Triton Valves Ltd

About

Triton Valves is engaged in the leading manufacturer and a critical supplier of valves and components to a diverse range of applications in India and overseas ranging from automotive, air-conditioning and hydraulics to aerospace, mining, defense and industrial HVAC & R.

  • Market Cap 76.0 Cr.
  • Current Price 738
  • High / Low 1,035 / 404
  • Stock P/E 49.7
  • Book Value 750
  • Dividend Yield 2.03 %
  • ROCE 9.29 %
  • ROE 7.05 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Stock is trading at 0.98 times its book value
  • Company has been maintaining a healthy dividend payout of 28.82%

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor growth of 4.74% over past five years.
  • Company has a low return on equity of 7.09% for last 3 years.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020
58.82 59.77 54.90 60.90 59.81 63.19 58.63 53.13 53.85 55.43 51.26 29.98
50.92 54.68 50.39 56.31 57.03 57.83 52.02 47.42 47.61 50.38 46.62 29.75
Operating Profit 7.90 5.09 4.51 4.59 2.78 5.36 6.61 5.71 6.24 5.05 4.64 0.23
OPM % 13.43% 8.52% 8.21% 7.54% 4.65% 8.48% 11.27% 10.75% 11.59% 9.11% 9.05% 0.77%
Other Income 0.42 0.29 0.39 0.10 0.19 0.08 0.47 0.38 0.19 0.46 0.21 0.50
Interest 1.22 1.20 1.35 1.25 1.20 1.39 1.34 1.29 1.03 1.06 0.95 0.99
Depreciation 2.64 2.67 2.65 2.48 2.64 2.76 2.97 2.74 2.81 2.89 2.93 2.48
Profit before tax 4.46 1.51 0.90 0.96 -0.87 1.29 2.77 2.06 2.59 1.56 0.97 -2.74
Tax % 33.63% 30.46% -36.67% 39.58% 41.38% 24.81% 13.36% 39.81% 43.24% 7.69% -16.49% 8.39%
Net Profit 2.96 1.05 1.23 0.58 -0.50 0.97 2.41 1.25 1.47 1.44 1.13 -2.51
EPS in Rs 29.90 10.61 12.42 5.86 -5.05 9.80 24.34 12.63 14.85 14.55 10.97 -24.37
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

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
78 91 125 144 144 161 170 165 187 221 243 214 191
69 79 109 130 129 142 146 144 163 198 223 192 174
Operating Profit 9 12 15 14 16 18 24 21 24 22 19 22 16
OPM % 12% 13% 12% 9% 11% 11% 14% 13% 13% 10% 8% 10% 8%
Other Income 0 0 0 0 0 0 0 0 2 2 1 1 1
Interest 2 2 3 5 7 8 7 5 5 5 5 4 4
Depreciation 3 3 4 5 5 7 8 8 10 10 11 11 11
Profit before tax 4 7 9 3 3 4 10 9 11 9 4 7 2
Tax % 36% 32% 32% 33% 35% 26% 24% 21% 20% 26% 17% 27%
Net Profit 3 5 6 2 2 3 7 7 9 7 3 5 2
EPS in Rs 61.01 20.91 22.42 29.39 74.85 70.40 87.68 66.06 34.85 51.17 16.00
Dividend Payout % 17% 13% 16% 33% 31% 27% 16% 17% 17% 23% 34% 29%
Compounded Sales Growth
10 Years:9%
5 Years:5%
3 Years:5%
TTM:-19%
Compounded Profit Growth
10 Years:1%
5 Years:-7%
3 Years:-16%
TTM:-63%
Stock Price CAGR
10 Years:-2%
5 Years:-4%
3 Years:-23%
1 Year:-18%
Return on Equity
10 Years:9%
5 Years:9%
3 Years:7%
Last Year:7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
0 0 1 1 1 1 1 1 1 1 1 1
Reserves 33 37 42 44 45 47 51 56 65 70 71 76
Borrowings 21 26 50 69 66 58 48 56 55 55 55 44
7 13 19 26 24 23 21 16 15 27 19 34
Total Liabilities 61 76 113 140 135 129 120 130 136 152 146 155
29 29 39 59 70 64 56 60 65 60 64 58
CWIP 1 2 8 11 1 1 1 3 3 9 3 3
Investments 0 0 0 0 0 0 0 0 0 0 0 0
31 45 66 70 65 64 64 66 67 83 78 93
Total Assets 61 76 113 140 135 129 120 130 136 152 146 155

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
9 -0 3 10 17 17 21 13 23 18 16 29
-6 -5 -26 -23 -5 -1 -3 -15 -14 -12 -8 -8
-4 5 22 13 -12 -16 -18 2 -8 -6 -7 -16
Net Cash Flow -0 0 -0 -0 0 -0 0 -0 1 -0 0 5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 % 13% 16% 15% 8% 10% 11% 16% 13% 14% 11% 7% 9%
Debtor Days 73 89 78 90 76 80 70 78 60 66 56 60
Inventory Turnover 3.79 3.63 3.52 3.60 3.27 3.94 4.26 4.11 4.39 4.64 5.37 4.30

Shareholding Pattern

Numbers in percentages

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
50.49 50.48 50.48 50.48 50.48 50.47 50.47 50.47 50.47 50.47 52.40 52.40
1.93 1.83 1.83 1.79 1.30 1.22 1.00 1.00 1.15 0.24 0.00 0.00
47.58 47.69 47.69 47.73 48.21 48.30 48.53 48.53 48.38 49.28 47.60 47.60

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