Prabhat Dairy (Delisted) financials and balance sheet
BSE: 539351
Last traded ₹99.60 on 22 Apr 2021
Delisted on 30 Apr 2021.
5 years at a glance
Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Prabhat Dairy annual reports
Revenue, net profit and borrowings, ₹ crore
- Revenue
- Net profit
- Borrowings
- Loss
A loss in the year to Mar 2020, −₹109 CrA loss in 1 of the 5 years shown
Operating and net margin, per cent
- Operating marginOperating margin. Operating profit before depreciation as a percentage of revenue: how much of each rupee of sales is left after running costs.
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax.
The years either side of a change of basis do not compare. From the year to Mar 2019, the company's revenue for that year, ₹239 Cr, differs from its quarters added, ₹1,429 Cr; the company reports a discontinued business.
Results for the year to Mar 2020
Consolidated: the company and its subsidiaries together. ₹ crore.
From revenue to net profit
- Revenue533
- Materials and goods−554
- Employee costs−6.3
- Other expenses−119
- Operating profit−146
- Depreciation−0.2
- Other income+60
- One-off items0.0
- Finance costs−0.3
- Profit before tax−87
- Tax−22
- Net profit−109
What the company owns
- Plant, investments and other assets₹1,671 Cr
- Cash and bank₹947 Cr
- Receivables₹146 Cr
- Inventory₹2 Cr
What pays for it: net worth and liabilities
- Other liabilities₹2,139 Cr
- Net worth₹471 Cr
- Owed to suppliers₹156 Cr
Profit and loss
Consolidated, ₹ crore, years to March.Prabhat Dairy quarterly results
| ₹ crore | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019Filed 14 Jun | Mar 2020Filed 10 Oct |
|---|---|---|---|---|---|
| Revenue from operations | 1,171 | 1,410 | 1,554 | 239 | 533 |
| Operating expenses. What the business spent to run itself in the period, materials, staff and other costs, before depreciation, interest and tax. | 1,051 | 1,283 | 1,416 | 236 | 679 |
| Materials and goods boughtCost of materials and goods. Raw materials used and goods bought for resale in the period, adjusted for the change in stock held. | 910 | 1,136 | 1,208 | 226 | 554 |
| Employee costsEmployee costs. Salaries, wages, bonuses and other benefits paid to staff in the period. | 28 | 35 | 43 | 2 | 6 |
| Other expensesOther expenses. Every operating cost besides materials and staff: power, rent, freight, repairs, marketing and the like. | 113 | 113 | 164 | 8 | 119 |
| Operating profit before depreciationOperating profit before depreciation (EBITDA). Revenue less operating expenses: what the business earns from its operations before depreciation, interest and tax. | 119 | 127 | 138 | 3 | −146 |
| Operating marginOperating margin. Operating profit before depreciation as a percentage of revenue: how much of each rupee of sales is left after running costs. | 10.2% | 9.0% | 8.9% | 1.1% | −27.4% |
| Materials, % of revenueMaterials, % of revenue. Raw materials used and goods bought for resale, adjusted for the change in stock, divided by revenue, times 100. | 77.7% | 80.6% | 77.8% | 94.6% | 103.9% |
| Employee costs, % of revenueEmployee costs, % of revenue. Salaries, wages and other staff costs divided by revenue, times 100. | 2.4% | 2.5% | 2.8% | 0.8% | 1.2% |
| Other expenses, % of revenueOther expenses, % of revenue. Operating costs besides materials and staff divided by revenue, times 100; with the two above and the operating margin it makes 100. | 9.7% | 8.0% | 10.6% | 3.5% | 22.4% |
| Depreciation and amortisationDepreciation and amortisation. The part of the cost of plant, buildings and other long-lived assets charged against each year they are used. | 40 | 43 | 49 | 0 | 0 |
| Operating profit after depreciationOperating profit after depreciation (EBIT). Operating profit before depreciation, less depreciation and amortisation. | 79 | 84 | 89 | 3 | −146 |
| Other incomeOther income. Income from outside the main business, such as interest on deposits, dividends received and gains on investments. | 1 | 1 | 3 | 0 | 60 |
| Finance costsFinance costs. Interest and the other costs of borrowing in the period. | 43 | 29 | 33 | 0 | 0 |
| Profit before one-off items and taxProfit before one-off items and tax. Profit before tax as it would be without the one-off items below it, as the company states it. | 38 | 55 | 58 | 3 | −87 |
| One-off itemsExceptional items. Gains or losses the company reports separately because they are not expected to recur, such as selling a business or writing down an asset. | 0 | 19 | −5 | 0 | 0 |
| Profit before tax | 38 | 74 | 54 | 3 | −87 |
| 14 | 27 | 6 | 1 | 22 | |
| Profit from discontinued businessesProfit from discontinued businesses. The profit after tax of businesses the company has sold, demerged or closed, or is about to. It is part of net profit; revenue and the lines above leave those businesses out. | – | – | – | 49 | – |
| 25 | 47 | 47 | 51 | −109 | |
| Other comprehensive incomeOther comprehensive income. Gains and losses booked straight to net worth rather than through profit, such as changes in the value of some investments, pension plans and currency translation. | – | – | – | 0 | 0 |
| Total comprehensive incomeTotal comprehensive income. Net profit plus other comprehensive income. | – | – | – | 51 | −109 |
| Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. | 2.1% | 3.3% | 3.0% | – | −20.5% |
Net margin is left blank for the year to Mar 2019: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.
Balance sheet
Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2020, after the latest full year: the balance sheet at its end.
| ₹ crore | Mar 2019Filed 14 Jun | Mar 2020Filed 10 Oct | Sep 2020Half yearFiled 20 Nov |
|---|---|---|---|
| Net worth. What the company owns less everything it owes: the money shareholders have in the business, paid in and kept from profits. | 780 | 471 | 489 |
| Share capitalShare capital. The face value of all the shares the company has issued. | 98 | 98 | 98 |
| ReservesReserves. The rest of the shareholders' net worth: profits kept in the business over the years, and money paid for shares above their face value. | 682 | 373 | 392 |
| BorrowingsBorrowings. Loans, bonds and other money the company has borrowed and must repay with interest. | 0 | 0 | 0 |
| Liabilities due within a year. Everything the company must pay within twelve months: borrowings falling due, suppliers, and other dues and provisions. | 17 | 1,542 | 1,653 |
| Liabilities due after a yearLiabilities due after a year. Everything the company owes that falls due more than twelve months on, borrowings among it. | 0 | 0 | 0 |
| Liabilities going with businesses held for saleLiabilities going with businesses held for sale. What the company owes that leaves with the businesses it is selling or demerging, borrowings among it, kept out of its other liability lines until they go. | 659 | 752 | 752 |
| Total assets. Everything the company owns or controls: plant, investments, stock, money owed by customers and cash. | 1,455 | 2,765 | 2,894 |
| Assets held for longer than a year. Everything the company owns that it does not expect to turn into cash within twelve months: plant, intangibles, long-term investments, loans given and the like. | 9 | 32 | 3 |
| Assets turning to cash within a year. Everything the company expects to turn into cash or use up within twelve months: stock, money owed by customers, cash and short-term investments. | 26 | 1,434 | 1,562 |
| Net debtNet debt. Borrowings less cash, other bank balances and current investments: what the company would still owe if it used its cash to repay. | −8 | −947 | −928 |
Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2016, Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.
Cash flow
Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2020, after the latest full year: the cash flow over its six months.
| ₹ crore | Sep 2020Half yearFiled 20 Nov |
|---|---|
| Cash from operations. Cash the business brought in from its operations in the period, after paying suppliers, staff and tax. | −270 |
| Cash generated before tax. Cash from operations before income tax paid: profit before tax, with non-cash items added back and the change in working capital. | −260 |
| Change in working capital. Cash taken up, below nought, or released by the change in stock, money owed by customers, money owed to suppliers and other short-term items over the year. | −285 |
| ReceivablesChange in receivables. Cash taken up, below nought, or released by the change in what customers owe. | −129 |
| InventoriesChange in inventories. Cash taken up, below nought, or released by the change in stock held. | −2 |
| PayablesChange in payables. Cash kept, above nought, or paid out by the change in what the company owes suppliers. | 136 |
| Other working capitalOther working capital. The working-capital change from every other short-term item: advances, provisions, other assets and liabilities. | −290 |
| Tax paidTax paid. Income tax paid in cash during the year, net of refunds. | −9 |
| Capital spendingCapital spending. Cash spent in the period on plant, equipment, buildings and other long-lived assets. | 1 |
| Free cash flowFree cash flow. Cash from operations less capital spending: what is left to repay borrowings, pay dividends or keep. | −271 |
| Cash from investingCash from investing. Cash spent on, below nought, or received from plant, investments, businesses bought or sold, and interest and dividends received. | 251 |
| Cash from financingCash from financing. Cash raised from, or paid to, lenders and shareholders: borrowings taken and repaid, interest, lease payments, dividends and shares issued or bought back. | 0 |
| Dividends paidDividends paid. Cash paid to shareholders as dividends during the period. | 0 |
| Shares bought backShares bought back. Cash spent buying the company's own shares back from shareholders. | 0 |
| Shares issuedShares issued. Cash raised by selling new shares. | 0 |
| Net change in cashNet change in cash. Cash from operations, investing and financing added together: how much cash and cash equivalents rose or fell over the year, before currency effects. | −19 |
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only.
Ratios
Consolidated, years to March.
| Ratio | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019Filed 14 Jun | Mar 2020Filed 10 Oct |
|---|---|---|---|---|---|
| Revenue growthRevenue growth. This year's revenue less last year's, divided by last year's, times 100; blank where last year's is not above nought. | – | 20.4% | 10.2% | – | 123.3% |
| Operating profit growthOperating profit growth. This year's operating profit before depreciation less last year's, divided by last year's, times 100; blank where last year's is not above nought. | – | 6.3% | 8.6% | – | – |
| Net profit growthNet profit growth. This year's net profit less last year's, divided by last year's, times 100; blank where last year's is not above nought. | – | 91.4% | 0.7% | – | – |
| Earnings per share growthEarnings per share growth. This year's earnings per share less last year's, on the same share count, divided by last year's, times 100; blank where last year's is not above nought. | – | – | 0.2% | – | – |
| Interest coverInterest cover. Operating profit after depreciation divided by finance costs: how many times over the profit pays the interest bill. | 1.9 | 2.8 | 2.7 | 30.0 | – |
| Sales per rupee of plantSales per rupee of plant. Revenue divided by the net block: rupees of sales for each rupee of plant in use. | – | – | – | – | 230.58 |
| Plant being built, % of plant in useCapital work in progress, % of net block. Plant still being built as a percentage of the plant in use. | – | – | – | – | 0.0% |
Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2019 and Mar 2020: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2019 and Mar 2020: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the years to Mar 2019 and Mar 2020: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2019: between the two periods the company restated its earlier figures and the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. Interest cover is left blank for the year to Mar 2020: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2016, Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.
Growth and returns over 3, 5 and 10 years
Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2020.
- Return on assets, latest yearReturn on assets, latest year. Profit to the company's own shareholders in the latest year ÷ the average of that year's opening and closing total assets × 100; empty for a bank, a lender or an insurer, whose own return on assets is shown with its accounts.
- −5.2%
| Measure | 5 years | 3 years |
|---|---|---|
| Revenue growth, yearly rateRevenue growth, yearly rate. 3 years: Revenue in the latest year ÷ revenue in the year three years before, to the power of one third, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 5 years: Revenue in the latest year ÷ revenue in the year five years before, to the power of one fifth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 10 years: Revenue in the latest year ÷ revenue in the year ten years before, to the power of one tenth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. | – | −27.7% |
| Operating margin, averageOperating margin, average. 3 years: The plain average of the yearly operating profit margin over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly operating profit margin over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly operating profit margin over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | 0.3% | −5.8% |
| Net margin, averageNet margin, average. 3 years: The plain average of the yearly net profit margin over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly net profit margin over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly net profit margin over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | −3.0% | −8.7% |
| Interest cover, averageInterest cover, average. 3 years: The plain average of the yearly interest cover over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly interest cover over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly interest cover over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | 9.3 | 16.3 |
Accounting checks
Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.
| Check | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 |
|---|---|---|---|---|---|
| Altman Z-scoreAltman Z-score. Working capital, reserves, operating profit, market value and sales, each over total assets, weighted and added: a published measure of financial strain.Published threshold 1.1 | – | – | – | 2.79 | 0.19 |
| Receivables growth less revenue growthReceivables growth less revenue growth. The growth in money owed by customers less the growth in revenue, in percentage points.Our threshold 0 percentage points | – | – | – | – | 28,935.48 |
| Inventory growth less cost-of-goods growthInventory growth less cost-of-goods growth. The growth in stock held less the growth in the cost of goods sold, in percentage points.Our threshold 0 percentage points | – | – | – | – | 400.52 |
| Other current assets growth less revenue growthOther current assets growth less revenue growth. The growth in other current assets less the growth in revenue, in percentage points.Our threshold 5 per cent of revenue | – | – | – | – | −0.55 |
| Assets under construction, years of additionsAssets under construction, years of additions. Capital work in progress divided by the year's additions to plant: how many years of building stand unfinished.Our threshold 2 years of additions | – | – | – | – | 0.00 |
| Effective tax rateEffective tax rate. Tax charged as a percentage of profit before tax.Published threshold 17.16 per cent | 35.65 | 36.85 | 11.90 | 36.70 | – |
A threshold marked as ours has no published figure; it is the line we read the check against.