Stovec Industries Ltd

Stovec Industries is engaged in Textile Machinery & Consumables,Graphics Consumables and Galvanic. The Company is a Technology and Market leader in Rotary Screen Printing Industry in India.

Pros:
Company is virtually debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 25.66%
Company has been maintaining a healthy dividend payout of 29.09%
Cons:

Peer Comparison Sector: Textiles // Industry: Textile Machinery

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
40.38 46.01 55.08 52.68 62.10 42.63 60.15 43.19 52.90 45.75 51.17 37.23
32.99 35.12 46.86 41.19 48.78 35.03 50.89 31.94 41.76 36.56 42.36 29.14
Operating Profit 7.39 10.89 8.22 11.49 13.32 7.60 9.26 11.25 11.14 9.19 8.81 8.09
OPM % 18.30% 23.67% 14.92% 21.81% 21.45% 17.83% 15.39% 26.05% 21.06% 20.09% 17.22% 21.73%
Other Income 1.01 1.03 0.94 0.96 0.85 1.23 0.80 11.94 5.15 1.91 1.24 2.34
Interest 0.09 0.02 0.16 0.03 0.04 0.02 0.04 0.02 0.01 0.03 0.16 0.02
Depreciation 1.27 1.31 1.32 1.31 1.38 1.61 1.68 1.87 1.18 1.08 1.12 1.11
Profit before tax 7.04 10.59 7.68 11.11 12.75 7.20 8.34 21.30 15.10 9.99 8.77 9.30
Tax % 32.67% 34.18% 38.02% 35.01% 34.67% 34.72% 34.77% 28.73% 29.21% 29.53% 24.06% 30.32%
Net Profit 4.75 6.97 4.76 7.22 8.34 4.70 5.44 15.18 10.69 7.04 6.66 6.49
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 TTM
30 47 46 59 60 73 77 95 157 189 210 193 187
27 44 41 49 54 64 64 79 124 153 168 153 150
Operating Profit 3 3 6 10 6 9 13 16 33 35 42 40 37
OPM % 10% 7% 12% 17% 10% 13% 17% 17% 21% 19% 20% 21% 20%
Other Income 1 7 6 2 3 3 3 3 4 4 4 20 11
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 1 1 2 1 1 2 2 3 5 5 6 5 4
Profit before tax 4 9 10 11 7 11 15 17 31 34 39 55 43
Tax % 35% 30% 33% 33% 31% 31% 30% 33% 34% 34% 35% 28%
Net Profit 2 7 7 7 5 7 11 11 21 22 26 40 31
EPS in Rs 13.84 28.28 29.57 32.73 21.58 33.70 48.13 49.99 92.48 100.94 123.06 189.48
Dividend Payout % 29% 63% 34% 30% 30% 30% 30% 29% 30% 29% 29% 29%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:15.13%
5 Years:20.09%
3 Years:7.20%
TTM:-10.10%
Compounded Profit Growth
10 Years:26.56%
5 Years:22.73%
3 Years:12.89%
TTM:-8.26%
Return on Equity
10 Years:23.90%
5 Years:25.97%
3 Years:25.66%
Last Year:23.41%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018
2 2 2 2 2 2 2 2 2 2 2 2
Reserves 23 25 29 34 37 41 48 56 69 83 109 139
Borrowings 0 0 0 0 0 0 0 0 0 0 0 0
19 22 19 21 20 21 22 31 48 58 39 37
Total Liabilities 44 49 50 57 59 64 72 89 119 143 150 178
6 8 8 11 12 13 13 25 25 23 37 29
CWIP 3 0 0 0 0 0 0 0 0 6 0 0
Investments 0 0 0 0 0 2 3 0 0 1 1 1
35 41 42 45 46 49 56 64 93 113 111 147
Total Assets 44 49 50 57 59 64 72 89 119 143 150 178

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018
5 3 7 11 2 10 9 5 18 25 20 41
-3 5 -1 -4 -1 -7 1 -11 -13 -19 -7 -36
-3 -1 -5 -3 -3 -2 -3 -4 -4 -8 -8 -9
Net Cash Flow -1 7 1 5 -1 2 7 -10 1 -1 5 -5

Ratios Standalone / View Consolidated

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018
ROCE % 15% 16% 32% 33% 19% 26% 32% 31% 49% 44% 40% 33%
Debtor Days 146 98 97 67 71 62 63 76 70 50 60 52
Inventory Turnover 3.04 5.07 6.46 8.64 5.71 6.23 7.35 6.24 6.59 5.81 6.13 6.86

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