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RUTTONSHA INTERNATIONAL RECTIFIER LTD....ACHIEVEMENTS FY 2018-19 –FINANCIAL POSITION Inventory is...
Transcript of RUTTONSHA INTERNATIONAL RECTIFIER LTD....ACHIEVEMENTS FY 2018-19 –FINANCIAL POSITION Inventory is...
RUTTONSHA INTERNATIONAL RECTIFIER LTD.Regd. Office : 139/141, Solaris 1, "B" Wing, 1st Floor, Saki Vihar Road, Powai, Andheri (East), Mumbai - 400072
CIN : L31109MH1969PLC014322; Phone : 022 - 28471956; Fax : 022-28471959; E-mail : [email protected]; Website : www.ruttonsha.com
PART I
31-03-2019 31-12-2018 31-03-2018 31-03-2019 31-03-2018
(Audited) (Un-Audited) (Audited) (Audited) (Audited)
1 a. Revenue from Operations 1,118.53 1,163.09 1,007.11 4,304.53 3,236.73
b. Other Income 11.02 19.06 3.69 53.08 26.62
Total Income ( a + b ) 1,129.55 1,182.15 1,010.80 4,357.61 3,263.35
2 Expenses
a. Cost of Materials Consumed 708.19 437.73 741.84 2,369.29 2,368.78
b. Changes in Inventories of Finished goods & Work-in-progress 13.45 374.84 (107.67) 541.12 (243.96)
c. - - 57.08 - 57.08
d. Employee Benefits expenses 126.41 115.85 89.39 466.85 373.22
e. 23.33 27.10 53.86 99.62 136.40
f. Depreciation and amortisation expenses 26.56 26.71 29.18 107.54 115.43
g. Other expenses 113.37 105.12 114.01 416.78 342.09
Total Expenses 1,011.31 1,087.35 977.69 4,001.20 3,149.04
( `̀̀̀ in Lacs)
Finance Costs
Sr.
No.
STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st MARCH, 2019
YEAR ENDED
RUTTONSHA
Excise Duty
PARTICULARS
QUARTER ENDED
Total Expenses 1,011.31 1,087.35 977.69 4,001.20 3,149.04
3 Profit before Tax (1 - 2) 118.24 94.80 33.11 356.41 114.31
4 Tax Expense 8.57 34.66 18.41 96.43 34.92
5 Profit for the period/ year (3 - 4) 109.67 60.14 14.70 259.98 79.39
6 Other comprehensive Income
(6.18) 1.40 (7.27) 0.46 4.74
1.72 (0.38) (0.51) (0.13) (1.34)
(4.46) 1.02 (7.78) 0.33 3.40
7 Total comprehensive income for the period/ year (5 + 6) 105.21 61.16 22.48 260.31 82.79
8 Paid-up Equity Share Capital (Face Value of `̀̀̀ 10/- each) 688.27 688.27 688.27 688.27 688.27
9 - - - 1,323.72 1,063.40
10
(a) 1.62 0.89 0.22 3.84 1.17
Other Equity
Total other comprehensive income
Basic and Diluted (in `)`)`)`)
i) Items that will not be reclassified to profit and loss
ii) Income tax relating to item that will not be reclassified to profit & loss
Earnings per Equity share
As at
31-03-2019
As at
31-03-2018
(Audited) (Audited)
I. ASSETS
1. NON-CURRENT ASSETS
(a) Property, Plant and Equipment 750.02 819.97
(b) Capital Work-in-progress - 0.46
(c) Financial Assets
(i) Other Financial Assets 44.76 38.09
Total - NON-CURRENT ASSETS 794.78 858.51
2. CURRENT ASSETS
(a) Inventories 1,268.35 1,479.34
(b) Financial Assets
(i) Trade Receivables 1,419.97 1,412.14
(ii) Cash and Cash equivalents 1.52 5.86
(iii) Bank balance other than above 63.99 65.78
(c) Other Current Assets 71.73 26.72
(d) Current Tax Assets (Net) - 10.95
Total - CURRENT ASSETS 2,825.56 3,000.79
TOTAL - ASSETS 3,620.34 3,859.30
II. EQUITY AND LIABILITIES
1. EQUITY
(a) Equity Share Capital 688.27 688.27
(b) Other Equity 1,323.72 1,063.40
Total - EQUITY 2,011.99 1,751.67
STATEMENT OF ASSETS AND LIABILITIES ( `̀̀̀ in Lacs)
PARTICULARS
Total - EQUITY 2,011.99 1,751.67
2. LIABILITIES
i) NON - CURRENT LIABILITIES
Financial Liabilities
- Borrowings 361.49 392.43
- Other financial liabilities 1.25 1.25
- Provisions 13.80 56.99
Deferred Tax Liabilities (Net) 203.03 222.82
Total - NON - CURRENT LIABILITIES 579.57 673.49
ii) CURRENT LIABILITIES
(a) Financial Liabilities
Borrowings 401.97 629.25
(i) Trade payables 509.39 716.01
(ii) Other Financial liabilities 70.52 34.04
(b) Other Current Liabilities 24.56 37.66
(c) Short Term Provisions 17.95 17.18
(d) Current Tax liabilities (net) 4.39 -
Total - CURRENT LIABILITIES 1,028.78 1,434.14
TOTAL - EQUITY AND LIABILITIES 3,620.34 3,859.30
1 The above financial results which have been subjected to 'Limited Review' by the Statutory Auditors have been reviewed by the
Audit Committee and taken on record by the Board of Directors at their respective meetings held on 16th May, 2019.
2
3 The Company operates only in one segment i.e. Power Electronics.
4 Figures for previous period / year have been re-grouped/re-arranged wherever necessary, to make them comparable.
sd/-
Place : Mumbai
Date : 16th May, 2019 DIRECTOR
For RUTTONSHA INTERNATIONAL RECTIFIER LTD.
NOTES:
The Board of Directors have recommended a Final Dividend of ` 1/- per equity share (i.e. 10 %) subject to approval of
shareholders at the 50th Annual General Meeting of the Company.
HASMUKH J. SHAH
RUTTONSHA INTERNATIONAL RECTIFIER LTD.
(1969 – 2019 -Celebrating 50 glorious years of success)
PRESENTATION FOR INVESTORS
FINANCIAL YEAR 2018-19
ACHIEVEMENTS FY 2018-19 – OPERATIONS & PROFITABILITY
Sales up from Rs.3237 lacs (FY2017-18) to Rs.4305 lacs for FY2018-19. Up 33%.
Profit Before Tax up from Rs. 114 lacs to Rs. 356 lacs for FY 2018-19. Up 212%.
Profit After Tax up from Rs. 79 lacs to Rs. 260 lacs for FY 2018-19. Up 229%.
EPS for FY 2018-19 is Rs. 3.84 for FY 2018-19 vs. Rs. 1.17 for FY 2017-18. (FV Rs. 10)
EBIDT percentage up from 11.31% for FY 2017-18 to 13.09% for FY 2018-19.
Raw Material consumption ratio dropped from 68% to 63% driven by better materialmanagement, tighter control & improved product mix. 5%.
Finance Cost has dropped from Rs. 136.40 lacs to Rs. 99.62 lacs for FY 2018-19 due to reduction in debt.
The Company returns to dividend list after 5 years by declaring 10% dividend onequity shares for FY 2018-19.
Dividend 10%
ACHIEVEMENTS FY 2018-19 – FINANCIAL POSITION
Inventory is down from Rs.1479 lacs as on 31/03/2018 to Rs. 1268 lacs on 31/03/2019.Reduction by Rs.211 lacs is achieved due to clearance of WIP & FG. Inventory turnover ratioup from 1.44 times to 2.30 times.
Debtors on 31/03/2019 are Rs.1420 lacs vs Rs.1412 lacs a year ago. Negligible increase ofRs.8 lacs despite Rs.1068 lacs increase in sales. Debtors outstanding calculated as numberof days sales is down from 133 days to 99 days on 31/03/2019.
Bank borrowing for working capital, is down from Rs.625 lacs on 31/03/2018 to Rs.401lacs on 31/03/2019.
Trade Payables reduced from Rs.716 lacs on 31/03/2018 to Rs.509 lacs on 31/03/2019despite higher procurement.
Unsecured Loan outstanding of Rs.184 lacs on 31/03/2018 reduced to Rs.130 lacs on31/03/2019.
Performance Q418-19 Vs. Q417-18 Vs. Q318-19
136
118110
44
33
15
8795
60
0
20
40
60
80
100
120
140
160
Cash Profit PBT PAT
Cash Profit/ PBT / PAT
Q4 2018-19 Q4 2017-18 Q3 2017-18
Q4 2018-19(Rs.in lacs)
Q4 2017-18 (Rs.in lacs)
Variation
%
Q3 2018-19 (Rs.in lacs)
Variation
%
Sales 1119 1007 11% 1163 (4%)
PBT 118 33 258%
95 24%
PAT 110 15 646%
60 83%
Cash Profit
136 44 209%
87 56%
SALES & PROFIT BEFORE TAX (PBT)– 3 YEARS COMPARISON
3128 3236
4305
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
2016-17 2017-18 2018-19
Sales (Rs. In Lacs)
90
114
356
0
50
100
150
200
250
300
350
400
2016-17 2017-18 2018-19
PBT (Rs. In Lacs)
409
500
154
131114
23
89
429
454
189
128
40 23
149
0
100
200
300
400
500
600
0 - 30 Days 31 - 60 Days 61 - 90 Days 90 -120 Days 120 - 180 Days 180 - 365 Days More than 365 Days
DEBTORS AGEING
AS ON 31ST MAR 2019 VS. 31ST MAR 2018
o/s Amount as on 31/03/2019 o/s Amount as on 31/03/2018
Rs. In Lacs
• Debtors outstanding as number of days sales is down from133 to 99 days.
• Percentage of Debtors above 90 days is curtailed at 25% oftotal debtors on 31/03/2019, despite large supplies toGovernment Depts/ PSUs, where payments are delayed. TheCompany has further initiated steps to improve debtorsrecovery in timely manner.
• Debts over 365 days is down from Rs. 149 lacs to Rs. 89 lacs.
Particulars Total
31st March 2019
Total
31st March 2018
Movement in
Inventory
Raw materials 928.38 598.24 330.14
Work-in-Progress 128.24 541.08 (412.84)
Finished goods 211.73 340.02 (128.28)
Total 1,268.35 1,479.34 (210.98)
ANALYSIS OF MOVEMENT OF INVENTORY
There has been a decrease is WIP and FG to the extent of Rs.541 lacs. This is due to dispatch &clearance of FG & WIP in a prompt manner. The decrease of Rs.541 lacs is partly offset byincrease in RM inventory by Rs.330 lacs which has been procured to fulfil the increased level ofproduction & sales.
BORROWING & FINANCE COST
Bank Borrowing (SBI) + Unsecured Loan
617 629
402
184 184130
801 813
532
0
100
200
300
400
500
600
700
800
900
2016-17 2017-18 2018-19
Borrowings (Rs. In Lacs)
SBI Directors Unsecured Loan TOTAL
Interest paid to SBI & on Unsecured Loan+ Interest Provided on CCP Shares
112
97
57
17 18 19
1921
24
148
136
100
0
20
40
60
80
100
120
140
160
2016-17 2017-18 2018-19
Finance Charges (Rs. In Lacs)
Interest Bank Charges CCP Unwinding Cost Total Interest
CREDITORS ANALYSIS
31-3-17
• Trade Payables - Rs. 437 lacs • Equivalent to 76 days material consumption
31-3-18
• Trade Payables - Rs. 716 lacs • Equivalent to 91 days material consumption
31-3-19
• Trade Payables - Rs. 509 lacs• Equivalent to 64 days material consumption
EMPLOYEE COST TO SALES
Total Manpower Cost
20
6-1
7
370Lacs 2
01
7-1
8
373 Lacs 2
01
8-1
9
467 Lacs
Percentage of Manpower Cost to Sales
11.82% 11.53% 10.85%
Qualitative Improvements during FY 2018-19
• Inventory Management
• Working Capital Management
• Leveraging liquidity to lower cost
• Effective reduction in Slow Moving Inventory.• Capturing entire inventory movement Online
through ERP, thereby controlling rejectionspercentage.
Inventory Management
• Initialization of Policies for tighter debtors control.• Improving cash flow resulting in sizable lowering of
borrowings/ trade creditors.
Working Capital Management
• Company is renegotiating terms with vendors byoffering quicker payments thereby lowering cost ofraw materials purchased.
Leveraging Liquidity to lower cost
GOALS FOR FINANCIAL - YEAR 2019-20
1. Achieve double digit sales growth for FY 2019-20.
2. Achieve increase in sales by reaching under-penetrated markets by appointment ofadditional marketing resources. Thereby reduce dependence of large customers byidentification of new OEMs/ dealers.
3. Introduction of R&D to configure new products / applications which will be revenueaccretive for FY 2020-21.
4. Exploring market of Annual Maintenance Contracts for Equipment's already sold.
5. Thrust on exports with target to achieve sizable increase in exports in FY 2019-20.
6. Tighten cost control to ensure improvement in EBIDT percentage during the year.
7. Ensure tighter control over debtors in order to cut debts above 90 days & therebyimprove cash flow.
8. To bring down borrowings & improve the financial rating, thereby reducing finance costof the Company.
9. Negotiate better discounts with creditors by making advance / early payments.
10.Reward the contribution of all stakeholders in a suitable & appropriate manner.
THANK YOU
Disclaimer: This earnings presentation may contain certain words or phrases that are forward looking statements. These forward looking statements are tentative, based oncurrent analysis and anticipation of the management of Ruttonsha. Actual results may vary from the forward looking statements contained in this presentation due to variousrisks and uncertainties involved. Ruttonsha undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date there of.
This report is for information purposes only and does not construe to be any investment, legal or taxation advice. It is not intended as an offer or solicitation for the purchaseor sale of any shares of the Company. Any action taken by you on the basis of the information contained herein is your responsibility alone and Ruttonsha and its employeesor directors, associates will not be liable in any manner for the consequences of such action taken by you. We have exercised due diligence in checking the correctness andauthenticity of the information contained herein, but do not represent that it is accurate or complete.