Bajaj Steel Industries Ltd

Bajaj Steel Industries is a cotton ginning and pressing machinery manufacturer in India. The Company is also engaged in manufacturing, processing and selling master batches.

Pros:
Stock is trading at 0.81 times its book value
Company is expected to give good quarter
Cons:
The company has delivered a poor growth of -3.91% over past five years.
Company has a low return on equity of 3.65% for last 3 years.

Peer Comparison Sector: Steel // Industry: Steel - Medium / Small

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
69.35 64.99 36.81 40.44 60.39 61.66 71.27 48.42 101.03 103.21 77.03 81.62
68.73 65.26 35.49 37.60 54.68 58.09 64.91 45.28 91.27 95.41 73.46 77.24
Operating Profit 0.62 -0.27 1.32 2.84 5.71 3.57 6.36 3.14 9.76 7.80 3.57 4.38
OPM % 0.89% -0.42% 3.59% 7.02% 9.46% 5.79% 8.92% 6.48% 9.66% 7.56% 4.63% 5.37%
Other Income 0.50 4.51 -3.06 0.61 0.85 3.79 -0.76 0.63 1.32 1.15 3.05 1.67
Interest 2.26 2.21 2.40 1.99 2.17 2.16 2.71 2.01 1.82 2.03 3.70 2.07
Depreciation 2.70 2.71 0.03 1.85 1.84 1.89 0.08 1.21 1.21 1.21 -0.01 0.91
Profit before tax -3.84 -0.68 -4.17 -0.39 2.55 3.31 2.81 0.55 8.05 5.71 2.93 3.07
Tax % -0.00% -0.00% 93.76% -0.00% 0.00% 0.00% -31.67% 29.09% 0.00% 0.00% 0.00% 28.99%
Net Profit -3.85 -0.68 -0.27 -0.39 2.55 3.31 3.70 0.39 8.05 5.71 2.93 2.18
EPS in Rs -15.75 -4.35 15.03 -1.59 10.46 15.03 14.42 2.35 34.25 24.31 12.77 9.26
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
186.07 227.65 207.97 203.30 312.24 284.15 405.50 332.85 282.59 211.41 234.24 332.13 362.89
171.34 201.18 185.64 190.89 291.26 269.64 375.23 312.06 270.15 210.56 214.79 304.60 337.38
Operating Profit 14.73 26.47 22.33 12.41 20.98 14.51 30.27 20.79 12.44 0.85 19.45 27.53 25.51
OPM % 7.92% 11.63% 10.74% 6.10% 6.72% 5.11% 7.46% 6.25% 4.40% 0.40% 8.30% 8.29% 7.03%
Other Income 2.53 5.64 3.65 1.80 3.06 3.36 4.51 3.96 4.76 2.11 3.51 2.88 7.19
Interest 4.24 4.47 5.60 5.90 6.93 6.61 7.09 8.54 8.72 9.04 9.03 9.56 9.62
Depreciation 2.18 4.31 5.14 5.73 6.55 5.92 8.83 12.45 11.25 8.16 5.66 3.61 3.32
Profit before tax 10.84 23.33 15.24 2.58 10.56 5.34 18.86 3.76 -2.77 -14.24 8.27 17.24 19.76
Tax % 36.62% 35.23% 32.81% 82.17% 32.39% 20.22% 34.89% 46.01% 31.41% 27.46% -10.76% 52.20%
Net Profit 6.87 15.11 10.24 0.46 7.15 4.26 12.27 2.03 -1.89 -10.33 9.16 8.24 18.87
EPS in Rs 30.91 68.36 46.23 1.62 29.94 17.64 51.54 7.81 0.00 0.00 38.98 35.06 80.59
Dividend Payout % 6.40% 2.91% 4.30% 102.17% 9.86% 16.55% 7.66% 46.31% -0.00% -0.00% 7.70% 11.41%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:3.85%
5 Years:-3.91%
3 Years:5.53%
TTM:50.12%
Compounded Profit Growth
10 Years:-4.96%
5 Years:-7.53%
3 Years:74.89%
TTM:89.65%
Stock Price CAGR
10 Years:4.74%
5 Years:3.64%
3 Years:24.67%
1 Year:-26.26%
Return on Equity
10 Years:6.66%
5 Years:2.04%
3 Years:3.65%
Last Year:11.02%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
2.20 2.20 2.20 2.35 2.35 2.35 2.35 2.35 2.35 2.35 2.35 2.35
Reserves 19.79 34.39 44.12 47.84 55.16 58.60 69.78 70.30 68.41 59.70 68.71 76.16
Borrowings 34.43 30.73 46.02 50.57 51.56 53.38 66.73 84.24 80.19 78.89 81.05 75.42
45.58 34.55 45.59 61.90 56.26 77.52 85.81 78.50 82.77 63.87 60.21 95.10
Total Liabilities 102.00 101.87 137.93 162.66 165.33 191.85 224.67 235.39 233.72 204.81 212.32 249.03
14.47 30.55 31.72 34.27 31.84 32.11 54.92 52.85 49.25 43.34 49.69 52.28
CWIP 9.24 4.60 10.36 13.04 19.44 25.10 3.90 7.56 11.66 12.79 2.31 3.84
Investments 1.65 1.65 0.28 0.28 0.28 3.84 7.76 12.69 13.79 12.66 10.96 10.89
76.64 65.07 95.57 115.07 113.77 130.80 158.09 162.29 159.02 136.02 149.36 182.02
Total Assets 102.00 101.87 137.93 162.66 165.33 191.85 224.67 235.39 233.72 204.81 212.32 249.03

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
12.62 18.22 1.13 -6.63 14.20 14.06 5.20 -1.11 6.43 -2.31 1.69 14.76
-5.49 -12.37 -8.71 -9.64 -8.96 -13.28 -12.35 -17.30 -11.20 -0.74 1.85 -6.55
4.22 -4.14 14.85 11.45 -1.75 -0.32 15.16 13.76 -2.52 0.93 0.40 -5.08
Net Cash Flow 11.35 1.71 7.27 -4.82 3.49 0.46 8.01 -4.65 -7.29 -2.12 3.94 3.13

Ratios Standalone Figures in Rs. Crores / View Consolidated

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 % 28.23% 41.44% 25.92% 8.80% 16.64% 10.71% 20.40% 8.41% 3.50% -3.21% 11.81% 17.51%
Debtor Days 35.39 25.69 27.31 42.42 34.99 51.51 41.05 54.88 62.10 70.91 79.38 56.51
Inventory Turnover 5.52 7.02 5.68 3.79 5.59 5.55 7.25 5.37 4.29 3.60 4.89 5.71