Empire Industries Ltd

About

Empire Industries is engaged in the business of manufacture of container glass, trading in frozen foods, indenting and real estate.(Source : 201903 Annual Report Page No: 47)

  • Market Cap 480 Cr.
  • Current Price 800
  • High / Low 998 / 550
  • Stock P/E 33.3
  • Book Value 412
  • Dividend Yield 3.12 %
  • ROCE 9.02 %
  • ROE 5.43 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Stock is providing a good dividend yield of 3.12%.
  • Company has been maintaining a healthy dividend payout of 63.88%

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 4.95% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 11.15% for last 3 years.
  • Earnings include an other income of Rs.26.59 Cr.
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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
125.37 129.05 162.85 128.54 141.55 159.67 145.00 92.92 137.35 130.27 129.72 96.93
110.98 116.63 146.19 112.92 124.15 134.57 128.60 78.93 117.64 122.42 128.01 88.54
Operating Profit 14.39 12.42 16.66 15.62 17.40 25.10 16.40 13.99 19.71 7.85 1.71 8.39
OPM % 11.48% 9.62% 10.23% 12.15% 12.29% 15.72% 11.31% 15.06% 14.35% 6.03% 1.32% 8.66%
Other Income 22.55 5.01 1.84 1.90 3.43 -1.33 8.27 1.53 0.95 6.12 14.73 4.79
Interest 4.14 5.80 4.65 5.40 7.00 7.28 11.90 8.01 9.51 7.59 9.74 5.65
Depreciation 2.87 2.54 2.90 2.65 3.58 4.45 4.31 4.40 4.06 4.32 6.26 3.62
Profit before tax 29.93 9.09 10.95 9.47 10.25 12.04 8.46 3.11 7.09 2.06 0.44 3.91
Tax % 13.36% 44.00% 57.08% 31.68% 20.49% 63.54% -79.08% 25.72% 18.34% 38.83% -777.27% 10.23%
Net Profit 25.93 5.09 4.70 6.48 8.15 4.40 15.15 2.31 5.79 1.26 3.85 3.51
EPS in Rs 43.22 8.48 7.83 10.80 13.58 7.33 25.25 3.85 9.65 2.10 6.42 5.85

Profit & Loss

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
148 213 241 278 248 352 385 405 473 526 575 490 494
142 167 183 223 251 290 324 338 411 467 500 447 457
Operating Profit 6 46 59 55 -4 63 61 67 62 59 75 43 38
OPM % 4% 22% 24% 20% -2% 18% 16% 17% 13% 11% 13% 9% 8%
Other Income 43 5 5 8 70 5 5 6 27 33 12 23 27
Interest 6 5 6 9 11 9 10 14 16 20 32 35 32
Depreciation 7 6 7 7 8 12 10 9 13 11 15 19 18
Profit before tax 37 40 50 47 48 46 47 50 60 61 40 13 14
Tax % 30% 29% 25% 25% 24% 26% 34% 32% 22% 28% 15% -4%
Net Profit 26 29 37 35 36 34 31 34 47 44 34 13 14
EPS in Rs 43.05 47.55 61.67 58.55 60.42 56.90 51.08 56.78 77.78 73.07 56.97 22.02 24.02
Dividend Payout % 46% 46% 39% 41% 40% 42% 47% 44% 32% 34% 44% 114%
Compounded Sales Growth
10 Years:9%
5 Years:5%
3 Years:1%
TTM:-8%
Compounded Profit Growth
10 Years:-8%
5 Years:-16%
3 Years:-27%
TTM:-55%
Stock Price CAGR
10 Years:1%
5 Years:-12%
3 Years:-19%
1 Year:36%
Return on Equity
10 Years:20%
5 Years:14%
3 Years:11%
Last Year:5%

Balance Sheet

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
6 6 6 6 6 6 6 6 6 6 6 6
Reserves 42 56 76 94 114 131 144 177 206 231 228 241
Borrowings 35 39 58 62 100 94 139 130 182 225 321 249
106 163 143 156 160 188 217 231 193 214 229 217
Total Liabilities 190 264 284 318 380 419 506 544 587 677 784 713
101 99 137 134 134 135 217 215 217 213 317 303
CWIP 0 0 0 38 70 84 0 0 57 103 72 75
Investments 0 0 0 0 0 0 0 0 0 0 0 0
89 165 147 146 175 199 289 329 313 361 395 335
Total Assets 190 264 284 318 380 419 506 544 587 677 784 713

Cash Flows

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
42 58 35 35 8 40 34 48 20 -13 40 103
-7 -3 -46 -23 -42 -17 -3 -3 -49 -34 -45 -4
-29 -10 4 -13 22 -23 13 -24 17 5 -5 -82
Net Cash Flow 6 44 -7 -1 -12 -1 44 21 -12 -41 -11 17

Ratios

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 77 70 78 70 89 61 74 68 71 80 70 64
Inventory Days 108 60 123 110 189 236 239 318 265 241 286 254
Days Payable 132 81 111 114 81 122 125 63 62 50 51 34
Cash Conversion Cycle 52 49 91 66 197 175 188 323 274 272 305 284
Working Capital Days -56 -2 -30 -9 58 57 73 124 90 138 149 105
ROCE % 49% 49% 46% 37% 31% 24% 22% 21% 17% 14% 14% 9%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
72.55 72.55 72.55 72.55 72.55 72.55 72.55 72.55 72.55 72.55 72.55 72.55
14.75 14.75 14.75 14.67 14.65 14.59 14.36 14.07 13.14 12.97 12.49 12.49
12.70 12.70 12.70 12.78 12.80 12.86 13.09 13.37 14.30 14.48 14.96 14.96

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