Ultramarine & Pigments Ltd

Ultramarine & Pigments is engaged in manufacturing and selling of Pigments, Surfactants, IT-Enabled Services, and Business Process Outsourcing (BPO) activities.

Pros:
Company is virtually debt free.
Company has good consistent profit growth of 28.31% over 5 years
Company has been maintaining a healthy dividend payout of 29.22%
Cons:
Company has a low return on equity of 11.67% for last 3 years.

Peer Comparison Sector: Chemicals // Industry: Dyes And Pigments

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Quarterly Results Figures in Rs. Crores

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
68 67 64 65 76 73 76 75 83 73 71 80
55 55 49 50 60 58 61 56 58 62 52 62
Operating Profit 13 12 15 15 16 14 16 19 25 11 19 18
OPM % 19% 18% 23% 23% 22% 20% 20% 25% 30% 15% 26% 22%
Other Income 0 1 1 5 3 0 7 6 2 2 2 6
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 1 1 1 1 1 1 1 1 1 2 2 2
Profit before tax 12 12 15 18 18 13 21 23 25 11 18 21
Tax % 33% 33% 33% 24% 33% 36% 22% 29% 35% 34% 19% 12%
Net Profit 8 8 10 14 12 8 16 17 16 7 15 19
EPS in Rs 2.85 2.72 3.07 4.69 4.06 2.89 5.58 5.72 5.49 2.55 5.06 6.33
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
84 106 104 118 136 140 150 172 220 255 277 307 306
65 88 87 95 113 119 125 143 183 205 217 236 234
Operating Profit 19 18 17 23 23 21 25 29 38 50 61 71 72
OPM % 23% 17% 17% 19% 17% 15% 17% 17% 17% 20% 22% 23% 24%
Other Income 5 5 4 6 2 4 3 2 5 3 9 16 11
Interest 0 1 1 0 2 2 1 0 0 1 1 1 1
Depreciation 3 3 4 4 6 6 6 3 3 4 5 6 7
Profit before tax 20 19 16 24 18 17 22 28 39 48 63 80 75
Tax % 25% 25% 33% 30% 25% 30% 33% 32% 30% 33% 31% 30%
Net Profit 15 14 11 17 14 12 14 19 27 32 44 56 57
EPS in Rs 4.72 4.43 3.19 5.33 4.20 3.77 4.50 5.81 8.66 11.12 14.95 19.34 19.43
Dividend Payout % 57% 42% 81% 52% 64% 54% 51% 47% 37% 36% 28% 23%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:11.19%
5 Years:15.36%
3 Years:11.69%
TTM:2.13%
Compounded Profit Growth
10 Years:13.82%
5 Years:28.31%
3 Years:23.14%
TTM:15.65%
Stock Price CAGR
10 Years:19.75%
5 Years:19.93%
3 Years:2.50%
1 Year:-29.80%
Return on Equity
10 Years:14.16%
5 Years:13.42%
3 Years:11.67%
Last Year:11.35%

Balance Sheet Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
6 6 6 6 6 6 6 6 6 6 6 6 6
Reserves 67 74 66 73 76 80 86 94 109 308 505 379 357
Borrowings 5 6 3 8 10 6 2 0 0 0 0 0 9
25 26 29 30 36 29 34 40 39 49 53 47 52
Total Liabilities 103 112 104 116 128 121 129 139 154 362 564 432 423
21 31 29 29 43 41 41 38 52 60 70 79 94
CWIP 1 1 0 11 2 2 1 2 2 0 1 2 9
Investments 41 40 19 16 13 13 13 13 15 207 400 232 193
40 41 55 59 69 65 73 86 84 95 93 119 128
Total Assets 103 112 104 116 128 121 129 139 154 362 564 432 423

Cash Flows Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
23 23 5 18 14 14 17 23 28 30 55 30
-14 -9 10 -11 -10 1 2 -8 -9 -27 -41 -2
-11 -5 -10 -6 -13 -15 -11 -11 -23 -0 -15 -15
Net Cash Flow -1 8 5 1 -9 0 8 4 -5 3 -1 13

Ratios Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 27% 24% 21% 27% 23% 21% 25% 29% 37% 23% 15% 16%
Debtor Days 59 47 44 45 55 62 53 47 44 49 34 39
Inventory Turnover 7.02 8.18 8.72 9.16 9.61 10.18 10.07 8.92 10.70 11.07 10.99 11.74