Dhabriya Polywood - a history waiting to be written?

much waited results out…

PAT growth annual as 38.5%[fy17 vs fy18] compared to previous growth rate of 14.7% [fy16 vs fy17]
Topline growth 28%[fy17 vs 18] , vs 17.2%[fy16 vs fy17]

ebit margins remain flats at around 7%

consol debt to equity remains as 1.02 from 1.23 yoy…
in that, the long term debt has reduced from 51% to 41% of the total debt

massive jump in the inventory by 40% from 22.23cr to 31.14cr , this was a mere 13.75cr in 2016 march end and 28.4cr h1 end… [a point to worry about]

Receivables rise was a 7.25% and currently stands at 25.12cr from 23.42 cr…[went up to 28cr in h1 end]

receivable is equal to the working capital and 1.48 time the long term debt…

tangible asset stands at 41cr up, 8 percent yoy

asset turn over ratio stand at 1.25 vs 1.14 yoy , up 9.6%
while
operational topline to tangible asset stands at 3.22 vs 2.71 yoy, up 18 percent…

no exceptional items in this annual report…

a 8% jump in the other expense is noted, though minor, should be kept a tab on…

Roce=16.4% vs 14.5% yoy

over all , i like the growth trajectory being delivered at 50% capacity utilization, and keeping dstona which is currently at inception and the new bangalore plant contribution , at bay…

inventories continue to be a pile up frown story…

Disclaimer… invested and averaging…

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