TGV Sraac Ltd

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

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Pros:

Company has reduced debt.

Stock is trading at 0.51 times its book value

Promoter's stake has increased

Cons:

Though the company is reporting repeated profits, it is not paying out dividend

The company has delivered a poor growth of 5.11% over past five years.

Company has a low return on equity of 6.83% for last 3 years.

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

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Detailed Comparison with:

	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019
	230	220	224	233	226	244	273	302	309	291	318	286
	196	189	194	203	190	197	224	261	262	231	250	239
Operating Profit	34	31	31	30	37	48	49	41	47	61	68	47
OPM %	15%	14%	14%	13%	16%	20%	18%	13%	15%	21%	21%	16%
Other Income	1	1	1	5	2	2	2	2	1	1	-10	2
Interest	13	14	14	12	12	11	12	17	12	24	18	10
Depreciation	12	12	12	12	13	13	13	38	14	14	15	15
Profit before tax	11	6	7	10	14	26	25	-12	22	23	26	24
Tax %	56%	50%	50%	50%	31%	36%	58%	44%	65%	25%	27%	-1%
Net Profit	5	3	3	5	10	16	11	-7	8	18	19	24
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	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
	377	448	682	586	702	782	817	769	777	816	908	1,048	1,205
	296	364	568	517	604	681	695	670	669	710	776	867	982
Operating Profit	81	85	114	69	99	101	121	99	108	107	132	180	223
OPM %	22%	19%	17%	12%	14%	13%	15%	13%	14%	13%	15%	17%	18%
Other Income	1	7	10	32	5	5	4	-19	0	5	9	7	-6
Interest	35	34	39	39	42	42	45	40	40	44	60	58	63
Depreciation	27	29	33	33	34	37	41	36	36	35	47	77	58
Profit before tax	21	28	52	30	27	28	40	4	32	33	34	53	95
Tax %	13%	17%	47%	53%	50%	50%	6%	-11%	30%	26%	52%	44%
Net Profit	18	23	27	14	14	14	38	5	22	24	17	30	68
EPS in Rs	2.68	3.41	4.04	2.07	2.02	2.06	5.31	0.64	2.81	2.95	1.90	3.22
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

* Sales is net of excise duty and discounts

	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
	86	86	86	86	86	86	90	94	98	102	106	92	97
Reserves	102	66	93	107	121	135	172	177	199	227	259	290	382
Borrowings	301	288	258	251	331	385	322	313	327	432	457	439	274
	109	172	220	223	196	210	212	231	213	243	287	277	343
Total Liabilities	580	593	639	649	716	797	778	796	818	985	1,092	1,099	1,095
	325	401	402	411	380	460	456	431	444	660	698	669	636
CWIP	70	16	26	23	103	53	70	126	124	0	0	13	77
Investments	2	2	2	2	2	2	2	2	2	2	9	14	10
	183	175	209	212	232	282	251	237	248	322	384	403	373
Total Assets	580	593	639	649	716	797	778	796	818	985	1,092	1,099	1,095

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
	60	83	69	51	133	105	27	78	65	50	142	153
	-36	-50	-44	-39	-83	-67	-53	-75	-52	-132	-109	-75
	-19	-18	-33	-15	-44	-2	-3	-12	-2	91	-33	-76
Net Cash Flow	5	14	-8	-3	7	36	-29	-9	11	9	-0	2

	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 %	12%	13%	21%	16%	14%	12%	14%	12%	13%	11%	12%	13%
Debtor Days	48	44	29	35	37	31	27	25	25	29	30	37
Inventory Turnover	9.23	8.21	10.63	9.70	12.60	11.21	11.85	12.48	14.72	14.47	13.39	16.02