Panasonic Energy India Company Ltd

Panasonic Energy India Company Ltd

₹ 433 -2.78%
05 Dec - close price
About

Panasonic Energy India Company is engaged in business of manufacturing dry cell batteries and lighting products. The company is a part of Panasonic Corporation.

Key Points

Product Portfolio:[1]
Zinc Dry: The company has market share of about 15% plus in Zinc dry batteries. The company offers zinc carbon batteries under a range of models, including Panasonic Gold, Panasonic Hyper, Panasonic Novino Raja, Panasonic Jumbo, Panasonic Ultimate, Panasonic Gold Plus, etc.
Eneloop: This is the brand name of rechargeable batteries sold by the company. Rechargeable battery market contributes around 1% to total battery demand
EVOLTA: This is the name of the premium Alkaline AA/AAA batteries sold by the company. These batteries are 20 times more longer lasting as compared to standard Zinc Carbon Batteries. These are suitable for use in shavers, toys, digital cameras, remote controls, instruments and security systems
Lithium Coin: The company has introduced new models in this segment over last couple of years.

  • Market Cap 325 Cr.
  • Current Price 433
  • High / Low 489 / 201
  • Stock P/E
  • Book Value 130
  • Dividend Yield 0.00 %
  • ROCE -6.86 %
  • ROE -3.76 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Stock is trading at 3.33 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 4.25% over past five years.
  • Company has a low return on equity of 5.22% over last 3 years.
  • Earnings include an other income of Rs.2.86 Cr.
  • Company's cost of borrowing seems high
  • Working capital days have increased from 43.0 days to 66.0 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Dry cells Industry: Dry Cells

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Quarterly Results

Figures in Rs. Crores

Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023
69.45 66.87 62.20 48.52 66.17 67.28 59.21 60.50 66.16 65.80 60.83 76.81 68.36
58.65 61.86 60.43 44.66 59.96 63.33 61.32 57.89 65.67 67.66 68.58 73.14 63.49
Operating Profit 10.80 5.01 1.77 3.86 6.21 3.95 -2.11 2.61 0.49 -1.86 -7.75 3.67 4.87
OPM % 15.55% 7.49% 2.85% 7.96% 9.38% 5.87% -3.56% 4.31% 0.74% -2.83% -12.74% 4.78% 7.12%
1.01 0.99 1.01 0.89 0.81 1.19 1.03 0.83 -6.53 0.45 1.00 0.67 0.74
Interest 0.02 0.23 -0.01 0.02 0.04 0.03 0.07 0.07 0.06 0.04 0.02 0.07 0.02
Depreciation 0.74 0.57 0.83 0.78 0.78 0.83 0.77 0.74 0.76 0.73 0.93 0.81 0.96
Profit before tax 11.05 5.20 1.96 3.95 6.20 4.28 -1.92 2.63 -6.86 -2.18 -7.70 3.46 4.63
Tax % 26.79% 28.65% 13.27% 25.82% 26.29% 25.93% 33.33% 26.24% 25.22% 27.52% 24.03% 25.14% 25.27%
8.08 3.72 1.70 2.93 4.57 3.17 -1.28 1.93 -5.14 -1.58 -5.84 2.59 3.46
EPS in Rs 10.77 4.96 2.27 3.91 6.09 4.23 -1.71 2.57 -6.85 -2.11 -7.79 3.45 4.61
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
185 206 225 238 241 208 206 207 204 232 242 253 272
180 201 210 214 218 200 193 202 198 218 229 259 273
Operating Profit 5 5 14 24 23 8 12 5 5 14 13 -6 -1
OPM % 3% 3% 6% 10% 10% 4% 6% 2% 3% 6% 5% -2% -0%
2 2 2 5 4 4 4 4 3 3 3 -4 3
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 3 3 3 2 2 2 2 3 3 3 3 3 3
Profit before tax 4 4 13 27 25 10 14 6 5 14 13 -14 -2
Tax % 55% 34% 41% 34% 34% 37% 28% 21% 39% 26% 25% 25%
2 2 7 18 17 6 10 5 3 10 9 -11 -1
EPS in Rs 2.41 3.28 9.91 23.79 22.04 8.36 13.07 6.15 4.20 13.76 12.52 -14.19 -1.84
Dividend Payout % 83% 61% 35% 29% 32% 66% 54% 65% 95% 58% 60% 0%
Compounded Sales Growth
10 Years: 2%
5 Years: 4%
3 Years: 8%
TTM: 7%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -105%
Stock Price CAGR
10 Years: 25%
5 Years: 14%
3 Years: 27%
1 Year: 61%
Return on Equity
10 Years: 9%
5 Years: 5%
3 Years: 5%
Last Year: -4%

Balance Sheet

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 8 8 8 8 8 8 8 8 8 8 8 8 8
Reserves 60 61 65 77 87 90 95 93 92 99 101 84 90
0 0 0 0 0 0 0 0 3 2 2 1 1
28 31 33 43 38 34 31 26 29 31 32 42 39
Total Liabilities 96 100 106 127 133 132 133 127 131 139 142 135 138
20 18 16 14 19 17 19 16 22 24 23 24 23
CWIP 0 0 0 5 0 1 0 5 0 0 2 0 0
Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
76 82 90 108 114 114 114 105 108 116 117 111 115
Total Assets 96 100 106 127 133 132 133 127 131 139 142 135 138

Cash Flows

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-2 -2 10 20 2 33 -2 8 -2 20 -7 -8
1 -0 1 -3 -3 -19 5 10 -10 -11 15 10
-2 -2 -2 -3 -6 -6 -5 -6 -4 -4 -7 -6
Net Cash Flow -3 -4 9 14 -7 8 -1 12 -17 4 2 -5

Ratios

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 39 44 43 43 55 14 9 5 8 9 9 14
Inventory Days 60 69 61 62 71 91 92 90 113 76 99 96
Days Payable 15 22 14 12 18 29 28 25 26 37 30 34
Cash Conversion Cycle 85 91 90 94 108 76 73 70 95 47 78 76
Working Capital Days 65 68 58 43 58 25 39 31 40 20 43 66
ROCE % 6% 6% 18% 33% 28% 11% 14% 6% 6% 14% 11% -7%

Shareholding Pattern

Numbers in percentages

Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
58.06% 58.06% 58.06% 58.06% 58.06% 58.06% 58.06% 58.06% 58.06% 58.06% 58.06% 58.06%
41.94% 41.94% 41.94% 41.94% 41.94% 41.94% 41.94% 41.94% 41.94% 41.94% 41.94% 41.95%
No. of Shareholders 7,4998,3939,16910,72111,64411,59311,65511,71011,51711,26311,21611,869

Documents