Ion Exchange (India) Ltd

About [ edit ]

Ion Exchange (India) is engaged in a wide range of solutions across the water cycle from pre-treatment to process water treatment, waste water treatment, recycle, zero liquid discharge, sewage treatment, packaged drinking water, sea water desalination etc.(Source : 201903 Annual Report Page No: 63)

Key Points [ edit ]
  • Market Cap 2,108 Cr.
  • Current Price 1,438
  • High / Low 1,495 / 599
  • Stock P/E 20.7
  • Book Value 276
  • Dividend Yield 0.42 %
  • ROCE 32.4 %
  • ROE 27.5 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 57.26% CAGR over last 5 years

Cons

  • Promoter holding is low: 27.01%
  • Promoter holding has decreased over last 3 years: -17.03%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
228 244 258 432 321 409 398 351 265 390 349
216 228 240 372 298 377 359 312 234 349 305
Operating Profit 12 16 19 60 23 33 39 39 31 41 44
OPM % 5% 7% 7% 14% 7% 8% 10% 11% 12% 11% 13%
Other Income 15 12 5 2 8 9 8 11 6 8 6
Interest 5 5 5 5 4 4 4 4 4 3 3
Depreciation 5 5 5 5 6 6 6 7 7 7 7
Profit before tax 17 18 15 52 22 32 37 39 26 39 41
Tax % 38% 38% 46% 31% 39% 21% 29% 27% 32% 31% 30%
Net Profit 10 11 8 35 14 25 26 28 18 27 29
EPS in Rs 7.00 7.61 5.71 24.17 9.34 17.29 18.04 19.06 12.07 18.37 19.87

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
493 522 608 723 852 787 798 868 1,009 1,046 1,162 1,480 1,355
478 498 584 690 801 751 750 810 935 966 1,053 1,342 1,200
Operating Profit 15 25 24 33 51 36 49 58 74 80 109 138 155
OPM % 3% 5% 4% 5% 6% 5% 6% 7% 7% 8% 9% 9% 11%
Other Income 11 5 9 9 5 5 4 7 12 21 34 36 31
Interest 13 13 10 13 17 15 17 17 21 22 21 19 14
Depreciation 6 6 7 9 12 11 12 13 12 13 20 24 28
Profit before tax 7 11 16 20 26 15 24 35 54 66 102 131 145
Tax % 59% 49% 46% 43% 44% 68% 52% 51% 46% 40% 35% 28%
Net Profit 2 4 8 10 14 5 10 15 30 40 65 93 102
EPS in Rs 1.30 3.25 6.23 7.11 10.41 3.13 6.72 10.52 20.73 27.40 44.50 63.74 69.37
Dividend Payout % 75% 45% 31% 27% 18% 62% 43% 28% 16% 12% 10% 9%
Compounded Sales Growth
10 Years:11%
5 Years:13%
3 Years:14%
TTM:-13%
Compounded Profit Growth
10 Years:37%
5 Years:57%
3 Years:45%
TTM:1%
Stock Price CAGR
10 Years:27%
5 Years:35%
3 Years:44%
1 Year:106%
Return on Equity
10 Years:16%
5 Years:21%
3 Years:24%
Last Year:27%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
12 12 13 13 13 14 14 14 14 14 14 14 14
Reserves 102 104 119 124 137 138 142 156 182 216 276 377 391
Borrowings 83 59 47 69 86 96 86 90 111 165 110 136 81
242 288 337 433 447 407 437 456 659 669 765 855 913
Total Liabilities 439 463 516 639 682 655 679 715 967 1,064 1,164 1,382 1,399
67 62 61 75 101 94 85 103 99 145 161 194 192
CWIP 1 6 9 15 1 1 14 2 34 7 12 12 5
Investments 3 4 5 5 3 3 2 2 3 4 5 5 7
369 390 442 544 577 557 578 608 831 909 987 1,172 1,196
Total Assets 439 463 516 639 682 655 679 715 967 1,064 1,164 1,382 1,399

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
15 47 34 15 31 5 45 50 176 86 127 98
-6 -10 -10 -12 -17 -1 -17 -25 -75 -167 -70 -17
-10 -35 -17 -9 -10 -7 -29 -17 -3 31 -79 -24
Net Cash Flow -1 2 7 -7 4 -2 -1 8 98 -50 -22 56

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 10% 13% 13% 18% 20% 12% 17% 21% 26% 25% 31% 32%
Debtor Days 171 173 150 178 153 162 164 153 151 153 133 124
Inventory Turnover 7.11 7.83 8.32 8.48 8.62 7.50 6.90 7.18 6.72 5.99 6.48 7.39

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
44.04 44.04 44.04 44.04 44.04 44.04 27.01 27.01 27.01 27.01 27.01 27.01
0.23 0.17 0.17 0.17 0.29 1.24 1.45 1.63 1.79 0.75 0.67 0.85
6.45 6.45 6.40 6.44 4.95 4.77 4.89 5.54 5.62 6.51 6.74 6.78
49.29 49.34 49.39 49.35 50.72 49.96 50.47 49.64 49.40 49.55 49.40 49.18
0.00 0.00 0.00 0.00 0.00 0.00 16.18 16.18 16.18 16.18 16.18 16.18

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