TGV Sraac Ltd

TGV Sraac is engaged in the leading producer of Chlor-Alkali products and also manufactures Castor Derivatives and Fatty Acids.

Pros:
Company has reduced debt.
Stock is trading at 0.39 times its book value
Promoter's stake has increased
Company has good consistent profit growth of 33.86% over 5 years
Cons:
Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor growth of 9.39% over past five years.
Company has a low return on equity of 10.73% for last 3 years.
Company's cost of borrowing seems high

Peer Comparison Sector: Chemicals // Industry: Chlor Alkali / Soda Ash

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Quarterly Results Figures in Rs. Crores

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
220 224 233 226 244 273 302 309 291 318 286 283
189 194 203 190 197 224 261 262 231 250 239 239
Operating Profit 31 31 30 37 48 49 41 47 61 68 47 45
OPM % 14% 14% 13% 16% 20% 18% 13% 15% 21% 21% 16% 16%
Other Income 1 1 5 2 2 2 2 1 1 -10 2 1
Interest 14 14 12 12 11 12 17 12 24 18 10 11
Depreciation 12 12 12 13 13 13 38 14 14 15 15 14
Profit before tax 6 7 10 14 26 25 -12 22 23 26 24 22
Tax % 50% 50% 50% 31% 36% 58% 44% 65% 25% 27% -1% 20%
Net Profit 3 3 5 10 16 11 -7 8 18 19 24 17
EPS in Rs 0.46 0.40 0.61 1.09 1.86 1.17 -0.76 0.85 1.95 2.02 2.63 1.79
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
448 682 586 702 782 817 769 777 816 908 1,046 1,205 1,179
364 568 517 604 681 695 670 669 710 776 866 974 958
Operating Profit 85 114 69 99 101 121 99 108 107 132 180 231 221
OPM % 19% 17% 12% 14% 13% 15% 13% 14% 13% 15% 17% 19% 19%
Other Income 7 10 32 5 5 4 -19 0 5 9 7 -6 -7
Interest 34 39 39 42 42 45 40 40 44 60 58 71 62
Depreciation 29 33 33 34 37 41 36 36 35 47 77 58 57
Profit before tax 28 52 30 27 28 40 4 32 33 34 53 95 95
Tax % 17% 47% 53% 50% 50% 6% -11% 30% 26% 52% 44% 28%
Net Profit 23 27 14 14 14 38 5 22 24 17 30 68 78
EPS in Rs 3.41 4.04 2.07 2.02 2.06 5.31 0.64 2.81 2.95 1.90 3.22 7.07 8.39
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:5.86%
5 Years:9.39%
3 Years:13.84%
TTM:4.36%
Compounded Profit Growth
10 Years:10.90%
5 Years:33.86%
3 Years:46.54%
TTM:179.34%
Stock Price CAGR
10 Years:3.25%
5 Years:8.16%
3 Years:-7.87%
1 Year:-44.62%
Return on Equity
10 Years:9.49%
5 Years:9.94%
3 Years:10.73%
Last Year:18.04%

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
86 86 86 86 86 90 94 98 102 106 92 97
Reserves 66 93 107 121 135 172 177 199 227 259 290 373
Borrowings 288 258 251 331 385 322 313 327 432 457 439 328
172 220 223 196 210 212 231 213 243 287 277 305
Total Liabilities 593 639 649 716 797 778 796 818 985 1,092 1,099 1,102
401 402 411 380 460 456 431 444 660 698 669 636
CWIP 16 26 23 103 53 70 126 124 0 0 13 77
Investments 2 2 2 2 2 2 2 2 2 9 14 10
175 209 212 232 282 251 237 248 322 384 403 380
Total Assets 593 639 649 716 797 778 796 818 985 1,092 1,099 1,102

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
83 69 51 133 105 27 78 65 50 142 153 202
-50 -44 -39 -83 -67 -53 -75 -52 -132 -109 -75 -55
-18 -33 -15 -44 -2 -3 -12 -2 91 -33 -76 -145
Net Cash Flow 14 -8 -3 7 36 -29 -9 11 9 -0 2 2

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 % 13% 21% 16% 14% 12% 14% 12% 13% 11% 12% 13% 22%
Debtor Days 44 29 35 37 31 27 25 25 29 30 37 30
Inventory Turnover 8.21 10.63 9.70 12.60 11.21 11.85 12.48 14.72 14.47 13.39 16.00 15.55