Amrit Corp Ltd

Amrit Corp. is a holding company. The Company has various businesses, including edible oils, writing and printing paper, dairy milk and milk products, real estate and services. The Company operates through three segments: Milk/Milk Products, Real Estate and Services.

Pros:
Company has reduced debt.
Company is virtually debt free.
Stock is trading at 0.90 times its book value
Company has been maintaining a healthy dividend payout of 17.83%
Cons:
The company has delivered a poor growth of -7.61% over past five years.
Tax rate seems low
Company has a low return on equity of 4.34% for last 3 years.
Earnings include an other income of Rs.10.53 Cr.
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: FMCG // Industry: Food - Processing - Indian

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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
12.18 11.13 12.04 12.00 15.35 12.39 13.19 13.24 17.29 16.94 16.56 17.32
12.65 12.17 12.41 15.36 16.15 13.07 13.13 14.62 16.09 16.22 15.34 18.10
Operating Profit -0.47 -1.04 -0.37 -3.36 -0.80 -0.68 0.06 -1.38 1.20 0.72 1.22 -0.78
OPM % -3.86% -9.34% -3.07% -28.00% -5.21% -5.49% 0.45% -10.42% 6.94% 4.25% 7.37% -4.50%
Other Income 5.78 7.81 -1.88 9.75 5.33 7.63 11.33 -1.04 1.59 -0.95 4.73 5.16
Interest 0.61 0.54 0.50 0.45 0.42 0.39 0.37 0.35 0.33 0.30 0.10 0.04
Depreciation 0.37 0.38 0.37 0.37 0.38 0.38 0.40 0.39 0.40 0.41 0.42 0.45
Profit before tax 4.33 5.85 -3.12 5.57 3.73 6.18 10.62 -3.16 2.06 -0.94 5.43 3.89
Tax % 2.08% 17.44% 39.42% 12.03% -34.05% 34.30% 26.08% 87.66% -69.90% 164.89% 24.31% 17.99%
Net Profit 4.24 4.83 -1.90 4.90 5.01 4.06 7.86 -0.39 3.50 0.60 4.11 3.18
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
24.26 25.27 31.38 33.75 45.43 54.11 80.45 54.94 49.56 42.07 47.35 54.17 68.11
21.31 23.28 29.33 33.33 41.14 52.89 76.92 54.77 47.57 43.13 52.59 56.95 65.75
Operating Profit 2.95 1.99 2.05 0.42 4.29 1.22 3.53 0.17 1.99 -1.06 -5.24 -2.78 2.36
OPM % 12.16% 7.87% 6.53% 1.24% 9.44% 2.25% 4.39% 0.31% 4.02% -2.52% -11.07% -5.13% 3.46%
Other Income 8.47 2.34 4.19 4.81 19.82 119.07 9.00 12.37 14.91 15.85 21.46 23.24 10.53
Interest 0.27 0.63 0.89 1.07 1.06 1.22 1.44 1.32 2.04 2.68 2.10 1.54 0.77
Depreciation 1.14 1.15 1.23 1.20 1.07 0.63 0.73 0.88 1.99 1.46 1.50 1.55 1.68
Profit before tax 10.01 2.55 4.12 2.96 21.98 118.44 10.36 10.34 12.87 10.65 12.62 17.37 10.44
Tax % 28.37% 41.57% 32.52% 12.50% 15.06% 19.72% 17.08% 14.41% 15.15% -0.47% 4.36% 4.89%
Net Profit 7.17 1.49 2.78 2.59 18.67 95.08 8.59 8.86 10.91 10.70 12.07 16.53 11.39
EPS in Rs 23.85 4.39 8.32 7.73 57.51 292.00 26.10 26.73 32.94 32.08 37.56 49.91
Dividend Payout % 6.72% 32.32% 23.09% 24.79% 6.88% 8.10% 14.95% 18.12% 14.71% 18.00% 19.95% 15.54%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:7.92%
5 Years:-7.61%
3 Years:3.01%
TTM:25.73%
Compounded Profit Growth
10 Years:27.55%
5 Years:11.70%
3 Years:26.26%
TTM:-31.14%
Return on Equity
10 Years:7.18%
5 Years:4.50%
3 Years:4.34%
Last Year:8.28%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
3.21 3.21 3.21 3.21 3.21 3.21 3.21 3.21 3.21 3.21 3.21 3.21 3.21
Reserves 22.04 22.98 25.00 26.85 44.03 130.15 137.25 144.23 153.21 161.59 183.64 195.48 202.80
Borrowings 7.64 8.36 10.40 11.21 11.50 7.94 29.27 20.90 18.65 33.02 30.72 15.57 0.95
6.02 7.21 5.58 6.16 8.22 17.44 9.03 11.42 9.76 5.66 13.68 8.15 5.73
Total Liabilities 38.91 41.76 44.19 47.43 66.96 158.74 178.76 179.76 184.83 203.48 231.25 222.41 212.69
7.35 7.52 7.41 8.58 8.43 9.81 9.94 14.70 13.40 12.95 14.61 14.85 16.75
CWIP 0.15 2.53 4.48 0.04 0.00 0.00 0.07 0.00 0.00 0.24 0.24 0.12 0.79
Investments 13.54 11.60 11.60 11.10 29.48 90.48 131.14 135.94 143.06 159.60 184.10 175.66 171.06
17.87 20.11 20.70 27.71 29.05 58.45 37.61 29.12 28.37 30.69 32.30 31.78 24.09
Total Assets 38.91 41.76 44.19 47.43 66.96 158.74 178.76 179.76 184.83 203.48 231.25 222.41 212.69

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
27.83 -2.05 2.68 3.77 -6.89 -35.59 40.77 -6.04 -0.24 12.92 -11.62 -19.26
39.34 -0.44 -1.55 4.55 0.44 54.40 -37.71 4.82 4.50 -4.32 9.67 26.61
-72.19 -0.39 0.62 -1.00 -1.33 -5.33 -10.14 -2.52 -4.58 -9.40 -2.00 -4.12
Net Cash Flow -5.02 -2.88 1.75 7.32 -7.78 13.48 -7.08 -3.74 -0.32 -0.81 -3.94 3.23

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 4.45% 8.99% 14.43% 10.09% 46.06% 16.00% 8.06% 5.01% 6.59% 4.31% 1.17% 8.45%
Debtor Days 8.58 11.27 9.77 8.22 6.91 7.76 7.62 13.75 13.04 18.05 19.19 15.83
Inventory Turnover 1.23 6.30 8.17 8.54 10.02 5.33 7.24 9.34 10.83 8.91 8.97 10.51