
% growth (YoY)
% of net sales
4. Others
% growth (YoY)
% of net sales
5. Net Subsidiary Sales
% growth (YoY)
% of net sales
Total Gross Sales
Less: Excise Duty
Net Sales
% growth (YoY)
FY13
14,040
-26%
27%
11,157
13%
22%
5,399
4%
11%
3,039
35%
6%
16,156
33%
31%
51,334
1,117
50,217
2%
FY14
17,087
22%
29%
13,929
25%
23%
6,729
25%
11%
2,675
-12%
4%
17,277
7%
29%
59,859
1,578
58,281
16%
FY15
18,158
6%
29%
13,015
-7%
21%
8,397
25%
13%
2,465
-8%
4%
19,562
13%
31%
63,147
1,566
61,581
6%
FY16E
20,800
15%
29%
15,117
16%
21%
9,910
18%
14%
2,778
13%
4%
21,909
12%
30%
72,178
1,790
70,388
FY17E
24,339
17%
29%
17,439
15%
21%
11,946
21%
14%
3,141
13%
4%
25,196
15%
30%
83,861
2,080
81,781
14%
16%
Source: Company, MOSL
6 July 2015
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the
Financials and valuations
Consolidated - Income Statement
Y/E March
Gross Revenues
Less: Excise Duty
Net Sales
Change (%)
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income - Rec.
PBT bef. EO Exp.
EO Expense/(Income)
PBT after EO Exp.
Current Tax
Deferred Tax
Tax Rate (%)
Reported PAT
PAT Adj for EO items
Change (%)
Margin (%)
FY10
34,864
664
34,200
19.6
6,698
19.6
1,020
5,679
2,194
197
3,682
0
3,682
979
224
32.7
2,478
2,478
85.6
7.2
FY11
42,436
908
41,528
21.4
7,480
18.0
1,222
6,258
3,270
1,106
4,094
0
4,094
1,177
37
29.6
2,881
2,881
16.2
6.9
FY12
50,112
906
49,206
18.5
8,155
16.6
1,441
6,714
4,768
345
2,290
0
2,290
-419
422
0.2
2,286
2,286
-20.6
4.6
FY13
51,334
1,117
50,217
2.1
7,253
14.4
1,696
5,558
4,855
668
1,370
1,245
125
175
-95
63.9
45
495
-78.4
1.0
FY14
59,859
1,578
58,281
16.1
7,700
13.2
2,045
5,654
4,676
463
1,441
2,300
-860
233
-695
53.7
-398
667
34.9
1.1
FY15
63,146
1,566
61,579
5.7
7,876
12.8
2,441
5,435
4,693
331
1,074
763
311
-239
0
NM
550
859
28.8
1.4
(INR Million)
FY16E
72,178
1,790
70,388
14.3
9,324
13.2
2,546
6,778
4,555
352
2,575
0
2,575
515
0
20.0
2,060
2,060
139.8
2.9
FY17E
83,861
2,080
81,781
16.2
11,078
13.5
2,675
8,403
3,994
409
4,818
0
4,818
964
0
20.0
3,854
3,854
87.1
4.7
Consolidated - Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Deferred Liabilities
Total Loans
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Total Investments
Curr. Assets, Loans&Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability & Prov.
Account Payables
Other Current Liabilities
Provisions
Net Current Assets
Deferred Tax Assets
Appl. of Funds
E: MOSL Estimates
FY10
760
11,384
12,167
1,024
24,448
38,210
23,266
6,667
16,599
1,324
211
29,672
10,638
10,099
5,053
3,883
10,011
7,045
2,279
687
19,662
414
38,210
FY11
772
14,439
15,558
1,239
29,842
47,164
28,467
8,050
20,417
956
211
41,396
14,864
16,924
4,144
5,463
16,394
12,696
2,977
720
25,002
577
47,164
FY12
810
16,378
17,537
1,755
37,986
57,775
33,528
9,793
23,735
1,980
236
48,180
14,614
22,712
3,308
7,546
17,073
13,692
2,673
708
31,107
718
57,775
FY13
910
20,608
21,680
1,841
38,051
61,572
37,726
11,640
26,086
749
38
50,405
17,231
19,547
2,359
11,269
16,636
13,379
2,716
541
33,770
929
61,572
FY14
925
20,831
21,755
1,412
40,583
63,955
41,514
13,742
27,771
807
14
52,258
18,364
17,994
1,968
13,932
18,089
13,433
4,040
617
34,169
1,194
63,955
FY15
925
22,690
23,615
1,201
42,311
67,127
44,316
16,183
28,133
0
621
53,687
18,566
19,541
3,041
12,539
16,672
13,568
2,575
529
37,015
1,358
67,127
(INR Million)
FY16E
925
24,484
25,409
1,201
38,311
64,921
46,616
18,729
27,887
0
621
55,659
20,914
19,824
2,386
12,535
20,605
17,080
2,893
632
35,055
1,358
64,921
FY17E
925
28,074
28,999
1,201
34,311
64,511
48,916
21,404
27,512
0
621
59,324
24,106
20,628
2,267
12,323
24,304
20,236
3,361
708
35,020
1,358
64,511
6 July 2015
12

C
orner
O
ffice
the
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE
Working Capital Ratios
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Working Capital Turnover (Days)
Leverage Ratio (x)
Current Ratio
Debt/Equity
FY10
6.5
9.2
32.0
0.8
16.3
FY11
7.5
10.6
40.3
1.0
15.6
FY12
5.6
9.2
43.3
1.0
20.6
FY13
1.1
4.8
47.7
0.6
588.3
FY14
1.4
5.9
47.0
0.6
-68.0
49.9
12.3
1.5
1.2
9.3
0.8
23.3
18.4
0.9
113.5
108
75
156
3.0
2.0
20.2
18.0
0.9
130.6
149
112
183
2.5
1.9
13.5
14.0
0.9
108.4
168
102
206
2.8
2.2
2.4
10.8
0.8
125.2
142
97
228
3.0
1.8
3.1
10.0
0.9
115.0
113
84
202
2.9
1.9
FY15
1.9
7.1
51.1
0.6
49.2
38.8
10.1
1.4
1.2
9.2
0.8
3.8
9.0
0.9
110
116
80
201
3.2
1.8
FY16E
4.5
10.0
54.9
0.6
13.1
16.2
7.2
1.3
1.0
7.4
0.8
8.4
11.0
1.1
108.5
103
89
169
2.7
1.5
FY17E
8.3
14.1
62.7
0.6
7.0
8.6
5.1
1.1
0.8
5.9
0.8
14.2
13.9
1.3
107.6
92
90
146
2.4
1.2
Consolidated-Cash Flow Statement
Y/E March
Net Profit / (Loss) Before Tax
Depreciation
Interest & Finance Charges
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
CF from Operating incl EO
(inc)/dec in FA
Free Cash Flow
CF from Investments
Issue of Shares
(Inc)/Dec in Debt
Interest Paid
Dividend Paid
Others
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
E: MOSL Estimates
FY10
3,682
1,020
2,194
706
-2,408
3,781
3,932
-4,646
-714
-4,569
435
6,693
-2,232
-219
-39
4,637
4,000
1,053
5,053
FY11
4,094
1,222
2,717
1,047
-6,069
916
1,059
-4,930
-3,871
-5,007
780
5,507
-2,717
-355
-62
3,153
-796
4,940
4,144
FY12
2,286
1,441
4,157
938
-6,166
781
850
-5,270
-4,420
-5,330
14
8,143
-4,051
-448
16
3,674
-805
4,114
3,308
FY13
125
1,696
4,855
295
-3,127
3,254
4,275
-2,943
1,333
-3,383
3,903
-586
-4,843
-469
162
-1,832
-939
3,298
2,359
FY14
-860
2,045
4,676
41
-1,551
4,270
5,731
-2,615
3,116
-2,885
0
1,216
-4,638
-265
485
-3,202
-356
2,324
1,968
FY15
1,074
2,441
4,361
-239
-1,383
6,732
5,969
-1,996
3,973
-1,664
0
1,728
-4,693
-270
4
-3,231
1,073
1,968
3,041
(INR Million)
FY16E
2,575
2,546
4,203
515
1,305
10,114
10,114
-2,300
7,814
-1,948
0
-4,000
-4,555
-270
5
-8,821
-655
3,041
2,386
FY17E
4,818
2,675
3,585
964
-84
10,031
10,031
-2,300
7,731
-1,891
0
-4,000
-3,994
-270
6
-8,259
-119
2,386
2,267
6 July 2015
13

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